Live: ASX set to rise, ASIC fronts KPMG inquiry

Australian shares were set to open higher after Wall Street rallied overnight. Investors scaled back expectations of another U.S. interest-rate increase after a senior Federal Reserve official said he would support holding rates steady if upcoming data showed inflation pressures were easing.

Lower expectations for another rate rise pushed U.S. Treasury yields down for a second straight session and helped lift share prices. At about 6:30 a.m. Australian Eastern time, the ASX 200 was up 0.2% at 9,036 points, while the Australian dollar had risen 0.4% to 72 U.S. cents.

Wall Street’s gains included a 1.2% rise for the Dow Jones, a 1.06% increase for the S&P 500 and a 1.4% advance for the Nasdaq Composite. European markets also moved higher, with the FTSE up 0.7%, the DAX up 0.6% and the Stoxx 600 up 0.5%.

Gold rose 2.4% to $4,519 per ounce, Brent crude edged up to $95.77 a barrel, and bitcoin gained 5.47% to $81,422. Meanwhile, Australia’s corporate regulator, ASIC, was due to face parliamentary questions about its handling of the KPMG audit-leaks scandal. The live markets coverage carried a disclaimer that it was not investment advice.