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ASX Preview: Australian Shares to Fall as Oil Prices Surge on Strait of Hormuz Shipping Attacks; Regis Resources' Gold Production Rises in Fiscal Q3

-- Australian shares are poised to fall on Thursday after oil prices surged more than 3% overnight amid fears of supply disruption triggered by attacks on shipping in the Strait of Hormuz, a surprise drawdown in US fuel inventories, and renewed geopolitical tensions involving Iran and the US, and ceasefire uncertainty.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1.1%, 1.6%, and 0.7%, respectively.

In the macroeconomy, Australia's private sector activity stabilized in April after March's decline, as a modest recovery in services was offset by continued weakness in manufacturing amid soft domestic demand, rising cost pressures, and supply chain disruptions linked to Middle East tensions, according to a survey by S&P Global released Thursday.

In corporate news, Regis Resources (ASX:RRL) reported gold production of 90,592 ounces for the fiscal third quarter ended March 31, with an all-in sustaining cost of AU$2,807 per ounce, compared with 89,666 ounces at AU$2,538 per ounce in the same quarter a year earlier.

Temple & Webster (ASX:TPW) said co-founder and Chief Executive Officer (CEO) Mark Coulter will transition to the role of executive chair, with Susie Sugden appointed as the company's next CEO, effective July 1.

Australia's benchmark index fell 1.2% or 105.8 points to close at 8,843.60 on Wednesday.

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Market Chatter: SMFG Targets to Manage 10 Trillion Yen in University Assets

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FireFly Metals Secures Approvals to Divest Canada Project to Bellavista Resources

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