ASX Preview: Australian Shares to Rise as Oil Gains on Middle East Tensions; BHP Group Meets Fiscal 2026 Production Guidance
Australian shares are poised to rise on Thursday, tracking gains in global markets, as oil prices edged higher after fresh US strikes on Iranian military targets heightened concerns about supply risks in the Middle East. Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.4%, 0.6%, and 0.3%, respectively. In the macroeconomy, Australian property vendors are increasingly opting for private treaty sales over auctions as weaker buyer demand, falling clearance rates, and rising auction withdrawals reshape the housing market, Cotality said in a Thursday report. The consumer inflation expectations report is due at 11:00 am Sydney time. In corporate news, BHP Group (ASX:BHP) reported fiscal year 2026 copper production of 1.95 million tonnes, down 3% from fiscal year 2025 but within its guidance range of 1.9 million tonnes to 2 million tonnes. Ora Banda Mining (ASX:OBM) reported record quarterly gold production of 39,552 ounces for the June quarter, bringing fiscal year 2026 production to 140,949 ounces, in line with guidance. Australia's benchmark index rose 0.4% or 32.6 points to close at 8,841.10 on Wednesday.
Australian shares are poised to rise on Thursday, tracking gains in global markets, as oil prices edged higher after fresh US strikes on Iranian military targets heightened concerns about supply risks in the Middle East.
Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.4%, 0.6%, and 0.3%, respectively.
In the macroeconomy, Australian property vendors are increasingly opting for private treaty sales over auctions as weaker buyer demand, falling clearance rates, and rising auction withdrawals reshape the housing market, Cotality said in a Thursday report.
The consumer inflation expectations report is due at 11:00 am Sydney time.
In corporate news, BHP Group (ASX:BHP) reported fiscal year 2026 copper production of 1.95 million tonnes, down 3% from fiscal year 2025 but within its guidance range of 1.9 million tonnes to 2 million tonnes.
Ora Banda Mining (ASX:OBM) reported record quarterly gold production of 39,552 ounces for the June quarter, bringing fiscal year 2026 production to 140,949 ounces, in line with guidance.
Australia's benchmark index rose 0.4% or 32.6 points to close at 8,841.10 on Wednesday.