Australian shares are set to open higher on Thursday, buoyed by rising optimism over potential US interest rate cuts and easing commodity market volatility.

Markets are cautiously digesting new US tariff measures, with a retreat in copper spreads helping lift investor sentiment across resource-heavy sectors.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.6%, 0.9%, and 0.5%, respectively.

In macroeconomy, the monthly business turnover indicator is due at 11:30 am Sydney time.

In corporate news, CSL (ASX:CSL) is in focus as new US pharmaceutical tariffs threaten Australia's drug exports, with the company's chairman reportedly urging reforms to the pharmaceutical benefits scheme to ease trade tensions while protecting local healthcare.

Netwealth Group (ASX:NWL) reported total funds under administration of AU$112.8 billion as of June 30, up from AU$88 billion from the previous year, according to a Thursday filing with the Australian bourse.

Australia's benchmark index fell 0.6% or 52.1 points, to close at 8,538.60 on Wednesday.