Australian shares are poised to open higher

News Snapshot:

Australian shares are set to open higher, tracking a recovery in New York from an opening drop amid competing data, trade and geopolitical headlines. US bond yields surged higher and the greenback extended its losses. The Australian dollar leapt 1 per cent. “Short covering and new risk flows drove an increase in bullish positioning across US large cap indexes, with position levels now the highest observed over the past month,” Citigroup’s Chris Montagu said. Still, investors “remain cautious”, Montagu also said. As US and China exchange allegations of trade agreement violations, the White House is pressing for direct talks in...