Company Interview / the open: ASX to follow rising US consumer confidence

The local market is set to open strongly with ASX futures up 0.6%, as global shares rose on signs of easing trade tensions, while longer-date US Treasury yields fell. 

Firmer US consumer confidence data helped buoy US investor sentiment with Wall Street's main indices rallying after the 3 day weekend. All 11 major sectors of the S&P 500 advanced on the day, with consumer discretionary and tech shares leading the gainers. 

US Treasury yields fell as concerns over rising global government debt supply were partly eased by expectations that Japan could issue less longer-dated debt. The yield on the US10yr note fell around 8 basis points to 4.42%, and Treasury sold $69 billion in a two-year note which was well received. 

Commodities fell across the board with oil prices pressured by concerns of a supply glut after Iranian and US delegations made progress in their talks and on expectations that OPEC+ will decide to increase output at a meeting this week. Brent crude futures are down 1% at $64 a barrel, and Copper fell 2%, with iron ore down around 1.5% at $96 a ton. 

Today, April’s consumer price index will be revealed, to get the latest reading on inflation. On the corporate side, Goodman Group will report quarterly results, whilst Web Travel is set to deliver full-year results.