ASX to fall, Nvidia lifts Nasdaq Composite to record high

Australian shares are set to open lower amid renewed concerns about President Donald Trump's trade wars and after June US consumer price data bolstered the Federal Reserve's case to hold rates steady for now. Shares in Nvidia were more than 4 per cent higher in afternoon trade, pacing the Nasdaq Composite to a record high. The Trump administration granted the company the right to sell advanced computer chips used to develop artificial intelligence to Chinese customers. Should gains on the Nasdaq hold, it would be the fourth session in five that the technology-heavy index has posted a record close, and…