Australian shares are set to slip into the red at the open on Friday amid a broadly muted session on Wall Street overnight in the wake of calls from US President Donald Trump for cheaper interest rates.

In a post on Truth Social late Wednesday, Trump told the US Federal Reserve that it would be "much better off cutting rates" as trade tariffs begin to ease into the economy.

His comments came after the Fed left its key rates unchanged for a second straight meeting while warning against heightened economic uncertainties.

The Nasdaq Composite was down 0.3%, while the S&P 500 and the Dow Jones Industrial Average were largely flat.

In company news, Nine Entertainment (ASX:NEC) has begun talks to sell its roughly 60% stake in property listings platform Domain to CoStar, the Australian Financial Review reported Thursday.

The Australian Competition and Consumer Commission has urged supermarket giants Coles Group (ASX:COL), Woolworths Group (ASX:WOW), and ALDI to increase transparency, enhance competition, and create fairer conditions for suppliers and consumers, according to a Friday statement.

Australia's benchmark index rose 1.2% Thursday to close at 7,918.90.