ASX set to rise as Wall Street gains in busy earnings week; gold declines

The Australian sharemarket is set to open stronger this morning after US stocks rebounded after a $US2 trillion selloff as worries over a wider Middle East conflict eased, boosting stocks and pressuring gold and oil prices.

“It seems neither Israel nor Iran want an escalation in the crisis in the Middle East,” said Kazuo Kamitani, a strategist at Nomura Securities. “With a subsequent strike from either side not looking like it’s coming, investor concerns have eased somewhat.” “Just beating consensus estimates for earnings won’t be enough,” said Matt Maley at Miller Tabak + Co. “We’re going to have to see much better guidance from Corporate America if the stock market is going to resume its advance.”

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