Australian shares are set to edge lower at the open. Shares were broadly lower on Wall Street with investors awaiting more earnings reports and guidance from the Federal Reserve on the rate outlook.<\/p>\n
Fed policymakers began a two-day meeting on Tuesday (Wednesday AEST). A statement will be released at 4am AEST on Thursday. While rates are expected to be held, investors are keen to see if chairman Jerome Powell has begun to lean towards a rate cut at the next meeting in September.<\/p>\n
Here, it\u2019s monthly CPI data day. The report \u201ccould validate market pricing for a 25 basis points rate cut at the bank\u2019s August 12th meeting\u201d, Scotiabank\u2019s Derek Holt said in a note.<\/p>\n
Wednesday marks the first \u2018busy\u2019 reporting day with Rio Tinto set for release at 4.15pm AEST. Earlier in the day, Atlas Arteria Group, Champion Iron, Pilbara Minerals and Mineral Resources are on deck.<\/p>\n
Market highlights<\/p>\n
ASX futures are pointing down 11 points or 0.1 per cent to 8658.
All US prices are near 4.30pm New York time.<\/p>\n
AUD -0.1% to US65.12\u00a2Bitcoin -0.4% to $US117,450On Wall St: Dow -0.5% S&P -0.3% Nasdaq -0.4%VIX +0.95 to 15.98Gold +0.3% to $US3325.91 an ounceBrent oil +4% to $US72.84 a barrelIron ore +2.1% to $US102.95 a tonne10-year yield: US 4.32% Australia 4.32%Today\u2019s agenda<\/p>\n
For local investors, the monthly CPI data to be released at 11.30am is in focus. TD Securities: \u201cWe expect headline and trimmed mean CPI to print at 2.1 per cent year-over-year (consensus: 2.2 per cent) and 2.6 per cent y\/y (cons: 2.7 per cent) respectively. This is below consensus forecasts but in line with the RBA\u2019s May forecasts.\u201d<\/p>\n
Later on Wednesday, there will be GDP reports from Germany, France, the EU and the US. There will also be more private payroll data from the US, with labour market\u2019s strength rising on economists\u2019 radar screens. Policymakers meet at the Bank of Canada with a hold decision expected at 11.45pm, as Canada awaits a tariff letter from the US.<\/p>\n
The Fed decision will arrive at 4am AEST on Thursday with Jerome Powell\u2019s press conference starting at 4.30am.<\/p>\n
Top stories<\/p>\n
A shameless Trump-ed up listing plan reveals tricks of the ASX trade<\/a> | Microcap Resolution Minerals is doing what it can get away with to stand out in the crowded and often overlooked world at the bottom of the ASX.<\/p>\n Crypto billionaire invests millions to build Australia\u2019s ChatGPT<\/a> | While there are plenty of investors trying to land a lucrative payday as AI use goes mainstream, Maincode is trying to become Australia\u2019s answer to OpenAI.<\/p>\n Mt Isa fights for its life, and a billion-dollar smelter bailout<\/a> | The regional centre\u2019s population has slumped by almost 20 per cent over the past two decades. Locals fear without taxpayer help, that will be just the start.<\/p>\n