Company Interview / the open: ASX to rise, GDP in focus

The local market looks set to open higher, with ASX futures up 0.3% following an advance on Wall Street. 

Investors on Wall Street focused on positive jobs data in the absence of any developments on the trade and tariffs front. All major indices gained, with Nvidia at the forefront of a megacap tech stocks charge. US-listed shares of BHP and Rio Tinto fell, tracking copper prices lower as factory activity in China missed expectations. 

US job openings increased in the April month, however retrenchments increased at the same time, indicative of a slowing labour market. Meanwhile, the Trump administration reportedly wants countries to provide their best offer on trade negotiations by tonight. This comes as the president is due to sign a directive to double steel and aluminium tariffs to 50%. 

Oil prices have climbed to a two-week high amidst an escalation of the war between Russia and Ukraine, whilst the US looked set to keep sanctions on Russia and Iran in place for longer. Brent crude futures rose 1.5% to $65 a barrel, and copper is little changed as is iron ore at $97 a tonne. The Australian dollar currently trades at US64.6c. 

Locally today the GDP for the March quarter will be released, with consensus forecasting for an annual growth of 1.5%. And Coronado Resources is due to hold its AGM.