Australian shares are on track for a higher open on Friday, building on gains from Wall Street on the heels of US President Donald Trump's calls for lower oil prices and interest rates.
In macroeconomic news, the Flash Australia PMI Composite Output Index rose to a five-month high of 50.3 in January from 50.2 in December 2024, S&P Global said Friday.
The monthly business turnover indicator for November 2024 is slated for release at 11:30 am Sydney time.
Overnight, the S&P 500 gained 0.5% to close at an all-time high, while the Dow Jones Industrial Average climbed 0.9% and the Nasdaq Composite was up 0.2%.
At the World Economic Forum, Trump said he will push for lower interest rates and ask Saudi Arabia and the OPEC to bring down the cost of oil. Brent crude oil fell 1.4% to $77.91 per barrel on the ICE Futures Exchange.
In corporate news, Myer Holdings (ASX:MYR) will relaunch its loyalty program by the end of the year after its shareholders voted in favor of its proposed merger with the Apparel Brands business of Premier Investments (ASX:PMV), the Australian Financial Review reported Thursday, citing Executive Chair Olivia Wirth.
Genesis Energy (NZE:GNE, ASX:GNE) reported total retail electricity sales volume of 1,433 gigawatt hours (GWh) in the fiscal second quarter, compared with 1,405 GWh a year earlier.
Australia's benchmark index fell 0.6%, or 51.10 points, Thursday to close at 8,378.70.
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