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.
Follow Greg McKenna on Twitter.