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Australian shares have started the day higherafter falling for three consecutive sessions, as investors wait for another rate hike by the Reserve Bank on Tuesday.
Key points:
- The RBA is tipped to deliver a half percentage point rate increase
- The Dow Jones index rose 1.1per cent, to 31,092, the S&P 500 gained 1.1 per cent, to 3.825and the Nasdaq Composite added 0.9per cent, to 11.128
- The pan-European STOXX 600 index was flat
The ASX 200 wasup105points or 1.6per cent to 6.647at 10:23am AEST.
At the same time, the Australian dollar was up to 68.24US cents.
Tech companies like Block (+6.4pc), Zip (+6.3pc) and Life360 (+5.6pc) were the top movers in the early trade.
However, Magellan dropped 2.7 per cent to $12.65 and Pendal Group dipped 0.9 per cent to $4.44.
The second half of the year started with gains in global stock indexes on Friday ahead of the long USholiday weekend, while the 10-year US Treasury yield fell the most since COVID-19 hit markets in March 2020.
Copper prices slumped to their weakest in 17 months.
Stocks were lower early in the New York session but rallied late to end higher. USmarkets are closed today for the Fourth of July holiday.
“It’s a Friday before a long weekend, so market movements can be somewhat exaggerated,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Mr Cardillo said he expected stock market performance to improve overall in the second half of the year.
The US benchmark S&P 500, which closed out its worst first-half since 1970 on Thursday, climbed 1.1 per cent.
MSCI’s world stocks index, which on Thursday notched its biggest percentage decline for the first half of the year since its 1990 creation, rose 0.4 per cent.
The Dow Jones Industrial Averagerose 321.83 points, or 1.05 per cent, to 31,097.26, the S&P 500 gained 39.95 points, or 1.06 per cent, to 3,825.33 and the Nasdaq Compositeadded 99.11 points, or 0.9 per cent, to 11,127.85.
The pan-European STOXX 600 index lost 0.02 per cent and MSCI’s gauge of stocks across the globe gained 0.4percent.
Oil prices climbed amid supply outages in Libya and expected shutdowns in Norway, which offset worries that an economic slowdown could dent demand.
Brent crude oil was down, trading at $US110.99a barrel, by 10:22am AEST.
ABC/Reuters
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