Live: ASX set to fall, day after Wall St hit record highs

The ASX is set to fall after its US counterparts also slightly dropped overnight, a day after Wall Street reached record highs.Bond yields climbed as markets remained spooked about high government debt around the world, while AI data centre company Firmus continued to be the talk of the town ahead of its blockbuster IPO later this month.Follow the day's financial news and insights from our specialist business reporters on our live blog.Disclaimer: this blog is not intended as investment advice.Thu 8 Oct 2026 at 7:13amThu 8 Oct 2026 at 7:13amMarket snapshotASX futures: -0.7% at 8,701 pointsASX 200 (Wednesday close): -0.09% at 8,727 pointsAustralian dollar: -0.3% at 69.4 US centsWall Street: Dow (-0.7%), S&P 500 (-0.3%), Nasdaq Composite (-0/3%)Europe: DAX (-1.4%), FTSE (-0.8%), Stoxx 600 (-1.5%)Spot gold: -1.4% to $US4,104/ounceOil (Brent futures): +0.36% at $US100.95/barrelIron ore: flat to $US91.60/tonneBitcoin: -0.25% to $US83,48710-year bonds: US 5.28%, Australia 5.41%As at around 7.30am AEDTThu 8 Oct 2026 at 8:09amThu 8 Oct 2026 at 8:09amEx-RBA board member warns another rate hike 'plausible'In case you missed it, another interest rate hike this year is "plausible", but not necessarily likely, according to former RBA board member Ian Harper.Professor Harper was on the RBA board for a decade, from 2016 until August this year.Speaking at a Centre for Independent Studies lunchtime event in Sydney on Wednesday, Professor Harper declined to offer his view on where interest rates might settle over a five- or 10-year horizon, but did make this comment on the short-term prospects for the cash rate."The bank moving again before the end of the year is plausible, from what I can see of the circumstances," he told the audience."But, again, I don't have the [board meeting] papers in front of me."My editor Michael Janda has more on this below.Thu 8 Oct 2026 at 7:55amThu 8 Oct 2026 at 7:55amAustralian company's $35 billion ambition to create the world's longest cableMy colleague Daniel Mercer has just revealed what Singapore really thinks of Sun Cable, an Australian company with bold plans to create the world's longest subsea electrical cable.A renewable energy developer backed by Australian tech billionaire Mike Cannon-Brookes, Sun Cable aims to generate colossal amounts of solar power in the endless, sun-drenched expanses of Australia's Top End.It plans to provided Singapore's 6 million consumers with the power they need via a 4,300km transmission cable through the Indonesian archipelago.You can read more about it below, or catch the story on The Business program tonight.Thu 8 Oct 2026 at 7:48amThu 8 Oct 2026 at 7:48amSpaceX seeks $US40 billion financing to buy Nvidia chips, sources sayElon Musk's SpaceX is reportedly in talks to raise around $US40 billion ($57 billion) in debt financing to buy Nvidia chips.That would make it one of the biggest debt financings of the artificial intelligence era.The package could include around $US10 billion in bank loans and another $US30 billion of investment-grade debt.America asset management firm Apollo Global Management is expected to lead the SpaceX deal while investment firm Pimco is among a small group ​of lenders in talks to provide financing, according to reports.The deal could close in 2027.Thu 8 Oct 2026 at 7:26amThu 8 Oct 2026 at 7:26amReports that Firmus share price has already dropped before IPOInvestors keen on AI data centre developer Firmus, which is poised to launch on the Australian stock market later this month, might have to hose down their expectations of what would have been the second-largest IPO in ASX history.Several media outlets have reported that lower-than-expected demand from overseas investors means Firmus may have to cut its price from $11 to $9 a share. If true, it's a blow for the company which was set for a blockbuster IPO at the original price, which would have made it a $43 billion listing.Its value would drop to about $36 billion under the new price.Either way, it's still a phenomenal jump from less than a year ago, when a private funding valued the then emerging business at $6 billion in November 2025.And just as recently as August, another private round of funding put its value at a cool $US10.5 billion (about $15 billion)It comes as Firmus pulled out of appearing at a federal inquiry into AI today at the last minute.Thu 8 Oct 2026 at 6:57amThu 8 Oct 2026 at 6:57amASX set to fall Welcome to our live coverage of all things business on this very fine Thursday morning.Alex here to take you through the day's highs and lows.To start, the ASX is set to slide this morning, with ASX 200 futures down -0.7% to 8701.Wall St stocks fell slightly away from their record high recorded on Wednesday local time.The S&P 500 fell -0.2%, a day after surpassing its previous all-time high set in August, while Dow Jones was down -0.6% and the Nasdaq recorded a -0.4% drop.Bond yields climbed as markets remain spooked about high government debt around the world, particularly in France recently.Meanwhile, AI data centre company Firmus continues to be the talk of the town ahead of its blockbuster IPO later this month but it's not all good news.Grab a coffee and keep reading for today's financial news.