Company Interview / the open: ASX to climb despite mixed Wall St session

The local market is set to open higher with ASX futures up 0.3%. This comes as global equity markets mostly gained overnight, while the US dollar weakened further. 

Meanwhile, on Wall Street investors were cautious amid rising treasury yields and a fall in US jobless claims. Meta rose after a report said the tech giant planned to cut up to 30% of its Metaverse budget. Amazon shares came under selling pressure after it said it was in discussions with the US Postal Service about their future relationship and is considering its options before its contract expires next year. 

The number of Americans filing unemployment benefits fell to a more than three-year low last week which has helped allay fears of a sharp deterioration in labour market conditions. US Treasury yields have risen as investors consolidated positions ahead of next week's Federal Reserve meeting, where the central bank is widely expected to deliver a third consecutive rate cut. 

Copper prices have eased slightly after hitting a record, while iron ore is down 0.4% at $106 a tonne. The Australian dollar is trading at US66.1 cents.