Live: ASX set to follow Wall Street's late rally

Having wobbled all over the place on Friday, Wall Street finished the week in a bubbly "risk-on" mood with all the key indices forging higher, giving the ASX reasonable prospects of a bounce this morning.
The S&P 500 (+1.6%), Nasdaq (+1.6%) and Dow (1.4%) all gained momentum after meeting between the U.S. President Donald Trump and Ukrainian counterpart Volodymyr Zelenskiy ended in acrimony.
Mid-meeting things were looking hairy on the market when traders looked up from screens after hearing President Trump saying something about "World War 3", a sell signal if there ever was one.
The S&P 500 immediately dropped 50 points, while the Nasdaq tumbled 200 points before some new inspiration entered the collective trading mindset and buying resumed with the vigour.
The ASX looks like taking its lead from Wall Street's final two hours of the week with futures markets pointing to a 0.6% rise this morning.
Over the week, the S&P 500 was down 1% and the Nasdaq lost 3.5% and almost 5% in February.
US economic data on Friday was mixed.
Consumer spending fell 0.2% in January, the first drop in two years
ISM manufacturing data was stronger than expected — rising back to expansionary territory, while inflation came in line with expectations.
"Spending came in lower than we were looking for… most of it I would attribute to a cooling economy, which presents a dilemma for the Fed in the sense that you still have inflation, and you have an economy that is moving lower," Spartan Capital Securities chief marker economist, Peter Cardillo told Reuters..
"If you add them together, that equals stagflation," Mr Cardillo said.
Societe Generale global economics team noted that markets reacted strongly to weak consumer confidence, with the 10-year bond yield dropping more than 50 basis points since its peak of 4.80% on January 14.
"This decline in long-term yields has resulted in an inversion of the Treasury yield curve, bringing them in line with the 3-month bill yield," SG wrote in a note to clients.
"Is this a signal of a potential recession?" the investment bank rhetorically asked.
Across the Atlantic markets had largely wrapped up trading before the White House contretemps and largely closed flat on uncertainty about the outlook for growth, while corporate earnings across the region delivered a mixed picture.
The big alcoholic beverage maker Pernod Ricard had a good day, up 2.5%, which may mean something, or maybe not.
On commodity markets, oil fell again (Brent -1.2%) and both the global benchmark Brent crude and the key US marker West Texas Intermediate crude saw their first monthly decline since November.
Gold fell 1%, ensuring that it also had it worst week in three months.
However, the honour of the biggest bust of the week goes to Bitcoin.
It was down by as much as 7% on Friday and ended the week down 16%, its biggest weekly drop since the collapse of the FTX crypto exchange in November 2022.
However, things change fast in crypto-land with Bitcoin, Ethereum and others jumping more than 10% in the past few hours after US President Donald Trump announced the names of five digital assets he expects to include in a new U.S. crypto strategic reserve.