Australian shares set to rise despite Wall Street stumble
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The news: The Australian sharemarket is set to rebound despite a weak lead from Wall Street, where weak tech results and worries about the US economy weighed on sentiment.
The numbers: The Dow Jones index ended 0.86% lower while the broader S&P 500 lost 0.60% and the tech-heavy Nasdaq dropped 1.08%. In the local market, ASX 200 futures were up 50 points or 0.65% at 7,705 points at 7:00am AEST on Friday.
The context: US stocks fell, with technology shares leading declines, after a disappointing Salesforce forecast.
Investors also digested data showing the US economy had grown slower than previously expected in the first quarter, while a separate report showed weekly jobless claims rose more than expected.
The data came a day ahead of Friday's key personal consumption expenditure report for April. US Treasury yields dipped from multi-week highs following the day's data, while chances for an at least 25-basis-point interest rate reduction in September ticked up to 50.4%, from 48.7% before, according to the CME Group's FedWatch Tool.
The source: Reuters
