Australian shares are set to open higher. US stocks rally on tech sector. Oil lifts on China demand hopes. $A eyes US69.50¢.
Fortescue Metals Group’s chief financial officer Ian Wells has joined Guy Debelle in making a quick exit and won’t deliver next month’s financial results.AUD +1% to 69.44 US centsP 500 +1.3% Nasdaq +2.1%In Europe: Stoxx 50 +1.5% FTSE +0.3% CAC +0.9% DAX +1.4%Brent crude +1.4% to $US79.66 a barrelUS prices as of 11.28am in New YorkP 500. “With both sell and buy side consensus so aligned—i.e., weak first half, better second half—everyone is starting to wonder how this view could be wrong.
“We look for price dispersion to rise over the next about 6 weeks as it has done throughout prior earnings seasons. In our view, a key driver of this pick up in dispersion will be the widening relative performance gap between those companies that are operationally efficient in this challenging macro environment and those that are not.”US oil futures surged as much as 4 per cent to above $US76 a barrel before paring gains.
This week marks the beginning of the annual rebalancing of the largest commodity indexes, a period usually characterised by volatile flows across raw materials markets. The period should see more than $US1 billion of inflows into the global Brent benchmark, while leading to outflows from US oil, according to separate estimates from Citigroup and Societe Generale.
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