Company Interview / the open: ASX to climb as Wall St extends rally

The local market looks set to extend its recent gains with ASX futures up 0.3%. This comes as equity markets strengthened with MSCI's gauge of global stocks having gained around 3.5% in a four-day rally. 

On Wall Street, expectations continue to build for a December interest rate cut from the Fed, buoying sentiment. And a Reuters poll of analysts has revealed an average forecast of the S&P 500 rising by 12% over the next 12 months, powered by a robust economy, continued tech sector strength and an accommodative Fed. In the session just gone, tech stocks were back in favour with investors looking past concerns over inflated valuations. 

US weekly initial jobless claims have fallen below consensus, although ongoing claims remain on an upward trend, supporting recent survey data showing consumers' assessment of the labour market is deteriorating. Meanwhile, the Federal Reserve’s Beige Book has found that among regional districts, "Overall consumer spending declined further, while higher-end retail spending remained resilient.” 

Bitcoin is up more than 3%, reaching the $90,000 mark. The US dollar index was down slightly, while the Aussie dollar has rallied to US65.2 cents following the stronger than expected monthly inflation data.