ASX Preview: Australian Shares Set to Rise as US-Iran Talks Near Final Stage; Australian Agricultural Company Swings to Fiscal Year 2026 Profit as Revenue Rises
Australian shares are poised to rise on Thursday as oil prices fell about 6% after reports that US-Iran negotiations were in their final stages, easing some geopolitical risk sentiment, though investors remain cautious amid ongoing concerns over Middle East supply disruptions and the possibility of further volatility in global energy markets.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1.1%, 1.5%, and 1.3%, respectively.In the macroeconomy, Australia's private sector slipped back into contraction in May as output, demand, and business sentiment weakened amid persistent inflation pressures and geopolitical disruption, according to a survey by S&P Global released Thursday.Australia's labor force report is due at 11:30 am Sydney time.In corporate news, Australian Agricultural Company (ASX:AAC) reported Thursday that it swung to a profit of AU$0.1789 per share on revenue of AU$422.1 million, compared with a loss of AU$0.0018 on revenue of AU$387.9 million a year earlier.Zip (ASX:ZIP) will continue to operate using the Zip brand in Australia after a settlement with mortgage lender Firstmac.Australia's benchmark index fell 1.3% or 108.1 points to close at 8,496.60 on Wednesday.