Australian Market Set to Fall Amid Global Uncertainty

The Australian stock market is expected to open lower on Thursday due to heavy losses on Wall Street and rising global oil prices. ASX futures indicate a decline of 61 points, or 0.7%, following the sell-off in the US.

Investors will also be monitoring June building approvals data and comments from Reserve Bank of Australia assistant governor Sarah Hunter. Several companies are set to release their quarterly updates, including Boss Energy, PLS Group, Perseus Mining, Strike Energy, Vulcan Energy, and Champion Iron.

The ASX rallied on Wednesday after softer inflation reduced the risk of an interest rate hike at the RBA's August meeting. Annual headline inflation eased to 3.8% in June, below the RBA's forecast of 4.8%. This led traders to cut the probability of another rate increase this year to around 50%, from over 90% previously.

Currency markets were mixed against the US dollar following the Fed's decision to leave interest rates unchanged but indicate further tightening support among policymakers. The Australian dollar slipped 0.4% to US69.48 cents, extending losses recorded after the softer domestic inflation figures.