Australian stocks are set to open more than half a percent higher today, as Wall Street extended its gains, influenced by the strength of tech and semiconductor stock and economic data which showed US inflation to be easing, prompting further expectations of a rate cut from the Federal Reserve.

The S&P 500 increased by 0.7%, the Nasdaq rose 1%, and the Dow Jones added 235 points.

The August Producer Price Index (PPI) was the most significant piece of data released overnight, and it showed that US inflation was softening, with wholesale prices increasing 0.2% month-over-month, a reading which was only slightly higher than forecasts. 

On the ASX, Metals Australia Ltd (ASX:MLS) told investors it was progressing the Lac Carheil Graphite project closer to a prefeasibility study (PFS), Altech Batteries Ltd (ASX: ATC) has reported receiving the first offtake Letter of Intent for its CERENERGY Sodium Chloride Solid State (SCSS) Battery. And Mako Gold Ltd (ASX:MKG) said it had found rock chips grading up to 170 grams per tonne of gold at the Komboro prospect of its flagship Napié project in Côte d’Ivoire.

In forex, the Aussie is still buying 67 US cents.

Looking at commodities which are priced in US dollars, Iron Ore is fetching $92.30 per tonne, Brent Crude is just over US$72.31 per barrel, Gold is at US$2,559 an ounce, and US natgas at US$2.36 per gigajoule.