Australian shares are set to open higher with US stocks in a broad advance. $A rises 1pc. Bitcoin briefly tops $US21,000.
Australian shares are poised to open higher, extending gains from the previous session as Wall Street rallied broadly.The local currency rebounded 1 per cent; the Bloomberg dollar spot index edged lower.The yield on the US 10-year note rose 8 basis points to 3.01 per cent at 2.08pm in New York.
The continent-wide STOXX 600 index was up 1.9 per cent on broad-based gains. Miners jumped 5.4 per cent as copper rallied from 20-month lows on hopes that demand would improve in China. The energy sector surged 4 per cent. Chipmakers STMicroelectronics, BE Semiconductors , ASM International and ASML Holding gained between 2.9 per cent and 4.6 per cent after Samsung Electronics posted its best April-June profit since 2018.
Here’s BofA’s view on China’s steel market: “We have been cautious on the steel sector since 4Q21 and now expect it to underperform further, with China’s steel demand set to drop by 7 per cent in 2022, followed by a limited rebound in 2023 as weak property demand should last through 2022-23F.
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