The Australian share market is likely to start its day relatively flat after Iran accused the United States of violating their fragile ceasefire and warned of retaliation.The key focus will be today's inflation data from the ABS, which economists are anticipating will show inflation easing slightly to around 4.4 per cent due to cheaper petrol prices.See how the trading day unfolds on our blog.Disclaimer: this blog is not intended as investment advice.PinnedWed 27 May 2026 at 8:01amWed 27 May 2026 at 8:01amMarket snapshotBy David ChauASX futures: -0.1% to 8,671 pointsASX 200 (Tuesday close): -0.4% to 8,658 points Australian dollar: -0.1% to 71.66 US centsWall Street: Dow Jones (-0.2%), S&P 500 (+0.6%), Nasdaq (+1.2%)Europe: Stoxx 600 (-0.6%), DAX (-0.8%), FTSE (+0.2%)Spot gold: -1.4% to $US4,509/ounceOil: Brent futures +3.8% to $US99.80/barrel, WTI futures -2.9% to $U93.82/barrelIron ore: +0.1% to $US108.85/tonneBitcoin: -1.5% to $US76,027Prices current at around 7:30am AEST Collapse all postsFilter PostsAll3Key Events1Market snapshot1Key EventWed 27 May 2026 at 8:01amWed 27 May 2026 at 8:01amASX to open flat as oil prices surge, Wall Street mostly higher on tech rallyBy David ChauThe Australian share market is expected to start its day on a cautious note after Iran's foreign ministry accused the United States of violating their ceasefire.That was after the US military, earlier this week, launched whatit called "self-defence strikes" in southern Iran, targeting missile launch locations and Iranian boats that were allegedly trying to lay mines.So with the ceasefire and peace negotiations on shaky ground again, ASX futures are trading practically flat.The Australian dollar was marginally lower at 71.66 US cents.This flare-up in tensions led to the price of the international oil benchmark, Brent crude futures, jumping 3.3% to $US99.32 a barrel.Meanwhile, Wall Street closed mostly higher as technology stocks continue to defy gravity.The Dow Jones index closed 0.2% lower at 50,462 points, while the S&P 500 rose 0.6% to 7,519 points and the Nasdaq Composite jumped 1.2% to 26,656 points.Wed 27 May 2026 at 8:01amWed 27 May 2026 at 8:01amInflation expected to ease slightly to 4.4pc, but still remains far too highBy David ChauGood morning, and welcome to the ABC's finance blog. I'll be guiding you through the latest market action for the next few hours.Locally, the "big news" today will likely be the latest Australian Bureau of Statistics (ABS) figures, showing how much inflation rose in April, the second month of the US-Israeli war against Iran.The Reserve Bank (RBA) will no doubt be scrutinising these figures to decide whether to lift interest rates again, the only thing it can really do to try to slow down the recent cost-of-living increases.The good news is markets are pricing in an 88% chance of the RBA keeping the cash rate hold at its June meeting, according to data provided by LSEG, so no rate hike unless today's inflation data turns out to be horrendous (ie. excessively high).What to expect from inflation data:The ABS will release its latest consumer price index (CPI) at 11:30am AEST.Economists are generally predicting headline inflation will have eased to 4.4% last month (though Commonwealth Bank's economics team is expecting it will come in even lower at 4.3%).This would be a minor slowdown, compared to the March result of 4.6%, and much higher than the RBA's inflation target of 2.5%.It will probably be mainly because of the federal government's decision to halve the fuel excise shortly after the Iran war began. Though that reprieve for motorists is expected to end on June 30."Lower fuel prices are expected to be the main drag on headline inflation in April, due to the temporary fuel excise reduction," according to CBA senior economist Trent Saunders."Petrol prices have largely retraced the initial sharp increase due to the Iran conflict, while diesel prices have also fallen from recent peaks."Lower public transport fares in some states are also expected to weigh modestly on the monthly outcome."But he also warns: "Despite the easing in transport costs, underlying inflation pressures remain firm and the risks to the inflation outlook continue to be skewed to the upside."Anyway, sit back, grab a coffee (or tea), and I'll be back with more updates shortly!