ASX set to open 1% higher after tech rally on Wall Street
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The news: The Australian sharemarket is expected to jump at market open after Wall Street rallied on Friday.
The numbers: Updated at 7:30am AEDT:
- ASX futures: up 85 points, or 1.09%, to 7,867 points
- Wall Street: Dow Jones up 1.65%, S&P 500 up 2.13%, Nasdaq up 2.61%
- Europe: FTSE 100 up 1.05%, CAC 40 up 1.13%, DAX up 1.86%
- Spot gold: down 0.17% to USD2,984.16 per ounce
- Oil prices: Brent up 0.1% to USD70.65/bbl, US WTI flat at USD67.19/bbl
- AUD: up 0.58% to 63.26 US cents
- Bitcoin: down 1.27% to USD83,321.13.
The context: Wall Street indices gained on Friday, buoyed by news that the US would avoid a government shutdown. It was a positive end to a week where escalating tariff announcements weighed on global equities, with the tech-heavy Nasdaq entering a correction.
Meanwhile, China announced a "special action plan" to boost consumption overnight, amid ongoing deflationary pressures and weak consumer demand.
What to watch: Monthly retail sales data in both China (1pm AEDT) and the US (11:30pm). China will also release its monthly industrial production figures this afternoon.
The source: Reuters
