ASX set to rise, Nvidia weighs on Wall Street

Expectations for a series of cuts from the Fed have been a major reason the S&P 500 has set so many all-time highs this year.

On Wall Street, Interpublic Group rose 7.6 per cent after rival Omnicom said it would buy the marketing and communications firm in an all-stock deal. The pair had a combined revenue of $US25.6 billion last year. Omnicom, meanwhile, sank 8.4 per cent.

Macy’s climbed 2 per cent after an activist investor, Barington Capital Group, called on the retailer to buy back at least $US2 billion of its own stock over the next three years and make other moves to help boost its stock price.

Super Micro Computer rose 5.6 per cent after saying it got an extension that will keep its stock listed on the Nasdaq through Feb. 25, as it works to file its delayed annual report and other required financial statements.

Earlier this month, the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board following the resignation of its public auditor.

In the oil market, a barrel of benchmark US crude rallied 2 per cent to $US68.53 following the overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels. Brent crude, the international standard, was mostly unchanged at $US71.05.

The price of gold also rose 1.2 per cent amid the uncertainty created by the end of the Assad family’s 50 years of iron rule.

In stock markets abroad, the Hang Seng jumped 2.8 per cent in Hong Kong after top Chinese leaders agreed on a “moderately loose” monetary policy for the world’s second-largest economy. That’s a shift away from a more cautious, “prudent” stance for the first time in 10 years. A major planning meeting later this week could also bring more stimulus for the Chinese economy.

US-listed stocks of several Chinese companies climbed, such as a 14.9 per cent jump for electric-vehicle company Nio and a 9.2 per cent rise for Alibaba Group. Stocks in Shanghai, though, were roughly flat.

In Seoul, South Korea’s Kospi slumped 2.8 per cent as the fallout continues from President Yoon Suk Yeol ’s brief declaration of martial law last week in the midst of a budget dispute.

In the bond market, the yield on the 10-year Treasury rose to 4.20 per cent from 4.15 per cent late Friday.

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