The Australian share market is set to gain ground as US traders continue to hold onto optimism regarding potential interest rate cuts by the Federal Reserve. Despite data indicating a still strong economy, traders are betting on rate cuts later in the year. Additionally, Apple’s earnings have exceeded expectations, further boosting confidence in the stock market.
New car sales have surged, reaching a record high for April. Jarden remains bullish on NAB, with a focus on lending growth. Afterpay has seen a 25% increase in transaction volumes, while Telix has made a significant acquisition in the US. Moreover, the commodity rout and green investments have impacted Macquarie’s profits.
The Australian share market opened with a 0.3% rise, marking the fourth gain in five sessions following concerns over higher than expected inflation data. The technology sector has been the top performer, climbing 1.1% driven by Apple’s announcement of a record-breaking $US110 billion buyback. This news has also contributed to pushing US equity futures higher.
In the US, stocks rallied, significantly trimming their losses for the week. The S&P 500, Dow Jones, and Nasdaq composite all saw positive gains, as the Federal Reserve hinted at delaying interest rate cuts while not planning to hike them. This led to a much-needed boost in investor confidence, with the Australian share market also expected to rise.
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