Live: ASX set to fall, day after Wall St hit record highs
The ASX is set to fall after its US counterparts also slightly dropped overnight, a day after Wall Street reached record highs. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
The ASX is poised to decline following a similar dip in its US counterparts, occurring on the day Wall Street achieved record highs. Overnight, bond yields rose as markets remained apprehensive about high government debt worldwide. Amidst these developments, AI data centre firm Firmus remains the focal point prior to its highly anticipated IPO later this month.
Despite the company's expected status as the second-largest ASX listing, overseas investor demand has proved lower-than-expected, potentially leading to a price reduction from $11 to $9 per share. This would reduce Firmus' IPO value from $43 billion to approximately $36 billion, a significant decrease from its private valuation of $6 billion in November 2025 and a previous private round of funding in August, which valued the company at $10.5 billion.
Firmus' decision to withdraw from a federal AI inquiry further adds to the uncertainty surrounding the company. As investors navigate this turbulent market day, our live blog provides daily business insights and updates from our specialist reporters.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.