The local share market recouped most of yesterday's losses this morning after a positive night on Wall Street and a strong profit result from Intel.
At lunchtime the ASX 200 was ahead 29 points or 0.6% at 4981, led by gains for the big banks, utilities and the health sector.
Helping sentiment was a solid consumer confidence reading despite recent interest rate rises. The Westpac-MI consumer sentiment index slipped 1% to 116.1 points in April, a result described by Westpac chief economist as "surprisingly strong".
Mr Evans said he expected the RBA to lift the cash rate once in the next two months. "Our best assessment is that the next rate hike, which we expect to be the last for some time, will come in May although a delay to June would certainly not surprise," he said.
Asian markets were mostly stronger this morning. Japan's Nikkei advanced 0.31% and Hong Kong's Hang Seng 0.05% but Shanghai was recently 0.2% lower. Dow futures were recently at +20 as traders welcomed Intel's earnings report posted after last night's U.S. market close.
A retreating U.S. dollar offered some relief for commodity prices this morning. Crude oil futures rallied 38 cents to $84.27 a barrel. The spot gold price was recently up $3.40 at $1,154.70 an ounce.
This week has offered the best bounce-scalping opportunities in a couple of months and I clipped tickets this morning in JHX, MTS, KCN, CEY and NUF. Once again, no big wins but it adds up to a good day's wage.
