Speculation that China may ease travel restrictions and the US dollar’s retreat sparked a huge rally in global miners and BHP, as traders expect the ASX to follow ASX futures are up 1.3pc.
Australian shares are poised to rally on Monday following a surge in commodity prices as traders lifted bets on a new resources boom, amid speculation China may move to ease travel and other COVID-19 related restrictions.
On Saturday, US oil futures jumped 5 per cent for their third straight week of gains to reach their highest level since August. “That move on Friday was a big move, not a move we’ve seen for more than a decade,” Mr Cleary said. “[On China] there seems to be a different headline every day, but the reality is it’ll reopen at some stage, and they’re seemingly in the early stages of making [Western vaccines] available for certain groups, including expats.”
In the US, cloud stocks took a hammering on Friday, as Sydney-based Atlassian and San Francisco-based Twilio tumbled 30 per and 34 per cent, respectively. The pandemic-era tech darlings both warned sales growth is slowing as enterprise clients spend less in an economic downturn.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Block rally lifts ASX to 0.5pc gainThe energy and materials sector pushed the Australian sharemarket higher on Friday, lifting the benchmark index to a 1.6 per cent weekly gain.
Read more »
Howard Marks on why now is the time to look at ChinaChairman and co-founder of Los Angeles-based investment firm Oaktree Capital likes China because it is ‘uninvestable’, and he is over the moon about our super system.
Read more »
United States condemns Russia and China for protecting North Korea's ballistic missile launchesThe US ambassador to the UN says Russia and China have 'bent over backwards' to justify repeated violations of sanctions by North Korea, after a series of recent ballistic missile launches by Pyongyang.
Read more »
US accuses Russia and China of protecting North Korea from UNChina and Russia, meanwhile, accuse US of inflaming tensions with large-scale joint military exercises with South Korea
Read more »
Rumours of zero-Covid easing spread in China amid anger at restrictionsDespite relatively low case numbers, there are reportedly about 200 lockdowns across the country
Read more »