Australian shares are poised to fall on Wednesday as hotter-than-expected US inflation data dampened hopes for US Federal Reserve rate cuts, lifting bond yields and the US dollar while weighing on non-interest-bearing assets like gold and other commodities.

Overnight, the S&P 500 and the Nasdaq Composite fell 0.2% and 0.7% respectively, while the Dow Jones Industrial Average gained 0.1%.

In the macroeconomy, Australia's wage price index and lending indicators reports are due at 11:30 am Sydney time.

In corporate news, Commonwealth Bank of Australia (ASX:CBA) reported a cash net profit after tax of around AU$2.7 billion for the fiscal third quarter, up 4% from a year earlier.

Aristocrat Leisure (ASX:ALL) reported Wednesday fiscal first-half adjusted earnings of AU$1.29 per share on revenue of AU$3.03 billion, compared with earnings of AU$1.163 per share on the same revenue a year earlier.

Australia's benchmark index fell 0.4% or 31.1 points to close at 8,670.70 on Tuesday.