Wall Street stocks have jumped after surging US auto sales pointed to robustness in the manufacturing sector.The Dow Jones Industrial Average rose 96.91 (0.65 per cent) to 14,930.87.
The Australian dollar has extended its rally, heading toward 92 US cents, after official data showed local economic growth was solid in the June quarter.
Wall Street stocks have jumped after surging US auto sales pointed to robustness in the manufacturing sector.The Dow Jones Industrial Average rose 96.91 (0.65 per cent) to 14,930.87.
The Australian share market has lost ground as renewed concerns about a possible US military strike on Syria outweighed encouraging figures on economic growth.
The Australian dollar rose to a two-week high after the Reserve Bank of Australia kept the cash rate unchanged and issued a neutral statement on the chance of further cuts.
A neutral statement on monetary policy from the central bank has given the Australian dollar a bounce after earlier being dragged down by weak retail sales data.
The Reserve Bank is likely to keep the cash rate on hold as it waits on the outcome of the federal election and allows its August rate cut to work its magic.
Upbeat Chinese and eurozone economic data, combined with receding investor concerns over a US intervention in Syria, have sent European equities climbing.
The Australian dollar is lower despite making slight gains against a weaker greenback in afternoon trade as investor anxiety over a possible US attack on Syria subsides.
The Reserve Bank is likely to keep the cash rate on hold next week as it waits on the outcome of the federal election and allows the August rate cut to work its magic.
The Australian dollar is lower as solid US economic growth figures raised expectations the Federal Reserve will scale back its asset purchases in the coming months.
US stocks have closed higher following an upgrade to US second-quarter economic growth and a shift in expectations away from an immediate military strike on Syria.
