Australian shares were set to open higher after ASX 200 futures rose 0.2% to 8810, as late gains in US tech sentiment followed Micron Technology’s earnings beat. US inflation worries eased as the 10-year Treasury yield fell 10 basis points to 4.39% after oil slid more than 5% and bitcoin briefly dipped below $US60,000. Investors are awaiting Australia’s May labour force report at 11.30am AEST, which is expected to show the economy added more than 40,000 jobs and the unemployment rate edged down to 4.4%.

Australia’s Hyperion Asset Management, which manages $12.5 billion, has long held an outsized position in Tesla, with the stock making up more than 12 per cent of its portfolio. It has now added a stake in SpaceX to its $3.8 billion Global Growth Fund, where the position sits mid-ranked by weighting. The move strengthens Hyperion’s combined exposure to key technology assets linked to Elon Musk, without involving any secondary-market trading announcement or financial disclosures.

South Australia has passed new legislation affirming BHP’s mining rights at the Olympic Dam site, clearing the way for an expansion of its copper smelter. The project carries a total investment of $5.6 billion and is aimed at increasing copper output. The Kokatha Aboriginal Corporation has opposed the move, saying a compensation agreement has not been reached, but the laws have taken effect. The development is directly tied to the pace of copper resource development and strengthens near- to mid-term expectations for an increase in copper supply.