Australian shares are expected to start the day higher, as Wall Street rallies into the Christmas period.
Wall Street has lifted the mood before ChristmasASX futures are up 0.6 per cent to 7,337, by 6:56am AEDT.US stock indexes and yields on US Treasuries both climbed on Thursday as investors and traders were optimistic about positive economic data and the impact of the Omicron coronavirus variant on the economy, even as COVID-19 case counts soar.
There are signs that Omicron is less likely to lead to hospitalisation, and a US Federal Drug Administration official said that data indicated that both Merck's and Pfizer's COVID-19 anti-viral pills were effective against the variant. “What remains impressive is how strong the consumer remains. It’s a positive sign as we head into 2022. The economic backdrop is on very strong footing."The Dow Jones Industrial Average rose 0.8 per cent to 36,043, by 7:10am AEDT.
The trading session so far has put markets on course for a third successive day of gains as they recovered from a jolt on Monday when worries about Omicron pushed investors to safe-haven assets like the greenback.
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