US tech lift to boost mar­kets

The Courier-Mail - - BUSINESS -

A STRONG start is tipped for the Aus­tralian share­mar­ket af­ter Wall Street closed with record highs af­ter a surge in the tech­nol­ogy sec­tor.

The S&P 500 in­for­ma­tion tech­nol­ogy sec­tor in the US rose 0.3 per cent, pow­ered by an Nvidia-led surge in chip­mak­ers, while Apple rose 1 per cent in its first gain since un­veil­ing the new iPhones.

In­vestors will look to the Re­serve Bank this week when it pub­lishes min­utes to­mor­row from its Septem­ber board meet­ing and there will also be speeches from gov­er­nor Philip Lowe and as­sis­tant gov­er­nor Luci El­lis later in the week.

AMP Cap­i­tal’s chief econ­o­mist Shane Oliver ex­pects the cen­tral bank to show a de­gree of com­fort in how the econ­omy is evolv­ing, while ex­press­ing con­cern with the rise of the Aus­tralian dol­lar.

“The RBA in­di­cated last month that a higher Aus­tralian dol­lar will threaten growth and in­fla­tion,” Dr Oliver said. “I think rates will be on hold for some­time yet.” The dol­lar closed at US79.9¢ on Fri­day.

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