Australian shares are set to drop on Friday, after Wall Street fell on data showing yearly inflation hit 7.9 per cent. Commodity prices slid overnight.
Australian shares are expected to open lower on Friday, after Wall Street fell on annual inflation hitting a 40-year high, while oil prices slid on supply concerns.Annual inflation in the US hit 7.9 per cent, the biggest rise in 40 yearsASX SPI 200 futures were down by 0.5 per cent to 7,093 by 08:15am AEDT.US inflation data added to the concerns about Russia's invasion of Ukraine that have been weighing on commodity and equity markets .
Amazon was one of the day's bright spots, its shares surging after the e-commerce giant announced a 20-for-1 stock split and a $10 billion share buyback. The global benchmark for oil, Brent crude, was down 1 per cent to $109.87 a barrel after gaining as much as 6.5 per cent earlier in the session. The US benchmark, West Texas Intermediate crude oil, dropped 2.2 per cent to $106.30, after adding around 6 per cent earlier in the session.
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