ASX Preview: Australian Shares Set to Rise as US-Iran Tensions Ease; Amcor Posts Higher Fiscal Q3 Adjusted Earnings, Net Sales

MT Newswires Live

May 07

Australian shares are poised to rise on Thursday as easing geopolitical tensions and prospects of a US-Iran peace deal drove oil prices lower, boosted gold, and softened the US dollar, creating a more supportive environment for equities.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1.5%, 2%, and 1.2%, respectively.

In the macroeconomy, the international trade in goods report is due at 11:30 am Sydney time.

In corporate news, Amcor (ASX:AMC) reported Thursday fiscal third-quarter adjusted earnings of $0.96 per share on net sales of $5.91 billion, compared with adjusted earnings of $0.90 on net sales of $3.33 billion a year earlier.

Orica (ASX:ORI) reported Thursday fiscal first-half adjusted earnings of AU$0.60 per share on revenue of AU$3.88 billion, compared with adjusted earnings of AU$0.533 on revenue of AU$3.94 billion a year earlier.

Australia's benchmark index rose 1.3% or 113.1 points to close at 8,793.60 on Wednesday.

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