Overnight, global markets saw a mixed bag, with US equities mostly lower across the board. Nine of the eleven S&P 500 industry sectors experienced declines, with industrials leading the way.

This broad retreat comes as traders reassess the likelihood of a rate cut next month. Federal Reserve Chairman Jerome Powell's remarks, stressing caution in rate adjustments, have dampened expectations for a quick easing of monetary policy. The probability of a 25 basis point rate cut in December has fallen considerably, from 82.5% to 55.5%.

The Dow Jones Industrial Average dipped 0.47%, the S&P 500 edged down 0.%, and the Nasdaq Composite pulled back by 0.6%.

Looking at commodities, iron ore saw a decline of 2.1% to US$98.45 a tonne in Singapore. While China's continued stockpiling of commodities is supporting prices, slower economic growth in the country is also a factor, as highlighted by ANZ Research. Copper futures also experienced a significant downturn, falling nearly 8% since November 5th, weighed down by reduced Chinese demand and a stronger US dollar.

In economic news, the October Producer Price Index (PPI) rose 0.2%, aligning with forecasts. However, the PPI excluding food and energy showed a faster-than-expected increase, suggesting that inflation pressures remain persistent. The October Consumer Price Index, while expected, indicates that the Federal Reserve's fight against inflation is not over yet.

Today on the ASX, we expect a positive start, with Australian shares poised to rise with the SPI futures pointing to 0.6 per cent rise.

Companies to host AGMs today include Healius, Lendlease, Mesoblast, Mirvac, PEXA and Sandfire Resources.

In currency, the Australian dollar is trading lower.

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