ASX set to open higher as AI stocks hit records and oil rises on US-Iran uncertainty
Australia's ASX is set to open higher after AI stocks surged on Wall Street overnight, ABC News Australia reported. Oil prices climbed to a one-week high after conflicting US and Iran updates on bilateral talks.
ABC News AustraliaAustralia's ASX is set to open higher after AI stocks hit fresh records on Wall Street overnight. According to ABC News Australia, the semiconductor and cybersecurity group, led by Nvidia, Broadcom and Palo Alto Networks, drove the US benchmarks to new peaks. ASX 200 futures were up 0.6 per cent pre-session.
Oil prices are searching for direction amid conflicting messages from the United States on developments around the Strait of Hormuz and from Iran insisting that 'talks remain ongoing'. Brent crude rose to what ABC describes as a 'one-week high'. ANZ commodities strategist Daniel Hynes said the 'geopolitical premium' was being repriced.
The Australian dollar traded near 0.663 against the US dollar as investors watched leading indicators ahead of the Reserve Bank of Australia's June meeting. NAB economists said the AI-themed global equity rally and rising commodity risk were the two key variables driving Australian equities. According to Investing.com, the most-watched sectors intraday will be iron-ore exporters and energy companies.
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