ASX Preview: Australian Shares Set to Fall as Oil Surges on Supply Fears; Capstone Copper Posts Higher Q1 Adjusted Earnings, Revenue
Australian shares are poised to fall on Thursday as oil prices surged more than 6% overnight on renewed Middle East supply concerns and a larger-than-expected draw in US crude inventories.Investors also weighed the United Arab Emirates' decision to exit the Organization of the Petroleum Exporting Countries, adding longer-term uncertainty to global supply dynamics and inflation pressures.Overnight, the Dow Jones Industrial Average fell 0.6%, while the S&P 500 and the Nasdaq Composite closed flat.In the macroeconomy, Small businesses in Australia had a firm start to the year, with the March quarter recording a 7.2% jump in sales. However, higher fuel prices amid the conflict in the Middle East pose a key risk, Xero said Thursday.Australia's international trade price indexes report is due at 11:30 am Sydney time.In corporate news, Capstone Copper (ASX:CSC) reported Thursday first-quarter adjusted earnings of $0.12 per share on revenue of $652.5 million, compared with adjusted earnings of $0.01 on revenue of $533.3 million a year earlier.Mineral Resources' (ASX:MIN) fiscal third-quarter production volume reached 80 million wet metric tonnes (wmt), up from 62 million wmt a year earlier.Woolworths Group (ASX:WOW) reported fiscal third-quarter sales of about AU$18.1 billion, up 4.5% from AU$17.31 billion in the year-ago period.Australia's benchmark index fell 0.3% or 23.7 points to close at 8,687 on Wednesday.
