ASX to rise, Wall St records reset
A key reason for the latest move higher in US equities is a positive start to the June quarter reporting season.
'We expect a more dovish tone from next week's [Federal Open Market Committee's] statement and [chairman Jerome] Powell's press conference,' veteran market strategist Ed Yardeni said in a note.
'If so, that would continue to fuel the bull market in stocks, especially since the Q2 earnings reporting season should continue to beat expectations. The blended (actual/estimated) S&P 500 earnings per share growth rate edged up to 4.3 per cent year-over-year last week. It should be closer to 8.0 per cent when all the results are in.'
Market highlights
ASX futures are pointing up 29 points or 0.3 per cent to 8677.
All US prices near 2.30pm New York time.
Today's agenda
The RBA will release the minutes from its latest meeting on Tuesday at 11.30am.
NZ trade balance data will be released at 8.30am.
Top stories
Gas is in as renewables industry adopts new playbook | In a detailed letter to its members, the Clean Energy Council says it must be realistic about gas and work harder to secure support for regional wind and solar projects.
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No longer a 'state issue': Feds stump up $14 million for marine crisis | The federal government has pledged millions to help SA deal with its marine catastrophe, but experts say much more is needed.
| From Tim Tams to Rexona, the ACCC's case against Woolworths and Coles will hinge on 24 grocery items.
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