Aussie stocks are set to bounce at the open, following a late recovery on Wall Street. US stocks sprang back in anticipation of quarterly earnings results from a number of big tech companies who are set to report after the closing bell including Apple, Amazon and Google’s parent company Alphabet Inc. US economic output grew at the fastest pace on record last quarter, driven by pent up consumer demand and government support. Gross domestic product in the US shot up 7.4 percent quarter on quarter according to data released by the US Commerce Department. However, a number of analysts say the figure revealed less about the strength of the recovery than about the severity of the collapse that preceded it. Meanwhile the European Central Bank has hinted at more monetary stimulus, as the two largest economies in the region, France and Germany, prepare for a second nation-wide lockdowns to tackle surging Covid 19 infections.
Local economic news
We are expecting the Australian Bureau of Statistics to publish the producer price index for the September quarter and the Reserve Bank of Australia to release private sector credit figures for the month of September.
To the figures from around the globe: Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.5 per cent to 26,659, the S&P 500 added 1.2 per cent to 3310 and the NASDAQ closed 1.6 per cent higher at 11,186.
European markets closed mixed, London’s FTSE lost 0.02 per cent, Paris fell 0.03 per cent and Frankfurt closed 0.3 per cent higher.
In Asian markets, Tokyo’s Nikkei shed nearly 0.4 per cent lower, Hong Kong’s Hang Seng dipped 0.5 per cent and China’s Shanghai Composite closed 0.1 per cent higher.
Taking all of this into equation, the SPI futures are pointing to 0.6 per cent rise. Yesterday, the Australian share market closed 1.6 per cent lower at 5960
Allied health company Healthia (ASX:HLA) is snapping up its competitors. It has reached settlement on 1 podiatry clinic in South Australia and CQ Physio Group which comprises of 3 physiotherapy clinics in North Queensland. Customary conditions precedent apply. It around paid $5.05 million for the acquisitions. Healthia has also entered into a binding agreement to acquire North Queensland Physiotherapy Centre, which will comprise of 3 additional physiotherapy clinics in North Queensland for $1.3 million. The acquisition is expected to be completed before the year’s end. In addition, Healthia has also entered into a binding agreement to acquire Natural Fit Footwear, consisting of five stores located in New South Wales, one in Victoria, and an e-commerce footwear site for around $2 million. Shares in Healthia (ASX:HLA) last traded at $1.03.
One Australian Dollar at 7:20 AM was buying 70.39 US cents, 54.44 Pence Sterling, 73.65 Yen and 60.30 Euro cents.
Iron Ore futures suggest a 3.1 per cent rise.
Gold has lost $8.50 to US$1871 an ounce.
Silver is up $0.10 to US$23.45 an ounce.
Oil was down $1.10 to US$36.29 a barrel.