May 1 (Reuters) - Australian shares are set to open higher on Wednesday, with stronger commodity prices expected to lift material stocks, while expectations of the U.S. Federal Reserve keeping key interest rate steady is also likely to boost sentiment.
The Fed is expected to hold interest rates steady at its policy meeting as policymakers balance recent stronger-than-expected U.S. economic growth against sluggish inflation. local share price index futures YAPcm1 rose 0.3 percent, a 1.5-point discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark fell 0.5 percent on Tuesday.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.5 percent in early trade.