Company Interview / the open: ANZ profit lifts 🏦 ASX set for flat opening

Global stocks were on average higher to end the session overnight. However, AI disruption continues to unnerve investors with shares in asset managers under pressure, following a sell-off in the insurance and software sectors in the past week. The local market is set to open flat with ASX futures up 0.02%. 

On Wall Street the major stock indices lost momentum after investors dialed back their expectations of more interest rate cuts after stronger than expected US payrolls data. 

The financial services sectors slipped while energy led gains. The tech sector was mixed with chip stocks rallying sharply and software stocks tumbling again led by Microsoft, while Alphabet also fell. 

US jobs growth unexpectedly accelerated last month, while the unemployment rate fell to 4.3%, increasing the likelihood that the Fed will keep rates on hold. 

The US dollar index initially rose then fell, whilst the Australian dollar is up almost 1% to US71.3 cents.