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The Australian equity market is pointed to a flat start to the trading day as US stocks rebounded from lows right on the close following reports that the Greek leaders will commit to austerity measures needed for a second bailout.
The Dow finished the trading session up 4.24 points at 12878.28 while the S&P500 index lost 1.27 points to close at 1350.50, earlier in the session trading as low as 1337.50.
On economic front the US retail sales rose less than expected in January with the total coming in at 0.4 per cent after a flat December with analysts forecasting a rise of 0.7 per cent, according to the Commerce Department.
The GBP weakened against the majority of its trading counterparties after ratings agency Moody warned it may cut the triple-A ratings along with the France and Austria, while it downgraded the ratings of Italy, Portugal, Spain, Slovakia, Slovenia and Malta. GBPUSD (see above chart) has traded down from overnight of 1.5771 to as low as 1.5648.
Gold traded down from overnight highs of 1728.75 to recent lows of 1714.25 as the USD rallied eroding the demand for the precious metal as an alternative investment.
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The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped above 20.
