ASX Preview: Australian Shares Set to Rise as Gold Falls on Fed Rate Hike Bets; Tasmea to Acquire Energy Services Provider for Up to AU$75 Million

MT Newswires Live06-24

Australian shares are poised to rise on Wednesday, as investors weigh a stronger US dollar and rising Federal Reserve rate-hike expectations that weighed on gold and other precious metals in overnight trade.

Sentiment is also supported by softer oil prices, reflecting easing geopolitical tensions in the Middle East and signs of progress in US-Iran talks over access to the Strait of Hormuz.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 1.4%, 2.2%, and 0.1%, respectively.

In the macroeconomy, Australia's consumer price index and engineering construction activity reports are due at 11:30 am Sydney time.

In corporate news, Tasmea (ASX:TEA) struck a deal to acquire JPS Group, an integrated services provider to the energy sector, for up to AU$75 million.

Atlas Arteria (ASX:ALX) said its independent directors are reviewing their response following the extension of IFM Investors' takeover offer after the bidder increased its voting power above 50%.

Australia's benchmark index fell 0.3% or 29.1 points to close at 8,787 on Tuesday.

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