ASX Preview: Australian Shares to Rise as Fed Holds Rates Steady; Champion Iron Swings to Fiscal Q2 Adjusted Loss, Revenue Down

MT Newswires Live07:13

Australian shares are poised to rise on Thursday, tracking gains in global equities, while investors assess the Federal Reserve's decision to hold interest rates steady and weigh inflation concerns fueled by higher oil prices.

Overnight, the S&P 500 and the Nasdaq Composite each rose 0.3%, while the Dow Jones Industrial Average gained 0.2%.

In the macroeconomy, Australia's international trade price indexes report is due at 11:30 am Sydney time.

In corporate news, Champion Iron (ASX:CIA) reported Thursday fiscal second quarter adjusted loss of CA$0.06 per share on revenue of CA$403.9 million, compared with adjusted earnings of CA$0.11 on revenue of CA$492.9 million a year earlier.

Capricorn Metals (ASX:CMM) reported gold production of 31,218 ounces from its Karlawinda gold project in Western Australia at an all-in sustaining cost of AU$2,005 per ounce in the fiscal first quarter ended Sept. 30.

Australia's benchmark index rose 0.4%, or 37.4 points, to close at 8,847.30 on Wednesday.

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