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Australian shares are set to drop following a fourth straight setback on Wall Street and a five-month low in iron ore.

The S&P and NYSE both fell by 0.7 per cent. The NASDAQ lost 0.5 per cent.

Apple released its quarterly report after Wall Street’s closing bell. The tech giant reported quarterly revenue and profit above expectations, with iPhone sales rising 1.5 per cent to US$51.33 billion.

Apple’s overall sales for its second quarter fell 2.5 per cent to just under US$95 billion, exceeding analyst expectations of a 4.5 per cent decline to US$93 billion, according to data from Refinitiv. Apple shares closed 1.6 per cent higher.

Meanwhile, the European Central Bank slowed the pace of its interest rate increases overnight. The main deposit rate was raised to 3.25 per cent — a 25 basis point increase.

While significantly lower than the previous 75- and 50-basis point increases since last July, policymakers flagged the potential of more hikes to come.  

The Aussie dollar lifted slightly and is buying 67 US cents and 53 British pence.

The price of iron ore has dropped from above US$120 per tonne at the start of April to less than US$105 per tonne — its lowest price of the year. It comes on the back of a dip in Chinese steel demand and output.

Safehaven gold continued its rise, up half a per cent to US$2049.26 per ounce.

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