Australian shares set to open higher

News Snapshot:

Australian shares are set for a modest opening advance, in line with similar modest gains in New York after data pointed to broader weakness in the US economy. A contraction in US service providers and a deceleration in hiring drove bond yields down across the US curve. The data led traders to reinforce their bets that the Federal Reserve will be forced to cut interest rates at least twice this year to avert a recession. The reports came on the same day as President Donald Trump imposed 50 per cent tariffs on most imports of steel and aluminium. Market highlights...