ASX Preview: Australian Shares to Fall as Oil Eases Amid Iran War Tensions; Coles Group Ends Talks With TPG Capital Over Potential Greencross Acquisition

MT Newswires Live07-17

Australian shares are poised to fall on Friday as oil prices declined about 1% but held near mid-June highs amid escalating tensions in the Iran war, after Tehran reportedly urged Yemen's Houthi movement to prepare for a possible closure of the Red Sea oil export route.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.5%, 1.5%, and 0.2%, respectively.

In the macroeconomy, investors are eyeing Australia's labor force report next week.

In corporate news, Coles Group (ASX:COL) said it has ceased discussions with private equity firm TPG Capital regarding the potential acquisition of Greencross Pet Wellness Company.

Zip (ASX:ZIP) said it will undertake an orderly wind down of its New Zealand operations following a strategic review, as the company sharpens its focus on its Australian and US businesses, which continue to deliver strong growth and profitability

Australia's benchmark index closed flat with a negative bias at 8,840.70 on Thursday.

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