Shares on the Australian market are poised for a better start after US markets rallied overnight on economic recovery hopes.
The SPI 200 futures contract was higher 45 points, or 0.85 per cent, to 5,353.0 at 0700 AEST on Friday, indicating a small gain in early trade.
Wall Street surged overnight as investors weighed the prospect of economic recovery against bellicose remarks from President Donald Trump regarding US-China trade.
Comments by Trump blamed China for the coronavirus outbreak and revived trade war fears, even as mandated lockdowns continue to damage the economy.
That damage was in evidence in a report from the US Labor Department, which showed just under 3 million new jobless claims last week, pushing the seven-week tally well over 36 million.
A White House spokeswoman said Trump is open to another possible stimulus bill, but will not sign the bill put forward by House of Representatives Democrats.
The Dow Jones Industrial Average rose 377.37 points, or 1.62 per cent, to 23,625.34, the S&P 500 gained 32.5 points, or 1.15 per cent, to 2,852.5 and the Nasdaq Composite added 80.55 points, or 0.91 per cent, to 8,943.72.
Meanwhile in Australia, Virgin Australia’s administrators at Deloitte will have a better sense of which parties are interested in buying the beleaguered airline, when non-binding indicative offers are made on Friday.
Nineteen parties interested in buying the airline, which entered voluntary administration last month, were granted access to a data room after signing confidentiality agreements as of Monday, according to an affidavit published by the Federal Court of Australia.
The S&P/ASX200 benchmark index closed Thursday down 93.2 points, or 1.72 per cent, to 5,328.7 points, while the All Ordinaries index closed down 95.7 points, or 1.74 per cent lower, at 5,418.
The Australian dollar was buying 64.61 US cents at 0700 AEST, up from 64.37 US cents at the close of trade on Thursday.