Live: ASX eyes gains as Wall Street rallies

The ASX is poised to open on an upward trajectory following a rebound in Wall Street stocks from the previous day's market downturn. Technology firms drove the market gains as oil prices softened and US bond yields experienced a decline. Reserve Bank of Australia (RBA) governor Michele Bullock and other high-ranking officials will partake in a parliamentary committee meeting in Canberra early on Thursday.

Keep abreast of the day's financial news and expert commentary via the live blog. Please note, this platform is not providing investment advice. The Bank of England has decided to maintain its interest rates at 3.75%, although the tone of policymakers has become increasingly more conservative. The Monetary Policy Committee formed a 6-3 vote to keep rates unchanged, with chief economist Huw Pill and external members Megan Greene and Catherine Mann advocating for a quarter-point increase.

The principal concern is inflation, and the BOE now anticipates it to surge slightly above 4% in the early part of 2027, surpassing its 2% target. BOE Governor Andrew Bailey highlighted that determining whether higher energy prices translate into broader wage and price increases remains a significant question. He stated that, thus far, the impact has been relatively limited, but the situation is still in its early stages.

The central bank has halted the sale of government bonds for six months while it undertakes a long-term overhaul of its bond holdings strategy. UK bond yields dropped considerably following the announcement, and the British pound weakened against the US dollar. JP Morgan anticipates the bank to raise rates in November. Economist Allan Monks suggested that the central bank's recent language almost appears as if they have already predetermined a November rate hike, provided there is no major shift in the geopolitical landscape.

Please refer back to the ABC's David Chau for a quick recap of Thursday's finance headlines; Australia's Reserve Bank is facing mounting pressure to increase interest rates following today's US rate hike. Welcome to the ABC's business and finance blog. Lin Lin here to guide you through the latest market news from overnight and throughout the day.

The Australian dollar climbed 0.3% to 71.1 US cents. At the forefront of Thursday's economic agenda are appearances by RBA Governor Michele Bullock, Deputy Governor Andrew Hauser, and the central bank's chief economist, Sarah Hunter, before the House of Representatives Standing Committee on Economics in Canberra, scheduled to commence at 9:30 am AEST.

The ABC Business team will provide updates on developments via this blog and across various platforms.