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ASX to climb early after Wall St gains

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

Shares are expected to rise early on the Australian market after US stock indices registered strong gains on investor optimism from better-than-expected US housing data.

The Australian SPI 200 futures contract was higher by 67 points, or 1.15 per cent, to 5,874.0 at 0800 AEST on Tuesday.

In the US, data showed the number of Americans signing contracts to buy homes rose a record 44.3 per cent in May from a month earlier, far more than the 17 per cent rise economists were expecting.

The US markets were also bolstered by a 14-per cent jump in Boeing shares after the first day of certification flight testing with US aviation officials for the company’s beleaguered 737 MAX jet.

The Dow Jones Industrial Average rose 2.32 per cent, the S&P 500 gained 1.47 per cent, while the Nasdaq Composite added 1.2 per cent.

In Australia today, Reserve Bank Deputy governor Guy Debelle will discuss the bank’s response to the pandemic as part of an Economic Society of Australia webcast.

Late on Monday, the owners of the Australian swimsuit maker Seafolly appointed administrators, citing a sales downturn from the virus.

The Australian dollar was buying 68.67 US cents at 0800 AEST, lower from 68.84 US cents at the close of trade on Monday.

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