STIFF resistance from the Aussie dollar is keeping a cap on rising petrol prices as New Year travellers hit the roads.

THE Australian share market looks set to open slightly higher with a boost by Wall Street’s strong rally on its first trading day for 2018. At 0700 AEDT on Wednesday, the share price futures index was up six points, or 0.1 per cent, at 6,028.

Meanwhile, the Australian dollar has slipped a little lower against its US counterpart despite the greenback dropping to a three-month low. The local currency was trading at 78.30 US cents at 0700 AEDT on Wednesday, from 78.39 on Tuesday.

WORLD FINANCE UPDATE:

LONDON — Oil prices have hit mid-2015 highs early on their first trading session for 2018, before dipping to settle slightly lower as major pipelines in Libya and the UK restart and US production soared to the highest level in more than four decades.

NEW YORK — Wall Street’s major indexes are higher on their first trading session of 2018, driven by gains in technology and consumer discretionary stocks, setting the stage for another robust year for equities.

TUESDAY HIGHLIGHTS:

HOUSING PRICES — Australia’s property market is showing signs of cooling, with national home prices down in the December quarter and conditions expected to remain softer throughout 2018.

MANUFACTURING AI — Growth in Australia’s manufacturing sector moderated slightly in December, but continued its unbroken run of either expanding or stable conditions that began in October 2016.

BRAMBLES — ASX-listed pallets and container company Brambles expects a one-off benefit of between $US125 million and $US155 million ($A175 million and $A217 million) due to tax cuts in the US.


PETROL PRICES — Stiff resistance from the Australian dollar is helping keep a cap on rising petrol pump prices as New Year holiday travellers hit the roads.

ASX — Australia’s stock exchange is attracting a new wave of tech and overseas listings firms but the biggest firms on the ASX are still miners and banks — a characteristic of the market that is both a strength and a weakness.