ASX 200 LIVE: Australian shares to bounce after US tech rally; Lendlease to pivot global strategy

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The Australian sharemarket is set to bounce after Friday’s sell-off, amid strong gains from tech stocks in the United States and a tempering of global rate concerns.

Futures are pointing 46 points, or 0.6 per cent, higher at 7798, putting the equity benchmark on track for a modest rebound from its 1.1 per cent sell-down on Friday.

The sell-off followed resilient US purchasing manager data late last week, which showed business activity growth had accelerated at its fastest rate in more than two years in May, reigniting concerns the Federal Reserve may need to hold rates higher for longer.

The interest rate-related sell-off in the US reversed during trading on Friday, after a University of Michigan survey found that consumers expected prices to rise at a 3.3 per cent annual rate over the next year, down from a 3.5 per cent reading earlier in May.

The Dow Jones, S&P 500 and Nasdaq all ended the final session higher, offsetting losses from earlier in the week. US markets will be closed on Monday for Memorial Day.

The ASX tech sector will also be in focus on Monday, after US benchmarks were helped higher by a continuing rally in tech stocks late last week, which drove the Nasdaq to reset a record high in Friday’s session.

The local benchmark is also expected to get a boost from a rebound in commodity prices at the weekend. Iron ore futures edged 0.8 per cent higher to be above $US120.40 a tonne, while Brent crude added 1 per cent to $US82.16 a barrel but remains near three-month lows.

Stocks in focus

Lendlease has unveiled sweeping changes to its global strategy this morning following an exclusive report from The Australian Financial Review.

Megaport chairman Bevan Slattery has sold a $15.9 million block of shares in the tech company he founded.

Ingenia Communities says it’s on track to hit the upper end of its FY24 guidance. The group, which develops and sells affordable homes in so-called land-lease communities, is targeting earnings growth of 10 per cent to 15 per cent compared to FY23, and underlying earnings per share (EPS) of 20.8¢ per share to 22.3¢ per share.

Silver explorer Adriatic Metals has halted its shares ahead of a $75 million equity raise.

Private capital firm Potentia Group have nabbed an 18.5 per cent stake in ASX-listed film software company Vista Group.

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