The S&P/ASX 200 (Index: ^AJXO) (ASX: XJO) is expected to trade firmly higher following strong leads from international markets overnight.
Here's a recap:
- Dow Jones (USA): up 1.78%
- NASDAQ (USA): up 1.09%
- FTSE 100 (UK): up 0.59%
- DAX (Germany): up 0.89%
- EURO STOXX 50 (Europe): up 1.03%
- Shanghai Composite (China): down 6.4%
In the US, shares ended higher after being led by gains in oil prices and strong reports from blue chips shares like 3M and Procter & Gamble.
In Europe, oil prices moved back above $US30 a barrel and prompted gains despite selloffs in Asian markets. FTSE-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) climbed 0.62% and 0.42%, respectively.
Closer to home, the Sydney Futures Exchange is tipping a 54 point, or 1.1%, rise in the S&P/ASX 200.
A flicker of hope from the Organization of Petroleum Exporting Countries (OPEC) on Monday saw oil prices rise overnight after the cartel called for cooperation from non-members to restore market prices. Rebounds in prices will likely have positive ripple effects for shares of local oil and gas producers like Woodside Petroleum Limited (ASX: WPL), Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO).
Shares of durable household products manufacturer and distributor, GUD Holdings Limited (ASX: GUD), will also be in focus today. For the six months ended 31 December 2015, GUD reported a profit of $1.09 million, down from $17.61 million last year.
Information services business, Recall Holdings Ltd (ASX: REC) released a note stating its intentions to acquire Switzerland's Secur' Archiv. No purchase price was stated.
Rio Tinto announced it has reached an agreement to sell its Mount Pleasant Coal deposits for $US224 million plus royalties to MACH Energy Australia. Together with its sale of the Bengalla coal joint venture, Rio Tinto has delivered $US830 million in asset sales.
Finally, Oil Search, EVOLUTION FPO (ASX: EVN) and Lynas Corporation Limited (ASX: LYC) issued quarterly reports today.
In broker news, analysts at Morgans downgraded their Beach Energy Ltd (ASX: BPT) price target by 41% to $0.46, while Bell Potter analysts cut their price target on National Australia Bank Ltd. (ASX: NAB) shares by 3% to $32.50.
