Australian shares are poised to fall on Monday as oil prices jumped more than 2% after Israel ordered troops deeper into Lebanon, heightening Middle East supply risk and reducing expectations of a near-term easing in regional tensions.
On May 29, the S&P 500 and the Nasdaq Composite each rose 0.2%, while the Dow Jones Industrial Average gained 0.7%.
In the macroeconomy, Australia's manufacturing sector weakened in May as new orders fell sharply for a third consecutive month amid rising costs and ongoing supply-chain disruptions linked to the war in the Middle East, according to a survey by S&P Global published Monday.
Australian card activity growth has slowed sharply in recent months, with non-fuel spending flattening and real consumer activity estimated to be contracting amid inflation and higher fuel costs, according to a Monday report by Westpac Banking (ASX:WBC, NZE:WBC).
In corporate news, Lendlease Group (ASX:LLC) agreed to sell its development rights to the Milano Santa Giulia mixed-use development in Italy to an investment group sponsored by local developer Bizzi & Partners for about AU$250 million.
Ventia Services Group (ASX:VNT, NZE:VNT) secured a five-year, AU$133 million contract extension to continue operating and managing the Australian marine complex-common user facility in Western Australia, with the new term commencing in July 2027.
Australia's benchmark index rose 1.6% or 138.8 points to close at 8,731.70 on May 29.