The Australian sharemarket is set to open higher after traders gearing up for the latest US inflation data sent stocks toward fresh all-time highs overnight on Wall Street.
ASX 200 futures were up 33 points, or 0.4 per cent, at 8250 as of 6.34am EADT. The three main US stock indexes rose as investors digested Federal Reserve meeting minutes ahead of the September inflation figures and earnings reports, but Google parent Alphabet shares fell on fears the government would break up the tech giant.
US stocks held steady after the release of the Fed’s September meeting minutes showed a “substantial majority” of officials supported an outsized half-point rate cut. There was broader agreement that the move would not commit the Fed to any particular pace of cuts in the future.
Shares in market heavyweight Alphabet were down 1.9 per cent after the US Department of Justice said it may ask a judge to force Google to divest parts of its business. These include its Chrome web browser and its Android operating system, to curtail its search monopoly.
The market is awaiting the Consumer Price Index inflation report on Thursday and the third-quarter corporate earnings season, which kicks off in earnest with some of the biggest US banks reporting on Friday.
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