Australia

Australian shares are positioned to open higher as Wall Street rose sharply overnight led by tech shares.

ASX futures were higher by 65 points of 0.9%.

Investors will receive additional data this week with monthly inflation numbers released in both Australia and the US.

In commodity markets, Brent crude oil dropped over over 3% to $US75.77 a barrel, Gold dropped 0.95% to $US2,026 and Iron ore fell over 1% to $US141.45 a tonne.

In local bond markets, yields on Australian 2 Year government bonds rose to 3.926% and the 10 Year yield was mostly flat at 4.171%. Overseas, the US Treasury notes were mostly positive, with the yield on 2 Year falling to 4.362% and the 10 Year yield falling 4.012%

The Australian dollar was flat at 67 US cents. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies was down at 102.30.

Asia

Chinese shares fell to new lows with the CSI 300 index of Shanghai and Shenzhen-listed blue chips fell 1.3% to close at its lowest since early 2019. The Shanghai Composite fell 1.4% to the lowest close since April 2022. Hong Kong's Hang Seng Index, which features many mainland Chinese companies, slid 1.9% to close at the lowest since Dec. 11.

Shares in Japan rose with the Nikkei up 0.27% on Monday. 

Europe

European shares rebounded after a poor start to the year. Gains were led by technology and retail shares while energy shares dropped after oil prices fell

North America

US stocks rose sharply led by a more than 2% gain in the Nasdaq Composite. The S&P 500 climbed more than 1%, after shedding 1.5% last week to break a nine-week winning streak.

The Dow was up more modestly, weighed down by Boeing, which had pulled the blue-chip index into the red earlier this morning.