ASX rebound set to continue
Australia’s share market is poised for a fourth day of gains after another sharp rise in US equities.
The SPI200 futures contract was up 184 points, or 3.6 per cent, at 5,302 points at 0800 AEDT on Friday, suggesting another positive start for the local bourse.
The local market has had three straight days of gains on US stimulus hopes despite an inundation of local job loss announcements and profit warnings.
The benchmark ASX/200 has risen more than 16 per cent since hitting a seven-year low on Monday.
Overnight, US stocks rose sharply after the US Senate passed the unprecedented $A3.3 trillion emergency aid bill to shore up the world’s largest econony amid the coronavirus outbreak.
The House will vote on the bill on Friday.
US equities rose despite reports that US jobless claims had topped 3.2 million, however the US dollar traded lower against all of the major currencies.
IG Markets analyst Kyle Rodda says that for all the optimism, some stark realities remain about the current climate for the global economy.
“US jobless claims data came-in far worse than expected… and the COVID-19 crisis is still well out of control,” he said in a note.
The Australian dollar was buying 60.64 US cents at 0800 AEDT, up from 59.14 US cents as the market closed on Thursday.
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