The Australian equity market is pointed to another mixed start to the trading day after US stocks edged up with the Dow finishing slightly higher than the psychological level of 13000.
The Dow finish the session up 23 points at 13005.12 while the S&P500 index gained 4.59 points to settle at 1372.18.
On the economic front a report issued from the Conference Board showed that the US consumer confidence unexpectedly jumped to a one year high in February, gaining to 70.8 from an upwardly revised 61.5 in the previous month. However the Commerce Department reported that durable goods orders slumped 4 per cent in January, logging its biggest slide in almost three years.
The euro has strengthened against both the dollar and the yen on speculation that the European Central Bank allotment of three year loans to banks tomorrow will bolster investor appetite. EURUSD (see above chart) has traded up from overnight lows of 1.3390 to recent highs of 1.3469.
Gold continues to advance trading up from overnight lows of 1767.5 to as high as 1790 as investors look from an alternative to the weakening dollar.
WTI Oil continued to trade to the downside dropping over 1.75 per cent to as low 106.30 following the durable goods report.
The Volatility Index which is widely considered the best gauge of fear in the market traded down slightly but still closed above 18.
SPI 200 future
FTSE 100 Index
Bloomberg, Dow Jones News