Investing.com - The Australian Securities Exchange is set for a higher open on Friday, shadowing modest gains in New York overnight as investors eagerly anticipate crucial US inflation data due later today.
This potential upturn could break the ASX's two-day slump, which was triggered by an unexpectedly high Consumer Price Index reading earlier in the week.
In other financial news, Treasurer Jim Chalmers has given the green light to ANZ Group Holdings Ltd (ASX:ANZ) proposed acquisition of Suncorp Group Ltd (ASX:SUN), subject to enforceable conditions. The approval has been granted under the assumption that the merger won't diminish competition in the home loan market, given Suncorp Bank's existing challenges in competing as an independent entity.
In the US, both the S&P 500 and Dow Jones Industrial Average were 0.1% higher, while the NASDAQ Composite saw a 0.3% rise.
Meanwhile, in the US, government bond yields have decreased following data indicating a slowdown in economic growth. This trend has fueled expectations for a shift towards rate cuts as the year progresses, with investors keenly awaiting key core Personal Consumption Expenditures (PCE) data due later today.
Commodities such as gold and oil experienced an increase in value overnight, adding 1.3% and 1% respectively.
In the bond markets, Australian 10-year and 2-year rates stood at 4.352% and 4.19%, respectively.