ASX starts higher as Web Travel rockets, ALS plummets
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More news: Australian shares climbed at the open, tracking gains by US and Europe markets overnight.
The benchmark S&P/ASX 200 index was up 0.5%, or 41.2 points, to 8,448.8 at 10:40am AEST.
Eight of the 11 sectoral indices in the green, with energy (1.3%) and technology (1.2%) stocks leading gains.
B2B travel business Web Travel Group (14.1%) was the best performing ASX 200 company after reporting its full-year result this morning. Laboratory testing group ALS (-7.1%) slumped after emerging from a trading halt, following the completion of a discounted institutional placement that raised $350 million.
Australian stocks to open higher, tracking US relief rally
The news: The Australian sharemarket is set to open higher after US and European indices climbed overnight, boosted by signs of easing trade tensions.
The numbers: Updated at 7:25am AEDT:
- ASX futures: up 51 points or 0.6% at 8,487 points
- Wall Street: Dow Jones up 1.78%, S&P 500 up 2.05%, and Nasdaq up 2.47%
- Europe: CAC 40 down 0.02%, DAX up 0.83%, and FTSE 100 up 0.69%
- Spot gold: flat at USD3,300.97 per ounce
- Oil prices: Brent up 0.19% to USD63.69/bbl, and US WTI down 0.75% to USD61.07/bbl
- AUD: down 0.69% at 64.45 US cents
- Bitcoin: down 0.03% to USD109,588.
The context: Global stocks rallied overnight after US President Donald Trump paused fresh tariffs on US imports of European goods until 9 July. The move followed a call with European Commission President Ursula von der Leyen over the weekend.
US shares were also buoyed by a rebound in US consumer confidence.
What to watch: Yancoal, Life360, Eagers Automotive, Droneshield, and Vulcan Energy will host annual general meetings later today. Elsewhere, the Australian Bureau of Statistics will report monthly consumer price index figures at 11:30am AEST.
The source: Reuters
