Equity markets eye Greek politics

01:24, May 11 2012

Investors focus will be locked on Greece today, particularly when the European session opens, to see if politicians can deliver on hopes and hammer out a pro-euro coalition deal.

That could see the New Zealand share market extend its gains, although any upward momentum could be ankle tapped by the raft of Chinese data due today.

Markets will be focusing on the Chinese consumer price index print coming as it does in the wake of softer trade balance numbers yesterday, which sparked fears that China's domestic demand may not be enough to insulate the country from the global slowdown.

Locally, food price numbers for April are due, while in Australia building approval numbers for March are due. Offshore, US Producer Price Inflation and consumer confidence figures are expected.

Stocks to watch:

SkyCity Entertainment has revised its normalised net profit guidance for the year ended June 30 to the "low $140 millions", down from the "high $140m" in February, due to softening trading conditions, particularly in Adelaide. SKT shares fell 0.5 per cent yesterday to $3.90.

Warehouse, the country's biggest listed retailer, reported sales for the third quarter of $394.2 million, up 3.3% on the corresponding year period last year. The company also said the first five of its major store rejuvenations had been completed. WHS shares were unchanged yesterday at $2.61.

Equity markets
Australia and New Zealand
NZX 50: +0.27 per cent to 3569.05
S&P/ASX 200: +0.48 per cent 4295.60

Dow: +0.16 per cent to 12,855.00
S&P 500: +0.25per cent to 1357.99
Nasdaq: -0.04 per cent to 2933.64

FTSE 100: +0.25 per cent to 5543.95
Dax: +0.66 per cent to 6518.00
Stoxx 600: +0.55 per cent to 251.10

Nikkei: -0.39 per cent to 9009.65
Hang Seng: -0.51 per cent to 20,227.30


The New Zealand dollar recently traded at US78.46 cents, down from US78.57c at 5pm yesterday.


Gold: US$1593.26 an ounce, from US$1588.86 previously
ICE Brent Crude: US$112.24 a barrel, from US$112.79 previously
Thompson Reuters Jefferies CRB: -0.08 per cent to 294.59