Australian shares are poised to advance, tracking a tech recovery in New York after AMD agreed to sell billions of dollars worth of AI-related equipment to Meta Platforms.
ASX 200 futures were pointing up 56 points or 0.6 per cent to 9037 near 4.30am AEDT. The S&P 500 was 0.8 per cent higher, with consumer discretionary and information tech leading nine of the benchmark’s 11 industry sectors higher.
Shares in Advanced Micro Devices were up 9 per cent on the Meta deal news. The deal is similar to one AMD secured with OpenAI in October. Both Meta and OpenAI will potentially end up with stakes in AMD.
After crashing the previous session, shares in IBM recovered 5.5 per cent. Salesforce gained 4.9 per cent. Apple’s 2.3 per cent advance paced all seven of the megacap techs higher.
ASX 200 futures are pointing up 56 points or 0.6 per cent to 9037.
All US prices near 12.30pm New York time.
Results expected on Wednesday: Iress (IRE) | Accent Group (AX1) | Bapcor (BAP) | Centuria Capital (CNI) | Domino’s Pizza Enterprises (DMP) | Flight Centre (FLT) | Fortescue (FMG) | Generation Development Group (GDG) | GemLife Communities (GLF) | Light & Wonder (LNW) | Steadfast (SDF) | Siteminder (SDR) | Tabcorp (TAH) | Woolworths (WOW) | WiseTech Global (WTC) | Lynas Rare Earths (LYC) | Amplitude Energy (AEL) | Helia (HLI) | Growthpoint Properties Australia (GOZ) | EBOS Group (EBO) | Yancoal Australia (YAL)
What we learnt on Tuesday: Di Pilla’s bull case fails, ASX darling in dog house | HMC Capital’s David Di Pilla fronted up on a tough day for asset managers, while market darling ARB Corp crashed.
January CPI and fourth-quarter construction work done are scheduled to be released at 11.30am. NAB said: “We expect headline CPI and trimmed-mean inflation to be unchanged at 3.8 per cent and 3.3 per cent year-over-year, respectively. Headline inflation will be boosted by the unwinding of most remaining electricity subsidies, though this is expected to be offset by softer fuel and travel prices and some policy changes that are expected to weigh on health and childcare inflation.
“The release will help firm our Q1 trimmed‑mean inflation forecast of 0.8 per cent quarter-over-quarter, which is below the RBA’s February SoMP forecast of 0.9 per cent qoq.”
Reserve Bank of Australia governor Michele Bullock is set to participate in a fireside chat at the Melbourne University Faculty of Economics & Business Foundation Dinner at 7.40pm in Melbourne.
President Donald Trump is scheduled to give his first State of the Union address of his second term starting at 9pm in Washington.
‘Economics before politics’: Chalmers advocates restraint | Jim Chalmers has asked his department to help find savings as criticism grows over the level of government spending ahead of the May budget.
PM evacuated from The Lodge following bomb threat | The Prime Minister evacuated The Lodge at 6pm on Tuesday night on the advice of the AFP following a bomb threat.
Deloitte tells staff to stop uploading confidential data to ChatGPT | In an extraordinary email, the firm said the audit division was “considerably out of step with the rest of the firm” when it came to protecting information.
Overriding NIMBY councils would ‘help build 1m more homes in Sydney’ | The Grattan Institute wants NSW to copy the Victorian government’s policies on terraces and low-rise apartments as the idea of “gentle density” gains favour.
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