ASX set to edge higher after mixed Wall Street trading

The news: The Australian sharemarket is set to open higher after a mixed session on Wall Street ahead of upcoming economic data that could influence the Federal Reserve's pace of interest rate cuts.

The numbers: Updated at 7:25am AEDT:

• ASX futures: up 8 points or 0.10% at 8,295 points
• Wall Street: Dow Jones up 0.76%, S&P 500 up 0.09%, Nasdaq down 0.06%
• Europe: FTSE 100 up 0.65%, CAC 40 up 1.20%, DAX up 1.21%
• Spot gold: down 2.32% to USD2,622.41 per ounce
• Oil prices: Brent down 2.61% to USD71.94/barrel, US WTI down 3.14% to USD68.17/bbl
• AUD: down 0.29% at 65.70 US cents
• Bitcoin: up 8.07% to USD86,887.03

The context: Investors are awaiting consumer price inflation data and a raft of other key data this week for signals on the economy and monetary policy outlook.

Shares in Tesla jumped almost 9% fuelled by bets the automaker will benefit from CEO Elon Musk's close ties to Trump, while the small-cap Russell 2000 index also rallied on hopes of gains from Trump's proposed tax cuts and looser regulations. However, megacaps including Microsoft, Amazon and Meta Platforms all dipped.