CHART OF THE DAY: Australian Stocks Love The Hint Of A US Debt Ceiling Deal

Australian stocks are likely to surge on the open this morning after the SPI200 Futures Contract on the Sydney Futures Exchange was up 61 points to 5193 in overnight trade.

This is really encouraging for the local stock market, which was becoming more at risk of a big fall the longer the US debt ceiling debate and government shutdown dragged on and the weaker US markets were looking.

The market is down 1.2% this week but last night’s move (grey bar on the right) is a rise of 1.3%. So with the Dow getting back most of the losses for October overnight, there is room for the ASX to really kick on.

It should be a good day on the ASX – we’ll keep you posted.

Now read 8 Things You Need To Know About The US Debt Ceiling

Follow Greg McKenna on Twitter.

Follow Business Insider Australia on Facebook and Twitter

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.