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Shares set to rise after Wall St gains

Australian shares are likely to start higher after Wall Street posted gains following easing of restrictions by regulators on US banks, boosting investor sentiment.

The Australian SPI 200 futures contract was up 70.0 points, or 1.21 per cent, to 5,835.0 at 0800 AEST on Friday.

IG Markets analyst Kyle Rodda said while there would be gains, they would not recover all the losses from Thursday, when the ASX200 closed 2.48 per cent lower.

In the US, Wall Street’s main indexes closed higher after bank stocks soared ahead of annual stress test results, offsetting investor jitters over increases in new coronavirus cases.

After the markets closed, the Federal Reserve ordered banks to cap dividends and and stop buybacks.

The virus’ impact was still evident on the market. Stocks wobbled late in the session after Apple said it would close 14 stores in Florida again due to rising COVID-19 cases after re-closures in several other US states.

In Australia this morning, SkyCity Entertainment said it will re-open its Adelaide casino on Monday. The casino closed on March 23 following government orders on COVID-19.

The Australian share market on Thursday suffered its worst loss in two weeks due to rises in coronavirus cases in the US and Victoria.

The benchmark S&P/ASX200 benchmark index finished down 148 points, or 2.48 per cent, to 5,817.7, while the broader All Ordinaries index closed down 153.6 points, or 2.53 per cent, at 5,928.

The Australian dollar was buying 68.88 US cents at 0800 AEST, higher from 68.65 US cents at the close of trade on Thursday.

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