ASX to rise after US tech rally
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The news: Australian shares are set to climb at the open after Wall Street's three main indices rallied into the weekend and into the final stretch of the year.
The numbers: Updated at 7:05am AEDT:
- ASX futures: up 41 points to 8,640
- Wall Street: Dow Jones up 0.38%, S&P 500 up 0.88% and Nasdaq up 1.31%
- Europe: CAC 40 up 0.01%, DAX up 0.37% and FTSE 100 up 0.61%
- Spot gold: up 0.27% to USD4,342 per ounce
- Oil prices: Brent up 1.09% to USD60.47/bbl and US WTI up 0.52% to USD56.52/bbl
- AUD: up 0.01% at 66.13 US cents
- Bitcoin: up 0.10% to USD88,418.
The context: US stocks climbed higher on Friday to regain much of the week’s losses, led higher by Nvidia (+3.93%), Broadcom (+3.18%) and Palantir (+4.14).
Friday’s gains extended a two-day rally after a cooler than expected inflation reading last week, distorted in part by a delay and 43-day government shutdown.
Ahead of the Christmas shopping period, Nike stock plummeted almost 11% as it downgraded expectations amid a sixth-consecutive quarterly decline in China sales.
Japan hiked interest rates to a 30-year record with its 10-year bond yields rising about 2% for the first time since 1999.
US President Donald Trump meanwhile announced deals with nine leading US and European pharmaceutical companies to voluntarily sell their medications for lower prices.
The source: WSJ
