The Australian share market is set for a rally after Wall Street closed higher, with the Dow Jones breaking its 4-day losing streak. It comes as Trump’s tax reform plan was given the nod, by a group of conservative Republican Party lawmakers.
That led financial stocks higher, followed by information technology sector, which gained over 1 per cent. The S&P 500 hit an all time high, while the tech heavy Nasdaq outperformed, rising 1.15 per cent.
On the commodities front, gold has fallen over 1 per cent as the Fed hinted it would hike rates, while the iron ore price lost 0.4 per cent.
US economic news
US durable goods orders, also known as US capital goods rose 1.7 per cent in August, beating the 1 per cent expected. It's further proof in the pudding that the economy is strengthening, despite the aftermath of Hurricane Irma and Harvey.
Local economic news
No economic news as such is coming out today, however the RBA Deputy Governor, Guy Debelle will give a speech at the Bank of England conference in London at 7pm AEST.
Wall Street closed higher yesterday: The Dow Jones Industrial Average gained 0.3 per cent to close at 22,341, the S&P 500 added 0.4 per cent to close at 2,507 and the NASDAQ gained 1.2 per cent to close at 6,453.
European markets closed higher: London’s FTSE added 0.4 per cent, Paris gained 0.3 per cent and Frankfurt added 0.4 per cent.
Asian markets closed mixed: Tokyo’s Nikkei fell 0.3 per cent, Hong Kong’s Hang Seng rose 0.5 per cent, and China’s Shanghai Composite added 0.1 per cent.
And back home, the Australian share market closed lower yesterday: The S&P/ASX 200 Index closed 7 points down to finish at 5,664
On the futures market the SPI is 20 points up.
Brambles (ASX:BXB) says that it sourced 99.1 per cent of its timber from certified sources over the past year. That was just one of the findings that the logistics giant released it its 2017 Sustainability Report. The company that operates in 60 countries says, says it also achieved zero product waste to landfill at more of its service centres and also saw a 7.8 per cent drop in carbon emissions. Shares in Brambles (ASX:BXB) last traded 0.11 per cent lower at $9.00.
One Australian Dollar at 7:40AM was buying 78.52 US cents, 58.64 Pence Sterling, 88.55 Yen and 66.88 Euro cents.
Gold has lost $16.10 to $US1,286 an ounce.
Silver has lost $0.10 to $US16.79 an ounce.
Oil has gained $0.15 to $US52.03 a barrel.