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Outlook: Aus shares set to open higher February 18, 2016 10:00 AM


The Australian sharemarket is expected to open higher on this penultimate day of the trading week following positive overseas lead. Shares on Wall Street recorded their first three-day rally of the year. Energy shares pumped US stocks higher on optimism over oil price action.

The Fed pulled back to neutral from hawkish in the FOMC meeting minutes for January. The Fed held its benchmark short-term interest rate steady at its last meeting but did highlight concern that tighter global financial conditions could create downside risks for the US economy.

Markets

Wall Street closed up yesterday:
The Dow Jones Industrial Average gained 1.6 per cent to close at 16,454,
the S&P 500 added 1.65 per cent to close at 1,927
and the NASDAQ gained 2.2 per cent to close at 4,534.

European markets closed up:
London’s FTSE gained 2.9 per cent,
Paris gained 3 per cent
and Frankfurt rose 2.65 per cent.

Asian markets closed mixed:
Tokyo’s Nikkei fell 1.4 per cent,
Hong Kong’s Hang Seng lost 1 per cent,
and China’s Shanghai Composite gained 1.1 per cent.

Gold has gained $1.90 to $US1,210 an ounce for the April contract on Comex.
Silver has lost $0.01 to $15.32 for March.
Copper has gained $0.02 to $2.07 a pound.

Oil has gained $2.21 to $US33.18 a barrel for March light crude in New York.