Australian shares to open lower after Wall Street drops

The news: The Australian sharemarket is set to open lower, tracking a drop on Wall Street as investors assess US President Donald Trump's latest tariff announcement ahead of the Federal Reserve's monetary policy decision later this week.

The numbers: Updated at 7.25am AEDT:

• ASX futures: down 21 points or 0.26% at 8,152 points
• Wall Street: Dow Jones down 0.24%, S&P 500 down 0.64%, Nasdaq down 0.74%
• Europe: FTSE 100 up 1.17%, CAC 40 down 0.55%, DAX up 1.12%
• Spot gold: down 0.01% at USD3,334.09 per ounce
• Oil prices: Brent down 1.48% to USD60.38/bbl, US WTI down 1.99% to USD57.13/bbl
• AUD: down 0.05% at 64.65 US cents
• Bitcoin: up 0.16% to USD94,554.23.

The context: All three major US stock indices registered losses after a measure of prices paid by US businesses for materials and services raced to the highest level in more than two years, indicating tariffs were causing inflation pressures to build. Separate data showed the services sector picked up growth in April. Investors are closely watching the Fed's policy announcement on Wednesday, in which the central bank is largely expected to keep interest rates unchanged. Meanwhile, several movie and television production stocks fell sharply after Trump announced a 100% tariff on movies produced outside the US but provided no details on how such levies would be implemented. Energy stocks also tumbled after OPEC+ decided to speed up its output hikes.

What to watch: Building Approvals data and household spending indicators for March at 11.30am AEST.