Australian shares are set to open higher Wednesday following a mixed session on Wall Street as investors assess a surprisingly low US inflation print despite the tariffs.

In Australian macroeconomic news, the latest wage price index and lending indicators are slated for release at 11:30 am Sydney time.

US equities were mixed overnight. The Nasdaq Composite and the S&P 500 rose 1.6% and 0.7%, respectively, while the Dow Jones Industrial Average shed 0.6%.

US annual inflation eased to 2.3% in April from 2.4% in March, marking its lowest reading since February 2021. Analysts expected inflation to hold steady at 2.4%.

In corporate news, Commonwealth Bank of Australia (ASX:CBA) reported cash net profit after tax of AU$2.57 billion in the fiscal third quarter, up 6% on the prior year.

Elsewhere, Macquarie Group's (ASX:MQG) asset management arm-backed UK water supply and wastewater treatment services provider Southern Water has asked US investment firm Ares Management and other creditors to write off about 370 million pounds sterling in holding company debt, according to a Tuesday report by the Financial Times, citing unnamed sources.

Australia's benchmark index rose 0.4%, or 35.50 points, to close at 8,269 on Tuesday.