The Aussie market will go on with the current boomlet today after a rousing day on Wall Street.
After the 4.3% gain on Monday, the ASX 200 was up around 130 points at 6.30 am Tuesday.
That was after a 7% plus surge on Wall Street.
A sharp rise in gold prices will help local markets today as well, but a slide in oil prices will refocus attention on the growing possibility that talk of an oil production cut deal by big producers is just that – talk.
The Dow jumped 1,627 points, or 7.7%, to close at 22,678 points, while the S&P 500 added about 175 points, or 7.01%, closing at about 2,663. The Nasdaq rose about 540 points, 7.3%, closing near 7,913 points.
Data indicating a slowdown of new coronavirus cases in Spain and Italy, along with signs that the number of deaths from the virus are starting to ease in New York City, helped to buoy global equity markets.
New York Governor Andrew Cuomo said the rate of increase for the coronavirus was starting to slow down, and that the state may have hit the peak of its outbreak. He ordered an extension of the statewide shut down for the rest of this month – till April 29.
Besides the strong gains on Wall Street, markets rose in Asia earlier in the day and the STOXX Europe 600 index jumped 3.7%.
US 10 year bond yields edged up to 0.675%, the Aussie dollar traded close to 61 US cents, oil fell and gold rose to its highest level in seven years.
