The ASX is set to edge higher this morning even as tech stocks weighed on the US market, while Treasury yields climbed after solid economic reports reinforced the case for America’s Federal Reserve to keep interest rates higher for longer.
ASX futures added 20 points, or 0.3 per cent, to 7100 as of 6:59am AEDT. On Wall Street, the S&P 500 dropped 0.2 per cent, the Dow Jones Industrial Average was flat and the tech-heavy Nasdaq 100 fell 0.3 per cent. The Australian dollar rose 0.3 per cent to 63.63 US cents. “Good news about the economy is once again bad news, since it will keep policymakers on the fence on delivering more tightening,” said Edward Moya, senior market analyst for the Americas at Oanda. “It seems the US economy isn’t ready to head into a recession just yet.”
Traders also kept a close eye on the latest geopolitical events, with President Joe Biden travelling to Israel as a show of solidarity after the October 7 attack by Hamas — which is designated a terrorist organisation by the US and European Union.
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