The local share market looks set to follow a strong overseas lead, after the Dow Jones Industrial Average added more than 500 points in US trade.The broader S&P 500 index gained 1.4 per cent, with all sectors making ending higher, led by energy stocks.
The recovery in global stocks from the sharp falls in the US at the end of last week, and in Asian and Australian trade on Monday, came as some investors began to rethink the Federal Reserve's timeline for hiking interest rates. "We believe there is a limit to how much more hawkish the Fed can be given its inflation projections relative to the catch-up rates range," BlackRock analysts said in a note.
The ongoing volatility in cryptocurrency markets extended as China continued its crackdown on bitcoin miners.
Source: News Formal (newsformal.com)
The news here is the sorry state of labor government in Victoria. China reducing production is probably a positive. It’s called demand and supply.
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