Australian shares are set to edge higher, with futures reversing early losses after reports that the EU and US are nearing a trade deal with 15 per cent tariffs as a key component.

That tariff level would match one President Donald Trump said the US had reached with Japan the previous evening.

The Dow paced gains higher in New York. The S&P 500 and Nasdaq also advanced though investors are waiting for results from Alphabet and Tesla after the closing bell at 6am AEST Thursday.

Market highlights

ASX futures are pointing up 3 points or 0.03 per cent to 8701.
All US prices as of 3.55pm New York time.

AUD +0.7% to US66.01¢Bitcoin -1% to $US118,473On Wall St: Dow +1.1% S&P +0.7% Nasdaq +0.6%VIX -1.00 to 15.50Gold -1.1% to $US3394.95 an ounceBrent oil -0.2% to $US68.45 a barrelIron ore -0.7% to $US104.75 a tonne10-year yield: US 4.39% Australia 4.29%Today’s agenda

Among corporate reports expected on Thursday: Fortescue, Coronado Global Resources, Insignia Financial, Karoon Energy, Lynas Rare Earths, Northern Star Resources, Sandfire Resources and Syrah Resources.

Macquarie Group will host its annual general meeting, starting at 10.30am at its new headquarters in Sydney.

RBA governor Michele Bullock will speak about – The RBA’s Dual Mandate – Inflation and Employment – at the Anika Foundation in Sydney at 1.05pm.

There will be a raft of manufacturing and services PMI reports released in Japan, France, Germany, the UK, the EU and the US.

European Central Bank policymakers gather and are expected to vote to keep rates steady. President Christine Lagarde will host a news conference after the meeting concludes.

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