Australian stocks seen lower after Wall Street selloff

The news: The Australian sharemarket is poised to open lower, tracking heavy losses on Wall Street where latest economic data bolstered concerns about interest rates.

The numbers: The Dow Jones index fell 1.27%, while the broader S&P 500 lost 1.36% and the tech-heavy Nasdaq dropped 1.87% after data showed US job openings unexpectedly increased in August. In the local market, ASX 200 futures were trading 35 points or 0.5% lower at 6929 points at 0700 AEST on Wednesday.

The context: The latest data fueled worries about a tight labour market ahead of Friday's key US monthly jobs report, underscoring the view the Federal Reserve may need to keep interest rates high. Investors continue to closely watch benchmark Treasury yields, which hit 16-year highs on Tuesday. The cautious sentiment is also expected to continue in the local market, a day after the RBA kept rates on hold for another month.