Australian shares to open higher after Wall Street dip
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The news: The Australian sharemarket is poised to open higher even as Wall Street’s main indices stumbled after solid gains in the previous session.
The numbers: Updated at 7:30am AEDT:
- ASX futures: up 10 points or 0.12% at 8,308 points
- Wall Street: Dow Jones down 0.08%, S&P 500 up 0.05%, Nasdaq down 0.27%
- Europe: FTSE 100 up 1.09%, CAC 40 up 2.14%, DAX up 0.39%
- Spot gold: up 0.73% to USD2,716.01 per ounce
- Oil prices: Brent down 0.91% to USD81.28/barrel, US WTI down 1.72% to USD78.66/bbl
- AUD: down 0.22% at 62.13 US cents
- Bitcoin: up 0.12% to USD100,561.30
The context: US stocks see-sawed in a narrow range as investors assess the latest corporate earnings and economic data to determine the path of Federal Reserve rate cuts.
Fresh data indicated US consumer spending remains strong, while the labour market is also on solid footing, given the Fed's cushion to keep a slow pace in cutting interest rates this year.
Meanwhile, Morgan Stanley said earnings increased in the fourth quarter, propelled by a wave of dealmaking, while Bank of America predicted higher interest income in 2025.
What to Watch: China will release data for fourth-quarter GDP, December industrial production and December retail sales.
The source: Bloomberg
