Company Interview / the open: US retail sales increase, ASX to open higher

Commodity tailwinds are expected to lift the local market at the open, with ASX futures pointing up 0.2%. This is despite what was a fairly negative session on Wall Street, led by a drop in the Nasdaq with tech shares declining as investors took a defensive positioning. 

Bank stocks extended recent losses after some mixed quarterly results. Most notably, BofA beat profit estimates expecting first quarter net interest income to rise 7%, whilst Wells Fargo missed profit estimates on severance costs. 

On the data front, the US current account deficit narrowed sharply in the third quarter as tariffs weighed on imports, thanks to US President Donald Trump’s tariffs. Meanwhile, US retail sales increased more than expected in November, rising 0.6%. 

Oil climbed as Iranian supply concerns overshadow unexpected build in US stockpiles. And then Australian dollar is currently at US66.3 cents.