ASX set for strong gains following Wall Street rally
US stocks experienced a significant rally on Friday, with the S&P 500 rising 2.1%, marking its best day in months. Despite this, the market ended the week with its fourth consecutive loss, the longest streak since August. The Australian sharemarket is expected to open higher, with futures indicating an 85-point rise. This comes as investor sentiment shifts following Senate actions to prevent a potential government shutdown, easing some uncertainty. In international markets, stocks in Europe and Asia also rose, with Hong Kong and Shanghai indexes gaining 2.1% and 1.8%, respectively. Meanwhile, US Treasury yields increased slightly, reflecting fluctuating concerns about the economy and inflation.