Australian shares are poised to fall on Wednesday as oil prices eased after reports of progress in US-Iran talks and easing fears of an imminent military escalation, although crude remains elevated amid ongoing Middle East supply risks and disruptions to global energy flows.

Overnight, the S&P 500 and the Dow Jones Industrial Average each fell 0.7%, while the Nasdaq Composite declined 0.8%.

In the macroeconomy, the monthly employee earnings indicator report is due at 11:30 am Sydney time.

In corporate news, James Hardie Industries (ASX:JHX) reported Wednesday fiscal fourth quarter adjusted earnings of $0.30 per share on net sales of $1.4 billion, compared with adjusted earnings of $0.36 on net sales of $971.5 million a year earlier.

Catapult Sports (ASX:CAT) reported on Wednesday a fiscal 2026 loss of $0.089 per share on revenue of $140.7 million, compared with loss of $0.034 on revenue of $116.5 million a year earlier.

Australia's benchmark index rose 1.2% or 99.4 points to close at 8,604.70 on Tuesday.