SUN Suncorp Group Limited

2252 GMT [Dow Jones] Australia's S&P/ASX 200 is poised to hit a fresh multiyear high Wednesday, as a sharp improvement in German investor sentiment and merger-and-acquisition speculation in the U.S. fueled a 1.1% gain in Europe's Stoxx 600 and 0.7% rise in the S&P 500. Any rise could be magnified by strength in BHP (BHP.AU). Analysts are predicting a positive reaction to the news that Andrew Mackenzie, the current head of BHP's non-ferrous metals division, will replace Marius Kloppers when he retires as CEO from May 10. The market will also be dissecting results from BHP, Woodside (WPL.AU), Woodside (WPL.AU), Fortescue (FMG.AU), Suncorp (SUN.AU), Toll TOL.AU) and Aurizon (AZJ.AU). Germany's ZEW investor sentiment index for January jumped to a 48.2, its highest level in almost three years. Office Depot and OfficeMax surged after The Wall Street Journal reported that the two office supply retailers were in merger talks. Commodity prices were mixed overnight--LME prices continued to weaken, with spot gold down 0.3%, nickel 2.3% lower, and copper falling 0.8%. Spot iron ore jumped 0.5% to US$158 and Nymex crude oil rose 0.8%. (david.rogers1@wsj.com)

 
Write to Shani Raja at shani.raja@wsj.com 
 
 

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