General
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…
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