The Australian sharemarket is within striking distance of a fresh high as it starts a new week with futures trading pointing to a stronger opening.
The S&P/ASX 200 share price index December contract was trading 29 points over the prior settlement at 9,045 points, indicating shares would start about 0.3% above the previous close when trading resumes at 10:00 am AEDT (11:00 pm GMT Sunday).
A 31.8 point gain across the day would push the Australian Securities Exchange’s (ASX) 200 company benchmark above the current high of 9,019.1 touched on 21 August 2025.
The market advanced on Friday with the S&P/ASX 200 Index gaining 0.5% to 8,987.4 points, with eight of 11 sectors finishing in positive territory.
Two of the three major benchmarks in the United States set records on Friday as investors clung to hopes of another interest rate cut but the continuing government closure denied investors crucial economic data.
The Dow Jones Industrial Average climbed 0.51%, the S&P 500 advanced by just 0.01% but the Nasdaq Industrial Average gave away earlier gains to slip back 0.28%, taking gains across the week to more than 1%.
Edward Jones Head of Investment Strategy Mona Mahajan said the probability of a Fed rate cut had increased since the shutdown began on 1 October because of its negative effect on economy and release of private sector data about jobs.
"It certainly feels like momentum is on the side of investors over the last few days," Mahajan said.
A company that may defer the broader ASX direction is Harvey Norman (ASX: HVN), which trades ex-dividend today.
In fixed interest markets, yields rose on Australian Government bonds with two-year rates up 0.14% to 3.519% and 10-year rates off by 0.53% to 4.362%.
