Wall St falls; ASX futures 1.3pc lower

CBA said it expects the Reserve Bank to lift rates to 2.1 per cent by the end of the year, versus market expectations of 3.3 per cent.

Australian shares are set to drop as Wall Street sold off again and the S&P 500 looked set for its worst start to the year in more than half a century, with declines of more than 19 per cent so far.

ASX futures were down 79 points or 1.2 per cent to 6597 points near 5am AEST.

Overseas data: Eurozone M3 money supply for May, economic confidence for June, consumer confidence for June; Germany CPI for June; US GDP annualised for the first quarter.

ASX futures down 79 points or 1.2per cent to 6597 near 5am AEST

The company cut its revenue forecasts for the 2022 financial year from $243 million to $206 million, and its projected earnings by two-thirds to a max of $10 million as dire trading conditions engulf the company