ASX to start higher as Wall Street notches gains
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The news: The Australian sharemarket is set to open higher as each of Wall Street's three main indices edged up overnight, supported by new US consumer prices data that fuelled bets of another interest rate cut next month.
The numbers: Updated at 7:30am AEDT:
- ASX futures: up 28 points or 0.34% at 8,255 points
- Wall Street: Dow Jones up 0.25%, S&P 500 up 0.24%, Nasdaq up 0.02%
- Europe: FTSE 100 up 0.06%, CAC 40 down 0.14%, DAX down 0.16%
- Spot gold: down 0.9% to USD2,575.13 per ounce
- Oil prices: Brent down 0.37% to USD72.01/barrel, US WTI flat at USD68.11/bbl
- AUD: down 0.7% at 64.86 US cents
- Bitcoin: up 2.92% to USD90,895.50
The context: The Wall Street rally was spurred by renewed expectations that the US Federal Reserve will cut interest rates in December, after the US consumer price index rose 0.2% in October, in line with market forecasts.
What to Watch: Earnings reports from GrainCorp, Nufarm, Infratil and Xero; annual general meetings for Goodman Group, Seven Group Holdings, Cettire and Guzman Y Gomez, among others; and monthly employment rate data from the Australian Bureau of Statistics at 11:30 AEDT.
