Australian shares are poised to slip again at the open after a mixed run on Wall Street overnight, though promising commodity prices could lift the local stock market after it endured its worst consecutive sessions since February.
The SPI200 futures contract was down 6 points, or 0.1 per cent, to 6,020.0 at 0800 AEDT on Wednesday, pointing to a subdued open for the ASX, which put in another weak performance on Tuesday as the banks, healthcare, and other global sectors caused the market to lag.
Overnight, Wall Street’s major indexes failed to make progress as investors, worried about global growth prospects, fled from materials and industrials stocks.
Iron ore and copper prices were up, which could help the local mining sector break its two-day losing streak on Wednesday, but aluminium slipped four a fourth session.
Gold was flat overnight, while oil prices edged higher on growing evidence of falling Iranian crude exports, as well as a partial production shutdown in the Gulf of Mexico because of a hurricane.
The Aussie continues to recover ground as the week advances, and is buying 71.02 US cents on Wednesday, up from 70.87 US cents at Tuesday’s close.
In local finance data, the Australian Bureau of Statistics is expected to release building activity figures for June.
The Australian Banking Association is also set to announce a new code of practice, following shoddy dealings like charging customers fees for no service.