ASX set for limited movement, Wall Street listless
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The news: Investors are likely to see limited gains once Australia's sharemarket opens for trading, following little change to the major US indices overnight. Any momentum from an upbeat GDP report on the US economy was offset by a Federal Reserve official raising the possibility of another interest rate hike.
The numbers: Before trading closed, the Dow Jones Industrial Average was edging higher by 63.38 points, or 0.18%, to 35,480.36. The broader S&P 500 index was barely changed at 4,555.89. The technology focused Nasdaq was down 16 points, or 0.11%, to 14,26.57.
In Australia, ASX 200 futures was higher by 15 points, or 0.21%, to 7069. The Aussie dollar was lower and buying 66.14 US cents.
The context: Wall Street traders may have been buoyed by a third-quarter GDP report that showed the US economy grew 5.2% YoY, more than analysts' 4.9% estimate.
Market giant General Motors also helped raise spirits. The company said it will buy back USD10 billion ($15.1 billion) in shares and boost its dividend.
Elsewhere, Richmond Fed President Thomas Barkin said he was "skeptical" that inflation was on its way down to 2%, and wanted the option of another rate hike.
In Australia, the main data of interest will be monthly building approval data.
The source: Reuters
