Investing.com - Australian shares are set to rise in response to the federal government's latest budget, outlining a commitment to increase net spending by over $24 billion in the upcoming four years.
ASX 200 Futures were up around 0.3% by 8am AEST.
The mining sector will attract attention today following the government's $17.6 billion tax credit support for the critical minerals sector and a $6.7 billion tax incentive for hydrogen. BHP (ASX:BHP) (NYSE:BHP) closed with a 2.8% increase in the US, while London-listed shares of Anglo American PLC (LON:AAL) saw a dip of 3.2%. The latter has recently revealed its divestment plan to concentrate on its potash, copper, and iron ore assets, and has turned down a second takeover offer from BHP this week.
ASX futures' gains mirror the modest increases seen in New York, where investors are looking past the April Producer Price Index (PPI) report, awaiting the Consumer Price Index (CPI) for a clearer picture on the rate outlook.
The S&P 500 closed up 0.5% to 5246.68, just short of its record high and marking a 10% increase since the start of the year. All three US benchmarks closed with gains, with Tesla Inc (NASDAQ:TSLA) and NVIDIA Corporation (NASDAQ:NVDA) leading the tech stock surge.
Among local companies, CSR Ltd (ASX:CSR) is set to release earnings today, while Waypoint REIT Ltd (ASX:WPR) is preparing for an AGM.
Among currencies, the Australian dollar increased by 0.3% to 66.27 US cents. Bitcoin saw a 2.3% decrease to $US61,585 as of 7.15am AEST. Spot gold saw a 0.9% increase to $US2356.53 per ounce. Brent crude dipped 1.4% to $US82.18 a barrel, and iron ore fell 1.6% to $US115.15 a tonne. The 10-year yield in the US stands at 4.44%, Australia at 4.39%, and Germany at 2.54%.