S&P 500 futures up 0.2%; Nasdaq-100 futures up 0.5%.

Reserve Bank of Australia held the cash rate unchanged on Wednesday, saying a rising unemployment rate and a weak housing market should be sufficient to dampen activity and inflation. Markets will watch Governor Bullock’s afternoon press conference for further guidance. The statement said the committee remains focused on preventing high inflation from becoming entrenched and, with policy judged to be somewhat restrictive, will continue to take necessary actions to return inflation to target, including further increases in the cash rate if upside risks materialize. Australia’s four major banks view the tightening cycle as complete and expect a pause before any easing. Westpac said higher borrowing costs and the end of tax concessions for property investors are weighing on the housing market, illustrating a strong fiscal–monetary interaction. RBA quarterly forecasts show unemployment is projected slightly higher than three months ago, though the labour market remains a touch tight.

FITCH says residual risks from the US–Iran conflict remain, but they are not expected to pose a lasting threat to India's growth outlook.