Australian shares are set to open modestly higher, helped by further gains in New York as oil briefly traded below $US98 a barrel amid the prospect of a negotiated end to fighting between the US and Iran.
S&P/ASX 200 Index futures were up 18 points or 0.2 per cent to 8822. In New York, both the Dow and S&P 500 ended modestly lower. The Nasdaq Composite rose 0.5 per cent.
“While the Fed restarted its rate-hiking cycle last week, it doesn’t significantly impact our positioning recommendations through year-end as tech remains our favourite sector,” Wolfe Research’s Chris Senyek said in a note.
“Given our preference for growth over value, we believe momentum stocks (semis, hardware, memory, etc.) will once again regain leadership heading into year-end,” Senyek also said.