Wall Street surged to fresh record highs as investors bet a Federal Reserve rate cut is all but certain. US core CPI rose in line with expectations, keeping the Fed on track to ease policy, while a spike in jobless claims in Texas pointed to ongoing labour market weakness. In company news, Paramount and Skydance are preparing a bid for Warner Bros Discovery. Elsewhere, the European Central Bank left interest rates unchanged. In commodities, oil prices fell 2% due to concerns about oversupply, while iron ore prices declined amid elevated Chinese steel inventories. Back home, Aussie shares are expected to finish the week on a positive note.

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