Australian shares to open higher after Wall Street gains

The news: The Australian sharemarket is set to start the week higher after Wall Street ended with gains on Friday with Federal Reserve Chair Jerome Powell reassuring investors about the status of the US economy.

The numbers: Updated at 7.25am AEDT:

• ASX futures: up 69 points or 0.87% at 8,011 points
• Wall Street: Dow Jones up 0.52%, S&P 500 up 0.55%, Nasdaq up 0.70%
• Europe: FTSE 100 down 0.03%, CAC 40 down 0.94%, DAX down 1.75%
• Spot gold: down 0.09% to USD2,909.10 per ounce
• Oil prices: Brent up 1.30% to USD70.36/bbl, US WTI up 1.02% to USD67.04/bbl
• AUD: up 0.06% at 63.10 US cents
• Bitcoin: down 3.51% to USD83,216.38.

The context: US stock indices ended higher on Friday, rebounding from early losses, after Powell said the Fed will take a cautious approach to easing monetary policy, adding the US economy currently "continues to be in a good place". However, he echoed concerns about President Donald Trump's policies and said the central bank will not be quick to cut interest rates. Meanwhile, local investors are bracing for the prospect of US tariffs on Australian steel and aluminium beginning this week.

What to watch: Monthly Westpac–Melbourne Institute Consumer Sentiment Index for March due at 11am.