Morning traders. Thanks loungers, especially @Ravgnome.
Outlook for the day: Positive. The market will aim for back-to-back gains for the first time in two weeks.
ASX futures: up 62 points or 0.89%
Overnight themes:
- US stocks rise for a second session as attention swings from the banking crisis to tonight's interest rate decision.
- Banks rally for a second day since the Credit Suisse rescue and the announcement of a coordinated central bank liquidity injection. S&P Banking Index gains 3.9% after Treasury Secretary Janet Yellen pledges more support for depositors. Regional Banking Index bonces 4.8%.
- Odds on a 25bps rate hike tonight rise to 86.4%.
- Commodities mixed: crude, copper rise; iron ore, gold fall. Gold's loss is heaviest in six weeks.
- Key quote: "So much effort has been put into ending the confidence crisis, by the FDIC, the Treasury and the Fed, there’s a renewed interest in the stock market" - Robert Pavlik, senior portfolio manager at Dakota Wealth.
S&P 500: up 51 points or 1.3%
Dow: up 316 points or 0.98%
Nasdaq: up 185 points or 1.58%
Dollar: down 0.7% to 66.69 US cents
Iron ore: down 2.2% to US$127.80
Brent crude: up US$1.53 or 2.1% to US$75.32
Gold: down US$41.70 or 2.1% to US$1,941.10
NYSE Arca Gold Bugs: down 3.12%
Copper (LME): up1.08% to US$8,791
Global X Lithium & Battery Tech ETF: up 2.71%
BHP: down 0.97% (US); down 0.36% (UK)
Rio Tinto: down 0.74% (US); down 0.37% (UK)
