Shares in Australia are set to continue their ascent on Tuesday, boosted by stock indexes reaching record highs in New York overnight.
The ASX 200 is expected to open up 0.34% at 10:00 am AEDT (11:00 pm GMT Monday), according to Australian Securities Exchange (ASX) futures trading which quoted the March share price index contract 30 points above the last settlement at 8,761 points.
A key driver is the S&P 500 and Dow Jones Industrial Average touching record highs on Monday (Tuesday AEDT) despite the U.S. Justice Department's criminal investigation of Federal Reserve Chair Jerome Powell.
U.S. markets were boosted by strength in technology shares and retailer Walmart in the wake of the retailer’s move of its stock listing to Nasdaq from the New York Stock Exchange last month.
The Dow Jones rose 0.17%, the S&P 500 added 0.16% and the Nasdaq put on 0.26%.
"The news that Powell is being investigated by the Justice Department was basically telegraphed by Trump, and so I think the market is taking it in stride for now," Spartan Capital Securities Chief Market Economist Peter Cardillo was quoted saying in a Reuters story.
The Australian market had closed up on Monday after higher-than-forecast household spending data for November with the ASX 200 ending 0.5% higher at 8,759.40 points.
Australia’s household spending increased by 1% in November, the Australian Bureau of Statistics (ABS) said today. This was lower than the 1.4% growth seen in October, but well above consensus forecasts of 0.6%.
Stocks to watch include energy and gold companies, after the oil and gold prices rose overnight, along with BHP (ASX: BHP) and Rio Tinto Ltd (ASX: RIO), which strengthened in New York trading.
In Australia, consumer confidence data is scheduled to be released today.
In fixed interest markets, Australian Government bond yields rose with two year rates up 0.053% to 4.017% and 10 year rates up 0.09% to 4.680%.
