1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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The local market is set for a strong start with ASX futures up 0.84%. This comes as global equities rose overnight and Treasury yields dipped after soft US inflation data buoyed investors on the prospect of further rate cuts from the Federal Reserve.
Wall Street's main indices rebounded from three-week lows led by tech and consumer discretionary stocks with that sector jumping around 2%. Among the leaders were Lululemon which surged on a report that activist investor Elliott has acquired more than a $1 billion stake in the athletic-wear company.
US consumer prices rose a less than expected 2.7% over the year to November, well short of economists' projections of 3.1%. The delayed data showed that for the two months to the end of November inflation rose 0.2%. However, the report showed households still faced affordability challenges with beef prices increasing almost 16% over the year and electricity prices rising close to 7%.
Gold edged lower off the back of the softer-than-expected US inflation data, reducing the yellow metal's appeal as an inflation hedge. The US dollar index is up slightly on the day, whilst the Australian dollar is at US66.1 cents.
