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ASX tipped to follow Wall St higher

Stock market graph chart with indicator investment trading stock exchange trading market monitor screen close up

The Australian sharemarket is set for an early rise after US stocks were buoyed by hopes the coronavirus outbreak has reached a peak.

The SPI200 futures contract was up 70 points, or 1.35 per cent, at 5,248.0 points at 0800 AEST on Thursday, suggesting local stocks will rise after back-to-back sessions in the red.

It will be the final session before a four-day Easter break.

The major US indices jumped overnight after President Donald Trump and New York Governor Andrew Cuomo each expressed hopes Americans might be getting to the top of the coronavirus curve.

Health insurers received an additional lift from Bernie Sanders’ decision to suspend his presidential campaign.

The Dow Jones Industrial Average rose 3.44 per cent, the S&P 500 gained 3.41 per cent, and the Nasdaq added 2.58 per cent.

The S&P/ASX200 benchmark index looked set to close flat on Wednesday despite weakness in the financial sector, but lost 38.8 points in the final minute of trade as the Eurozone failed to pass a stimulus measure after 16 hours of talks.

The Australian dollar was buying 62.35 US cents at 0800 AEST, up from 61.32 US cents at the close of markets on Wednesday.

The Reserve Bank is scheduled to release its biannual Financial Stability Review at 1130 AEST.

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