Investor fear over US debt has caused a bond market rout, pushing up yields. A sell off spread to equities, and investors turned to 'safer' assets such as gold and Bitcoin (which hit a record). It's worth noting wheat also rallied, says moomoo Australia market strategist Jessica Amir.

Securities mentioned include GrainCorp, Inghams Group, Rigetti Computing, iShares Bitcoin Trust ETF

US shares snapped a six-day winning streak overnight, with the S&P 500 falling 0.39%. Investors waiting on further tariff deal news, selling up for profit after the sharp rally. Gold nudged up and could rise further in response. Following Australia's rate cut we're seeing banks rise this morning – Westpac, Commonwealth and NAB historically performed well after a rate cut. We could expect property and technology to also gain as the impact of the rate cut settles.

European and American shares traded modestly higher overnight despite the US government's credit downgrade and lower industrial activity in China. Locally there is strong expectation of a rate cut by Australia's central bank, even though employment here is robust. If the RBA does surprise today by not cutting rates, the initial sharemarket reaction is likely to involve selling. If we see a rate cut then the market is likely to jump 0.5% to 1%, lead by banks, infrastructure and real estate investment trusts.