ASX to continue downward trajectory

The news: Australian shares look like set to continue their downward trajectory from Wednesday once the market opens on Thursday, following a slide on Wall Street.

The numbers: ASX futures were pointing lower by 31 points to 7500. Late in US trade, the Dow Jones Industrial Average was down 0.59% to 37,492 points. The S&P 500 was lower by 0.7% to 4,712. The technology-based Nasdaq had dipped 0.98% to 14,621. The Aussie dollar was lower and buying 67.26 US cents.

The context: The downbeat trading activity comes despite US Federal Reserve minutes, published early Thursday, showing policymakers increasingly convinced inflation is coming under control. Reuters reported policymakers are wary that "overly restrictive" monetary policy might damage the economy. However there was no timing given for rate cuts. Wall Street wasn't the only site of flagging performance in global trade. Major indices the Euro Stoxx 50 and the FTSE 100 in London were also lower.