The Australian sharemarket may hit 7,000 factors once more at present and is about to shut the week at a year-long excessive.
At 7:15am, ASX 200 futures had been barely up by 2 factors to six,961.
The benchmark reached above 7,000 factors on Thursday for the primary time since earlier than COVID-19 crunched the market 13 months in the past. Its shut value was additionally the very best in 13 months.
The sharemarket’s rise comes as US shares additionally carry out.
The S&P closed at a file excessive on Thursday (native time) and the Nasdaq was additionally at a seven-week excessive.
The tech inventory Tesla gained 1.91 per cent because the Joe Biden administration pledged $US174 billion to spice up electrical autos.
The scheme will embody rebates for customers who purchase electrical automobiles and cash to construct 500,000 new charging stations.
Different EV makers together with GM, Fisker, Nikola and Canoo additionally noticed rises on the information.
Currencies rise in opposition to the buck
The Australian greenback is steady in opposition to the buck because the US foreign money slips in opposition to a bunch of currencies, pulling its Treasury yields decrease.
The slip got here as knowledge confirmed a shock rise in claims for the US unemployment profit.
Weekly preliminary jobless claims knowledge confirmed a second straight rise, conflicting with the current payrolls report.
The US Federal Reserve additionally signalled that the central financial institution was not near decreasing financial assist for the economic system, with a warning that any uptick in COVID-19 circumstances may sluggish the restoration.
Currencies that rose in opposition to the US greenback included Brazil’s actual, which gained 1.3 per cent.
That’s regardless of Brazil nonetheless battling rising infections and hovering deaths, overtaking even the pandemic disaster within the US.
One US greenback is at present shopping for 5.57 actual, whereas one Australian greenback will get you 4.26 actual. A yr in the past, you would solely purchase about 3 actual with one Australian greenback.
The true was one of many worst-performing currencies of 2020 and is headed for that once more in 2021.
The Japanese yen additionally rose to a two-week excessive in opposition to the US foreign money.