Live: ASX set to rise after strong sessions on Wall Street and Europe

Mon 12 Oct 2026 at 6:46amMon 12 Oct 2026 at 6:46amMarket snapshotASX 200 futures: +0.4% at 8,786 pointsASX 200 (Friday): +0.6% to 8,717 pointsAustralian dollar: +0.4% to 69.82 US centsWall Street (Friday): S&P 500 +0.6%, Dow +0.8%, Nasdaq +0.6%Europe (Friday): Dax +1.1%, FTSE +1.1%, Eurostoxx50 +0.8%Spot gold: +1.5% to $US4,194/ounceOil: Brent futures +0.4% to $US104.72/barrel, WTI futures +0.4% to $U91.85/barrelIron ore (Friday): -0.7% to $US90.60/tonneCopper (LME): -1.3% to $US14,295tonneBitcoin: +0.8% to $US83,66210-year bonds: US 5.24% Australia 5.35%Prices current at around 7:00am AEDTMon 12 Oct 2026 at 7:25amMon 12 Oct 2026 at 7:25amGlobal stocks on the march, ASX set to followIt was a solid end to the week on global markets with all the key Wall Street indices rising after strong earlier gains in Europe and Asia.S&P 500 +0.6%Dow +0.8%Nasdaq +0.6%The three indices gained over the week, as did the ASX which has logged consecutive weekly rises.Futures trading at the close on Saturday morning (AEDT) pointed to another positive start with ASX 200 priced to rise around 0.4%.Friday’s Wall Street rally came ahead of another quarterly reporting season which will kick off this week.If the analysts are correct, it could be another blockbuster season.The consensus estimates for S&P 500 annual earnings growth of around 30%, on aggregate, for the July-September period.This is largely inflated by the energy – in other words the oil majors – and technology sectors posting the largest year-on-year earnings growth of 123% and 67%, respectively, according to LSEG data.But Wall Street isn’t Main Street.The mood of American consumers, who shoulder about 70% of the US economy, has soured this month, according to the University of Michigan,The fall in the headline reading (to its lowest level since May) was driven by a plunge in the current conditions component of the survey which reached an all-time low (falling from 50.9 to 44.7).Investment analyst Ross Mayfield isn’t getting carried away, describing the recent rally as “fairly tepid”, despite the S&P 500 and Nasdaq indices hovering near a record highs."It's the kind of back-and-forth market we've been in where we have the reversal of sentiment around Iran," Mr Mayfield, told Reuters"With conflicting headlines coming out of the White House and parties in the Middle East, there's just no edge there."Telecommunications was only sector in retreat on Friday.That was after Elon Musk’s SpaceX bought a sizeable chunk of low-band spectrum which heightened concerns for established players about growing competition from satellite-based mobile services.With the deal, SpaceX aims to allow Starlink Mobile to bypass conventional cell towers where possible and compete with the big wireless carriers on both broad coverage and reliable indoor service, potentially positioning satellite connectivity as a mainstream alternative to traditional cellular networks.T-Mobile US slid 13% to its lowest level in almost 3 years, AT&T dropped sharply, Verizon lost about 10% and AT&T dropped sharply as well.Europe’s big telcos were also sold off during a session where equities broadly rose almost 1%.Deutsche Telekom, the largest telecom operator in the region by market value, fell 8%, France's Orange lost 2.5% and Spain's Telefonica slipped 4.6%.Oil prices wobbled around but closed higher as Hurricane Isaias churned toward the northern Gulf of Mexico and oil companies shut more than 70% of crude production in US waters.Earlier in the session, crude prices were down as US President Donald Trump said talks with Iran to end the war in the Middle East had been productive.Brent futures +0.4% to $US104.72/barrelWTI futures +0.4% to $U91.85/barrelUS Treasury yields were mixed, most were marginally higher on the day, but lower over the week.The shorter 2-year bonds, which typically reflect interest rate expectations, climbed 4.4 bps to 4.799%, but declined 3.4 basis points over the week.Gold also enjoyed something of a mini-rally rising 1.5% to just under $US4,200/ounce.With ReutersMon 12 Oct 2026 at 6:54amMon 12 Oct 2026 at 6:54amGood morningGood morning and welcome to another day on the ABC markets and finance blog.Stephen Letts from ABC business team limbering up for a blow-by-blow coverage of the day's events, where every post is hopefully a winner, but none should be construed as financial advice.Wall Street closed the week higher ahead of what's expected to be another blockbuster week of earnings coming up.The ASX looks like extending last week's gains, with futures trading pointing to a 0.4% rise on opening.Oil will be a focus today with market dynamics pulling in different directions.Houthi strikes on Saudi Arabia's King Khalid international airport have escalated the conflict, with Saudi Arabia vowing a "decisive response".Meanwhile, US President Donald Trump has announced that Russia and Ukraine have agreed to an "energy ceasefire" and Russia officially lifted its export ban on diesel on the weekend. It was news to Ukraine. There's a fair bit to unpack there.Later this morning we are expecting the CBA's Wage and Labour Insights for September.The game's afoot, so let's get blogging.