In this news:
Australian shares are set to open sharply higher, tracking a surge in New York after President Donald Trump said in a social media post that “all parties” involved in the Middle East conflict approved a deal.
While details were lacking, investors did not hesitate to react. Brent oil futures fell below $US90 a barrel.
ASX 200 futures were up 116 points or 1.3 per cent to 8764 near 3.50am AEST. The S&P 500 was 1.3 per cent higher near 2pm in New York with industrials pacing gains in nine of the 11 industry sectors.
US equities already were higher amid excitement about SpaceX’s pending trading debut, on Friday (Saturday AEST). The offering reportedly has drawn more than $US100 billion of orders for shares from small investors – far exceeding what has been set aside for them.
Market highlights
ASX 200 futures are pointing up 116 points or 1.3 per cent to US prices near 2pm New York time.
AUD +0.4% to US70.27¢Bitcoin +2.7% to $US63,591On Wall St: Dow +1.6% S&P +1.3% Nasdaq +1.8%VIX -2.45 to 19.77Gold +2% to $US4155.25 an ounceBrent oil -3.3% to $US90.00 a barrelIron ore +0.2% to $US101.65 a tonne10-year yield: US 4.47% Australia 4.89%
Today’s agenda
BusinessNZ will release its May manufacturing PMI at 8.30am AEST with NZ net migration April numbers to follow at 8.45am AEST.
Top stories
Critics snubbed in Labor budget inquiry ‘whitewash’ | High-profile detractors of the government’s tax overhaul have been left off the witness list for next week’s two-day Senate hearing.
Canberra Observed: Cock-ups don’t count when the tribe thinks Hanson can do no wrong | Voters flocking to One Nation, for now at least, don’t care about policy details or Pauline Hanson’s ability to run the country in this age of tribalism.
Westpac audit chair sat in on pitches despite KPMG conflict fears | Peter Nash actively questioned rival pitch teams from EY, Deloitte and KPMG, contradicting Westpac’s claims to parliament.
Plato, Munro invest in SpaceX as rival funds wait for the sellers | The local fund managers are buying a small stake in Elon Musk’s rocket company just in case the stock doesn’t get any cheaper.
Chanticleer: Chemist Warehouse gets the crocodile roll treatment | The pharmacy giant’s hunt for a global prize could lead it to rapidly lose control of the situation and become trapped in the notorious graveyard of failed offshore M&A.
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