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Australian shares are poised to rise on Tuesday as surging oil prices, driven by escalating tensions between the US and Iran, add upward pressure to energy stocks while investors weigh the broader risks of Middle East conflict on global markets.
Overnight, the S&P 500 and the Nasdaq Composite fell 0.4% and 0.7%, respectively, while the Dow Jones Industrial Average gained 0.1%.
In the macroeconomy, the Reserve Bank of Australia’s meeting minutes are due at 11:30 am Sydney time.
In corporate news, Collins Foods (ASX:CKF) has struck a conditional deal to transfer 20 of its 27 Australian Taco Bell outlets to a partnership between a Taco Bell affiliate and Restaurant Brands Australia, as it sharpens its focus on KFC operations in Australia and Germany.
KMD Brands (ASX:KMD) reported Tuesday a fiscal first-half loss of NZ$0.02 per share on revenue of NZ$505.4 million, compared with a loss of NZ$0.03 on revenue of NZ$470.9 million a year earlier.
Australia’s benchmark index fell 0.7% or 55.3 points to close at 8,461 on Monday.