ASX Set to Retreat Amid Wall Street Sell-Off and Middle East Tensions

The Australian share market is set to open lower on Thursday, following heavy losses on Wall Street and a sharp rebound in global oil prices. The S&P/ASX 200 gained 90.8 points, or 1%, to close at 9,038.6 on Wednesday after inflation data sharply reduced expectations of an interest rate rise at the RBA's August meeting.

Annual headline inflation eased to 3.8% in June, well below the RBA's 4.8% forecast, while underlying inflation held at 3.6%. Traders cut the probability of another rate increase this year to around 50%, from more than 90% before the data.