ASX to rise after S&P 500 hits record high, spurred by Fed rate cut expectations

Australian shares are set to open higher after Wall Street's technology stocks pushed the benchmark S&P 500 index to a record high.AUD: 68.38 US cents, 53.18 British pence, 61.6 euro cents, 74.5 Japanese yen, $NZ1.08Europe: FTSE 100 +0.1pc at 7,331, DAX +0.4pc at 12,942, CAC +0.2pc at 5,731, Euro Stoxx 50 +0.2pc at 3,631By 7:10am , ASX futures were up 23 points or 0.3 per cent.Market sentiment in New York was lifted by investors betting the Federal Reserve would cut interest rates by 0.

Economic data shows the trade war between the two largest economies has started taking toll on both countries. "It just seems like the things that would disrupt the rally — tightening monetary policy — are off the table," said Stephen Massocca, senior vice-president at Wedbush Securities. This was after the technology giant won the Pentagon's $US10 billion cloud computing contract, beating Amazon — which also competed for the same deal.

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