Australian shares are poised to rise on Wednesday as easing fears over Middle East supply disruptions and signs of a still-contained Iran-US ceasefire helped steady global risk sentiment, even as tensions around the Strait of Hormuz and intermittent strikes continued to keep energy markets on edge.
Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.8%, 1%, and 0.7%, respectively.
In the macroeconomy, Australia's industry activity remained in contraction in April despite a 9.8 point rebound, as persistent weakness in manufacturing and construction and rising fuel-driven cost pressures outweighed early signs of stabilization in orders and employment, Australian Industry Group said on Wednesday.
In corporate news, DPM Metals (ASX:DPM) reported Wednesday first quarter adjusted earnings of $0.76 per basic share on revenue of $310.4 million, compared with adjusted earnings of $0.32 on revenue of $144.1 million a year earlier.
Atlas Arteria's (ASX:ALX) independent directors have unanimously urged shareholders to reject IFM's takeover offer, calling it opportunistic, highly conditional, and a material undervaluation of the company's assets and long-term value.
Australia's benchmark index fell 0.2% or 16.6 points to close at 8,680.50 on Tuesday.