Live: ASX poised to edge up ahead of inflation release
Wall Street has enjoyed a solid bounce on the back of renewed buying of tech stocks, and the ASX is priced to edge higher ahead of today's inflation release. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
The Australian Securities Exchange (ASX) is expected to rise slightly prior to the release of Q3 inflation data. Tech stocks have seen renewed investor interest, with the S&P 500 and Nasdaq both increasing. NAB's Head of Markets Research, Skye Masters, noted that risk sentiment has improved across equity and credit markets. Meta Platforms recently completed a $25 billion stock sale, which was greatly oversubscribed.
Oracle has also expanded its partnership with OpenAI, which could benefit related businesses. Semiconductor stocks are up 3.4% and the Philadelphia stock exchange index is showing positive movement. Oil prices have dropped slightly, but remain near six-month highs. Talks between Saudi Arabia, Turkey, Pakistan, and Iran aim to continue, which has helped sentiment.
However, concerns over attacks in the Strait of Hormuz and Red Sea persist. Gold prices have also risen due to central bank purchases. The Australian dollar is marginally higher before today's CPI release. The data will be released at 11:30 am AEDT, along with September's CPI figures. The Reserve Bank of Australia (RBA) will discuss the release during a Senate Estimates Committee meeting.
The information provided is for informational purposes only and should not be considered as financial advice.
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.
