The ASX is set to rebound on Thursday after a shaky week, as the Dow Jones hit a new record high in the US overnight.
At 7:15am AEDT, ASX 200 futures were up 0.6 per cent, to 6,751.
The market closed down on Wednesday after commodities stocks were hit by dwindling global prices.
The local benchmark could be taking its lead from the US, where all major share markets are trading up.
Inflation figures there showed prices on core consumer products did not go up as much as expected in February, which had been worrying some investors.
“A lower than expected US CPI point provided markets with a cool breeze, allaying fears of an overheating US economy,” NAB analysts said in a briefing note.
The data showed households are paying more for petrol, but underlying inflation remained tepid amid weak demand for services like airline travel and hotel accommodation.
Meanwhile, US President Joe Biden has scored a major political victory after his mammoth stimulus bill passed its final legislative hurdle in the House of Representatives.
That will mean direct stimulus payments for many Americans, as well as money for schools and businesses.
The Dow Jones hit an intraday record high of 32,381 points in afternoon (local time) trade and is now 1.6 per cent higher at 32,348.
The S&P 500 posted 47 new 52-week highs and no new lows, while the the Nasdaq recorded 283 new highs and 19 new lows.
The greenback eased overnight.
The Australian dollar has risen against it to buy 77.33 US cents.
“The Australian dollar has lifted over 7 US cents since late October, largely driven by higher commodity prices,” CBA analysts said in a briefing note this morning.
“Yesterday, (in a speech) RBA Governor Philip Lowe reiterated that the AUD was not overvalued relative to its fundamentals. We agree.
“We estimate fair value for AUD/USD is now in a range of 0.77 to 0.89, centred on 0.83.
“Our mining commodities analyst recently upgraded our near term forecasts for commodity prices.