SYDNEY: Australian stocks look set to open a touch higher on Friday after US stocks ended mostly up, supported by stronger-than-expected US economic data and German approval of a beefed-up euro-zone crisis fund.
* Stock index futures rose 0.5 percent to 4,027, an 18.7 point premium to the last close of the underlying S&P/ASX 200 index . The benchmark fell 0.8 percent on Thursday.
* New Zealand's benchmark NZX 50 index rose 0.3 percent in early trade.
Europe again appeared to stave off disaster in its debt crisis when German deputies rallied behind Chancellor Angela Merkel to approve a stronger euro-zone bailout fund.
* US shares were mostly higher overnight, the Dow Jones industrial average gaining 143.08 points to 11,153.98. The Standard & Poor's 500 Index gained 0.81 percent, to 1,160.40. But the Nasdaq Composite Index dropped 10.82 points to 2,480.76.
*Copper ended lower, setting the stage for its worst quarterly performance since fourth-quarter 2008 as macroeconomic pressures continued to dog sentiment and paint an overall bearish picture for demand this year.
Australia's 2010/11 underlying cash budget deficit was A$47.7 billion or 3.4 percent of gross domestic product, the Treasury said on Friday, lower than the $49.4 billion projected in May. The government has pledged to deliver a surplus of A$3.5 billion in fiscal 2012-13, or 0.2 percent of GDP, despite the current global economic turmoil.
* Australian banks may receive a boost today after US financials performed well overnight.
* Xstrata Plc is believed to be considering a major coal acquisition in Australia, The Australian Financial Review reported. The paper noted speculation that acquisitions Xstrata could be interested in included the Curragh coal mine in Queensland, owned by conglomerate Wesfarmers , and thermal coal producer New Hope Corp .
Copyright Reuters, 2011
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