Australian shares to start higher despite mixed Wall Street session

The news: The Australian sharemarket is poised to start higher after Wall Street indices held on to gains amid a slew of early quarterly results.

The numbers: The Dow Jones index is trading 0.3% lower after hitting a record close last week, but the broader S&P 500 edged up 0.07% and the tech-heavy Nasdaq added 0.13%. In the local market, ASX 200 futures were trading 18 points or 0.24% higher at 7503 points at 7:00am AEDT on Wednesday.

The context: US investors view the upcoming quarterly reports as key to whether Wall Street's recent rally continues or loses steam. Early quarterly results have been a mixed bag but a slew of additional reports from Netflix, Tesla and other megacap companies is due later this week. The personal consumption expenditure index - the Federal Reserve's preferred inflation gauge - as well as the S&P Global PMI readings and an advance fourth-quarter GDP print this week will also be key in assessing the central bank's next interest rate decision when it meets on 31 January.