ASX Preview: Australian Shares Set to Gain After Dow Jones Record; BHP Group to Sell Arizona Property to Faraday Copper

Australian shares are poised to rise on Friday, tracking gains on Wall Street, where the Dow Jones Industrial Average index reached another record high. Overnight, the Nasdaq Composite fell 0.8%, while the Dow Jones Industrial Average rose 1.1%, to set another record, reaching a fourth straight week of gains. Meanwhile, the S&P 500 was flat. The US nonfarm payrolls report showed the economy added 57,000 jobs in June, below the ​estimates for a rise of 110,000. In the macroeconomy, Australia's seasonally adjusted S&P Global Services purchasing managers' index (PMI) business activity index rose to 50.5 in June from 48.7 in May, signaling a marginal increase in business activity following a contraction in the previous month. by S&P Global. In corporate news, BHP Group (ASX:BHP) struck a definitive deal to sell its San Manuel property in Arizona, US, to Faraday Copper in return for a 30% stake in Faraday at closing on a fully diluted basis. BHP is expected to hold 138 million Faraday common shares after the deal's closing, representing a 32.5% stake on a non-diluted basis, including shares it acquired through a private placement in March. Suncorp Group.