Australian shares to open flat, focus on earnings
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The news: The Australian sharemarket is poised to open barely changed, tracking a tepid session in Europe markets and ahead of a raft of local corporate earnings.
The numbers: The pan-European Stoxx 600 ended 0.2% higher while the UK's FTSE 100 also rose 0.2% on Monday. US markets were closed overnight for President’s Day. In the local market, ASX 200 futures were trading just one point higher at 7609 points at 7:00am AEDT on Tuesday.
The context: Europe's benchmark stock index hit its highest in over two years on Monday, but French and German shares lost some steam as economic concerns weighed on sentiment.
France's government lowered its 2024 GDP growth forecast as the wars in Ukraine and Gaza and a slowdown at top trading partners darkened the outlook. Meanwhile the Bundesbank said Germany is likely in recession due to weak external demand, cautious consumers and stalling domestic investment.
In the local market, investors are focused on corporate earnings, with BHP, Sonic Healthcare, Baby Bunting and Megaport among the companies reporting on Tuesday.
The source: Reuters
