SYDNEY: Australian shares are expected to move higher at Tuesday’s opening, tracking optimism in US stocks related to tax reform and buttressed by strong oil and commodity prices.
US stocks traded at record highs on Monday afternoon as the Republican tax plan, which is set to cut corporate tax rates, moved closer to passing.
Dalian iron ore futures had climbed 7.1 percent to 536 yuan a tonne by Monday’s close while Brent crude futures were up 27 cents at $63.50 a barrel at 1645 GMT.
The local share price index futures rose 0.5 percent, or 29 points, to 6,070, a 31.1-point premium to the underlying S&P/ASX 200 index close. The benchmark rose 0.7 percent on Monday.
Meanwhile, New Zealand’s benchmark S&P/NZX 50 index was flat in early trade as gains in consumer staples stocks were largely negated by losses in consumer discretionaries.
Fisher & Paykel Healthcare Corp Ltd was the index’s biggest drag as it slipped as much as 0.8 percent.
The country is due to release data on its dairy prices later in the day.
Source: Brecorder.com
