Company Interview / the open: ASX set for modest gain as oil eases

The local market is set for a modestly higher opening.

Global equity markets have gained, while oil prices have receded on reports that Iran is seeking a ceasefire with Israel. However, gains made by US stocks were tempered as Israel PM Benjamin Netanyahu indicates that attacks will continue.  

The Nasdaq notched its biggest daily gain in 3 weeks with tech stocks leading. Among the Mag 7 stocks, Meta led the gains after finalising a $US14.3billion investment in Scale AI. 

US Treasury yields rose ahead of US retail sales data and import prices and tomorrow's Federal Reserve's policy meeting. The US 2yr treasury yield edged up to 3.97% while the 10yr yield rose to 4.45%. The US dollar strengthened against the safe-haven yen and Swiss franc on Monday, but weakened against most major currencies. Meanwhile the Australian dollar has risen to US65.2c. 

Oil prices retreated on reports that Iran is seeking a ceasefire, easing fears of a disruption to crude supplies from the region. Brent crude futures fell 1.35% lower to $73 a barrel, whilst iron ore is little changed at $93 a tonne. 

Whilst there is no local data out today, the Bank of Japan will deliver its interest rate decision this morning, with no change to rates expected.