The Australian sharemarket is poised for a weak start on Thursday, mirroring Wall Street’s sell-off after the U.S. Federal Reserve signalled a slower pace of rate cuts in 2025.
By 8 am AEDT (9 pm GMT) ASX futures were down 123 points or 1.5% to 8,314.
Market sentiment soured after Federal Reserve Chair Jerome Powell indicated a cautious approach to future policy adjustments.
The central bank reduced its benchmark rate by 25 basis points but scaled back its projected rate cuts for 2025.
The Fed’s stance triggered sharp losses on Wall Street, with the S&P 500 and Dow Jones each dropping over 2.5% apiece and the Nasdaq falling 3.6%.
Ahead in the session, market participants will be monitoring a slew of interest rate decisions from Japanese, Swedish, Norwegian and English central banks
In local trading, Australian companies ANZ, Elders, and Incitec Pivot are set to hold their annual general meetings (AGMs).