Australian shares are poised to open higher Wednesday as investors track Wall Street's gains ahead of key inflation data.

On the macroeconomic front, Australia's inflation report for the first quarter is slated for release at 11:30 am Sydney time.

US benchmark stock indexes rose overnight, with the Dow Jones Industrial Average rising 0.8%, and the S&P 500 and the Nasdaq Composite up 0.6% each.

US President Donald Trump on Tuesday relaxed the tariffs imposed on cars and auto parts and signed a proclamation incentivizing companies that assemble their automobiles in the US.

In corporate news, Mineral Resources (ASX:MIN) said it is not considering an equity raise, given "strong" liquidity of over AU$1.25 billion as of March 31, according to a Tuesday filing with the Australian bourse.

Elsewhere, Piedmont Lithium (ASX:PLL) shipped 27,000 dry metric tons (dmt) of spodumene concentrate in the first quarter from its North American Lithium operations, up 74% from 15,500 dmt a year earlier, according to a Tuesday statement by the company.

Australia's benchmark index rose 0.9%, or 73.50 points, to close at 8,070.60 on Tuesday.