Australian shares to inch up after Wall Street caution

Australian shares are expected to inch up when they open on Friday morning as traders digest data released in the US overnight, including stronger-than-expected inflation figures. At 6.50am, ASX Futures were heading towards a 0.22 per cent rise to 7461.5 points when the market opens at 10am. The ASX is expected to inch up at the open as traders digest the latest data from the US. Credit: Louie Douvis US stocks fell overnight as news of hotter-than-expected inflation and signs of labour market strength dampened hopes for early interest rate cuts by the Federal Reserve this year . Equities opened higher and the benchmark S&P 500…