ASX Preview: Australian Shares to Fall as Oil Prices Surge Amid Middle East Tensions; BlueScope Steel Says Over 60% Land Portfolio Zoned for Development

MT Newswires Live
Mar 27

Australian shares are poised to fall on Friday as soaring crude oil prices and escalating tensions in the Middle East heighten investor caution, with Brent crude surging nearly 6% amid stalled US-Iran negotiations and ongoing disruptions to key oil supply routes.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 1.7%, 2.4%, and 1%, respectively.

In the macroeconomy, investors are eyeing the Reserve Bank of Australia's meeting minutes in the coming week.

In corporate news, BlueScope Steel (ASX:BSL) said over 60% of its 1,200-hectare surplus land portfolio has been zoned for development, with initiatives including leases and sales, according to a Friday filing with the Australian bourse.

Silex Systems (ASX:SLX) said Global Laser Enrichment has secured a $98.9 million package from Kentucky and McCracken County for its Paducah Laser Enrichment Facility, according to a Friday filing with the Australian bourse.

Australia's benchmark index fell 0.1% or 8.6 points to close at 8,525.70 on Thursday.

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