ASX Preview: Australian Shares to Rise Amid Middle East Tensions; Rio Tinto Group Reports Lower Q2 Copper Production

MT Newswires Live07-15 08:03

Australian shares are poised to rise on Wednesday after oil prices climbed to a one-month high as renewed US-Iran tensions and concerns over disruptions to crude flows through the Strait of Hormuz lifted energy stocks, while investors weighed the inflation risks from higher fuel costs.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.4%, 0.9%, and 0.02%, respectively.

In the macroeconomy, investors are eyeing the consumer inflation expectations report on Thursday.

In corporate news, Rio Tinto Group (ASX:RIO) reported a 7% year-over-year decline in the second-quarter consolidated copper production to 213,000 tonnes, while global iron ore production fell 1% to 87.1 million tonnes.

Evolution Mining (ASX:EVN) reported group production of 179,655 ounces of gold for the June quarter.

Australia's benchmark index closed flat at 8,808.50 on Tuesday.

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