Australian shares are poised to rise on Tuesday, tracking firmer gold prices and a sharp drop in crude oil after progress in US-Iran peace talks eased inflation concerns and shifted interest rate expectations higher.
Overnight, the S&P 500 and the Nasdaq Composite fell 0.4% and 1.3%, respectively, while the Dow Jones Industrial Average rose 0.3%.
In the macroeconomy, Australia's private sector activity edged closer to stabilization in June, but persistent declines in new orders and the weakest business confidence since the pandemic reflected lingering demand-side weakness despite easing inflationary pressures, according to a survey by S&P Global released Tuesday.
The ANZ-Roy Morgan Australian consumer confidence rose 2.1 points to 72.8 in the week of June 15 to June 21, ANZ reported Tuesday.
In corporate news, WiseTech Global (ASX:WTC) denied awareness of any investigation linked to Executive Chair Richard White following media reports concerning a visa application, saying the matter relates to him personally and not the company.
Santos (ASX:STO) started continuous production at its Pikka phase one oil development on Alaska's North Slope, with initial flow from the first wells averaging around 20,000 barrels per day.
Australia's benchmark index fell 0.1% or 12.6 points to close at 8,816.10 on Monday.