Australian shares to start higher after Wall Street rebound

The news: The Australian sharemarket is set to start the week higher, tracking a rebound on Wall Street on Friday amid hopes of looser regulatory policies from the incoming Trump administration.

The numbers: Updated at 7:25am AEDT:

• ASX futures: up 23 points or 0.28% at 8,264 points
• Wall Street: Dow Jones up 0.80%, S&P 500 up 1.26%, Nasdaq up 1.77%.
• Europe: FTSE 100 down 0.44%, CAC 40 down 1.51%, DAX down 0.59%
• Spot gold: down 0.67% to USD2,640.22 per ounce
• Oil prices: Brent up 0.76% to USD76.51/barrel, US WTI up 1.13% to USD73.96/bbl
• AUD: up 0.04% at 62.18 US cents
• Bitcoin: up 0.26% to USD98,506.32

The context: On Friday, all three major US stock indexes closed higher, led by megacap growth companies such as Tesla and Nvidia, after a multi-session selloff.

A run of robust economic data has called into question the need for additional interest rate cuts from the US Federal Reserve in the near term. However, markets are hoping Trump's proposals — which include cutting corporate taxes, easing regulations and imposing tariffs — could boost corporate profits and energise the US economy.