ASX Preview: Australian Shares Set to Fall as Iran Tensions Mount; Orica Settles $170 Million CF Industries Dispute

MT Newswires Live07:09

Australian shares are poised to fall on Monday as soaring global oil prices and escalating US-Israeli strikes on Iran heightened geopolitical risks, with the Strait of Hormuz remaining closed and energy supply disruptions intensifying.

On March 13, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.6%, 0.9%, and 0.3%, respectively.

In the macroeconomy, investors are eyeing the Reserve Bank of Australia's interest rate decision on Tuesday.

In corporate news, Orica (ASX:ORI) agreed to a $169.5 million settlement with CF Industries, ending a legal battle that started in October 2023, without admitting liability while also planning to acquire its joint venture partner Nelson Brothers' explosives operations for $25 million plus retirement of $48 million in debt, pending due diligence.

Perpetual (ASX:PPT) agreed to sell its wealth management business to Bain Capital Private Equity for an initial AU$500 million cash, with potential additional payments of up to AU$50 million tied to business performance before and after completion.

Australia's benchmark index fell 0.1% or 11.9 points to close at 8,617.10 on March 13.

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