MELBOURNE, Feb 7 (Reuters) - Australian stocks are set for a
flat to weaker opening on Monday with investor sentiment likely
to be knocked by profit warnings as earnings season kicks off
this week, while miners hold up on strong metals prices.
* Stock index futures rose 0.2 percent to 4,852.0, but that was a 10.7-point discount to the underlying S&P/ASX 200 index. The benchmark rose 0.9 percent on Friday after top insurance group QBE rallied on a U.S. acquisition.
* New Zealand's benchmark NZX 50 index crept up 0.1 percent to 3,372.0 in early trade.
* Power and gas retailer AGL Energy cut its full year profit forecast by 8 percent, following a flat first half and damaging floods on Australia's eastern seaboard. It now expects a full year underlying profit between A$415 million and A$440 million.
* Top department store chain Myer Holdings slashed its FY2011 profit forecast, saying it now expects net profit its net profit to fall by up to 5 percent. It had earlier forecast net profit growth of 5-10 percent for this year.
* On Wall Street, the S&P 500 posted its best week in nine on Friday as the market defied calls for a pullback, and investors rotated into defensive and lagging sectors in a move that could intensify in coming weeks.
* Copper pushed well above $10,000 a tonne to a record high on Friday, driven by encouraging U.S. jobs data that backed views of a healthier 2011 demand outlook.
* Blue chips Commonwealth Bank of Australia, Rio Tinto and Telstra Corp dominate earnings season this week, with CBA reporting on Wednesday. Investment bank Macquarie Group and National Australia Bank give quarterly trading updates on Tuesday.
----------------------MARKET SNAPSHOT @ 2156 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 1310.87 0.29% 3.770 USD/JPY 82.2 -0% 0.000
10-YR US TSY YLD 3.6397 -
0.000SPOT GOLD 1346.9 0.00% 0.000 US CRUDE 89.03 -1.67% -1.510 DOW JONES 12092.15 0.25% 29.89 ASIA ADRS 144.87 -0.27% -0.39
* S&P 500 posts best week in nine, tech leads
* Oil falls on unfounded Egypt report, profit-taking
* Gold retreats on Egypt report, safe haven fades
* Copper soars to new record on U.S. data boost
For a digest of the day's business stories in Australian newspapers, double click on
((Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234))
DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Australia diary Wall Street Week Ahead Eurostocks Week Ahead ................................................................ For latest top breaking news across all markets ................................................................ TOP NEWS SUMMARIES ON OTHER SUBJECTS | U.S. Companies | European Companies | | Forex | Global Economy | | Tech.Media,Telecoms | Banking, Financials | | Politics & General | Sports | ................................................................ MAJOR STOCK MARKET REPORTS New York Weekly outlook New York Pan-Europe Weekly outlook Europe London Weekly outlook London Tokyo ................................................................ ASIA STOCK MARKETS Pan-Asia...................... Bangkok...... Karachi........ S/east Asia. Bombay....... Kuala Lumpur... Sydney/NZ... China........ Seoul.......... Taipei...... Hong Kong.... Singapore...... Tokyo........ ................................................................ Access to some items may depend on subscription level. ................................................................ UP-TO-THE-MINUTE HEADLINES Company results Economic indicators Mergers & acquisitions Interest rates LIVE PRICES & DATA World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt HOW TO FIND INFORMATION YOU NEED | | | | | || | | | LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Australian dollar LME price overview Keywords: MARKETS AUSTRALIA STOCKS (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News, please visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Stock index futures rose 0.2 percent to 4,852.0, but that was a 10.7-point discount to the underlying S&P/ASX 200 index. The benchmark rose 0.9 percent on Friday after top insurance group QBE rallied on a U.S. acquisition.
* New Zealand's benchmark NZX 50 index crept up 0.1 percent to 3,372.0 in early trade.
* Power and gas retailer AGL Energy cut its full year profit forecast by 8 percent, following a flat first half and damaging floods on Australia's eastern seaboard. It now expects a full year underlying profit between A$415 million and A$440 million.
* Top department store chain Myer Holdings slashed its FY2011 profit forecast, saying it now expects net profit its net profit to fall by up to 5 percent. It had earlier forecast net profit growth of 5-10 percent for this year.
* On Wall Street, the S&P 500 posted its best week in nine on Friday as the market defied calls for a pullback, and investors rotated into defensive and lagging sectors in a move that could intensify in coming weeks.
* Copper pushed well above $10,000 a tonne to a record high on Friday, driven by encouraging U.S. jobs data that backed views of a healthier 2011 demand outlook.
* Blue chips Commonwealth Bank of Australia, Rio Tinto and Telstra Corp dominate earnings season this week, with CBA reporting on Wednesday. Investment bank Macquarie Group and National Australia Bank give quarterly trading updates on Tuesday.
----------------------MARKET SNAPSHOT @ 2156 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 1310.87 0.29% 3.770 USD/JPY 82.2 -0% 0.000
10-YR US TSY YLD 3.6397 -
0.000SPOT GOLD 1346.9 0.00% 0.000 US CRUDE 89.03 -1.67% -1.510 DOW JONES 12092.15 0.25% 29.89 ASIA ADRS 144.87 -0.27% -0.39
* S&P 500 posts best week in nine, tech leads
* Oil falls on unfounded Egypt report, profit-taking
* Gold retreats on Egypt report, safe haven fades
* Copper soars to new record on U.S. data boost
For a digest of the day's business stories in Australian newspapers, double click on
((Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234))
DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Australia diary Wall Street Week Ahead Eurostocks Week Ahead ................................................................ For latest top breaking news across all markets ................................................................ TOP NEWS SUMMARIES ON OTHER SUBJECTS | U.S. Companies | European Companies | | Forex | Global Economy | | Tech.Media,Telecoms | Banking, Financials | | Politics & General | Sports | ................................................................ MAJOR STOCK MARKET REPORTS New York Weekly outlook New York Pan-Europe Weekly outlook Europe London Weekly outlook London Tokyo ................................................................ ASIA STOCK MARKETS Pan-Asia...................... Bangkok...... Karachi........ S/east Asia. Bombay....... Kuala Lumpur... Sydney/NZ... China........ Seoul.......... Taipei...... Hong Kong.... Singapore...... Tokyo........ ................................................................ Access to some items may depend on subscription level. ................................................................ UP-TO-THE-MINUTE HEADLINES Company results Economic indicators Mergers & acquisitions Interest rates LIVE PRICES & DATA World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt HOW TO FIND INFORMATION YOU NEED | | | | | || | | | LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Australian dollar LME price overview Keywords: MARKETS AUSTRALIA STOCKS (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News, please visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.