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Live updates: Australian shares to follow Wall Street gains, Nvidia joins $3 trillion club

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Australian shares are set to rise as Wall Street rose overnight and the Bank of Canada's decision to cut rates by 25 basis points for the first time since March 2020 increases hopes for the European Central Bank to follow.

Australian shares are set to rise as Wall Street rose overnight and the Bank of Canada's decision to cut rates by 25 basis points for the first time since March 2020 increases hopes for the European Central Bank to follow.

Governor Tiff Macklem said in a press conference the nation has "come a long way in the fight against inflation". "With continued evidence that underlying inflation is easing, Governing Council agreed that monetary policy no longer needs to be as restrictive and reduced the policy interest rate by 25 basis points," the BoC said in a statement after the rate cut.

"As Governor Tiff Macklem shrugged off any potential concerns about exchange rate effects if the Bank diverges from the Federal Reserve, our base case now is that there will be 25 basis points cuts at every meeting this year. "Nvidia's market value has surged past $3 trillion, pushing the chipmaker ahead of Apple to become the second most valuable publicly listed company in the world.

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