China’s once insatiable iron demand has probably “plateaued” says BHP chief executive Mike Henry.

Iron ore demand will still underpin big profits but BHP is now feeding the copper boom as the world moves to renewables.

And what can we expect from the monthly CPI data for July?

Here’s ABC’s senior business correspondent Peter Ryan.

More than 2 million Australians missed out on $5.1 billion in legal super entitlements in 2021-22, according to new analysis.

The data released by the super industry found the average underpayment was $1,800 a worker.

From July 1, 2026, all Australian employers will be required to pay superannuation to their employees at the same time they pay their wages.

Read more from Business Reporter Nassim Khadem.

Coles Managing Director and CEO Leah Weckert has rejected accusations of price gouging as the supermarket giant posted a $1.1 billion full-year profit, which is up almost 2 per cent on the previous year.

She told The Business Host Kirsten Aiken the results came as families were grappling with cost of living pressures and said the company has invested in value for customers over the last 12 months, which has brought in more shoppers.

Coles’ earnings report comes ahead of an ACCC report into price setting by Australia’s major supermarkets.

The S&P 500 ended higher on Tuesday and the Dow Jones notched a record-high close ahead of a much-anticipated quarterly report from Nvidia on Wednesday and economic data expected later in the week that could give clues about the path of interest rate cuts.

Heavyweight tech-related stocks were mixed, with the focus on upcoming results from Nvidia, the chipmaker at the center of Wall Street’s rally in AI-related stocks.

Nvidia’s shares climbed 1.5% and it was the most-traded company on US stock exchanges, according to LSEG data.

Up 159% in 2024, Nvidia is viewed as the biggest winner so far from AI technology, and its results follow recent concerns about increases in already-hefty spending by Microsoft, Alphabet and other major players in their race to dominate emerging AI technology.

“There’s a really, really high bar to clear for not just Nvidia’s earnings and guidance, but the story they tell about the state of AI that kind of lifts the tech sector out of its recent funk,” said Ross Mayfield, investment strategy analyst at Baird.

Apple shares closed 0.4% higher, while Amazon dipped 1.4%.

The S&P 500 climbed 0.16% to end the session at 5,625.80 points.

The Nasdaq gained 0.16% to 17,754.82 points, while the Dow Jones Industrial Average rose 0.02% to 41,250.50 points, closing for the second day in a row at a record high.

Good morning and welcome to Wednesday’s markets live blog, where we’ll bring you the latest price action and news on the ASX and beyond.

A rally on Wall Street overnight sets the tone for local market action today.

The Dow Jones index ended 0.02 per cent higher, the S&P 500 was up 0.2 per cent and the Nasdaq Composite gained 0.2 per cent.

ASX futures were down 29 points or 0.4 per cent to 7,996 at 7:00am AEDT.

At the same time, the Australian dollar was flat at 67.91 US cents.

Brent crude oil was down 1.9 per cent, trading at $US79.90 a barrel.

Spot gold advanced 0.3 per cent to $US2,524.56.

Iron ore was up 1.4 per cent to $US101.70 a tonne.