Company Interview / the open: ASX to climb amid positive AI outlook

The local market is set to open higher by about 50 points, with gold and energy stocks in focus after the overnight session sent the commodity stocks higher. 

The US main indices closed modestly higher after European markets closed lower for the fourth consecutive session on waning trade optimism. Oracle shares pushed higher on its annual revenue growth forecast, and Newmont and Cardinal Health were the top performers on the S&P. 

Producer price inflation for the month of May in the US was cooler than expected, as slowing domestic demand helped to restrain producer prices in May. Despite the tamer readings this week, economists expect inflationary pressures to start building from June. 

Oil settled slightly lower, as traders took profits from the previous session’s rally. The US is pulling personnel from the Middle East as tensions with Iran escalate. Brent crude was down 0.1% to $70, whilst copper rose and iron ore fell. And gold prices rose on rising geopolitical risks and on the cooler economic data. 

Consumer price index data for Germany and France will be released later today, whilst The University of Michigan will release a preliminary June sentiment report.