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ASX 200 to lift as US stocks boosted by retail sales

Published 16/08/2024, 08:16 am
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Investing.com - Australian shares are set to post a strong session and rise for the sixth straight day, driven by positive US retail sales data that helped boost stocks globally.

ASX 200 Futures were last trading 0.7% higher.

In the US, the S&P 500 index closed within 2.2% of its record level, reversing nearly all of last week’s dramatic slump, while the tech-heavy NASDAQ Composite added 2.3%, led by a 4% surge for AI bellwether NVIDIA Corporation (NASDAQ:NVDA).

Walmart Inc (NYSE:WMT), a key indicator of the US economy, added to the optimism after reporting better-than-expected profits. The retail giant’s shares soared, and it raised its sales forecast for the full year, further fueling the market rally.

Commodities, including Gold and Copper, also saw gains, and the Australian dollar rose to US66.2¢.

Among the key earnings reports to be released today are Amcor PLC (ASX:AMC), ASX Ltd (ASX:ASX), Domain Holdings Australia Ltd (ASX:DHG), and GQG Partners Inc (ASX:GQG).

In the bond markets, Australia 10-year and 2-Year rates stood at 4.014% and 3.686%, respectively.

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