On Monday at 1018 AEST, the benchmark of S&P/ASX200 index was higher by 0.91 % or 38.1 points, at 4,247.9 points, but broader All Ordinaries index was up 0.85 % or 35.9 points, at the 4,270.3 points. On ASX 24, September share value index futures contract was 39 points up at 4,212, by 11,326 contracts traded. Cameron Peacock, IG Markets analyst said that the Australian market opened well following overseas gains moreover raised hopes that the European Central Bank and the US Federal Reserve might encourage their economies.
He said that, they had an extremely strong session in the Europe and US to finish last week as well as lots of conjecture on incentive talks with the European Central Bank and the US Federal Reserve which has actually provided the drive for the back end of past week as well as carrying them into early in this week. United State stocks surged up for a second straight day Friday, which pushing the Dow more than 13,000 for the first time from May, on hopes for European and US stimulus to jump-start weak economies.
The Dow Jones Industrial Average closed at 13,075.66, rise a hefty 187.73 points (1.46 %). Stock markets of Europe posted more solid gains as France and Germany backed up a staunch euro defense by European Central Bank chief Mario Draghi and the United States reported better than estimated growth in the subsequent quarter. Benchmark FTSE 100 index of London rose 0.97 % to close at 5,627.21 points as focus in British capital revolved towards the start of Olympic Games. In economic news in recent times, the Housing Industry Association is down to release new house sales for June.
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