Investing.com - The Australian Stock Exchange is set to open lower on Wednesday, mirroring losses in European markets overnight while US indices finished in a mixed fashion.
The expected fall comes as investors anxiously await the latest inflation data release later today.
Australia's Weighted-Mean Consumer Price Index (CPI) will be released at 11.30am with analysts predicting that the inflation measure will show an annual increase of 3.8%, up from April's 3.6%.
Before the data release, market pricing from ANZ indicates that bond traders anticipate the Reserve Bank of Australia's first rate cut by July 2025. There's also a slight 16% probability of a rate hike by September 2024.
In the US, NVIDIA Corporation (NASDAQ:NVDA), the tech giant, reversed a three-day losing streak, boosting both the S&P 500, which rose 0.4%, and the NASDAQ Composite, which increased by 1.3%. However, the Dow Jones Industrial Average dropped by 0.8%, with Home Depot Inc (NYSE:HD) and Nike Inc (NYSE:NKE) leading the losses.
In Europe, both the Stoxx 50 and the FTSE 100 saw declines of 0.3% and 0.4%, respectively.