Australian shares are set to open higher, reflecting enduring optimism on Wall Street that helped lift both the S&P 500 and Nasdaq Composite to record highs.
All three US benchmarks faded their morning highs in afternoon trade.
A key reason for the latest move higher in US equities is a positive start to the June quarter reporting season.
“We expect a more dovish tone from next week’s [Federal Open Market Committee’s] statement and [chairman Jerome] Powell’s press conference,” veteran market strategist Ed Yardeni said in a note.
“If so, that would continue to fuel the bull market in stocks, especially since the Q2 earnings reporting season should continue to beat expectations. The blended (actual/estimated) S&P 500 earnings per share growth rate edged up to 4.3 per cent year-over-year last week. It should be closer to 8.0 per cent when all the results are in.“
Market highlights
ASX futures are pointing up 16 points or 0.2 per cent to 8664.
All US prices near 3.30pm New York time.
AUD +0.3% to US65.25¢Bitcoin -1% to $US117,333On Wall St: Dow +0.1% S&P +0.3% Nasdaq +0.5%VIX +0.16 to 16.57Gold +1.4% to $US3398.05 an ounceBrent oil -0.3% to $US69.05 a barrelIron ore +3.1% to $US103.90 a tonne10-year yield: US 4.37% Australia 4.32%Today’s agenda
The RBA will release the minutes from its latest meeting on Tuesday at 11.30am.
NZ trade balance data will be released at 8.30am.
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