Australian shares were set to slip on Friday, following a slump in Wall Street overnight as inflation data hit a four-decade high, while easing commodity prices were likely to pressure local mining and energy stocks.

The local share price index futures fell 0.6%, a 41.8-point discount to the underlying S&P/ASX 200 index close. The benchmark ended 1.1% higher in the prior session.

New Zealand’s benchmark S&P/NZX 50 index fell 0.2% 11,905.50 points in early trade.