Australian stocks seen lower after jitters on US markets

The news: Australian stocks are set to start lower after major US indices ended down overnight with investors turning jittery over the potential for more rate hikes.

The numbers: The Dow ended 0.52% lower, the broader S&P 500 lost 0.76% while the tech-heavy Nasdaq dropped 1.15% after the Federal Reserve's minutes showed central bank officials still worried over inflation and divided over the need for more interest rate hikes. ASX 200 futures were trading 23 points or 0.32% lower at 7118 points at 0700 AEST.

The context: The Fed’s July meeting minutes add to uncertainty among investors about the outlook for interest rates. Stocks have suffered so far in August, as data underscoring sticky inflation and a robust US economy fans fears of interest rates staying higher for longer. In the local market, investors will be watching key earnings including Telstra, Origin Energy, Goodman Group and Amcor.