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Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on July 18, 2017 in New York. Picture: Bryan R. Smith/AFP
THE Australian share market looks set to open higher, with investors expected to take the lead from Wall Street where the major indices closed at record highs. At 0715 AEST on Thursday, the share price futures index was up 30 points, or 0.53 per cent, to 5,695 points.
Overnight, the S&P 500, Dow industrials and Nasdaq marked record closing highs in the US, tracking strong performances by major European stock indexes as the tech sector gave a boost in both regions.
The Dow Jones Industrial Average rose 66.02 points, or 0.31 per cent, and the S&P 500 gained 13.22 points, or 0.54 per cent.
In local economic news, June employment data will be released by the Australian Bureau of Statistics at 1130 AEST, with employment numbers expected to increase by 15,000.
In equities news, Woodside Petroleum, Santos, South32 and Evolution Mining will detail their June quarter production reports.
On Wednesday, big gains by the major banks after the release of softer-than- expected new capital requirements drove the share market higher. The benchmark S&P/ASX200 was up 44.7 points, or 0.79 per cent, at 5,732.1 points, while the broader All Ordinaries index was up 41.3 points, or 0.72 per cent, at 5,779.4 points.
Meanwhile, the Australian dollar has continued to make gains, helped by a recovery in iron ore and oil prices and as traders stay bullish ahead of the employment data release. At 0700 AEST on Thursday, the local currency was worth 79.56 US cents, from 79.22 US cents on Wednesday.