Company Interview / the open: ASX to rise, Wall Street resets record

The local market is set to open strongly this morning with ASX futures up 0.5%. This comes as global stocks rose overnight, while bond yields fell in response to a soft US private payrolls report. 

Wall Street's major indices gained with the S&P 500 resetting its record high and closing above 6700 points for the first time. The healthcare sector was the best performer with the catalyst for that rally being a deal Pfizer has struck with the Trump administration for the drugmaker to lower prescription drug prices in the Medicaid program.  

The first day of the US government shutdown has seen around 750,000 federal workers ordered not to work, while others, such as defence personnel and Border Patrol agents, are working without pay. The shutdown means all data releases are suspended including the Labor Department's comprehensive September employment report which was expected to provide more guidance as to the Federal Reserve's next move.

US Treasury yields fell in response to the jobs data which signaled a weakening labour market. The US dollar index was down slightly, meanwhile the Australian dollar is higher at US66.1 cents.