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The local market is set for strong opening with ASX futures up 0.7%. This follows a mixed session on global equity markets with European stocks slipping to a 2 week low.
On Wall Street the Nasdaq experienced a late sell-off as investors digested comments from Fed Chair Jerome Powell and President Trump who again criticised China. However, the Dow and S&P 500 finished positively as the major banks kicked off earnings season.
The US labour market remained in the doldrums in September. Fed Chair Jerome Powell stated, “While official employment data for September are delayed, available evidence suggests that both layoffs and hiring remain low, and that both households' perceptions of job availability and firms' perceptions of hiring difficulty continue their downward trajectories."
President Trump says he's considering terminating some trade ties with China, particularly in relation to cooking oil. The US dollar index is down 0.2% on the day, meanwhile the Australian dollar has fallen slightly, trading at US64.9 cents.
