Australian shares to rise, as Wall Street and iron ore climb to record levels

Australian shares are set to lift in early trade, boosted by iron ore prices rising to a seven-year high and the US market hitting new records.

ASX futures had risen (+0.2pc) to 6,631 points, by 6:45am AEDT.

The Australian dollar had lifted (+0.4pc) to 74.45 US cents.

On Wall Street overnight, the S&P 500 and Nasdaq rose to their highest levels ever, as investors looked past bleak economic data and remained focused on hopes for a quick COVID-19 vaccine rollout.

The latest data showed the number of Americans filing initial jobless claims fell last week, but remained extraordinarily high at 712,000, while a separate survey showed US services industry activity slowed to a six-month low in November.

“Markets are discounting the bad economic news…