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ASX futures are said to be up 0.68 percent today, influenced by a mixed performance on US markets as the Federal Reserve decided to leave rates on hold, and US inflation data came in softer than expected.
The S&P 500 rose 0.8 percent and the Nasdaq Composite lifted 1.5 percent, with both reaching new record highs, but the Dow dropped 35 points.
According to the American inflation reading, the headline figure dropped and the core gauge came in lower than expected. Despite this, a key measure showed FOMC members are expecting only one rate cut this year, contrary to the two rate cuts currently priced in by the markets.
Tech shares performed best in the session, and among megacaps, Apple rose 2.8 percent, Nvidia gained 3.5 percent, and Microsoft leaped 1.9 percent. In corporate news, Oracle shares surged 13.3 percent to an all-time high following the announcement of new cloud deals with Google and OpenAI.
At home, we get the latest Australian labour force data at 11.30 AEST, and the unemployment rate is predicted to rise to 4.2 percent in further evidence of a slowly cooling economy.
On the ASX, Lithium Australia Ltd (ASX:LIT) has announced the signing of an MMD off-take agreement with Korean battery recycling company SungEel HiTech, while Firebrick Pharma Ltd (ASX:FRE) has launched its nasal spray product Nasodine in Singapore, and Carnavale Resources Ltd (ASX:CAV) has achieved a robust maiden resource and scoping study for the Kookynie Gold Project in Western Australia.
In forex, the AUD is buying 66.6 US cents.
Looking at commodities, brent crude is up 0.75 percent to US$82.53; uranium is down 1.84 percent to US$82.75/lb; lithium has fallen 0.99 percent overnight to US$100.50/t; iron ore has fallen 1.03 percent to US$107.27/tn, while silver is up 1.05 percent to $29.60 per ounce.
