The ASX is set to gain from the momentum generated on Wall Street's close. In the meantime, the day's focus will be the Fair Work Commission's determination on the annual increase for both the minimum and award wages later this morning.
The S&P500 gained 0.5% and the narrowly focussed, blue chip Dow Jones index jumped 1.5%, its strongest one-day rally since November last year. It was also enough to flip the global MSCI All Country World Index from the red into positive territory ahead of the index rebalance. The Fed’s preferred measure of inflation, the personal consumption expenditures price index,rose 0.3% for the month, keeping the annual rate at 2.7%.Stephen Letts from ABC business team limbering up for another blow-by-blow, post-by-post blog of the day's events on the markets and in finance.
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