The Australian sharemarket is set to rise after a rebound on Wall Street fuelled renewed optimism and investors brace for an expected rate cut by the Reserve Bank of Australia.
Futures were pointing up 73 points, or 0.8 per cent, predicting the S&P/ASX 200 Index would reverse the prior session’s losses and track a late rally in US equities.
In the US, the S&P 500 finished near the unchanged mark after earlier falling as much as 1 per cent as a shock downgrade by credit ratings provider Moody’s added fresh fuel to concerns about the country’s ballooning deficit and debt. Equities notched their sixth day of gains and are on the brink of a bull market – a 20 per cent gain from a recent low. Bonds also came well off session lows, following a slide that briefly put 30-year yields above 5 per cent.
Source: https://www.afr.com/markets/equity-markets/asx-to-rise-as-wall-st-rebounds-rba-cut-in-focus-20250520-p5m0ke