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ASX Preview: Australian Shares Set to Rise as Oil Steadies; Alkane Resources Posts Higher Fiscal Q3 Earnings, Revenue

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Australian shares are poised to rise on Friday as oil prices held steady near recent highs, with Brent crude around $106 a barrel, after reports of limited but disrupted shipping through the Strait of Hormuz kept geopolitical supply risks elevated despite mixed signals on global demand and interest rate concerns.

Overnight, the S&P 500 and the Dow Jones Industrial Average each rose 0.8%, while the Nasdaq Composite gained 0.9%.

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

In corporate news, Alkane Resources (ASX:ALK) reported Friday fiscal third-quarter earnings of AU$0.0675 per share on revenue of AU$274.4 million, compared with earnings of AU$0.0132 on revenue of AU$63.2 million a year earlier.

Billionaire Olivier Goudet and Luxembourg's Platin have increased their stake in Treasury Wine Estates (ASX:TWE), with voting power rising to 9.04% from 8.14%.

Australia's benchmark index rose 0.1% or 10.3 points to close at 8,640.70 on Thursday.

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