Australian shares surged to a fresh four-month high this morning as the dollar, Asian markets and U.S. futures all rallied.
At lunchtime the ASX 200 was ahead 70 points or 1.5% at 4671 after earlier trading at its highest level since early May. The big banks and miners were all up at least 1.5% as a broad rally lifted all sectors except gold and health.
The dollar hit a two-year high at 96.24 U.S. cents early this morning but eased as the session wore on. The dollar was recently buying 95.89 U.S. cents.
U.S. futures rallied this morning as Asian markets pushed higher. Dow futures were recently up 29 points or 0.3% at 10,813. Japan's Nikkei added 1.42% this morning, Shanghai 0.51% and Hong Kong's Hang Seng 1.06%.
An early run on oil faded quickly this morning. Crude futures rallied 35 cents in early trade but recently pulled back to trade 6 cents weaker at $76.44 a barrel. The spot gold price eased $1.40 to $1,295.60 an ounce.
A very bullish morning and no hint of a serious reversal so far. Lovely. As Gizard said, the big open was a nice selling opportunity and I cashed out of MGX. After that, MMX offered big tradeable swings for the brave and the stupid. Not sure which category I fit but I had five trades, mostly profitable, and got out before the trading halt. Best of luck to holders.
