ASX Preview: Australian Shares to Rise Amid Middle East Tensions; Rio Tinto Group Reports Lower Q2 Copper Production
Australian shares are poised to rise on Wednesday after oil prices climbed to a one-month high as renewed US-Iran tensions and concerns over disruptions to crude flows through the Strait of Hormuz lifted energy stocks, while investors weighed the inflation risks from higher fuel costs. Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.4%, 0.9%, and 0.02%, respectively. In the macroeconomy, investors are eyeing the consumer inflation expectations report on Thursday. In corporate news, Rio Tinto Group (ASX:RIO) reported a 7% year-over-year decline in the second-quarter consolidated copper production to 213,000 tonnes, while global iron ore production fell 1% to 87.1 million tonnes. Evolution Mining (ASX:EVN) reported group production of 179,655 ounces of gold for the June quarter. Australia's benchmark index closed flat at 8,808.50 on Tuesday.
Australian shares are poised to rise on Wednesday after oil prices climbed to a one-month high as renewed US-Iran tensions and concerns over disruptions to crude flows through the Strait of Hormuz lifted energy stocks, while investors weighed the inflation risks from higher fuel costs.
Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.4%, 0.9%, and 0.02%, respectively.
In the macroeconomy, investors are eyeing the consumer inflation expectations report on Thursday.
In corporate news, Rio Tinto Group (ASX:RIO) reported a 7% year-over-year decline in the second-quarter consolidated copper production to 213,000 tonnes, while global iron ore production fell 1% to 87.1 million tonnes.
Evolution Mining (ASX:EVN) reported group production of 179,655 ounces of gold for the June quarter.
Australia's benchmark index closed flat at 8,808.50 on Tuesday.