Company Interview / the open: ASX to rise, after volatile Wall Street session

The local market looks set to bounce back from yesterday’s losses with ASX futures pointing up 0.6%. It comes after what was a volatile session on global markets overnight with European stocks mostly lower. 

The US dollar fell along with Treasury yields on concern that President Trump was seeking to remove Federal Chair Jerome Powell, despite launching a fresh round of criticism for not lowering interest rates. This saw the S&P 500 and Nasdaq fall more than 1%, but then recover with the Nasdaq closing at another record high after the president later said that he was highly unlikely to fire him. 

Amongst the US earnings results, Goldman Sachs climbed after notching a 22% earnings surge, while Bank of America and Morgan Stanley fell, despite posting higher profits. Meanwhile, semiconductor stocks were sluggish after news that Nvidia would be allowed to sell its H2O chips in China had fueled gains in the previous session. 

The Australian dollar is trading at US65.3c, meanwhile Bitcoin has bounced back to just under $120,000.