Australian futures ticked lower on Friday, tracking Wall Street’s modest losses overnight as investors navigate ongoing uncertainty around the United States' economic policies and inflation.
By 9 am AEDT (10 pm GMT) the ASX SPI200 June contract was down by 17 points, or 0.2% to 7,959.0.
Market sentiment remained mixed after the Federal Reserve opted to keep interest rates unchanged while leaving the door open for two potential rate cuts later this year.
In United States markets, The Dow Jones Industrial Average eased 11.31 points to 41,953.3. The S&P 500 slipped 12.4 points, or 0.2%, to 5,662.9, while the Nasdaq Composite fell 59.2 points, or 0.3%, to 17,691.6.
Among yesterday's data, Australia’s unemployment rate held steady at 4.1% in February, as a decline in labour force participation offset a sharp drop in employment.
ANZ analysts noted that the data is unlikely to alter the Reserve Bank of Australia’s monetary policy stance. “We don’t think this print in isolation will have a material impact on the RBA’s monetary policy decisions moving forward. Labour market fundamentals remain solid, with an overall robust trend in employment growth, a low unemployment rate, and an elevated level of job advertisements.
"We maintain our stance that this easing cycle will be a shallow one, with only one more rate cut to come in August,” ANZ stated in a note to clients.
In corporate developments, the Australian Competition and Consumer Commission (ACCC) reported that supermarket giants Woolworths and Coles rank among the most profitable grocery retailers globally but acknowledged that little could be done to curb their market dominance.
Ahead in the session, investors will be monitoring Japan’s national consumer price index (CPI) for February is due at 10:30 am AEDT.
Meanwhile, several ASX-listed companies are set to pay dividends, including Pinnacle Investment Management Group Ltd, stock exchange operator ASX Ltd, health imaging firm Pro Medicus Limited, and intellectual property services provider IPH Ltd.
On the bond markets, 10-year and 2-year yields remained steady at 4.387% and 3.742%, respectively.
