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A robust day on Wall Street has set up the local sharemarket for strong gains at the open.

• ANALYSIS

The retreat of inflation and lack of meaningful wage growth are becoming increasingly dominant in the Federal Reserve's deliberations.

US spring wheat production will fall to a 15-year low, as crops in North Dakota have been crippled by bad weather.

A very successful low volatility strategy has almost run its course, says Goldman Sachs Australia, pointing to a shift in what the market sees as risky.

Since the global financial crisis, central banks have held interest rates low while using their balance sheets to pump financial markets full of liquidity.

The Australian sharemarket closed sharply lower on Wednesday, following a choppy session on Wall Street.