Wall St rallies on economic data, retail takeover bid

By Elysse Morgan

Overnight, Dollar General unveiled a $US9. 7 billion bid for rival chain Family Dollar, which trumps the $US8. 5 billion offer that Dollar Tree made last month for Family Dollar.

The local share market was set to rise at the beginning of trade; at 8:15am (AEST) the ASX SPI 200 was 0. 5 per cent higher at 5,554.

Wall Street rallied overnight as positive data, a major takeover tussle and easing tensions between Russia and Ukraine had traders bidding up.

News that diplomats from Russia and Ukraine discussed a possible truce eased market concerns.

Oil prices moved in opposite directions - West Texas crude oil eased back to $US96. 39 a barrel but, in Singapore, Tapis was slightly higher at $US102. 86 a barrel.

Read more here: ABC

    

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