The ASX200 is tracking as futures predicted up half a per cent.
Overnight, the US economy posted 1.4% growth on a quarterly basis, a significant slowdown of 3.4% in the prior corresponding period.
The data suggests a cooling US economy, which suggests Fed interest rate cuts, which suggests maybe the RBA will cut sooner than expected – with those expectations only being two days old.
Sector Performance
The Real Estate sector was in the lead in the second hour of trades, up 1%, shaking off some midweek losses driven by an inflation read that spooked markets.
Materials was the worst performing sector heading into the third hour of trades on Friday as the big miners all dipped.
BHP Group, Fortescue, Rio Tinto and Mineral Resources were all in the red with Rio leading losses down -1.27% at a quarter to twelve.
Companies exposed to lithium have been getting hit this week as the price of the battery metal has fallen again.
Iron ore prices also dipped again overnight, and uncertainty lingers around the strength of the Chinese economy.
Company News
The approval of the ANZ (ASX:ANZ) and Suncorp (ASX:SUN) merger was the biggest story of the morning, with Suncorp the winner up 3.75% to $17.43 in the second hour of trades.
The long running deal saw ANZ overturn a previous regulator decision that the deal should not go ahead.
Notably, the government has let the banking sector concentrate further at the same time it mulls breaking up supermarkets.
ANZ has been trading at $28.30
SUN is up 4.5%, trading at $17.57.
And, Nine Entertainment (ASX:NEC) shares were up 0.18% heading into lunchtime as the media giant announced it would be cutting 200 jobs.
This follows a similar announcement from earlier in the week by Seven Group (ASX:SVW) which is moving to cut 150 jobs.
NEC is up nearly a per cent, trading at $1.39.