The Australian share market is poised for a positive start on Thursday following a historic rally on Wall Street that saw the Nasdaq Composite close above 20,000 points for the first time.
By 8 am AEDT (9 pm GMT) ASX 200 futures added 38 points, or 0.5%.
Overnight, the Nasdaq surged 1.8% to reach a fresh record close, driven by gains in megacap tech stocks. The S&P 500 also advanced, gaining 0.9%, while the Dow Jones Industrial Average slipped 0.1%, weighed down by a 5.1% drop in UnitedHealth shares.
U.S. inflation data revealed a 0.3% monthly rise in November, the fastest pace in seven months, with annual inflation at 2.7%. The data matched economist expectations and reinforced confidence in a Fed rate cut.
Globally, central banks have adopted accommodative policies. Overnight, the Bank of Canada reduced its benchmark interest rate by 50 basis points, and the European Central Bank and Swiss National Bank are expected to follow suit. Earlier in the week, Australia’s Reserve Bank held rates steady at 4.35%.
Ahead in the session, market participants will be closely monitoring fresh employment data, with expectations of 25,000 jobs added in November.
On the bond markets, 10-year and 2-year yields were at 4.206% and 3.802%, respectively.