Australian shares are expected to advance after Wall Street reached new highs, thanks to strong results from Snowflake and a tentative 60-day extension of the US–Iran ceasefire, which helped ease concerns about oil prices.ASX 200 futures gained around 0.6%, reversing a Thursday slide that wiped about $45 billion from the market.

In the US, April inflation rose at its fastest pace in three years due to higher energy costs amid the Iran conflict, reinforcing expectations that the Federal Reserve may hold rates steady into next year.The US GDP for the latest quarter grew at 1.6% annualised, while Snowflake surged nearly 39% on AI-driven growth.Other cross-asset moves included copper hitting a two-week high and gold edging higher.US unemployment claims ticked up slightly but remained consistent with a stable labour market.

Key local focus includes earnings and policy signals across commodities and the energy sector, with BHP’s Pilbara pay deal under consideration by unions in Western Australia.Overall, investors are watching inflation data for the Eurozone and Japan today.