Australian shares are primed for a positive start to the day following gains in the US and a rebound in commodity prices.
The S&P and New York Stock Exchange both climbed around one per cent. The NASDAQ was also up 1.28 per cent to 13,100.89 points.
A bill to increase the federal debt ceiling is ready to go before the Senate for approval, before being signed into law by President Joe Biden. The vote is likely to take place this morning, ahead of the June 5 deadline.
The deal will suspend the debt ceiling until 2025. In return, some limits will be placed on spending that has been estimated to save around US$1.5 trillion over a decade.
Back home, the Fair Work Commission is set to release its 2023 minimum and award wages determination later this morning.
The Australian Council of Trade Unions requested a seven per cent rise to match the most recent March quarter annual inflation figure. The federal government supported the rise in line with inflation for Australia’s lowest-paid workers.
An increase in line with inflation would lift the minimum wage by around $57 a week this year.
The Australian dollar gained a nearly 1 per cent boost. One Aussie dollar is buying 66 US cents and 52 British pence.
In commodities, iron ore experienced a near six per cent surge following the release of positive Chinese private-sector factor data. It later declined to US$100 per tonne.
Base metals also rebounded. Gold traded briefly above US$2000 an ounce for the first time since mid-May, before retreating to US$1976.90 per ounce.