The Australian market made a good start to the day on the back of gains on Wall Street amid falling crude oil prices. However, local shares gave up early gains due to the mining sector and relied on the big banks to provide some late stability to close slightly above the flat line. Most sectors ended higher, with only financials closing in the red. The Australian dollar fell against most major currencies.

Asian markets had another bruising day, with China stocks down three per cent after a volatile session, which in turn sent MSCI's broadest index of Asia-Pacific shares outside Japan to a new four-year low.

European markets rallied after Draghi's comments implying further monetary stimulus was coming. ECB head Mario Draghi said the bank could expand its stimulus efforts as soon as the bank's next meeting in March. Draghi said there was 'no limit' to measures the bank might take to boost the economy.

US stocks closed mostly higher Thursday on hopes of further stimulus from the European Central Bank and after oil prices stabilised.

The Australian market looks set to open higher with the SPI Futures up 24 points after Wall Street rallied after a hesitant start as oil prices surged towards their biggest gain this year and ECB president Mario Draghi raised hopes of further stimulus.

Crowe Horwath Australasia Ltd. issued this content on 2016-01-22 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-22 01:09:12 UTC

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