ASX Preview: Australian Shares Set to Rise; Big Miners Urge Government to Back Stronger Stance Against China's Iron Ore Buying Power
Australian shares are poised to rise on Friday as oil prices retreated sharply on easing Middle East supply fears after a reported Israel-Lebanon ceasefire raised hopes of wider diplomatic progress in the region despite ongoing uncertainty over flows through the Strait of Hormuz.Overnight, the S&P 500 and the Dow Jones Industrial Average rose 0.4% and 1.7%, respectively, while the Nasdaq Composite fell 0.1%.In the macroeconomy, investors are awaiting a speech by Reserve Bank of Australia Deputy Governor Andrew Hauser.Australia's labor account report is due at 11:30 am Sydney time.In corporate news, Rio Tinto Group (ASX:RIO), BHP Group (ASX:BHP), and Fortescue (ASX:FMG) are urging the Albanese government to consider policy responses to China's increasing consolidation of iron ore purchasing power, warning that the shift is reshaping pricing dynamics in Australia's most valuable export market, the Australian Financial Review reported on Friday.Atlas Arteria (ASX:ALX) continued to recommend that shareholders reject the off-market takeover bid by Diamond Infraco, an IFM Global Infrastructure Fund subsidiary, for 100% of the stapled securities that it does not already own in the company.Australia's benchmark index fell 1.1% or 99.6 points to close at 8,686.10 on Thursday.