The Australian sharemarket has opened stronger due to record Chinese credit growth, a strong lead from Wall Street and better-than-expected domestic earnings season.
US stocks have surged higher this week as investors were reassured by the Federal Reserve, cheered by a congressional move to raise the debt ceiling and undeterred by disappointing economic data.
The Australian dollar has risen after weak US economic figures raised hopes the US Federal Reserve might not increase the tapering of its economic stimulus program any time soon.
Negativity about the outlook for the European economy pushed the Australian dollar down from the one-month high hit on the back of strong Chinese trade figures.
Commonwealth Bank of Australia has increased its half yearly profit by 14 per cent to $4.27 billion, but its chief is still warning of volatile global and domestic markets.
US stocks have jumped more than one per cent after new US Federal Reserve chair Janet Yellen confirmed she would continue existing Fed monetary policy.
The Australian dollar has rallied to an almost one-month high after US Federal Reserve head Janet Yellen said she would maintain policy set under her predecessor, Ben Bernanke.
A double digit jump in ANZ Banking Group's first quarter profit has analysts predicting a sixth consecutive year of record earnings for the major banks.
US stocks have edged higher the day before new Federal Reserve chief Janet Yellen gives her premier testimony to Congress, with attention focused on how she views recent employment weakness.
The Australian share market has closed higher in the wake of a positive lead from US markets, but investor focus is set to shift more towards the domestic company reporting season.
US stocks have recovered from an early-week swoon to close the week with net gains, picking up enough momentum mid-week to override Friday's disappointing US jobs report.
