Australian shares are poised to start the week higher. Mag 7 stocks gain in US trading on Friday. Lendlease strategy update awaited. Follow for more
The Australian sharemarket is set to bounce after Friday’s sell-off as strong gains from tech stocks in the United States amid a tempering of global rate concerns. Futures are pointing 46 points, or 0.6 per cent, higher at 7798, putting the equity benchmark on track for a modest rebound from its 1.1 per cent sell-down on Friday.
US markets will be closed on Monday for Memorial Day. The ASX tech sector will also be in focus on Monday, after US benchmarks were helped higher by a continuing rally in tech stocks late last week, which drove the Nasdaq to reset a record high in Friday’s session. The local benchmark is also expected to get a boost from a rebound in commodity prices at the weekend. Iron ore futures edged 0.8 per cent higher to be above $US120.40 a tonne, while Brent crude added 1 per cent to $US82.
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