ASX poised to open higher as US rallies and oil prices ease
The ASX is set to open higher following US stock gains and falling oil prices.
The Australian share market is forecast to open higher on the back of Wall Street gains and falling oil prices. US stock markets climbed overnight, with the S&P 500 up 1.5 per cent and the Nasdaq composite up 2.2 per cent.
ASX futures at 4:52am AEST pointed to a gain of 36 points, or 0.4 per cent, at the open. Oil prices fell 3.4 per cent to $US100.29 per barrel, easing pressure from high energy costs.
The Australian dollar stayed steady at US71.22 cents. Bond yields also retreated slightly, with the 10-year Treasury yield easing to 4.97 per cent from 5.01 per cent late Friday.
Investors have been worried about high inflation and rising government debt, which make borrowing more expensive for households and businesses.
- 1.5 per cent
- S&P 500 gain
- 2.2 per cent
- Nasdaq composite gain
- 3.4 per cent to $US100.29 per barrel
- Oil price fall
- US71.22 cents
- Australian dollar
Why it mattersWhen US markets rally and oil prices fall, Australian share portfolios and superannuation funds typically move higher. Lower oil prices also ease cost pressures on transport and business.
AustraliaMost Australians with superannuation or share investments benefit when the ASX rises. Lower fuel costs flow through to cheaper transport and delivered goods.
✓ Claims checked against the source. checked 3 d ago
