ASX to edge higher; Biden spend drives market momentum

Summary

• ASX futures were up 0.1% at 6704.0 and pointing to a modest rise for the local bourse on Monday 
• Wall Street hit new records on Friday - and the ASX 200 finished at a more-than 10-month high - on hopes of an increased US stimulus response to the COVID-19 pandemic 
• President-elect Joe Biden hinted that new fiscal spending under his government would likely number in the trillions – though little detail was provided about where the spending may go
• Spot gold fell 3.4% to $US1849.01/oz but oil prices have continue to climb, with Brent crude up 3% to $US55.99 a barrel, and US oil 2.8% to $US52.24 a barrel. Iron ore has risen another 0.8% to $US173.06 a tonne