ASX set to rise as Wall Street ticks higher

Because of the low bar set for companies for the spring, they may be able to squeak past without much heroics.

WD-40 jumped 18.3 per cent after it said it returned to growth in revenue during the three months through May following two straight quarters of flat to down sales. It reported stronger growth in both profit and revenue than analysts expected, and it said it’s sticking with its forecasts for full-year sales and profit.

On the losing side of Wall Street were several cruise operators, which lost momentum following a torrid start to the year. Carnival fell 2.1 per cent, and Royal Caribbean slipped 1.7 per cent. Both, though, are still up more than 100 per cent for the year so far.

Bank of America drifted between losses and gains after regulators ordered it to repay $US100 million to customers. It was up 0.7 per cent after regulators said it double-dipped on fees, withheld rewards on credit cards and opened accounts without customers’ knowledge.

In the bond market, Treasury yields were holding relatively steady after rising last week on expectations the Fed will keep interest rates higher for longer in its campaign to get inflation under control.

The 10-year Treasury yield slipped to 3.97 per cent from 4.00 per cent late Monday. It helps set rates for mortgages and other loans.

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The two-year Treasury yield, which moves more on expectations for the Fed, inched up 4.88 per cent from 4.86 per cent.

In markets abroad, most stock indexes rose. Hong Kong’s Hang Seng gained 1 per cent, South Korea’s Kospi jumped 1.7 per cent and France’s CAC 40 rose 1.1 per cent.

Stocks in London were down 0.1 per cent after a report showed U.K. wages are rising at a record rate amid stubbornly high inflation. That’s bolstering expectations for the central bank there to keep raising interest rates.