The Australian market looks set to open sharply higher after Wall Street regained ground from its previous session’s plunge.
The SPI is trading up 81 points to 5282.
US stocks racked up their strongest gain in two months on Monday after Federal Reserve Board Governor Lael Brainard stuck to her dovish stance on interest rates and urged caution about removing monetary stimulus too quickly. Brainard’s speech followed earlier comments by Atlanta Fed President Dennis Lockhart and his Minneapolis counterpart Neel Kashkari in which they suggested there was no urgency to raise benchmark US rates.
Locally, in economic news on Tuesday, Reserve Bank of Australia Assistant Governor Christopher Kent gives the Bloomberg Address in Sydney. The National Australia Bank’s monthly business survey is due out while the BIS Shrapnel Business Forecasting Conference is on in Brisbane.
No major equities news is expected.
- The SPI is trading up 81 points to 5282
- AUD +0.3% to US75.62¢
- On Wall St, Dow Jones +1.3%, S&P 500 +1.3%, Nasdaq +1.6%
- In New York, BHP +1%, Rio Tinto +1.2%,
- In Europe, Stoxx 50 -1.3%, FTSE 100 -1.1%, DAX -1.3%
- Spot gold +0.1% to $US1329.38/ounce
- Brent crude +0.5% to $US48.26
- Iron ore -0.6% to $US57.78
What’s on today
RBA assistant governor Chris Kent speaks at 8:30am in Sydney
NAB Business Confidence survey at 11:30am AEST