Australian shares are set to open higher, shrugging off a weak finish on Wall Street after a sell-off in the US tech giants and amid heightened tensions between the US and Iran.
ASX futures are pointing up 20 points, 0.2 per cent suggesting the S&P/ASX 200 may extend its record high, though gains may prove shortlived after the S&P 500 finished down 0.3 per cent after a volatile session.
The sharemarket was bolstered earlier in the session by the latest US-China trade talks and a muted US consumer price inflation report before finishing lower. Apple dropped 2 per cent.
In commodities, oil spiked 5 per cent in late New York trading hours towards $US70 a barrel, while gold rose by almost 1 per cent after President Donald Trump said he was growing less confident that Tehran would agree to stop enriching uranium.
Iranian Defence Minister Aziz Nasirzadeh said that if Iran were subjected to strikes it would retaliate by hitting US bases in the region.
US Treasuries also climbed after a solid $US39 billion sale of 10-year debt, while the US dollar hit the lowest level since 2023.
Source: https://www.afr.com/markets/equity-markets/asx-to-rise-us-stocks-fluctuate-oil-surges-towards-us70-a-barrel-20250612-p5m6rq