Australian shares are expected to open higher after US investors digested better-than-expected earnings reports. The Australian dollar was up 0.2 per cent.
Australian shares are expected to open higher after US investors digested better-than-expected earnings reports.The Australian dollar was up 0.4 per cent to US67.03¢.On Wall Street, US stocks held onto gains as investors digested better-than-expected earnings reports and an improvement in consumer confidence. Bonds steadied after the previous day’s selloff as some of the furore following the Bank of Japan’s unexpected increase in its yield trading band ebbed.P 500 jumped as much as 1.
“Investors are excited by the prospects of buying improving fundamentals at a cheaper price, following the past week’s selloff on Fed concerns,” said Mike Bailey, director of research at FBB Capital Partners. “In terms of macro data, improving consumer confidence is also adding to the favourable move in investor sentiment. However, I think inflation, the job market and earnings are top of mind for most investors at the moment.
Treasuries steadied, as the 10-year yield was about 3.68 per cent after piercing 3.70 per cent on Tuesday. The yen fell against the dollar, after posting its biggest daily rally since 1998 on Tuesday. The dollar rose after falling for two days against a basket of currencies. Dust is also starting to settle on Japan’s decision to raise the upper limit of its 10-year bond yield, though the move has set in motion bets that the BoJ will join its peers next year in raising interest rates. Surging yields have already shrunk the worldwide stock of negative-yielding debt to about $US686 billion, from an $US18.4 trillion peak reached two years ago.
Elsewhere, oil price gains extended into a third day after a report showed a drop in US crude inventories.
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