US share markets hit new all-time highs overnight on strong macro data. However futures trading is pointing to a negative start for Australian shares after key commodity prices pulled back. Low volumes are expected at the open as investors await job numbers for January and further company reports.

Inflation and retail sales reads in the US were stronger than forecast and combined indicate an economy recovering faster than market expectations. Although investors bought on the back of the numbers enthusiasm was curtailed by the realisation this means higher interest rates faster.

Oil, iron ore and copper all fell back overnight after strong recent gains. The negative connotations are magnified by a higher AUD/USD, and could see underperformance by the Australia 200 index in Asia Pacific trading. 

Spark Infrastructure and gold and silver miner Evolution have reported ahead of consensus this morning. Among the 13 top 200 companies reporting today South32, Origin and Sydney Airports are likely to receive the closest attention. Employment data is expected to show a seasonally adjusted gain for January of 10,000 jobs. The underlying composition could determine market reaction, especially if there is a continuation of the recent trend of gains in full-time employment at the expense of part-time work.