Australian shares are poised to make modest gains when the market opens after US stocks fluctuated on developments in Europe where leaders sought to reassure investors that a deal to resolve the euro-zone debt crisis was closer.
This morning, the SPI 200 futures index was up 13 points to 4161.
Oil markets felt little impact from the death of Libyan strongman Muammar Gaddafi, though it could lead to an earlier-than-expected full restoration of Libya's oil exports.
The Australian $ was trading lower at $US1.0124
In the US, the S&P500 rose 6.98pts to 1216.86
In Europe, the FTSE100 fell 65.81pts to 5384.68
Gold lost 1.8% to $US1611 an ounce
WTI crude oil fell 81 cents to $US85.30 a barrel
Europe (This is where the problem currently lies)
European stocks fell and the euro slipped as Brussels urged leaders to seek compromise ahead of a key EU summit amid reports that a vital rescue fund decision will be put off to another day.
Traders were anxious with the weekend summit fast approaching, hoping that European leaders will finally come up with a concrete plan to stick to but fully prepared for disappointment after so many false starts.
How we fared yesterday
The Australian share-market closed firmly in the red today after a fall in commodities prices and as it became apparent a full resolution to the European debt crisis was not imminent.
At the close, the benchmark S&P/ASX200 index was down 68.8 points, or 1.6 per cent, at 4144.9, the lowest close in two weeks, while the broader All Ordinaries index was 68 points, or 1.6 per cent, weaker at 4206.8.
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