Australian shares have started the day higher as investors look to shrug off worries about renewed rate hikes on the back of soaring inflation while improved underlying prices are expected to aid domestic commodity stocks.
Australian shares have started the day higher, as investors look to shrug off worries about renewed rate hikes on the back of soaring inflation while improved underlying prices are expected to aid domestic commodity stocks.The Dow Jones index rose 2.7pc to 31,501, the S&P 500 gained 3.1 pc to 3,912 and the Nasdaq Composite added 3.3pc to 11,608The ASX 200 was up 80 points or 1.2 per cent to 6,660 at 10:20am AEST.Immuno-oncology company Imugene was up 15.2 per cent to $0.
The S&P 500 climbed 3.1 per cent in its biggest daily percentage gain since May 2020, and the MSCI global index rose 4.8 per cent for the week, snapping three straight weeks of declines.Investors have been worried that aggressive interest rate hikes by the Federal Reserve and other major central banks to combat inflation could cause a recession, which would reduce demand for commodities and other items.
"We've seen oil prices come down along with other commodity prices," she said, adding that the market's move was reflecting "expectations of at least a marked slowdown if not an out-and-out recession."