Live: ASX set to open higher after tech stocks dumped on Wall Street

Lead

The Australian sharemarket is set to open higher, with ASX 200 futures pointing to a 0.8% gain to 8,980 points, according to ABC Australia. The move comes ahead of key inflation data due at 11:30am AEST, which is expected to influence the interest rate trajectory.

Across Wall Street, the S&P 500 edged up 0.2% to 7,429 points, while the Nasdaq slipped 0.2% to 24,877 points, as chipmaker stocks continued to be sold off. The Australian dollar was flat at 69.71 US cents, and Brent crude fell 3.8% to US$85.05 a barrel.

Coverage Comparison

Reporting across the week presented differing pictures of market conditions and the geopolitical backdrop. In one edition, ABC Australia noted that the ASX was tipped to rise on opening, with futures up 0.6% to 8,766 points, as the US and Iran called off their two-week bombing campaigns. That report also carried a cautiously optimistic tone, describing the market mood as "cautious rather than fearful, although many would characterise it more as complacent."

A separate ABC report, focused on the previous Friday's session, painted a more negative picture: Wall Street had retreated as investors fretted about AI stock valuations and the deteriorating situation in the Middle East. In that account, the S&P 500 fell 1.0%, the Dow dropped 0.8%, and the Nasdaq lost 1.5%, while Brent crude jumped 4.6% to US$88.10 a barrel amid an escalation in the US-Iran conflict.

In the latest snapshot, however, the tone was more neutral, with the ASX futures gain attributed mainly to the upcoming inflation data rather than geopolitical developments. The contrast highlights how quickly market sentiment and news flow can shift.

Key Claims

• ASX 200 futures were up 0.8% to 8,980 points, as reported by ABC Australia.
• The Australian dollar was flat at 69.71 US cents, according to the same report.
• On Wall Street, the S&P 500 rose 0.2% to 7,429 points, while the Nasdaq fell 0.2% to 24,877 points.
• Brent crude fell 3.8% to US$85.05 a barrel, while iron ore was up 0.1% to US$98.20 a tonne and Bitcoin rose 0.1% to US$63,908.
• The corporate regulator ASIC found that Australian banks paid more than $55 million in compensation over two years for failures with mortgage offset accounts, as reported by ABC Australia. The regulator said several banks had begun remediation and would be monitored.
• Online fast fashion giant Shein is under investigation by the US Federal Trade Commission, according to ABC Australia. The company said it is cooperating with the probe.
• Earlier in the week, ABC Australia reported that the US and Iran had called off their bombing campaigns, and that China had initiated a push to resume stalled peace talks between the two countries. The same report indicated the Australian dollar was up 0.3% to 69.97 US cents, and Brent crude was down 3.9% to US$96.78 a barrel.
• In a subsequent report, ABC Australia noted an escalation in the US-Iran conflict, with the Australian dollar down 0.2% to 69.80 US cents and Brent crude up 4.6% to US$88.10 a barrel.