the open: ASX to surge higher as US markets stabilise ⚖️

The Australian share market is set for a solid start this morning with ASX futures up 0.8%. Global markets stabilised overnight after an AI-driven sell-off across Asia, with the Nasdaq recovering to positive territory and the S&P 500 gaining support. However, US producer price inflation came in significantly hotter than expected, with core PPI rising 0.7% monthly and 5% annually, adding to concerns about persistent inflation and limiting the Federal Reserve’s room to cut rates. US retail sales also beat expectations, although underlying measures were softer. All eyes are trained on Fed Chair Kevin Warsh's address tonight. The Australian dollar underperformed other major currencies, falling to around US69.2 cents. Brent crude remained near US$106 a barrel, while US Treasury yields retreated sharply from recent highs. Gold has gained to US$4,160 an ounce and Bitcoin is around US$82,000. Today maritime intelligence company Overwatch Technologies makes its debut on the ASX along with minerals exploration company Europa Metals.