By Oliver Gray
Investing.com - The S&P/ASX 200 added 70.9 points or 1% to 7,180.5 after the first 100 minutes of Monday’s trade, extending gains of 1% in the previous week with investors tracking advances among U.S. equities on Friday as weakening economic data boosted hopes that Federal Reserve’s higher interest rates are taming inflation pressures.
ASX 200 Futures were pointing 0.3% higher.
Among stocks, Materials lifted 1.5% collectively as BHP Group Ltd (ASX:BHP) added 1.6%, Rio Tinto Ltd (ASX:RIO) lifted 0.2%, Lake Resources (ASX:LKE) added 0.6% and European Lithium Ltd (ASX:EUR) gained 2.6%. Core Lithium Ltd (ASX:CXO) also lifted 1.9% after reports that that the company will relocate its head office to Perth.
Fortescue Metals Group Ltd (ASX:FMG) dipped 0.6% however after announcing the resignation of CFO Ian Wells.
Consumer Discretionary also gained 1.2% with JB Hi-Fi Ltd (ASX:JBH) up 2%, Domino's Pizza Enterprises Ltd (ASX:DMP) adding 1.1%, Aristocrat Leisure Ltd (ASX:ALL) up 0.8% and Wesfarmers Ltd (ASX:WES) gaining 1%.
Ahead in the week, investors will be closely monitoring building approvals data today, CPI and retail sales print on Wednesday, trade balance on Thursday and home loans on Friday.
In currency markets, The Australian dollar added 0.2% to trade near 4-month highs as the greenback sold off following US jobs data.
On the bond markets, Australia 10-Year rates were at 3.731% and United States 10-Year yields were at 3.56%.
In New Zealand, the NZX 50 added 0.1% to 11,634.2.