ASX to rise, Wall St up on muted PPI, oil tops $US70 late
Australian shares are poised to open higher after shares closed modestly higher in New York following another muted price report, though there are signs that the US labour market is starting to lose momentum.
Brent Crude edged above $US70 a barrel late in New York's trading day. It traded modestly lower for most of the session despite President Donald Trump saying he sees 'a chance of a massive conflict' between Israel and Iran, though he said he did not see that as 'imminent'.
The producer price index rose 0.1 per cent from a month earlier. The median forecast in a Bloomberg survey of economists called for a 0.2 per cent increase. Excluding food and energy, the PPI also increased 0.1 per cent.
'Although we expect tariffs to eventually lead to higher inflation, repeatedly soft inflation prints could suggest weaker-than-expected tariff pass-through,' Evercore ISI's Krishna Guha said.
That marginally reduces upside risk to inflation and lowers 'a bit the bar for the extent of labour market weakness the Fed would need to see to cut in September', Guha also said.
US equities ended higher in a broad advance, with utilities pacing eight of the S&P 500's 11 industry sectors higher. Boeing slid 4.8 per cent, recovering from an opening drop after one of its aircraft crashed in India.
Market highlights
ASX futures are pointing up 47 points or 0.6 per cent to 8606.
All US prices near 4.55pm New York time (6.55am AEST).
Friday's agenda
Friday marks the end of a quiet week for local data, with May's BusinessNZ's manufacturing purchasing managers' index the highlight.
Later on Friday, both Germany and France will release consumer price index data. The University of Michigan will release a preliminary June sentiment report at midnight.
Top stories
Victoria uses 13pc of entire year's gas budget in just three days | Breakdowns at a major coal power plant and weak renewable energy generation have left the state running down its stores faster than expected in a cold winter.
Government holds tough on defence amid AUKUS threat | The Albanese government says the defence budget will not be used as a negotiating tool with allies.
| Anthony Albanese's approach with US President Donald Trump is to neither beg nor be bullied, writes Phillip Coorey. But this is a very different America from the one he visited just two years ago.
| The Albanese government could raise a $50 billion tax on fossil fuel exports and up the GST to lower company and income taxes, the former Treasury head argues.
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Israel has warned that the widescale strikes were the start of a prolonged operation to prevent Iran from building an atomic weapon. Iran has promised a harsh response. Oil prices surged nearly 7.0 per cent on fears the conflict could disrupt crude supply from the Middle East. US energy stocks rose in tandem, with Exxon up 1.7 per cent. Airline stocks dropped as fuel costs could surge if supply bottlenecks materialise. Delta Air Lines was down 3.7 per cent, United Airlines dropped 4.4 per cent and American Airlines declined 4.7 per cent. Defence stocks climbed, with Lockheed Martin, RTX Corporation, Northrop Grumman gaining between 2.2 per cent and 3.2 per cent. "We have major domestic policy uncertainty and now on top of that, you have geopolitical unrest, which not only is impacting oil markets but the broader risk premium," said Eric Teal, chief investment officer at Comerica Wealth Management. 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