Australian shares are weaker after six straight day sof gains with the benchmark All Ordinaries Index trading down 0.6 per cent to 5172.
US stocks have posted their longest run of gains in five months, underpinned by hopes of more stimulus in China that might boost demand for resources.
Meanwhile, the Australian dollar, a commodity-backed currency, has jumped to eight-month highs of 74.7 US cents.
It was buying 84.6 Japanese yen, 52.3 British pence, 67.8 euro cents and $NZ1.10.
The Dow Jones Industrial Average added 0.4 per cent to 17,074, rising for a fifth consecutive session.
The Nasdaq dipped 0.2 per cent to 4,708, while the S&P 500 added 0.1 per cent to 2,002.
Overnight, in London, the FTSE 100 dipped 0.3 per cent to 6,182, the German DAX fell 0.5 per cent to 9,779, while France’s CAC 40 slipped 0.3 per cent to 4,442.
Local shares are set to track higher, with the ASX SPI 200 up 0.6 per cent to 5,163.
Upbeat data from major economies and stabilising commodity prices have helped improve investor sentiment.
Global equities have also been helped by prospects for additional central bank stimulus.
On commodities markets, iron ore surged 20 per cent to $US62.20 a tonne, the highest price in more than eight months.
West Texas crude rallied 5 per cent to $US37.71 a barrel.