The Australian market looks poised to enjoy its third day of gains on the back of advances in US and European equities overnight and relief that Australia and New Zealand Banking Group's (ASX: ANZ) result didn't disappoint.
The futures market is pricing in a 0.5% gain for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) this morning, although the Reserve Bank of Australia's interest rate decision at 2.30pm will determine how we end the trading day.
It's big bank stocks that are likely to be contributing the most to the early rally as they claw back some of yesterday's big losses.
The loss was triggered by Westpac Banking Corp's (ASX: WBC) disappointing result, but the ANZ could redeem the sector as it delivered a first half cash profit of $3.68 billion compared with market expectations of $3.64 billion.
The National Australia Bank Ltd. (ASX: NAB) will report its half year result on Thursday.
But it isn't only the banks that will be under the earnings spotlight. DEXUS Property Group (ASX: DXS) is expected to announce its third quarter update today and all investors should be paying attention as the office, industrial and retail property owner's comments could give early insights to business and consumer confidence.
This is also true for Stockland Corporation Ltd's (ASX: SGP) update yesterday and it will be interesting to see how commentary from DEXUS will contrast with Stockland's.
Media conglomerate News Corp (ASX: NWS) will also expected to post its quarterly result after the market closes and investors will also be hoping to get some insight to merger and acquisition activity in the sector.
Property company GPT Group (ASX: GPT) and toll road operator Transurban Group (ASX: TCL) will also be in the spotlight. GPT is holding its annual general meeting in Sydney today, while Transurban is hosting its investor day.
On the corporate action front, shareholders in iiNet Limited (ASX: IIN) will be on the edge of their seats as today is the deadline for TPG Telecom Ltd (ASX: TPM) to put up a counteroffer for iiNet after it was outbid by M2 Group Ltd (ASX: MTU).
