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ASX Preview: Australian Shares Set to Fall as Oil Weakens; Xero Swings to Fiscal Year 2026 Loss, Posts Higher Revenue

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Australian shares are poised to fall on Thursday as weaker oil prices, concerns over possible US interest rate hikes, and heightened geopolitical tensions surrounding Iran and US-China talks in Beijing weigh on global risk sentiment.

Overnight, the S&P 500 and the Nasdaq Composite rose 0.6% and 1.2% respectively, while the Dow Jones Industrial Average fell 0.1%.

In the macroeconomy, investors are eyeing the release of the Melbourne Institute consumer inflation expectations report.

In corporate news, Xero (ASX:XRO) reported on Thursday a fiscal year 2026 loss of NZ$0.19 per share on revenue of NZ$2.75 billion, compared with earnings of NZ$1.47 on revenue of NZ$2.1 billion a year earlier.

Orezone (ASX:ORE) reported Thursday first-quarter adjusted earnings of $0.07 per share on revenue of $185.9 million, compared with adjusted earnings of $0.04 on revenue of $82.7 million a year earlier.

Australia's benchmark index fell 0.5% or 40.3 points to close at 8,630.40 on Wednesday.

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