Australian shares are on track to reach a record high on Friday, driven by strong performances from BHP and Rio Tinto. The surge follows iron ore prices climbing back above $US100 per tonne in Singapore trading, boosting U.S.-listed shares of these mining giants.
Futures suggest the S&P/ASX 200 will open 19 points higher, or 0.2%, placing it just 43 points shy of its all-time intraday high of 8246.2, achieved last week.
The Australian dollar also saw a sharp increase, rising 1.1% to trade just below US69¢, marking the second week of significant gains.
In the U.S., stocks continued to rise, fueled by optimism around AI-related investments following a strong quarterly earnings report from Micron Technology.
The S&P 500 set a new closing record, with materials and technology sectors leading the way. The S&P 500 gained 0.4%, while the Dow Jones and Nasdaq increased by 0.6% apiece.
Micron’s positive performance bolstered investor confidence in the technology sector, contributing to a broad market uplift. Materials stocks also benefitted from rising commodity prices, with energy being the only major sector to post losses.
In addition to the rally in iron ore, copper prices surged past $US10,000 per tonne in London trading. Gold reached another record high, and silver hit its highest level since 2012.
On the bond markets, 10-year and 2-year rates were at 3.96% and 3.585%, respectively.
