The Australian market looks set to open lower following a sell-off on Wall Street as chances of an interest rate hike later this year rose after data pointed to firming inflation.

The SPI is down 31 points, at 5367.

US consumer prices on Tuesday recorded their biggest increase in more than three years in April as petrol and rents rose.

Locally, in economic news, the Reserve Bank of Australia Assistant Governor (Financial Markets) Guy Debelle is slated to speak at the RMB FX Forum in Beijing.

Westpac-Melbourne Institute Leading Indexes of Economic Activity is due out.

In equities news, Coca-Cola Amatil and Iluka Resources have annual general meetings, while ING Direct chief executive Vaughn Richtor is slated to speak at an American Chamber of Commerce in Australia lunch in Sydney.

Key Numbers

• The SPI is down 31 points, at 5367.
• AUD at 73.23 US cents, 79.97 Japanese yen, 64.78 Euro cents and 50.67 British pence
• On Wall St, Dow -1%, S&P -1%, Nasdaq -1.3%
• In Europe, Stoxx 50 -0.5%, FTSE +0.3%, CAC -0.3%, DAX -0.6%
• In London, BHP +2.6%, Rio +1.1%
• Spot gold +0.1% to $US1275.95 ounce at 2.20pm New York time
• Brent crude flat at $US48.98 barrel at 1.54pm New York time
• Iron ore up 2.7% to $US55.78 a tonne

What’s on today

Local data: WBC leading index (April), Wage price index, RBA assistant governor Guy Debelle speaks at 11am on global currency markets; Off-the-record speech by RBNZ governor Graeme Wheeler at midday.

National People’s Congress Chairman Zhang Dejiang, China’s No. 3 official, will deliver the keynote speech for the “One Belt One Road” forum in Hong Kong. Zhang is the most senior Chinese official to visit Hong Kong in almost four years.

China property prices (April); Japan first quarter economic growth data; Euro zone CPI inflation (April); UK unemployment and average earnings (first quarter); FOMC releases April meeting minutes, US MBA mortgage applications (weekly).

Bloomberg Intelligence hosts a precious-metals forum in London organised by the London Platinum and Palladium Market Association.

Overseas earnings: Cisco Systems, Lowe’s Cos, salesforce.com, Target Corp, Hormel Foods, L Brands, Staples, Tencent Holdings, Burberry Group, Flughafen Wien AG, SABMiller.

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