ASX to open higher after Wall Street surges on Trump victory

The news: The Australian sharemarket is set to open slightly higher after Wall Street’s major indices soared following Republican Donald Trump’s stunning victory in the US presidential election.

The numbers: Updated at 7:25am AEDT:

• ASX futures: up 21 points or 0.26% at 8,228 points
• Wall Street: Dow Jones up 3.43%, S&P 500 up 2.39%, Nasdaq up 2.78%.
• Europe: FTSE 100 down 0.07%, CAC 40 down 0.51%, DAX down 1.13%
• Spot gold: down 2.95% to USD2,663.05 per ounce
• Oil prices: Brent down 0.53% to USD75.13/barrel, US WTI down 0.22% to USD71.83/bbl
• AUD: down 0.8% at 65.85 US cents
• Bitcoin: up 9.4% to USD75,906.15.

The context: All three major US indices hit record highs, while US Treasury yields climbed and the US dollar is on track for its biggest one-day percentage gain in more than two years, with investors expecting lower taxes and deregulation. Financial stocks were the best performing of the 11 major S&P 500 sectors, while the small-cap Russell 2000 index also rallied.

What to Watch: Full-year results from National Australia Bank, and annual general meeting for Amcor, Nine Entertainment, Bendigo & Adelaide Bank, NIB, and Seven West Media among others.