Australian shares are set to open higher this morning after rally on Wall Street. US stocks rose yesterday as shares of some of the big tech companies rebounded after posting steep losses last week. Shares of Facebook, Amazon, Apple, Netflix and Alphabet all gained at least 1 per cent. US crude rebounded 2.4 per cent following last Friday's sell off. Gold steadied supported by uncertainty over the future pace of US interest rate hikes. Wall Street also received a boost from US consumers, with Cyber Monday expected to generate almost $8 billion in sales according to Adobe Analytics.
Taking a look at global markets Wall Street closed higher yesterday. The Dow Jones Industrial Average rose 1.46 per cent higher to 24,640, the S&P 500 added 1.6 per cent to 2,673 and the NASDAQ was up 2.06 per cent to 7082.
European markets were also higher: London’s FTSE added 1.2 per cent, Paris gained almost 1per cent and Frankfurt was up 1.5 per cent.
Asian markets closed mixed, Tokyo’s Nikkei added0.8 per cent, Hong Kong’s Hang Seng rose 1.7 per cent and China’s Shanghai Composite was down 0.1 per cent.
On the futures markets, the ASX futures are pointing to a 46 points gain. Yesterday, the Australian share market closed lower with the S&P/ASX 200 Index closing 45 points lower to 5672.
Kathmandu Holdings (ASX:KMD) has announced its determination of director's independence following its Annual General Meeting. David kirk , John Harvey, Sandra McPhee, Brent Scrimshaw and Phillip Bowman have all been deemed to be independent. CEO and MD, Xavier Simonet is not independent due to disqualifying relationships as defined in the ASX listing rules. Shares inKathmandu Holdings (ASX:KMD) closed 0.76 per cent lower to$2.60 yesterday.
OFX Group (ASX:OFX) is paying 2.64 cents fully franked
One Australian Dollar at 8:35AM was buying US72.15 cents, 56.34 Pence Sterling, 81.93 Yen and 63.72 Euro cents.
Iron ore futures are pointing to 2 per cent fall
Gold fell $0.20 to $US1229 an ounce.
Silver was down 2 cents at $US14.35an ounce.
Oil gained $1.19 cents to $US51.61 a barrel.
Bitcoin has fallen 6.7 per cent to US$3726,Ethereum has dropped 7.5 per cent to US$107 and XRP was down 3.5 per cent to US$0.3534.