ASX to lift as US inflation data weighs on Wall Street
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The news: The Australian sharemarket is set to open higher as each of Wall Street's three main indices lowered overnight, after new US data showed persistent inflation in October.
The numbers: Updated at 7:30am AEDT:
- ASX futures: up 56 points or 0.67% at 8,311 points
- Wall Street: Dow Jones down 0.43%, S&P 500 down 0.59%, Nasdaq down 0.55%
- Europe: FTSE 100 up 0.51%, CAC 40 up 1.32%, DAX up 1.37%
- Spot gold: down 0.09% to USD2,570.56 per ounce
- Oil prices: Brent down 0.19% to USD72.42/barrel, US WTI up 0.18% to USD68.55/bbl
- AUD: down 0.5% at 64.54 US cents
- Bitcoin: down 0.54% to USD88,154.50
The context: Wall Street indices dipped as US Federal Reserve chair Jerome Powell said there is no need to rush cutting interest rates, as US monthly producer prices rose in line with expectations.
Powell's comments aligned with increased expectations for fewer rate cuts next year than previously forecast by Fed officials.
What they said: "The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said at a panel discussion hosted by the Federal Reserve Bank of Dallas.
"The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully," he said.
What to Watch: Lendlease, Mirvac, Deep Yellow and Healius hold their annual general meetings later on Friday.
The sources: Reuters, US Federal Reserve
