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Australian shares to rise early on vaccine hopes

The Australian stock market is poised to rise in early trading, after promising results for possible coronavirus vaccines helped Wall Street end higher.

The Australian SPI 200 futures contract was up by 42.0 points, or 0.70 per cent, to 6012.0 points at 0800 AEST on Tuesday.

Overnight, US markets closed higher after drugs from AstraZenica, CanSino Biologics, and a partnership between Pfizer and German biotech firm BioNTech were safely administered and induced immune responses.
The drug results come after United States’ deaths from the virus passed the 140,000 mark over the weekend and cases continued to rise in 42 of 50 states.

Technology stocks surged as part of the rise.

The Dow Jones Industrial Average rose 0.03 per cent to 26,680.87, the S&P 500 gained 0.84 per cent to 3,251.84 and the Nasdaq Composite added 2.51 per cent, to 10,767.09.

Oil prices were steady as news of possible virus vaccines offset the gloom of rising infection numbers. Brent crude was at US$43.28 per barrel.

In Australia today, investors will be watching for minutes of the Reserve Bank’s July board meeting, while RBA Governor Philip Lowe will also speak at a lunch for mental health charity The Anika Foundation.

Investors will also be monitoring daily coronavirus cases for New South Wales and Victoria amid concerns about a resurgence of infections.

The Australian dollar was trading at 70.16 US cents at 0800 AEST, up from 69.88 US cents at Monday’s close.

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