Australian shares are set to open higher, boosted by further gains in New York. BoE boss stokes June rate cut hopes. Follow updates here.
Australian shares are poised to edge higher, bolstered by further gains in New York where the S&P 500 pushed back through 5200 points, extending a positive start to May after April’s stumble. The advance was helped by demand for the sale of 30-year US Treasuries as well as a report showing that claims for jobless benefits were higher than expected last week. ASX futures were up 23 points or 0.3 per cent to 7767 near 7.30 AEST. The Australian dollar gained 0.6 per cent to US66.
While economists sought to temper enthusiasm over US data, investors were signalling that it bolstered their hopes that the US labour market is slowing and therefore, the Federal Reserve may be able to shift to rate cuts. Helping the rate cut outlook overall, Bank of England governor Andrew Bailey struck a positive tone overnight.
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