Shares are set to open lower, reflecting weakness in both gold and oil, despite a strong start in New York as the growing prospects of a trade deal between the US and China resulted in both the S&P 500 and Nasdaq Composite resetting record highs.
The S&P 500 rose 1.9 per cent to close at 6875.16. The VIX, or Wall Street’s volatility metric, continued to fade, falling below 16.
President Donald Trump said on Monday (Tuesday AEDT) that he expected the US and China to “come away” with a trade deal. Trump is set to meet Chinese President Xi Jinping in South Korea on Thursday.
Source: https://www.afr.com/markets/equity-markets/asx-to-fall-wall-st-rallies-on-us-china-trade-truce-hopes-20251028-p5n5qe