SYDNEY, Oct 14 (Reuters) - Australian shares are set to open sharply higher for a second day on Tuesday, led by banks and miners, after Wall Street soared and base metals prices jumped as investors cheered government moves to shore up banks.
Stock index futures pointed to a strong opening, jumping 7.3 percent to 4,500.0, a 319.3 point premium to the underlying index.
The benchmark S&P/ASX 200 index leapt 5.6 percent on Monday, its biggest one-day percentage gain in 11 years, buoyed by the banks after the Australian government gave a blanket guarantee on deposits for three years.
On Wall Street, the market rebounded from its worst week ever with one of its best single days on Monday, powered by the banks.
Morgan Stanley rocketed 87 percent after Mitsubishi UFJ Financial Group completed its $9 billion investment in the bank as U.S. government support helped seal a deal many investors had feared could fall apart.
Top global miner BHP Billiton is projected to open around 4.9 percent higher after its U.S.-traded shares rallied 18 percent to $43.98.
Coal-to-groceries conglomerate Wesfarmers Ltd is due to brief investors on its outlook and strategy on Tuesday, with analysts watching for updates on its Coles supermarkets turnaround, retail margins and debt management.
New Zealand's benchmark NZX-50 index rose 6.9 percent to 2,973.61 in early trade, with Telecom Corp up 7.7 percent at NZ$2.67 and Fletcher Building up 11 percent at NZ$6.50.
----------------------MARKET SNAPSHOT @ 2115 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 1003.35 11.58% 104.130 USD/JPY 102 1.08% 1.090
10-YR US TSY YLD 3.8801 -
0.000 SPOT GOLD 831.15 -1.92% -16.250 US CRUDE 81.84 5.33% 4.140 DOW JONES 9387.61 11.08% 936.42 ASIA ADRS 106.65 16.44% 15.06
* Wall St soars 11 pct on bank rescue, Morgan deal
* Crude ends up as bank rescues revive equities
* US gold ends modestly lower as safety plays unwind
* Copper jumps on broad commods recovery, Escondida
For a summary of business stories in Australian newspapers, double click on.
(Reporting by Sonali Paul) . ng COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
Stock index futures pointed to a strong opening, jumping 7.3 percent to 4,500.0, a 319.3 point premium to the underlying index.
The benchmark S&P/ASX 200 index leapt 5.6 percent on Monday, its biggest one-day percentage gain in 11 years, buoyed by the banks after the Australian government gave a blanket guarantee on deposits for three years.
On Wall Street, the market rebounded from its worst week ever with one of its best single days on Monday, powered by the banks.
Morgan Stanley rocketed 87 percent after Mitsubishi UFJ Financial Group completed its $9 billion investment in the bank as U.S. government support helped seal a deal many investors had feared could fall apart.
Top global miner BHP Billiton is projected to open around 4.9 percent higher after its U.S.-traded shares rallied 18 percent to $43.98.
Coal-to-groceries conglomerate Wesfarmers Ltd is due to brief investors on its outlook and strategy on Tuesday, with analysts watching for updates on its Coles supermarkets turnaround, retail margins and debt management.
New Zealand's benchmark NZX-50 index rose 6.9 percent to 2,973.61 in early trade, with Telecom Corp up 7.7 percent at NZ$2.67 and Fletcher Building up 11 percent at NZ$6.50.
----------------------MARKET SNAPSHOT @ 2115 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 1003.35 11.58% 104.130 USD/JPY 102 1.08% 1.090
10-YR US TSY YLD 3.8801 -
0.000 SPOT GOLD 831.15 -1.92% -16.250 US CRUDE 81.84 5.33% 4.140 DOW JONES 9387.61 11.08% 936.42 ASIA ADRS 106.65 16.44% 15.06
* Wall St soars 11 pct on bank rescue, Morgan deal
* Crude ends up as bank rescues revive equities
* US gold ends modestly lower as safety plays unwind
* Copper jumps on broad commods recovery, Escondida
For a summary of business stories in Australian newspapers, double click on.
(Reporting by Sonali Paul) . ng COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.