Australian shares are expected to start the day slightly higher despite global equity markets declining as investors mull how hawkish the US Fed will be this week.
Overnight, the Dow Jones index fell 0.5 per cent, the S&P 500 lost 0.2 per cent and the Nasdaq Composite closed flatASX futures were up 15 points or 0.2 per cent to 6,880 at 7:15am AEST.Wall Street ended down on Tuesday as investors focused on data showing a slowing economy ahead of a US Federal Reserve gathering this week in Jackson Hole, Wyoming.
The S&P Global flash composite purchasing managers index, or PMI, for August dropped to 45, the lowest since February 2021, from 47.7 in July. A reading below 50 indicates a contraction in activity. Traders are split between expecting a hike of between 50 and 75 basis points by the central bank after several policymakers recently pushed back against expectations of a dovish pivot and emphasised the Fed's commitment to fight inflation.
Zoom Video Communications tumbled almost 17 per cent after the former "stay-at-home" stock darling cut its annual profit and revenue forecasts.
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