Improved global sentiment following a round of upbeat economic data helped Aussie shares rally for the first time in three sessions. Strength in health and resource stocks helped boost the ASX 200 by 36 points or 0.6 per cent to 6218 at the start of a new week.
Strong US jobs figures and subdued wages growth helped settle investor nerves in the US on Friday night, positioning our market for a positive session after two days of solid falls. The health sector led the recovery, rising 1.6 per cent as CSL put on 1.8 per cent and Cochlear 1.5 per cent.
Oil futures continued to improve this morning, lately up 38 cents or 0.6
Shares in the gold miner jumped 7.7
The big banks were the biggest drag on the index amid speculation they will find it harder to make money in a low-growth, low-interest rate environment. CBA dipped 0.2
US stocks closed higher on Friday after the March jobs report beat expectations and wage growth came in weak in a sign that inflationary pressures remain well contained. The S&P 500 edged up 0.46
Most Asian markets began the week on the front foot following weekend reports on Chinese TV of progress in trade negotiations with the US. China’s Shanghai Composite rose 0.6
Gold regained the $US1,300 an ounce level this morning, lately up $4.40 or 0.3
Looking to the week ahead, a slow start so far as scheduled data is concerned, with the big-ticket items overseas not due until later in the week. A new quarterly company earnings season will get underway in the US, putting corporate profits back in the spotlight.
There is not a lot of interest on the domestic calendar until Wednesday’s consumer sentiment report, but there are monthly home loan figures due tomorrow.