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Aust shares look set to open higher

The Australian share market looks set to open comfortably higher after strong gains on major international markets and a mainly positive lead from Wall Street thanks to upbeat earnings reports.

At 0700 AEDT on Wednesday, the share price futures index was up 16 points, or 0.27 per cent, at 6,002.

The US market got a lift from upbeat earnings from companies and relief over the temporary US government funding deal, which boosted confidence about global growth and corporate earnings.

Global borrowing costs also eased as the Bank of Japan's reassurances in Asia.

However, some of the enthusiasm was kept in check by President Donald Trump's slapping of steep import tariffs on washing machines and solar panels, putting a cloud over global trade at a time when its revival has fuelled hopes for a stronger world economy.

In late trading, the Dow Jones Industrial Average was flat, the S&P 500 was up 0.16 per cent and the Nasdaq Composite was 0.67 per cent higher at 3.30 pm EST (0730 AEDT).

Locally, no major economic news is expected on Wednesday.

In equities news, energy company Santos is slated to post a quarterly report, while Australian Pharmaceutical Industries has its annual general meeting scheduled.

The Australian market on Tuesday posted its best daily gain since October as investors welcomed an end to the US government shutdown.

The benchmark S&P/ASX200 index gained 45.1 points, or 0.75 per cent, to 6,037 points, while the broader All Ordinaries index added 44.5 points, or 0.73 per cent, to 6,150.7 points.

Meanwhile, the Australian dollar is a smidgen higher, creeping back toward 80 US cents.

The local currency was trading at 79.97 US cents at 0700 AEDT on Wednesday, from 79.90 on Tuesday.

CURRENCY SNAPSHOT AT 0700 AEDT:

One Australian dollar buys:

* 79.97 US cents, from 79.90 on Tuesday

* 88.20 Japanese yen, from 88.56 yen

* 65.04 euro cents, from 65.18 euro cents

* 57.13 British pence, from 57.15 pence

* 108.74 NZ cents, from 109.02 cents

GOLD:

The spot price of gold in Sydney at 0700 AEDT was $US1,340.86 per fine ounce, from $US1,335.57 per fine ounce on Tuesday.

BOND SNAPSHOT AT 0700 AEDT:

* CGS 4.50 per cent April 2020, 2.083pct, unchanged

* CGS 4.75pct April 2027, 2.7855pct, unchanged

Sydney Futures Exchange prices:

* March 2018 10-year bond futures contract at 97.175 (implying a yield of 2.825pct), from 97.165 (implying a yield of 2.835pct) on Tuesday

* March 2018 3-year bond futures contract at 97.745 (2.255pct), from 97.735 (2.265pct).

(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session)

Austrlaian Associated PressBack to Breaking News

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