ASX Preview: Australian Shares Set to Rise on Wall Street Gains, Fed Rate Watch; AUB Group Terminates Acquisition Deal With EQT, CVC Asia Pacific

MT Newswires Live12-01

Australian shares are poised to rise on Monday, tracking modest gains on Wall Street, as investors focus on upcoming economic data, a potential US Federal Reserve rate cut, and the Organization of the Petroleum Exporting Countries' decision on oil production.

On Nov. 28, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.5%, 0.7%, and 0.6%, respectively.

In the macroeconomy, Australia's manufacturing sector returned to growth in November, supported by rising domestic orders and production, even as export demand fell and supply chain delays persisted, according to a survey by S&P Global published Monday.

The investors are eyeing the release of the ANZ-Indeed job ads and business indicators report.

In corporate news, AUB Group (ASX:AUB) terminated discussions with EQT and CVC Asia Pacific over an unsolicited proposal to acquire the company, with the consortium choosing not to make a binding offer at AU$45 per share, according to a Monday Australian bourse filing.

Treasury Wine Estates (ASX:TWE) expects to record a non-cash impairment of its US assets, with all AU$687.4 million of goodwill in the Americas likely to be written off, according to a Monday Australian bourse filing.

Australia's benchmark index fell 0.04% or 3.2 points to close at 8,614.10 on Nov. 28.

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