US stocks pulled back from record highs as investors digested fresh inflation data, with Treasuries sliding after wholesale price figures dented expectations for rate cuts. Meanwhile, the Trump administration is reportedly considering taking a stake in Intel, while Cisco signalled stronger AI-related sales. Oil prices climbed to a one-week high ahead of Trump–Putin talks, and the US dollar strengthened as producer prices surged. Back home, Australian shares are set to open flat ahead of earnings reports from Mirvac and Cochlear.

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