Australian shares are set to make a strong start to a new trading week following a record day on Wall Street on Friday.
At 9.10am (AEDT) the December 2024 contract of the ASX share price (SPI) 200 index was trading at 8,472, 52 points (0.61%) higher.
Major U.S. indices finished higher on Friday, with the Dow Jones setting another record high amid investor optimism about economic growth, although major technology companies sagged.
On Friday the Dow added 1%, the S&P 500 0.4% and the tech heavy Nasdaq Composite up 0.2.
Falls of 3.2% and 1.7% respectively by Nvidia and Alphabet dampened the Nasdaq and reflected a broader shift from techs into companies more leveraged to the underlying US economy.
In Australia last week the S&P/ASX200 added 1.31% to end the week at 8,393.8 points, a record close, and just 0.62% off of its record intra-day high of 8,446.4 set on 19 November.
In economic news in Australia this week, a lot of attention will be on the October monthly inflation data on Wednesday at 11:30am AEDT, with Goldman Sachs expecting a 0.4% month-on-month fall to keep the year-ended rate stable at 2.1%.
The buoyant spirit was also evident in fixed interest markets with rising prices on Australian Government bonds pushing yields down in early trading.
At 0910 am (AEDT) the 10-year yield was 4.472%, 0.061 (1.35%) lower, and the two-year yield was 4.031%, off by 0.058 (1.42%).