ASX to Open Higher as Wall Street Hits Record Highs
The Australian stock market is poised to open higher on Monday as investors take cues from Wall Street's record highs and strengthening gold and oil prices. ASX futures indicate a gain of 33 points, or 0.4%, with attention also focused on the Reserve Bank of Australia's interest rate decision on Tuesday.
Over the weekend, Wall Street closed at a record high after weaker-than-expected employment data reduced expectations for a Federal Reserve rate increase in September. The Dow Jones Industrial Average gained 0.3%, while the S&P 500 rose 0.6% to a new record close and the Nasdaq climbed 1.3%.
Gold miners were among the strongest performers, with Newmont Corporation rising 2.68% and Northern Star Resources adding 2.3%. BHP and Rio Tinto executives have been invited to meet US President Donald Trump at the White House as the administration looks to reduce US dependence on supply chains dominated by China.
US government bond yields declined following the employment report, with the 10-year Treasury yield falling 1 basis point to 4.66% and the 2-year yield dropping 4 basis points to 4.20%. European markets also rallied to a fourth consecutive record close on Friday, supported by technology stocks and positive company earnings.