ASX to edge higher, Wall St lifts on tech earnings and bets on rate cut

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Australian shares are likely to edge slightly higher at the open, after Wall Street was boosted by technology stocks and expectations of a US interest rate cut.

AUD: 70.34 US cents, 56.37 British pence, 62.74 euro cents, 75.88 Japanese yen, $NZ1.04Europe: FTSE 100 +0.1pc at 7,515, DAX +0.2pc at 12,289, CAC +0.3pc at 5,567, Euro Stoxx 50 +0.3pc at 3,490

But the Nasdaq was the best-performing US index, lifting 0.7 per cent to 8,204, driven higher by technology stocks. Second-quarter earnings have been mixed so far, with major banks raising concerns about profit growth in a low interest rate environment.About 30 per cent of S&P 500 companies are set to report their earnings this week, with overall profits now estimated to rise about 1 per cent, according to Refinitiv IBES data.The European Central Bank meets on Thursday and markets are pricing in a relatively high chance of a 10 basis point cut in interest rates.

 

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