ASX starts higher as tech and mining stocks top gains
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More news: Australian shares crept higher at the open as gains by tech and mining stocks offset a selloff in real estate.
The benchmark S&P/ASX 200 index was up 17.3 points, or 0.20%, at 8,612.5 at 10:30am AEDT. Five of the 11 sectoral indices were in positive territory.
Technology (+1.7%) was the top performing sector, boosted by a 3% jump in logistics software giant WiseTech Global.
Miners (+1%) were next highest, as iron ore heavyweights BHP (+2.8%), Rio Tinto (+2.2%) and Fortescue (+1%) all advanced. Diversified miners South32 (+4.4%) and Mineral Resources (+1.5%) also climbed.
Real estate (-1.1%) saw the biggest drop, as Dexus (-3.8%), Goodman Group (-1.8%) and Scentre Group (-1.2%) fell.
Australian shares to rise as jobs data bolsters US rate cut hopes
The news: Australian shares are poised to rise at the open after Wall Street's three main indices pushed higher overnight, as a rush of new economic data reinforced high expectations for a rate cut by the US Federal Reserve next week.
The numbers: Updated at 7:30am AEDT:
- ASX futures: up 20 points, or 0.23%, to 8,619
- Wall Street: Dow Jones up 0.99%, S&P 500 up 0.45% and Nasdaq up 0.34%
- Europe: CAC 40 up 0.16%, DAX down 0.07% and FTSE 100 down 0.10%
- Spot gold: up 0.06% to USD4,209 per ounce
- Oil prices: Brent up 0.47% to USD62.75/bbl and US WTI up 0.60% to USD58.99/bbl
- AUD: up 0.53% at 66.03 US cents
- Bitcoin: up 1.88% to USD93,046.
The context: New data from the Institute for Supply Management showed that US services activity was little changed in November. The ADP national employment report revealed an unexpected decline in US private payrolls last month.
The figures come ahead of the delayed personal consumption expenditures report, due on Friday local time, which is the Fed's preferred inflation gauge.
Meanwhile, tech giant Microsoft fell as much as 3%, before trimming some losses, after The Information reported that it had cut AI software sales quotas after sales staff missed their targets in the previous financial year. Microsoft, which ended 1.8% lower, denied the report.
