The Australian share market is eyeing a positive start to trade, after technology stocks drove the major US indices higher, while the local currency climbed overnight.AUD: 69.07 US cents, 55.36 British pence, 61.33 Euro cents, 73.81 Japanese yen, $NZ1.065Europe: FTSE 100 -0.8pc at 6,244, DAX -0.5pc at 12,262, Euro Stoxx 50 -1pc at 3,019The Australian dollar rose more than 1 per cent against the US dollar, climbing back above 69 US cents, as the greenback fell against a basket of currencies.
and Australia was faring relatively well when it came to the health and economic fallout of COVID-19. US stocks rose, with the Dow Jones gaining more than 150 points as investors overlooked the rising numbers of coronavirus cases and focused on the potential for more government stimulus.Apple announced it would switch to using its own chips in its Mac computers instead of chips made by Intel and unveiled new software at its annual developers conference.
The market received the chip announcement well and it overshadowed the news Apple would temporarily close nearly a dozen retail stores in the US due to a spike in local COVID-19 cases — Apple shares rose 2.6 per cent.Economic data showed further weakness, with US home sales falling to their lowest level in more than nine-and-a-half years last month.
"However, the more recent rise in home loan applications suggest housing market activity was picking up again.""Home sales may bounce with pent-up demand following the shutdown of the economy starting in March, but the massive scale of job losses and cautious consumers rebuilding their savings may limit sales," Chris Rupkey, chief economist at MUFG in New York, told Reuters.