Australian stocks set for weak start after Wall St decline

The news: The Australian sharemarket is set to start on the backfoot after major US indices ended lower on Friday as investors digest a more hawkish outlook from the Federal Reserve.

The numbers: The Dow Jones index fell 0.31%, the broader S&P 500 lost 0.23% while the tech-heavy Nasdaq lost 0.09%. In the local market, ASX 200 futures were trading 18 points or 0.25% lower at 7086 points at 0700 AEST on Monday.

The context: Investor sentiment remains uncertain as they adapt to the Fed's decision last week to leave its key interest rate steady but update its projections to suggest restrictive monetary policy will remain in place longer than previously anticipated. US GDP to be released this week will throw more light on this stance. In the local market, traders will be carefully watching monthly inflation and retail sales data that is due later this week.