The cost of insuring against a debt default by Wall Street's tech titans has hit record levels. Soaring debt and rising interest rates have investors fretting about a potential collapse.

Australian shares are set to open higher, with ASX 200 futures up 1% at 8,839 points, after Wall Street closed higher even as investors retreated from technology stocks. The International Energy Agency agreed to release more than 20 million barrels of diesel to the market to cool prices. BHP is seeking about US$8.6 million in compensation from a union at its Spence copper mine in Chile. GameStop holds roughly 9.8% of an online marketplace, a stake valued at US$4.9 billion.

Australia's unemployment rate remained at 4.7% in September. Employment fell by 39,300 and the number of officially unemployed people rose by 8,900. The participation rate eased to 66.8% from 67%, leaving the September-quarter average at 4.63%, above the Reserve Bank's 4.5% forecast for the fourth quarter. Trend measures were steadier, with unemployment at 4.6%, participation at 66.9% and hours worked unchanged.

The ASX is set to slip after a slightly negative finish on Wall Street. Bank of America is hit with a record fine by the US Treasury. Follow the day's events and insights from our business reporters on the ABC News live markets blog.

Iran and the United States are enforcing separate blockades in the Strait of Hormuz, cutting tanker transits to a daily average of just 10 in October from 125 before the war. To draw crews into the risky passage, shipping companies have raised captains' monthly pay from about $22,000 to as much as $143,000. Some companies are adding double-pay bonuses. The increases reflect sharply higher transport risk on the key waterway, with crude shipping costs under significant upward pressure.

Commonwealth Bank CEO Matt Comyn said a November rate increase remains on the table, with the Reserve Bank’s next move hinging on quarterly inflation data due at the end of the month. He said CBA believes the central bank has finished raising rates for now, but described the RBA board’s final meeting of the calendar year as “live”. Comyn also noted national house prices fell 8.2 per cent when rates last peaked in 2023, and urged a stronger focus on productivity to lift economic growth.

Eli Lilly has launched an online platform, LillyDirect, that bypasses traditional pharmacies to deliver the GLP-1 drug Mounjaro to patients’ homes. The service initially offers tirzepatide injections for type 2 diabetes and obesity, with private purchases costing up to $700 a month. Some users say buying through the platform can be about $50 cheaper. Doctors and pharmacists have criticised the model, warning it could put patient safety at risk.

The Reserve Bank of Australia lifted its cash rate by 25 basis points to 4.6%, the fourth increase this year and the highest level since November 2011. Australia’s four largest banks said they will raise variable home-loan rates by 25 basis points from October 9. The moves come as lenders point to persistent inflation, ongoing global uncertainty and broader economic pressures.

Australia’s Bureau of Statistics reported annual CPI inflation rose 4% in August, slightly below the 4.1% expected by the market. The RBA-watched trimmed mean measure held at 3.6% for a third straight month. Following the release, markets sharply pared back expectations for a November rate increase, putting the probability at about 20%.