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Category: Business, Economics and Finance / Company News / Markets / Currency / Futures / Stockmarket / Money and Monetary Policy

Wall Street higher on consumer spending, banks, mining

Tuesday, 30 Aug 2016 05:50:23 | Thuy Ong

Investors will eye Friday's key non-farm payrolls data for more clues to US rate hikes. (Shannon Stapleton: Reuters)

Wall Street has finished higher, boosted by financial and mining stocks and as consumer spending also rose for a fourth straight month, indicating an uptick in US economic growth.

Markets at 6:45am (AEST)

  • ASX SPI 200 futures +0.3% to 5,469
  • AUD: 75.7 US cents, 77.1 Japanese yen, 57.8 British pence, 67.7 euro cents, $NZ1.043
  • US: Dow Jones +0.6% to 18,503, S&P 500 +0.5% to 2,180, Nasdaq +0.3% to 5,232.
  • Europe: FTSE 100 closed, DAX -0.4% to 10,544, CAC 40 -0.4% to 4,424.
  • Commodities: iron ore -0.5% to $US58.80 a tonne, gold +0.1% to $US1,335 an ounce, West Texas Crude -1.4% to $US46.97 a barrel.

The rise ends Wall Street's three-day losing streak. Among financial socks, JP Morgan jumped 1.1 per cent.

Apple meanwhile, dipped 0.1 per cent to $US106.82. The company could face back taxes totalling over 1 billion euros ahead of the European Commission's ruling against Ireland's tax dealings.

On Friday at a key meeting in Jackson Hole, Wyoming, Janet Yellen, the chair of the US Federal Reserve, said the central bank is getting closer to raising interest rates again.

Dr Yellen left the door open for a hike as early as September.

Vice chair Stanley Fischer also indicated the possibility of a tightening in September, but also second one in December, according to Reuters.

"Comments from Yellen... triggered a repricing in Fed hike expectations with the probability of a September hike jumping from 33 per cent to 42 per cent, and December's probability climbing to 76 per cent from 68 per cent," wrote Rodrigo Catril, currency strategist at NAB in a note to clients.

"So while a September hike and another in December remain a strong possibility, ultimately it will all come down to the data with Friday's non-farm payrolls looming large."

Overnight, European shares fell with the pan-European STOXX index slipping 0.4 per cent to 324 as investors worried about the potential US rate hike later this year.

Today's agenda:

  • Myer FY, Ramsay Health Care FY
  • ABS building approvals for July (11:30 AEST)

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