Australian markets poised for rise ahead of key inflation data as tech stocks tumble

Ahead of the scheduled Australian CPI release, ASX 200 futures rose about 0.8%, suggesting the market will start the day on an upward note. The inflation data, due at 11:30 a.m. AEST, is seen as pivotal for the Reserve Bank of Australia's next policy decision. Globally, semiconductor stocks have been sold off, though the Dow and S&P 500 managed modest gains while the Nasdaq slipped.

The Australian dollar hovered around 69.73 US cents after RBA Governor Bullock gave a balanced press briefing that left the August rate hike outlook uncertain. Brent crude fell close to 4% as hostilities in the Strait of Hormuz remained paused, and oil-related sentiment improved. In other news, the FTC opened a consumer-protection probe into fast-fashion retailer Shein, which could face hefty fines pending its Hong Kong IPO.