Australian shares set to rise after Wall Street gains
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The news: The Australian sharemarket is set to start higher after major US indices notched record closing highs on Friday, as inflation data fuelled expectations for a US Federal Reserve rate cut in November.
The numbers: Updated at 7:25am AEDT:
- ASX futures: up 46 points or 0.56% to 8,296 points
- Wall Street: Dow Jones up 0.97%, S&P 500 up 0.61%, Nasdaq up 0.33%
- Europe: FTSE 100 up 0.19%, CAC 40 up 0.48%, DAX up 0.85%
- Spot gold: up 1.02% at USD2,656.59 per ounce
- Oil prices: Brent down 0.45% at USD79.04/barrel, US WTI down 0.38% at USD75.56/bbl
- AUD: down 0.13% at 67.4 US cents
- Bitcoin: down 0.16% at USD62,610.
The context: Financial stocks rose after the major US banks kicked off earnings season, with JPMorgan Chase leading after the lender reported higher-than-expected third-quarter profit and raised its annual interest income forecast.
What to Watch: The ongoing Fair Work dispute between Super Retail Group's former head of legal Rebecca Farrell and her former employer heads to the Federal Court in Sydney for a hearing this morning.
Elsewhere, the SXSW Sydney Conference kicks off this week, bringing together Asia-Pacific creators and professionals at over 1,000 events across venues in Sydney.
The source: Bloomberg
