Australian shares were flat with a positive bias on Tuesday's close as US retail data missed expectations but eased recession concerns.
The S&P/ASX 200 Index was little changed to close at 7,860.4.
While concerns about a recession may be overstated for now, the US economy continues to slow, Bloomberg reported.
Investors will also keep an eye out for the Federal Reserve's updated economic projections at a press conference due Wednesday for insights into the central bank's future policy direction.
On the domestic front, Australian consumer confidence dropped last week to the lowest level since October 2024, as households and businesses reeled from the impact of ex-Tropical Cyclone Alfred and global trade war uncertainties, according to a report by ANZ Research.
The Australian Chamber of Commerce and Industry and Westpac Banking's composite index for the March quarter rose to 50.7 from 50.2 in the December 2024 quarter helped by a rise in new orders and output, according to a report.
The Reserve Bank of Australia and the Bank of Japan extended their Bilateral Local Currency Swap Agreement for a further three years, the RBA said in a statement.
In company news, New Hope Group (ASX:NHC) reported Tuesday that its earnings per diluted share in the fiscal first half rose to AU$0.383 from AU$0.297 a year earlier. Shares of the company rose 9% at market close.
Austal (ASX:ASB) received notice that Hanwha and its affiliated entities became substantial holders of the shipbuilder and defense prime contractor on Monday. Shares of the company rose 8% at market close.
Lastly, Regional Express Holdings (ASX:REX) confirmed the sale of non-core assets, adding that the proceeds from the sale will be used to repay debt.
