Company Interview / the open: ASX to open lower as Wall St slips

The local market is set to open marginally lower with ASX futures down 6 points. This comes as global equity markets came under selling pressure overnight with investors opting for caution amid political upheaval in France, Japan and as the US government shutdown shows no sign of ending. 

Stocks on Wall Street closed lower particularly in the absence of economic data and as a consumer expectations survey from the New York Fed showed deteriorating future expectations and rising inflation projections. Tesla shares extended their losses after the EV maker unveiled its low-cost Model Y priced just below $40,000. 

Americans grew more worried about the future of the job market last month according to a report from the Federal Reserve Bank of New York. It also revealed that consumers' expectations of inflation a year from has risen to 3.4% from August’s 3.2%, while three-year-ahead expected inflation held steady at 3%. 

The US dollar index is up 0.4% on the day whilst the Australian dollar has fallen back to US65.8 cents.