Investing.com - Australian shares are forecasted to open higher on Wednesday as market participants keenly await the release of key inflation data, crucial in assessing whether further tightening from RBA policymakers is necessary.
In the US, stock markets had a mixed day. The Dow Jones Industrial Average added 0.5%, whereas the S&P 500 and NASDAQ Composite fell by 0.5% and 1.3% respectively.
Investor caution was evident on Wall Street ahead of Microsoft (NASDAQ:MSFT)'s earnings announcement. NVIDIA Corporation (NASDAQ:NVDA) saw a significant decline, falling by 7%. Post-market, Microsoft released its results, leading to a 6% drop in its shares during after-hours trading. While the results mostly met expectations, the Cloud division's revenue fell slightly short.
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In Australia, attention will be focused on the June quarter consumer price index, which is due at 11:30 am AEST. This data will be key to understanding whether the Reserve Bank of Australia will hike interest rates to 4.6%. Currently, bond traders estimate a 20% chance of a rate increase. Retail sales data will also be published at the same time.
Rio Tinto ADR (NYSE:RIO) reported a profit after tax of $5.8 billion for the half-year. The company recorded underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $12.1 billion and net cash flow of $7.1 billion. Additionally, an interim dividend of US177¢ per share was declared.
On the ASX, Centuria Industrial Reit Unit (ASX:CIP) is scheduled to release its earnings report, while Origin Energy Ltd (ASX:ORG) will provide a quarterly update.
ALS Ltd (ASX:ALQ) will also be hosting its Annual General Meeting (AGM).
On the bond markets, 10-year rates were at 4.286% while 2-year rates were at 4.107%.