ASX shares set to rise

The news: Shares on the ASX are set to move higher once the last trading day of the week begins, after US job data showed that the economy may be faring more strongly than expected.

The numbers: The ASX futures index was higher by 29 points, or 0.38%, to 7532. Late in US trade, the Dow Jones Industrial Average was higher by 97 points, or 0.26%, to 37,527. The S&P 500 had barely moved and was at 4,702. The technology-based Nasdaq had slipped 34 points, or 0.24% to 14,557. The Aussie dollar was lower and buying 67.04 US cents.

The context: US employment data was the main talking point on Wall Street overnight. The private sector hired more workers in December than expected. A strong economy could give the Federal Reserve reason to delay any rate cut. Meanwhile investors were pushing financial stocks higher on the S&P 500. Insurers fared best after a broker upgrade to Allstate. The global market has had about its best session for 2024 overnight. Major equity indices in Europe closed higher.