Australian shares are poised to rise on Wednesday, supported by easing geopolitical tensions following signs of diplomatic progress in the Russia-Ukraine conflict, while falling oil prices resulting from reduced sanction risks on Russian crude added to positive global sentiment.

Overnight, the S&P 500 and the Nasdaq Composite fell 0.6% and 1.5%, respectively, while the Dow Jones Industrial Average gained 0.02%.

In the macroeconomy, investors are eyeing speeches by Reserve Bank of Australia Assistant Governors Michelle McPhee and Brad Jones.

In corporate news, Transurban Group (ASX:TCL) reported Wednesday fiscal 2025 earnings of AU$0.043 per stapled security on proportional toll revenue of AU$3.73 billion, compared with earnings of AU$0.106 on proportional toll revenue of AU$3.54 billion a year earlier.

James Hardie Industries (ASX:JHX) reported Wednesday fiscal first quarter adjusted earnings of $0.29 per share on net sales of $899.9 million, compared with adjusted earnings of $0.41 on net sales of $999.9 million a year earlier.

Australia's benchmark index fell 0.7% or 63.1 points, to close at 8,896.20 on Tuesday.