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Asia
ASX Preview: Australian Shares Set to Rise as Iran-US Ceasefire Holds; DPM Metals Posts Higher Q1 Adjusted Earnings, Revenue
Australian shares are poised to rise on Wednesday as easing fears over Middle East supply disruptions and signs of a still-contained Iran-US ceasefire helped steady global risk sentiment, even as tensions around the Strait of Hormuz and intermittent strikes continued to keep energy markets on edge.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.8%, 1%, and 0.7%, respectively.In the macroeconomy, Australia's industry activity remained in contraction in April despite a 9.8 point rebound, as persistent weakness in manufacturing and construction and rising fuel-driven cost pressures outweighed early signs of stabilization in orders and employment, Australian Industry Group said on Wednesday.In corporate news, DPM Metals (ASX:DPM) reported Wednesday first quarter adjusted earnings of $0.76 per basic share on revenue of $310.4 million, compared with adjusted earnings of $0.32 on revenue of $144.1 million a year earlier.Atlas Arteria's (ASX:ALX) independent directors have unanimously urged shareholders to reject IFM's takeover offer, calling it opportunistic, highly conditional, and a material undervaluation of the company's assets and long-term value.Australia's benchmark index fell 0.2% or 16.6 points to close at 8,680.50 on Tuesday.
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Asia
St George Mining Appoints Worley For Brazil Niobium-Rare Earths Project Technical Advisory Services
St George Mining (ASX:SGQ) appointed Worley (ASX:WOR) subsidiary Worley Engenharia to provide technical advisory services for the potential development of a niobium and rare earths mine at its Araxá project in Brazil, according to a Wednesday Australian bourse filing.St George Mining Brasil, a wholly-owned unit of St George, entered into a technical services agreement with Worley Engenharia, under which Worley will provide engineering and project management advice to support development studies.St George also engaged metallurgical experts in Australia to provide advice on metallurgical matters and serve as the competent persons for metallurgy disclosures.
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International
South Korea's Inflation Accelerates to 2.6% in April
South Korea's inflation climbed 2.6% year on year in April, accelerating from a 2.2% rise in March amid the ongoing conflict in the Middle East, data from the country's Ministry of Data and Statistics showed on Wednesday.The headline print was in accordance with the median estimate of 2.6% in a Bloomberg survey.The increase was driven by higher costs across all categories, with transport gaining the highest at 9.7%, according to the data.Meanwhile, core inflation, which measures prices of goods excluding food and energy, remained steady at 2.2% in April.On a monthly basis, core inflation rose to 0.3% from 0.1% in the preceding month, while headline inflation rose to 0.5% from 0.3%.
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