Australian shares are poised to follow Wall Street higher this morning, resuming its record rally ahead of key jobs data later on Thursday morning.

ASX futures are up 60 points, or 0.7 per cent, tracking gains in the US, where the Dow Jones added 0.8 per cent, the S&P 500 rose 0.5 per cent and the Nasdaq edged 0.3 per cent higher. Technology mostly pulled back, though Nvidia rebounded. Gold and oil edged higher.

Futures place the ASX on track to resume a surge that pushed the index to a record high on Tuesday, only to pare back modestly Wednesday.

In the US, Morgan Stanley leapt to a record high after reporting quarterly results that exceeded expectations. Utilities and financials led nine of the 11 S&P 500 sectors higher. “While the magnificent seven has led the way since mid-2023, the ‘S&P 493’ is now beginning to catch up,” Yardeni Research said in a note. The Russell 2000 Index of smaller cap companies was 1.6 per cent higher, nearing a three-year high.

The Australian Bureau of Statistics will release the nation’s latest labour force data at 11.30am. The consensus among economists is for the September unemployment rate to hold steady at 4.2 per cent.

Stocks in focus

The NSW Independent Casino Commission is expected to hand down its decision on whether Star Entertainment can retain its Sydney licence. Short sellers have ramped up bets against the embattled casino operator ahead of the call.

BHP flagship iron ore division has made a faster than expected start to the new financial year despite being hampered by works to install a new rail signalling system. The Financial Times reported that chief executive Mike Henry met with South African government officials last week, sparking speculation of a fresh bid for Anglo American.

A global bull market has helped lift wealth Perpetual’s assets under management in the September quarter. The firm said the 3 per cent rise over the quarter brought AUM to $222.3 billion as of the end of September, adding the gain was primarily due to the impact of positive market movements.

The Australian Communications and Media Authority has fined Commonwealth Bank $7.5 million for spamming its customers.

AMP says it has returned $1.1 billion to its investors in dividends and share buybacks as the company continues to “simplify and grow” its business.

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