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ASX Preview: Australian Shares Set to Fall as Trump Rejects Iran Peace Bid; Dyno Nobel Posts Higher Fiscal H1 Adjusted Earnings, Lower Revenue

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Australian shares are poised to fall on Monday after US President Donald Trump rejected Iran's peace proposal for ending the conflict, triggering a rise in oil prices and renewed fears over disrupted shipping through the Strait of Hormuz and escalating Middle East tensions.

On May 8, the S&P 500 and the Nasdaq Composite rose 0.8% and 1.7%, respectively, while the Dow Jones Industrial Average remained flat.

In the macroeconomy, Australia's building approvals report is due at 11:30 am Sydney time.

In corporate news, Dyno Nobel (ASX:DNL) reported Monday fiscal first-half adjusted earnings of AU$0.089 per share on revenue of AU$1.9 billion, compared with adjusted earnings of AU$0.046 on revenue of AU$2.25 billion a year earlier.

oOh!media (ASX:OML) received an unsolicited, non-binding takeover offer from I Squared Capital to acquire the company for AU$1.45 per share in cash via a scheme of arrangement.

Australia's benchmark index fell 1.5% or 133.7 points to close at 8,744.40 on May 8.

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