Market claws back $17 billion

THE Australian share market looks set to open comfortably higher after Wall Street's key indexes again swung between gains and losses, though less brutally than earlier in the week. At 0700 AEDT on Thursday, the share price futures index was up 14 points, or 0.24 per cent, at 5,804.

In the US and Europe - and in Tokyo - equities mainly recovered some lost ground.

Though, Wall Street stocks seemed unsure in which camp to stay, the green or the red.

But the volatility was less savage than it was on Monday. In late afternoon trading, the Dow Jones Industrial Average was up 0.87 per cent, the S&P 500 was up 0.14 per cent, but the Nasdaq Composite was down 0.23 per cent.

Locally, no major economic news is expected during Thursday's trading day. However, Reserve Bank of Australia governor Philip Lowe is slated to speak at the Economic Forum dinner in Sydney.

In equities news, AMP is slated to release full-year results, AGL Energy, Mirvac, and Tabcorp are expected to post half-year results, while National Australia Bank is scheduled to provide a quarterly update and BHP Billiton says is expected to make an announcement regarding Olympic Dam.

The Australian market on Wednesday clawed back about $17 billion as Asian markets recovered from the impact of a three-day meltdown on Wall Street. The benchmark S&P/ASX200 index rose 43.5 points, or 0.75 per cent, to 5,876.8 points while the broader All Ordinaries index gained 51.3 points, or 0.87 per cent, to 5,981.5 points.

Meanwhile, the Australian dollar has slipped further against its US counterpart. The local currency was trading at 78.18 US cents at 0700 AEDT on Thursday, from 78.77 on Wednesday.


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