Australian shares on track to make the week a winner
The Australian share market is set to finish the week higher, after Wall Street settled on the back of better-than-expected US manufacturing data.
By lunchtime on Friday, the S&P/ASX200 rose 17.6 points, or 0.21 per cent, to 8,366.2, as the broader All Ordinaries gained 19.9 points, or 0.23 per cent, to 8,591.3.
The top 200 is about 2.1 per cent from its record-high close on February 14, while Wall Street's S&P500 index is almost five per cent short of its peak and down 1.8 per cent for the week.
"The overnight moves in major markets were mixed, partly supported by a recovery in the US business sentiment as reported by the latest PMIs (purchasing manufacturing index figures)," Westpac senior economist Mantas Vanagas said.
"After a notable sell off earlier this week, the US Treasuries rallied, with yields falling across the curve."
Closer to home, NAB economists say Australia's economy is on track to stick its soft landing, despite emerging downside global economic risks, while downgrading their national GDP growth forecast for 2025.
"We have lowered our expectation for GDP growth this year to 1.8 per cent year-on-year (from two per cent) but left our inflation and labour market tracks unchanged," economists Michelle Shi and Gareth Spence wrote.
"The RBA will need to continue to lower rates in the near term to ensure that the labour market remains healthy."
Six of 11 local sectors were trading higher by lunchtime, with financials, IT stocks and real estate helping lift the bourse.
All big four banks were in the green after trending lower on Thursday, with NAB and ANZ in front with gains of more than 1.1 per cent.
Energy stocks pushed 0.7 per cent higher with oil slipping since Thursday's close because of a stronger US dollar and expected output increases from OPEC+ countries.
Brent crude futures were trading at $US63.69 a barrel, with their West Texas equivalent fetching $US61.34.
Miners were heavy, with large cap players Fortescue and Rio Tinto down more than one per cent each and gold producers a mixed bag as appetite for the safe haven stalled as the greenback pushed higher on the back of easing US bond yields.
Gold futures are trading at $US3,299 ($A5,130), about six per cent short of the precious metal's all-time high.
Bitcoin, so-called digital gold, hit a fresh peak Friday morning of more than $US111,800 ($A173,860) as hype grows around the asset as a potential safe.
IT stocks were leading the gains for the top-200, the sector lifting 0.9 per cent as Block, Zip Co, Megaport and NEXTDC etched gains of two per cent of more.
The Australian dollar is buying 64.29 US cents, down from 64.38 US cents after easing bond yields pushed the greenback higher.
The US dollar strength index briefly popped above 100 overnight but has since slipped to 99.67. The greenback's value against a basket of major currencies is down almost ten per cent since President Trump's inauguration in January.
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