The ASX is set to open higher for its first day of trading in the new financial year, after a strong finish by Wall Street.
The NASDAQ ended its best first half in 40 years on a high – up nearly 1.5 per cent. The S&P also gained one per cent, marking its best six-month run since 2019.
All 11 US sectors advanced, while tech heavyweights set the pace. Apple stocks gained more than two per cent, as its market value ticked over the $3 trillion mark for the first time since January 2022.
Streaming giant Netflix gained 2.86 per cent. Facebook parent Meta increased by 1.94 per cent.
Back home, markets are divided as to whether the Reserve Bank of Australia will increase interest rates at its board meeting tomorrow.
It comes as new data from CoreLogic shows Australian house prices continue to rise by 1.1 per cent on average, after hitting a low five months ago.
Sydney led the gains with a 1.7 per cent rise in prices. Brisbane rose 1.3 per cent, and Peth and Adelaide were up 0.9 per cent each.
Hobart managed to buck the trend, with the average house price falling 0.3 per cent.
The Australian dollar moved higher. One Aussie dollar is buying 67 US cents and 53 British pence.
To commodities, and oil prices continued to rise, driven by a US Commerce Department report showing annual inflation growing at its slowest pace in two years.
However, Goldman Sachs analysts said interest rate hikes would remain a “persistent drag” on oil prices. Crude oil is trading at US$70.50 per barrel.
