Australian shares are poised to edge higher, taking direction from Wall Street as US equities advanced and bond yields declined after Federal Reserve chairman Jerome Powell said the disinflationary path is intact, opening the door to a pivot to rate cuts later this year.
The S&P 500 notched is 32nd record higher this calendar year, and closed above 5500 for the first time. It closed 0.6 per cent higher to 5509.01.
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Timothy Moore writes on monetary policy, equities, commodities and currencies. He is the overnight markets editor and writes Before the Bell. Connect with Timothy on Twitter. Email Timothy at timothy.moore@afr.com
