Australian shares are poised to rise on Wednesday, tracking a rally in global oil prices after attacks by Iran-backed Houthis on Saudi energy facilities stoked fears of wider Middle East supply disruptions.
Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.6%, 0.3%, and 1.2%, respectively.
In the macroeconomy, investors are eyeing the consumer inflation expectations report on Thursday.
In corporate news, Forrestania Resources (ASX:FRS) advanced its Lake Johnston and Edna May processing hub strategy, securing laboratory, haulage and five-year sodium cyanide supply agreements while ordering critical mill liners and processing consumables ahead of the Edna May restart.
Austal (ASX:ASB) received a non-binding offer from Florida-based private investment firm Wildcat Infrastructure to acquire its US business, with the bid valuing Austal USA at $1.25 billion to $1.35 billion, The Australian's DataRoom reported Wednesday.
Australia's benchmark index fell 1%, or 90.1 points, to close at 8,920.80 on Tuesday.