The ASX200 is set to rise more than one percent this morning.
This was boosted by gains on Wall Street, with the S&P 500 and Nasdaq rising to new record highs, influenced by strong performances from major stocks including Nvidia, as the US looks ahead to key inflation and second quarter earnings data due later this week.
The Dow rose over 200 points, while the S&P 500 and Nasdaq marked their fifth consecutive intraday record highs, with the S&P 500 going beyond the 5,600 mark for the first time.
This is being fuelled by confidence that interest rates may soon be cut’, as Federal Reserve chair Jerome Powell commented that the US economy was no longer ‘overheated’.
Over on the ASX, modular an accommodation solutions company Fleetwood Ltd (ASX:FWD) has been awarded a contract from the Queensland government to design, build and install 60 homes for the state’s Department of Housing, Local Government Planning and Public Works, expecting to yield a revenue of $40 million in 2025.
Meanwhile, Adavale Resources Ltd (ASX:ADD) is set to begin an extensive aircore drilling program within the Marree Embayment in South Australia.
And Lithium Australia Ltd (ASX:LIT) has achieved maiden operating cash profit in the fourth quarter of the 2024 Financial Year from its recycling-focused subsidiary Envirostream Australia Pty Ltd. This comprised collection volumes of 445 tonnes and an operating cash profit of A$0.52 million.
One Australian dollar is worth 67.5 US cents,
Iron ore rose slightly by 0.45 percent to $110.51 US dollars a tonne, Gold’s been trading around US$2372, brent crude’s at US$85.42 a barrel and Natural Gas is down more than three quarters of a percent, fetching $2.32.