Company Interview / the open: ASX to rise, gold surges overnight

The local market is set to open modestly higher with ASX futures up around 13 points. This comes as global equity markets were mostly higher overnight. 

US markets returned from the Veterans Day holiday with investors buoyed by the prospect of an end to the US government shutdown. The Dow hit a record high, while the Nasdaq fell as investors rotated out of technology stocks. Amazon and Tesla were among the Mag7 stocks weighing on the index, while Palantir also fell heavily. 

The US House of Representatives will try to end the longest government shutdown in US history when members vote on a stopgap funding package to restart disrupted food assistance, pay hundreds of thousands of federal workers and revive a hobbled air-traffic control system. The vote is expected before midday Australian time. If approved the funding package would have to be signed into law by President Trump, who has said he supports the bill. 

Gold surged as Treasury yields slipped ahead of the vote to reopen the US government. Meanwhile the Australian dollar is trading at around US65.5 cents.