Little change is likely in share prices when the Australian Securities Exchange (ASX) opens on Wednesday after stocks in New York weakened on concerns about the impact of a potential credit card interest rate cap.
The ASX 200 is expected to start 0.06% below the previous close, according to ASX futures trading which quoted the benchmark index’s March contract just five points below the previous settlement at 8,779 points.
The ASX 200 touched a 20 day peak on Tuesday but sentiment was underdone overnight on Wall Street where financial stocks pulled the market down as JPMorgan joined others in expressing concern about President Donald Trump's plan for a cap on card rates.
The Dow Jones Industrial Average fell 0.8%, the S&P 500 eased 0.19% and the Nasdaq Composite dropped 0.1%.
"Financials are getting hit by Trump's credit-card proposal," Ingalls & Snyder Senior Portfolio Strategist Tim Ghriskey was quoted saying in a Reuters article.
"It seems to be sinking in. I think it's going to be extremely difficult to have that become a reality, but it's still out there."
The Australian market had finished higher on Tuesday in the wake of new records on Wall Street the previous night with mining stocks leading the ASX 200 up 0.6% to 8,808.50 points.
In economic news today, job vacancies and building approvals data for the November quarter will be announced at 11:30 am (AEDT).
Stocks to watch today include takeover target BlueScope Steel, which announced a special dividend, gold miners after gold futures prices fell overnight, and energy stocks, given the oil prices lifted offshore.
In fixed interest markets, the Australian Government bond yield curves steeped as two year rates were little changed at 4.017% and 10 year rates rose 0.58% to 4.706%.
