ASX Set to Rise as US Stocks Surge on Growing Rate Cut Prospects

2 min read | August 22, 2024 11:05 AM AEST | By Team Kalkine Media

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ASX Set to Rise as US Stocks Surge on Growing Rate Cut Prospects — Image source: shutterstock

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Australian shares are set to rise as US stocks gained in afternoon trade, buoyed by revisions to jobs data that largely met expectations. This development reinforces the view that the US labor market is cooling, increasing the likelihood that the Federal Reserve will cut interest rates next month.

In commodity markets, gold remained near its record high, oil prices fell, and iron ore saw a rebound. Meanwhile, Bitcoin edged above $US61,000.

In New York, the S&P 500 rose 0.4% to 5620, the Nasdaq Composite climbed 0.6% to 17,918, and the Dow Jones Industrial Average inched up 0.1% to 40,889.

The minutes from the latest Federal Reserve meeting, released overnight, confirmed that a 25 basis point rate cut in September is highly probable. Several policymakers had already signaled their support for a rate cut last month. The minutes noted, “The vast majority [of policy committee members] observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting,” which is scheduled for September 17-18.

ASX-listed companies scheduled to report on Thursday include Super Retail Group (ASX:SUL), Eagers Automotive (ASX:APE), ARN Media (ASX:A1N), Auckland International Airport (ASX:AIA), Insignia Financial (ASX:IFL), IPH (ASX:IPH), Megaport (ASX:MP1), Medibank (ASX:MPL), Monash IVF (ASX:MVF), Northern Star Resources (ASX:NST), QUBE (ASX:QUB), Stockland (ASX:SGP), Sonic Healthcare (ASX:SHL), Reject Shop (ASX:TRS), Whitehaven Coal (ASX:WHC), and Growthpoint Properties (ASX:GOZ).

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