ASX to open lower after US election-fuelled rally fizzles

The news: The Australian sharemarket is set to start the week lower after Wall Street's election-fuelled rally faded last week and saw each of its three main indices fall on Friday.

The numbers: Updated at 7:30am AEDT:

• ASX futures: down 26 points or 0.3% at 8,296 points
• Wall Street: Dow Jones down 0.70%, S&P 500 down 1.32%, Nasdaq down 2.24%
• Europe: FTSE 100 down 0.09%, CAC 40 down 0.58%, DAX down 0.27%
• Spot gold: down 0.06% to USD2,563.25 per ounce
• Oil prices: Brent flat at USD71.05/barrel, US WTI up 0.1% to USD66.95/bbl
• AUD: up 0.05% at 64.65 US cents
• Bitcoin: down 0.99% to USD90,142.63

The context: US stocks pulled back last week having initially surged following the result of the US election. On Thursday, US Federal Reserve chair Jerome Powell said that the central bank does not need to rush to cut interest rates, weighing on investor sentiment on Friday.

What to Watch: New Zealand dairy giant Fonterra holds its annual general meeting later on today. Woolworths' senior leaders will face the consumer watchdog's supermarkets inquiry on Monday and Tuesday, with their Coles counterparts appearing on Thursday and Friday.