ASX LIVE: Australian shares poised to rise, $A leaps on US rate rethink

US inflation data for July came in softer than expected, with no change from the prior month compared to 0.2 per cent expected by economists, while the annual rate stood at 8.5 per cent.

The soft-than-expected data pushed US stocks 2.1 per cent higher while bond yields eased and traders began to price in a lower peak for US interest rates.

Telstra has generated nearly 5 per cent less in profit for the 2022 financial year compared to the prior period, reflecting a drop in revenue and total income for the telecom giant.

Profits of $1.8 billion marked a 4.6 decline from the $1.9 billion earned in the 2021 financial year, as revenue eased 1.3 per cent lower to $21.3 billion and total income fell 4.7 per cent to just north of $22 billion.

A total final dividend for the year of 8.5¢ per share will be paid, compared to 8¢ in the 2021 financial year, to bring the total dividends for the full year to 16.5¢, higher than the 16¢ paid in the prior period.

Nowak, the managing director in charge of the desk, and Smith, its top trader, were convicted of fraud, spoofing, market manipulation.

JPMorgan, the largest US bank, agreed in 2020 to pay $US920 million ($1.3 billion) to settle Justice Department spoofing allegations against it, by far the biggest fine by any financial institution accused of market manipulation since the financial crisis.

Traders John Edmonds and Christian Trunz testified about market manipulation by all three defendants at JPMorgan, while trader Corey Flaum described similar behaviour when he worked with Smith and Ruffo at Bear Stearns, before it was acquired by JPMorgan in 2008.

ASX futures were up 71 points or 1.03 per cent to 6951 near 6.35am AEST.

Corporate reports expected on Thursday: AMP (AMP) | GQG Partners (GQG) | Mirvac (MGR) | QBE (QBE) | and Telstra (TLS).

The local currency leapt 1.6 per cent higher, briefly topping US71¢; the Bloomberg dollar spot index tumbled 1 per cent.

The yield on the US 10-year note was 1 basis point higher to 2.78 per cent at 4.36pm in New York.

The VIX tumbled more than 9 per cent, trading below 20.

ASX futures up 71 points or 1.03 per cent to 6951 near 6.35am AEST.

If the Goerli test goes well, Ethereum core developers may on Thursday set the date for when the blockchain undergoes its long-anticipated software update, called the Merge

The Merge is expected to be a nail biter

Corporate reports expected on Thursday: AMP (AMP) | GQG Partners (GQG) | Mirvac (MGR) | QBE (QBE) | and Telstra (TLS)