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ASX Preview: Australian Shares to Rise on US-Iran Talk Hopes; Virgin Australia Says Fiscal 2026 Guidance Unchanged, Fiscal H2 EBIT Expected to Rise

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Australian shares are poised to rise on Wednesday as easing oil prices and renewed hopes of US-Iran talks offset concerns over Middle East tensions, even as risks persist following reports of a blockade of Iranian ports and ongoing disruption in the Strait of Hormuz.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1.2%, 2%, and 0.7%, respectively.

In the macroeconomy, investors are eyeing the release of Australia's labor force report on Thursday.

In corporate news, Virgin Australia Holdings (ASX:VGN) said that its fiscal 2026 financial guidance remains unchanged, with the underlying earnings before interest and taxes (EBIT) and underlying EBIT margin in the second half expected to be higher than the prior-year period.

Evolution Mining (ASX:EVN) reported group production of 170,137 ounces of gold for the quarter ended March, compared with 179,778 ounces a year earlier.

Australia's benchmark index rose 0.5% or 44.8 points to close at 8,970.80 on Tuesday.

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