AUS
NZ
UK
CA
USA
IND
Highlights
- Tech rally on Wall Street boosts global sentiment
- ASX eyes early gains ahead of GDP release
- Energy and retail sectors support market momentum
The Australian share market is poised for a positive open today, tracking a tech-led surge on Wall Street and ahead of key local economic data. Futures for the ASX 200 index are indicating a 0.3% lift to 8,507 points, as traders await the March quarter GDP report from the Australian Bureau of Statistics, due at 11:30am AEST.
Economists anticipate modest economic growth between 0.1% to 0.3% for the first three months of 2025. This cautious forecast reflects a mix of subdued household spending and tight financial conditions, which continue to weigh on domestic activity.
Overnight, Wall Street delivered a strong performance, led by advances in the technology sector. The Nasdaq Composite rose 0.8%, the S&P 500 added 0.6%, and the Dow Jones Industrial Average climbed 0.5%. Investor sentiment was buoyed by robust gains in semiconductor and retail names.
Chipmaker Nvidia (NASDAQ:NVDA) rose 2.8% while Broadcom (NASDAQ:AVGO) surged 3.3% to a record high following the rollout of its next-generation AI networking chip. ON Semiconductor (NASDAQ:ON) rallied 11.4% after management's upbeat remarks at a major tech conference.
Retail momentum was also strong, with Dollar General (NYSE:DG) jumping 15.9% after lifting its full-year revenue forecast. In Europe, markets moved modestly higher after May inflation in the eurozone came in at 1.9%, sparking expectations of a rate cut by the European Central Bank later this week.
Oil prices hit a two-week high, with Brent crude gaining 1.5% to US$65.63 per barrel, pushing energy stocks up 1.1%. The broader European indices also edged higher, with the FTSE 100 and EuroStoxx 50 both rising 0.2%.
Currency markets saw the Australian dollar lift slightly to 64.65 US cents, while the US dollar firmed overall. Meanwhile, base metals and iron ore prices weakened on softer economic data from China. Gold edged lower by 0.6% to US$3,377.10 an ounce.
With the local market preparing for GDP results and the release of US employment data later this week, investor focus may also shift toward income-generating opportunities. In this context, ASX dividend stocks offer a potential avenue for those seeking steady returns amid market volatility.
Looking ahead, the market remains watchful of global monetary policy shifts, economic indicators, and sector-specific drivers—particularly in technology, energy, and consumer retail.
