Futures trading indicates a mixed opening for the Australian share market, following a mixed session on Wall Street and a rise in global oil prices.
Market Outlook
SPI futures suggest the ASX 200 will open 0.1% lower. This follows a mixed performance on Wall Street, where the Dow Jones Industrial Average rose 0.1%, the S&P 500 fell 0.15%, and the Nasdaq Composite dropped 0.7%.
On the previous trading day, the S&P 500 closed at a new all-time high, driven by a rally in chipmaker stocks, despite a majority of stocks in the index declining.
Economy
The federal budget is approaching. Investors are awaiting announcements regarding potential tax changes.
Global Commodities
Oil prices have risen to $US110 per barrel. The increase is attributed to further setbacks in efforts to end the US-Iran conflict, which has maintained market focus on concerns regarding the Strait of Hormuz, fuel costs, and inflation.
US Inflation Data
The US consumer price index (CPI) rose 3.8% in the 12 months to April, the highest rate since May 2023. The US markets reacted to this data.