Australian shares set to fall after Wall Street losses

The news: The Australian sharemarket is set to open lower, tracking declines on Wall Street overnight as investors assess key economic data ahead of the Federal Reserve's meeting next week.

The numbers: Updated at 7:25am AEDT:

• ASX futures: down 58 points or 0.7% at 8,287 points
• Wall Street: Dow Jones down 0.47%, S&P 500 down 0.41%, Nasdaq down 0.44%
• Europe: FTSE 100 up 0.12%, CAC 40 down 0.03%, DAX up 0.13%
• Spot gold: down 1.34% to USD2,681.79 per ounce
• Oil prices: Brent up 0.14% to USD73.62/barrel, US WTI down 0.06% to USD70.25/bbl
• AUD: down 0.07% at 63.65 US cents
• Bitcoin: down 1.5% to USD99,622.20

The context: Data showed US producer prices rose a higher than expected 0.4% in November. It comes a day after US consumer prices rose 2.7% in the month, the most in seven months. Investors see a 98% probability of a rate cut next week, but the CME Fedwatch tool indicates expectations of a pause in January after several Fed officials last week urged caution over the pace of monetary policy easing as the economy remained resilient.

What to Watch: Annual general meetings for Westpac and Premier Investments; market debut for data centre landlord DigiCo Infrastructure REIT on the ASX; and overseas migration data for the 2023-2024 financial year released by the Australian Bureau of Statistics.