Australian shares set to rise despite mixed Wall Street result

The news: The Australian sharemarket is set to start higher as local traders shrug off a mixed session on Wall Street, where investors braced for more economic data.

The numbers: The Dow Jones index ended 0.11% higher, while the broader S&P 500 slipped 0.19% and the tech-heavy Nasdaq lost 0.52%. In the local market, ASX 200 futures were up 23 points or 0.3% at 7759 points at 7:00am AEDT on Thursday.

The context: US stocks were subdued as investors booked profits ahead of key data this week as well as next week's Federal Reserve meeting. While the US central bank is widely expected to leave interest rates unchanged this time, traders see a 65% chance of the first rate cut coming in June. February US producer price data and retail sales, both due on Friday AEDT, could offer further insight into inflation.