ASX Preview: Australian Shares to Rise as Oil Falls on US-Iran Diplomacy Hopes; Light & Wonder Q2 Adjusted Earnings, Revenue Up
Australian shares are poised to rise on Wednesday after oil prices tumbled more than 5% to a three-week low as signs of progress in US-Iran diplomacy raised hopes of easing supply disruptions through the Strait of Hormuz.Firmer gold prices also supported sentiment, lifting mining stocks as easing inflation concerns reduced expectations of further US interest rate hikes.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1.8%, 2.6%, and 1.7%, respectively.In the macroeconomy, Australia's services sector recovery gathered pace in July as new orders returned to growth, lifting business activity to a six-month high and boosting business confidence, although firms continued to face elevated fuel and labor costs that drove faster output price inflation, according to a Wednesday report by S&P Global.Australia's selected living cost indexes data is due at 11:30 am Sydney time.In corporate news, Light & Wonder (ASX:LNW) reported Wednesday second quarter adjusted earnings of $1.99 per share on revenue of $828 million, compared with adjusted earnings of $1.58 on revenue of $809 million a year earlier.Argo Investments (ASX:ARG) reported Wednesday fiscal 2026 earnings of AU$0.343 per share on revenue of AU$296.3 million, compared with earnings of AU$0.341 on revenue of AU$290 million a year earlier.Australia's benchmark index rose 1.4%, or 126.5 points, to close at 9,145.80 on Tuesday.
