The local market opened flat yesterday on the back of gains on Wall Street. Local stocks rose above the flat-line just before lunch, however this was short lived as stocks continued to trend below the flat-line until close, weighed down by mixed reporting results. Most sectors ended lower with only industrials and consumer discretionary posting gains. The Australian dollar fell against most major currencies.

Asian shares slipped after two sessions of solid gains, while oil prices swung higher as the market reconsidered the chances of a meaningful deal to restrict supply later in the year. European markets ended sharply higher, as appetite grows for underperformers in the mining sector.

US stocks closed higher Wednesday on the back of new economic data and a rise in oil prices. The Federal Reserve's January meeting minutes confirmed the majority of Fed officials showed concern about stock-market weakness and advised the central bank to hold off on a further rise in interest rates.

The Australian market looks set to open higher with the SPI Futures up 66 points after solid gains on Wall Street after a surge in oil prices fired up energy stocks. In local economic news today, the Australian Bureau of Statistics is due to release January's labour force figures.

Crowe Horwath Australasia Ltd. issued this content on 18 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 18 February 2016 02:27:11 UTC

Original Document: http://www.crowehorwath.net/AU/news/daily-market-summary.aspx