Australian shares are set to open lower after oil prices and Treasury yield surged weighing on Wall Street. Follow the day's events on the ABC News live markets blog.

Rising oil prices have worsened worries about the high inflation weighing on consumers and companies with the Reserve Bank under increasing pressure to raise rates.

Australian shares to drop; Wall Street lower; US plan to triple debt buybacks fails to meet expectations; Apple slips as new iPhones unveiled. Follow live.