The Australian share market will take a mixed lead from overseas in today's trade, after European markets ended higher and the S&P 500 and the Nasdaq touched fresh highs, but the Dow Jones index retreated late in the day.AUD: 67.14 US cents, 51.8 British pence, 61.5 Euro cents, 73.7 Japanese yen, $NZ1.048Europe: FTSE 100 +0.7pc at 7,499, DAX +1pc at 13,627, CAC +0.7pc at 6,054, Euro Stoxx 50 +0.
"It feels as though the market is nervous, but it keeps moving higher," Robert Pavlik from SlateStone Wealth told Reuters.Shares in telco rivals T-Mobile and Sprint rocketed higher, after a US federal court judge approved a merger between the pair.It comes as Australian telcos TPG and Vodafone await a court decision on their proposed merger.
In economic news overnight, US Federal Reserve chair Jerome Powell appeared before Congress and said the US economy was"performing well". "There is no reason why the expansion can't continue," he said, reiterating the Fed's steady approach to monetary policy. However, the central bank boss noted that the coronavirus outbreak would"very likely" have some impact on the US economy.