Australian shares are poised to fall on Thursday after the US Federal Reserve raised interest rates and signaled further hikes, sending US Treasury yields higher and the dollar broadly stronger as policymakers warned that inflation remained elevated.

Oil prices also declined after Saudi Arabia offered additional crude cargoes through Oman and US inventories fell by less than expected, easing concerns over supply disruptions.

Overnight, the S&P 500 and the Dow Jones Industrial Average fell 0.5% and 1.2%, respectively, while the Nasdaq Composite was broadly flat, with a slight negative bias.

In the macroeconomy, investors are eyeing Australia's labor force report next week.

In corporate news, MA Financial Group (ASX:MAF) acquired a 50% interest in Melbourne's Glen Shopping Center for AU$327.5 million through a managed fund, taking its retail property transactions to AU$500 million in the second half.

Transurban Group's (ASX:TCL) traffic increased 3.4% in August from a year earlier, decelerating from the 4% growth rate logged in July.

Australia's benchmark index rose 0.3%, or 24 points, to close at 8,696.50 on Wednesday.