ASX to rise; China hits US with levies; Google owner's results disappoint

Local shares set to gain after tech stocks boost Wall Street higher despite poor results from Google owner Alphabet. Chinese retaliation to escalating US trade war moderate. Amcor results due.

Investors will be wary of escalating trade tensions between the US and China. Picture: Max Mason-Hubers

Welcome to the Trading Day blog for Wednesday, February 5. The ASX 200 is set to rise after Wall Street saw gains, led by tech stocks despite disappointing results from Google owner Alphabet.

ASX 200 futures are 0.6 per cent higher to 8396.

On Wall Street, the S&P 500 gained 0.7 per cent, the technology-focused Nasdaq Composite Index closed 1.4 per cent higher and the Dow Jones Industrial Average added 0.3 per cent.

US 10-year bond yields are lower to 4.514 per cent.

Oil prices are mixed with global benchmark Brent higher to US$76 and WTI Nymex lower to $US72.61.

Gold futures are higher, to $US2873.81.

Cryptocurrency market leader bitcoin is lower, trading below $US99,000.

The Aussie dollar is trading around US62.57c.

Originally published as ASX to rise; China hits US with levies; Google owner's results disappoint