Company Interview / the open: BlueScope increases net profit 📈 ASX to bounce back

The local market is set to bounce back from Friday's losses with ASX futures up 0.6%. Although the ASX200 still finished last week 2.4% higher. 

Wall Street's main indices gained with the Nasdaq struggling to make headway as tech shares remained under pressure from fears of disruption by AI. Megacap tech stocks were weak with Nvidia and Apple being the biggest drags on the S&P 500.  

US inflation increased less than expected in January as fuel and rents fell, but households faced higher costs for services. The Consumer Price Index rose 0.2% last month to be up 2.4% for the 12 months. 

Oil prices were slightly higher on Friday following the inflation data, helping offset supply concerns as OPEC+ looks to a resumption in production increases. Meanwhile the gold price rallied on Friday as the softer than expected US inflation reignited hopes for rate cuts.