The Australian share market looks set to open more than half a per cent higher and possibly at the 6,000 point mark as strong positive sentiment returns to markets with Wall Street closing well above one per cent higher.
At 0700 AEDT on Monday, the share price futures index was up 31 points, or 0.52 per cent, at 6,004.
US stocks on Friday rallied, lifted by gains in technology stocks and a retreat in Treasury yields as the Federal Reserve eased concerns about the path of interest rate rises in 2018.
The US central bank, looking past the recent stock market sell-off and inflation concerns, said it expected economic growth to remain steady and saw no serious risks on the horizon that might pause its planned pace of rate hikes.
The Dow Jones Industrial Average closed 1.39 per cent higher, the S&P 500 gained 1.60 per cent, and the Nasdaq Composite added 1.77 per cent.
WATCH: Could the Global Financial Crisis happen again?
Locally, in economic news on Monday, the CoreLogic capital city house price survey is due out, and in Melbourne, CEDA hosts Productivity Commission Chairman Peter Harris to outline a draft report on competition in Australia’s financial system.
In equities news, Billabong, QBE Insurance, BlueScope Steel, Ardent Leisure, Vodafone and Select Harvests are expected to announce their results.
The Australian market on Friday closed with solid gains after a strong line-up of company earnings results briefly drove stocks above 6,000 points before closing just shy of the mark and up 1.6 per cent for the week.
The benchmark S&P/ASX200 index rose 48.9 points, or 0.82 per cent, to 5,999.8 while the broader All Ordinaries index ended up 47.5 points, or 0.78 per cent, at 6,105.2 points.
Meanwhile, the Australian dollar has risen against its stronger US dollar.
The local currency was trading at 78.42 US cents at 0700 AEDT on Monday, from 78.24 on Friday.
CURRENCY SNAPSHOT AT 0700 AEDT:
One Australian dollar buys:
* 78.42 US cents, from 78.24 on Friday
* 83.79 Japanese yen, from 83.70 yen
* 63.79 euro cents, from 63.60 euro cents
* 56.09 British pence, from 56.12 pence
* 107.55 NZ cents, from 107.22 cents
The spot price of gold in Sydney at 0700 AEDT was $US1,328.34 per fine ounce, from $US1,327.50 per fine ounce on Friday.
BOND SNAPSHOT AT 0700 AEDT:
* CGS 4.50 per cent April 2020, 1.9727pct, unchanged
* CGS 4.75pct April 2027, 2.7825pct, unchanged
This Article Was Originally From *This Site*
Powered by WPeMatico