Shares look higher on Wall Street bounce

 After a roller-coaster week of ups and downs on both the international and Australian share market, it is hoped that things will start to settle down and we will hopefully get some stability.

The Australian market looks set to open higher after Wall Street bounced back from early lows to finish in positive territory following a report that European Union officials were examining ways to coordinate the recapitalization of banks.  At 7.20am AEDT, the December share price index futures contract was up 43 points at 3,939. The Aussie dollar was trading at 95.7 US cents, but fell as low as 93.8 US cents overnight.
What you need to know

• The SPI was 43 points higher at 3939
• The $A was trading higher at $US95.78
• In the US, the S&P500 24.7pts, or 2.25%, to 1123.9
• In Europe, the FTSE100 lost 131pts, or 2.6%, to 4944.4
• Gold fell $US41.70 to $US1616 an ounce

The Australian dollar hit a fresh one year low overnight after the Reserve Bank yesterday indicated it was open to an interest rate cut in November if inflation pressures ease. The local unit slid to a low of 93.88 US cents at about 1am (local time), a level not seen since September 22, 2010. At 8.20am, it hsa climbed back to 95.81 US cents.
How we fared yesterday
The market closed 0.6 per cent lower, with investors starting to hope that the central bank would cut interest rates for the first time in a year next month.

The benchmark S&P/ASX200 index down 24.9 points, or 0.64 per cent, at 3,872.1 and the broader All Ordinaries index dropped 25.1 points, or 0.63 per cent, to 3,935.6.