Australian shares to open higher tracking Wall Street gains
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The news: The Australian sharemarket is set to open higher as investors track gains on Wall Street, where components of the latest producer price data eased concerns somewhat about inflation.
The numbers: Updated at 7.25am AEDT:
- ASX futures: up 77 points or 0.91% at 8,568 points
- Wall Street: Dow Jones up 0.90%, S&P 500 up 0.97%, Nasdaq up 1.35%.
- Europe: FTSE 100 down 0.49%, CAC 40 up 1.52%, DAX up 2.09%
- Spot gold: up 0.75% to USD2,925.79 per ounce
- Oil prices: Brent down 0.08% to USD75.12/ barrel, US WTI down 0.03% to USD71.35/bbl
- AUD: up 0.53% at 63.14 US cents
- Bitcoin: down 1.68% to USD96,242.07.
The context: US stocks advanced overnight, led by gains in Nvidia, Apple and Tesla, while yields on the benchmark 10-year US Treasury bond moved sharply lower following the report.
The data showed US producer prices increased in January, but key elements in the core Personal Consumption Expenditures (PCE) index - a measure closely tracked by the US Federal Reserve, were benign or lower.
Meanwhile, US President Donald Trump unveiled a roadmap for charging reciprocal tariffs on every country that charges duties on US imports, although no date was set for tariffs to take effect.
What to watch: Half-year results from AMP, Cochlear, Mirvac, GQG Partners and Charter Hall Retail REIT, among others.
The source: Bloomberg
