Australian shares are set to open higher. All three US benchmarks advanced as tech rallied again. US June CPI awaited. Follow updates here.
Australian shares are poised to rise, catching a global melt-up in equities. Nvidia, Apple and Microsoft help power gains in New York, pacing the S&P 500 and Nasdaq Composite to record highs.
Earlier the FTSE 100 closed 0.7 per cent higher, with the benchmarks in both Germany and France each closing 0.9 per cent higher. The Euro Stoxx 50 gained 1.1 per cent. Evercore ISI’s Krisha Guha said Powell offered “little new insight on monetary policy but confirms our view that the key takeaway from his testimony is the Fed’s assessment of the balance of risks is shifting in ways that – if supported and sustained by incoming data starting with Thursday’s CPI inflation report for June – will deliver a rate cut in September”.
Nvidia rose 2.7 per cent, Apple 1.9 per cent and Microsoft 1.5 per cent. Apple’s move was linked to a Bloomberg story saying the iPhone maker aims to ship 10 per cent more phones this year than in 2023. Apple’s stock has been on a tear the last month, rising 20 per cent.
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