Crowe Horwath Australasia Pty : Daily Market Summary

The ASX 200 had a good start to the week, finishing above the 5,000-point mark for the first time in three weeks, with a rally in major miners leading the way. The index heavyweight Brambles soared yesterday after reporting a jump in half-year earnings, whilst the big banks experienced mixed results. Most sectors performed positively, with only utilities ending lower. The Australian dollar appreciated against most major currencies.

Asian share markets rose as investors awaited a rush of February industry surveys to take the pulse of the global economy, while sterling stumbled on concerns the UK might yet vote to leave the European Union. UK shares advanced as mining companies buoyed by strengthening metals prices outweighed worries over Britain's potential exit from the European Union and a drop for banking heavyweight HSBC.

US stocks closed higher Monday after crude oil futures rose up sharply, as a drop in the number of U.S. oil rigs boosted hopes that supply was coming down to meet demand. The Dow Jones Industrial Average jumped more than 200 points, carried by the 7% jump by oil futures, which underscored how closely linked the fates of oil prices and stocks remain.

The Australian market looks set to open higher with the SPI Futures up 39 points after strong gains on Wall Street following a surge in oil and other commodity prices. In local economic news today, the Australian Competition and Consumer Commission chairman Rod Sims is slated to deliver an enforcement and compliance policy update at Committee for Economic Development of Australia, while Reserve Bank of Australia Payment Policy Department head Tony Richards is scheduled to speak at the Payments Innovation 2016 Conference. Meanwhile, the ANZ-Roy Morgan weekly consumer confidence survey is due out.