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Australian stocks to open stronger


Australian stocks are expected to open stronger after US President Donald Trump promised Australia would be exempt from its planned tariffs on steel and aluminium.

On Monday morning, the Australian share price futures index was up 57 points, or 0.96 per cent, at 6,020.

In the US on Friday, the major stocks indexes all climbed amost two per cent as February's jobs report assuaged fears of inflation and aggressive interest rate hikes.

The Australian share market on Friday closed higher on the back of the US tariffs announcement, and possible exemptions for some countries.

The benchmark S&P/ASX200 was up 20.3 points, or 0.34 per cent, at 5,963.2 points, while the broader All Ordinaries index was up 22.5 points, or 0.37 per cent, at 6,069.1 points.

In economic news on Monday, CoreLogic will release its weekly capital city home prices report.

The Australian dollar is higher after the release of strong US jobs figures and the news that there will be a summit between the leaders of the US and North Korea.

The number of jobs added the the US economy jumped by 313,000 in February, the Labor Department said, its biggest increase in more than one-and-a-half years.

At 0700 AEDT on Monday, the local currency was worth 78.53 US cents, up from 77.95 US cents on Friday.


One Australian dollar buys:

* 78.53 US cents, from 77.95 on Friday

* 83.74 Japanese yen, from 83.13 yen

* 63.78 euro cents, from 63.30 euro cents

* 56.67 British pence, from 56.46 pence

* 107.68 NZ cents, from 107.15 cents


The spot price of gold in Sydney at 0700 AEDT was $US1,323.27 per fine ounce, from $US1,318.30 per fine ounce on Friday.


* CGS 4.50 per cent April 2020, 2.0038pct, unchanged from Friday

* CGS 4.75pct April 2027, 2.7351pct, unchanged

Sydney Futures Exchange prices:

* March 2018 10-year bond futures contract at 97.205 (implying a yield of 2.795pct), from 97.228 (2.772pct) on Friday

* March 2018 3-year bond futures contract at 97.865 (2.135pct), from 97.88 (2.12pct).

(*Bond market closes taken at 1630 AEDT previous local session; currency closes taken from 1700 AEDT previous local session)