The Australian share market is to drop following Wall St closing in the red as technology shares reversed their gains and energy stocks ran out of fuel as oil prices fell. The data on housing starts in April tumbled 9.5 per cent as the industry faced into soaring prices in lumber and materials which also weighed on investor’s optimism amid the final stretch of earnings season. Oil prices tumbled from its two-month high on reports that the US and Iran are progressing on a deal which would restrict Iran’s nuclear weapons development which if successful, would boost global oil shipments. On the eve of the minutes from the US Federal Reserve, investors continued their rotation out of technology shares and into companies linked to the reopening to the economy as they brace themselves on possible clues on inflation. Across the Atlantic, investors digested the Eurozone’s GDP numbers which dropped 0.6 per cent in the first quarter with unemployment figures down 0.3 per cent in the same period. Elsewhere, in Japan the Nikkei jumped 2 per cent as investors shrugged off figures which showed the economy shrank more than expected in the first quarter and picked up cheap value stocks. Back home investors await earnings results from Webjet (ASX:WEB) and United Malt (ASX:UMG) while crossing their fingers that EML Payments (ASX:EML) will return from its trading halt.