ASX set for weaker start ahead of inflation data; Wall Street’s S&P 500, Dow dip

The Australian sharemarket is set for a weaker open ahead of the release of the latest inflation figures this morning. US stocks fluctuated overnight as investors assess the timing and size of the Federal Reserve’s interest rate cuts in 2024 before US inflation data later this week. On Wall Street, the S&P 500 and Dow Industrials slipped, pressured by a modest rise in Treasury yields. Expectations the US central bank could begin cutting rates as soon as March have been slowly decreasing, with CME’s FedWatch Tool showing a 63.8 per cent chance for a cut of at least 25 basis points (bps) for the month, down from 79 per cent a week…