Australia’s share market is poised to lift after investors pushed US stocks to record highs last week following a run of reassuring profit reports from America’s big banks.
The S&P/ASX 200 is expected to rally, with futures pointing to a 46 point boost after the local bourse closed off last week lower weighed down by miners, consumer stocks and real estate players.
US stocks rose to records last week as big banks rallied following a run of reassuring profit reports.Banks and other financial giants traditionally kick off each earnings reporting season, and JPMorgan Chase climbed 4.4 per cent after reporting a milder drop in profit than analysts feared. It was the strongest single force pushing upward on the S&P 500.
The gains for banks helped make up for the drag of Tesla, which tumbled 8.8 per cent and was the heaviest weight on the market. The electric-vehicle maker unveiled its long-awaited robotaxi on Thursday night, but critics highlighted a lack of details about its planned rollout. Prices paid by producers were 1.8 per cent higher in September than a year earlier. That was an improvement from August’s year-over-year inflation level, but not as much as economists expected. Analysts said it likely helped calm worries stirred a day earlier, when a report showed inflation at the consumer level wasn’t cooling as quickly as economists expected.
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