Australian shares are poised to be little changed on Wednesday as key inflation data for April is set to be released.
Overnight, the S&P 500 and the Nasdaq Composite rose 0.6% and 1.2%, respectively, hitting record highs, while the the Dow Jones Industrial Average declined 0.2%.
Brent crude oil futures rose over 3% to reach $99.53 per barrel as optimism around a potential US-Iran peace deal wavered.
In the macroeconomy, one in six Australian businesses was experiencing supply chain disruptions in May, with about 72% reporting a negative impact from current fuel prices or availability, according to a business conditions and sentiments report by the Australian Bureau of Statistics on Tuesday.
Australia's the consumer price index data for April is due at 11:30 am Sydney time.
In corporate news, KMD Brands (ASX:KMD) reported a 5.2% jump in fiscal third-quarter sales, helped by strength in its flagship Kathmandu segment, even as its footwear business Oboz saw a decline amid geopolitical and market tensions. Its board is also conducting a business review to improve shareholder returns.
Tivan (ASX:TVN) received initial assay results from its regional-scale stream sediment sampling program at the Turiscai project in East Timor, returning grades of up to 434 parts per million copper and 0.801 parts per million.
Australia's benchmark index declined 0.4%, or 34.2 points, to close at 8,657.80 on Tuesday.