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Highlights
The Australian share is expected to begin the week on a strong note.
According to the latest SPI futures, the ASX 200 is likely to open 83 points or 1.15% higher.
On Wall Street, the Dow Jones rose 1.75%, the S&P 500 surged 2.5%, and the NASDAQ ended 3.3% higher.
The Australian share is expected to begin the week on a strong note following a robust closing on Wall Street last Friday. while higher iron ore prices are expected to aid mining stocks.
Slowing US inflation and solid finish by tech-focused NASDAQ may also boost the ASX-listed tech shares in today’s trade. Meanwhile, on Wednesday, Australia’s March quarter gross domestic product data is slated to be released, for the period dominated by omicron strain and heavy flooding.
The data related with first quarter balance of payments, company profits and inventories in addition to April building approvals and private sector credit is scheduled on Tuesday.
According to the latest SPI futures, the ASX 200 is likely to open 83 points or 1.15% higher on Monday. On Friday, the benchmark index rose 1.1% to 7,182.7 points.
On Wall Street, the Dow Jones rose 1.75%, the S&P 500 surged 2.5%, and the NASDAQ ended 3.3% higher. The consumer discretionary and information tech stocks were the top gainers.
In Europe, the Stoxx 50 rose 1.8%, the FTSE surged 0.3%, the CAC soared 1.6% and the DAX ended 1.6% higher.
Emerging market stocks rose 1.98%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 2.17% higher, while Japan's Nikkei rose 0.66%.
Meanwhile, US would not block China from expanding its economy, but wanted it to adhere to international rules, Secretary of State Antony Blinken said on Thursday in remarks that some investors interpreted as positive for bilateral ties.
Bond yields
The yield on benchmark US Treasuries fell after data showed that US consumer spending rose in April and the uptick in inflation slowed.
- 10-year yield: US 2.74%, Australia 3.25%, Germany 0.96%
The dollar index fell 0.059%, while the euro was up 0.06% at US$1.073.
Oil prices rise
Oil prices were near two-month highs on the prospect of a tight market due to rising gasoline consumption in the United States in summer, and also the possibility of an EU ban on Russian oil.
- WTI crude settled 98 cents higher, or up 0.86% at US$115.07 a barrel.
- Brent settled up 1.73% at US$119.43 a barrel.
Gold prices rise
Gold prices edged up on Friday and were headed for a second consecutive weekly gain propped up by a pullback in the dollar and US Treasury yields, while fears of aggressive policy tightening by the Federal Reserve subsided.
- Spot gold added 0.2% to US$1,852.83 an ounce.
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