Australian shares are set to gain on Thursday, after Wall Street rallied after minutes from the US central bank gave investors hope a recession could be avoided and higher than expected rate rises could tackle inflation.US stocks rose on Thursday, while the yield on the 10-year U.S. Treasury note was little changedASX futures was up 0.2 per cent, to 7,156, by 7:10am AEST and the Australian dollar gained 0.3 per cent, to 70.87 US cents.
Overnight, the yield on the 10-year US Treasury note stalled, around 2.75 per cent, while shares gained after the FOMC minutes were released. "The uniformity of opinion is a good thing," said Ross Mayfield, investment strategy analyst at Baird."By the time [the Fed] gets to September, they will have plenty of economic data to make their move from there," Mr Mayfield added.
Nine of the 11 major sectors in the S&P 500 rose, with consumer discretionary stocks leading the pack with a gain of 2.8 per cent.Department store operator Nordstrom surged 14 per cent on the heels of its upbeat annual profit and revenue forecasts.
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