Shares in Facebook’s parent were 24 per cent higher at midday in New York. Iron ore drops, gold tumbles. US 10-year yield eases.
Australian shares were poised to rally, bolstered by a surge higher in America’s largest tech companies with earnings pending from Apple, Alphabet and Amazon. The NYSE Fang Index leapt 6 per cent.
The local currency fell 0.8 per cent, tumbling back below US71¢; the Bloomberg dollar spot index was 0.3 per cent higher.The yield on the US 10-year note shed 5 basis points to 3.37 per cent at 12.04pm; the yield has tumbled 51 basis points in the last month. Merck forecast 2023 earnings below Wall Street estimates along with an expected steep decline in sales of its COVID-19 antiviral treatment. Amgen reported a decline in fourth-quarter revenue.P 500 that have reported fourth-quarter earnings have topped Wall Street expectations. Analysts now see earnings of SThe positive sentiment also reflected heightened expectations that global central banks are near the end of their rate-rising cycles.
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