ASX Preview: Australian Shares to Fall as Middle East Conflict Escalates; Fortescue Ramps Up Delivery of Industrial, Integrated Green Energy Grid to Eliminate Use of Diesel

MT Newswires Live
Apr 10

Australian shares are poised to fall on Friday as escalating fears of a Middle East conflict, including intensified Israeli strikes in Lebanon, threats around the Strait of Hormuz, and fragile ceasefire diplomacy involving Iran and the US, weigh on global risk sentiment and energy supply outlooks.

Overnight, the S&P 500 and the Dow Jones Industrial Average each rose 0.6%, while the Nasdaq Composite gained 0.8%.

In the macroeconomy, Australia's home values are diverging sharply across states, with the strongest growth in Western Australia and Queensland as population gains outpace new housing supply and construction pipelines remain tight, Cotality said in a Friday report.

In corporate news, Fortescue (ASX:FMG) is targeting the elimination of diesel as a fuel as part of an industrial, fully-integrated green energy grid dedicated to eliminating fossil fuels, planning to power all of its operations in Western Australia's Pilbara region for 24-hour periods without fossil fuels in 2027, according to a Friday Australian bourse filing.

Monadelphous Group (ASX:MND) has secured new construction and maintenance contracts and extensions worth around AU$145 million across key resource sector operations in Australia and Papua New Guinea, according to a Friday filing with the Australian bourse.

Australia's benchmark index rose 0.2% or 21.4 points to close at 8,973.20 on Thursday.

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