ASX set for gains as Elon Musk's stake in Twitter boosts US tech stock rally

The Australian share market is set for a positive start to trade, after US tech stocks surged on news that Elon Musk had taken a big stake in Twitter.That news drove Twitter shares more than 27 per cent higher, to close at nearly $US50.The broader S&P 500 and blue-chip Dow Jones Industrial Average posted more modest gains, of 0.8 and 0.3 per cent, respectively.

Australia's ASX SPI 200 futures index was up 0.7 per cent to 7,528, pointing to a positive open for the local market."The risk-on move spread to FX markets broadly, with commodity currencies moving higher," observed IG's Kyle Rodda in a note to clients. "Higher commodity prices, expectations for tighter monetary policy, improving market sentiment, and a possible short-squeeze are tailwinds for the Aussie Dollar right now."

Source: News Formal (newsformal.com)

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Tell Matt Bamford that tweets are 280 characters in length, not 140.

So, why does a US billionaire buying shares in a US company lead to a rise in Australian share prices?

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