The Australian sharemarket is set for a fifth day of gains after US stocks rose and Treasury yields eased on speculation the Federal Reserve will pause its interest rate hikes.
The Australian sharemarket opened stronger again, boosted by a positive session on Wall Street. US stocks rose and Treasury yields fell after comments from Federal Reserve officials bolstered speculation the central bank is heading toward another pause in interest rate hikes.
Oil edged lower, with West Texas Intermediate settling below $US86 a barrel following its biggest rally since April. The Australian dollar flat at 64.33 US cents as the US dollar fell for a fifth straight day, its longest losing streak since July. ‘Everybody has one eye on the Middle East conflict and one eye on what’s happening with bond yields.’Israeli air strikes attacked Gaza on Tuesday, razing entire districts in the densely populated and impoverished enclave, filling morgues with Palestinians, including women and children, following a deadly weekend of Hamas attacks that triggered some of the worst blood-letting in 75 years.“Everybody has one eye on the Middle East conflict and one eye on what’s happening with bond yields.
The Dow Jones Industrial Average rose 0.4 per cent, to 33,739.30, the S&P 500 gained 0.5 per cent and the Nasdaq Composite added 0.6 per cent. All 11 major S&P 500 sectors were advancing with materials and consumer staples leading gains, while technology was the slowest gainer. Energy was among the laggards after its more than 3 per cent rally on Monday.
The shekel regained its footing as the central bank duelled short sellers to contain the market fallout from Israel’s conflict with militant group Hamas.
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