Australian shares set to open lower as US midterms loom, oil prices ease

Australian share market futures point to a modestly lower open as investors focus on US midterm elections, while oil prices eased overnight amid volatile trading. The Australian dollar fell to near 69.7 US cents after the Reserve Bank raised the cash rate by 25 basis points, its fifth hike of 2026, taking rates to the highest level since 2008. A survey by AMP found many households have thin financial buffers, with 17% unable to cover essential expenses for more than a week. Oil swung on mixed headlines, including reports of a US attack on Iran's Qeshm Island and diplomatic signals, while US President Donald Trump said military aid to Israel would be cut off by year's end. Investors moved back into tech stocks as fears eased, though concerns persist over inflation, rising borrowing costs and global economic risks.