Company Interview / the open: Westpac profit climbs 💼 ASX set to slip

It was a negative session on global markets overnight as the tech selloff deepened, while commodities were also sold off. The local market is unwinding some of its recent gains with ASX futures down 0.88%. 

Investors on Wall Street were cautious ahead of US inflation data due on Friday, while US Treasury yields fell. Software and brokerage stocks fell sharply, led by Atlassian although Adobe rebounded late in the session. All "Magnificent 7" stocks posted declines, with Apple shares being hit the hardest along with Amazon. 

On the political front the Liberal Party is poised to dump its first female federal leader, Sussan Ley. This comes after just nine months in the role, with Angus Taylor expected to win a party-room vote this morning. Meanwhile, oil prices are down sharply due to falling demand and expected increases in supply. 

The US dollar index is up 0.2% on the day, the Australia dollar is at US70.9 cents.