ASX to edge higher on recovery hopes

The Australian share market is set to rise in early trade after US investors continued to look to a swift recovery from the coronavirus pandemic.

The SPI 200 futures contract was higher by 36 points, or 0.65 per cent, to 5,604.0 at 0800 AEST on Thursday.

The three major Wall Street indices notched finished higher overnight as investors bet on a swift economic recovery from coronavirus-driven lockdowns and the potential for more stimulus measures from the Federal Reserve.

The Dow Jones Industrial Average rose 1.52 per cent to end at 24,575.9 points, while the S&P 500 gained 1.67 per cent, to 2,971.61. The Nasdaq Composite climbed 2.08 per cent to 9,375.78.

In Australia on Thursday, the heads of APRA, ASIC and the Reserve Bank will discuss their COVID-19 response in an online forum held by the Financial Services Institute of Australasia.

The S&P/ASX200 benchmark index finished Wednesday up 13.5 points, or 0.24 per cent, at 5,573 points. The All Ordinaries index gained 21.3 points, or 0.38 per cent, to 5,680.1.

The Australian dollar was buying 65.96 US cents at 0800 AEST, up from 65.43 US cents at the close of trade on Wednesday.

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