Upbeat US equity futures and a 21-month high in energy stocks helped push the ASX towards a second straight rise.
At 1pm EST the ASX 200 was nine points or 0.15% ahead at 5778 and within reach of its best close in more than a week. The energy sector rallied 0.8% to its highest point since August 2015 as crude oil continued its bull run into tonight's OPEC meeting in Vienna. Crude oil futures were lately up 47 cents or 0.92% for the morning at US$51.83 a barrel on expectations that the oil cartel will extend production curbs into next year.
"A strong consensus has developed that producer supply cuts will be extended," French bank BNP Paribas told Fairfax. "The only question is the choice of the duration."
Also faring well this session: utilities +1.2%, metals & mining +1% and industrials +0.6%. Telecoms gave up 0.6%, consumer staples 0.3% and IT 0.3%. Financials eased 0.1.
S&P futures were lately up 7.75 points or 0.32% after the benchmark US index recorded a fifth straight gain and a record close overnight. Dow futures improved 75 points or 0.36%. China's Shanghai Composite retreated 0.1%, Hong Kong's Hang Seng gained 0.5% and Japan's Nikkei added 0.54%.
Gold futures added $4.40 or 0.35% to US$1,260.90 an ounce. The dollar was buying 75.11 US cents.
If things get any slower I'm going to create a new trading playlist. Highlights will include: "Nothing Ever Happens" - Del Amitri, "Nothing Happened Today" - Boomtown Rats, "I'm Bored" - Iggy Pop; and "Boredom" - Buzzcocks. You can see where I'm going with this. If things get any harder I swear I'm going to have to read a trading book. Haven't done that for years - all that theory messes with my mojo. But right now it feels like my mojo has up and left me anyway, so how much worse could it get? Trading: if only. I got plenty of nothin'.
