Australia

Australian shares are set to open higher, after US stocks extended their recent advance after the Federal Reserve chair all but ended the central bank's inflation fight.

ASX futures were up 0.51% or 41 points as of 8:00am on Monday, suggesting a higher open.

US stocks rose, with the tech-heavy Nasdaq Composite gaining 1.5% and the S&P 500 rising 1.1%. The Dow Jones Industrial Average added 1.1%. All three indexes are up versus a week ago.

In commodity markets, Brent crude oil was up 2.3% to US$79.02 a barrel, while gold was up 1.1% at US$2,512.59.

The Australian dollar was at 67.96 US cents.

Asia

Chinese shares closed higher. The benchmark Shanghai Composite Index rose 0.2% to 2,854.37, and the Shenzhen Composite Index lifted 0.1% to 1,506.22.

Hong Kong shares ended lower. The benchmark Hang Seng Index fell 0.2% to 17,612.10.

Japanese shares closed higher. The Nikkei Stock Average rose 0.4% to 38,364.27.

India shares ended flat. The BSE SENSEX closed at 81,086.21.

Europe

Stocks in the U.K. finished higher. The FTSE 100 Index gained 0.5% to 8,327.78.

In Europe, shares closed higher. Germany's DAX added 0.8% to 18,633.10, and France's CAC 40 increased 0.7% to 7,577.04.

North America

U.S. stocks ended higher. The DJIA rose 1.1% to 41,175.08, the S&P 500 also gained 1.1% to 5,634.61, and the Nasdaq increased 1.5% to 17,877.79.

Among S&P 500 companies, the top three gainers were Builders FirstSource Inc, surging 8.79%, Norwegian Cruise Line Holdings Ltd jumped 7.85%, and Carnival Corp lifted 7.54%.

The biggest decliners were Intuit Inc which dropped 6.83%, Brown & Brown Inc fell 1.61%, and Synopsys Inc lost 1.58%.