ASX set to open higher as Wall Street rallies and sets new records
Australia's stock exchange is expected to open higher after Wall Street's record session. Led by AI names and miners, the ASX 200 is now up 12% since the start of the year.
Sydney futures point to the S&P/ASX 200 opening 0.8% higher on Friday. The Dow finishing above 50,000 and the S&P 500 closing for the first time above 7,500 have lifted global risk appetite. The Australian dollar is trading near 0.72 against the U.S. dollar.
The main story is in mining. Iron ore prices approaching $110 a tonne lifted BHP and Rio Tinto. Copper has also risen on optimism over Chinese demand. Investment in AI data centres is keeping infrastructure names such as Macquarie and Goodman Group in focus.
The Reserve Bank of Australia held rates last month. Investors are now waiting for Friday's jobs print and for any signal of a possible cut at next month's policy meeting. The thaw in U.S.-China tensions is read as additional support for Australia's export-heavy economy.
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