Australian shares are set to open lower as key commodities slide. First-quarter data at 11.30am. Follow updates here.
Australian shares are poised to fall, tracking a subdued Wall Street after US manufacturing data disappointed, while a tumble in iron ore and falling oil prices will also weigh on sentiment. ASX futures are down 12 points, or 0.2 per cent, to 7469 near 7.30am AEDT. Iron ore tumbled more than 4 per cent and oil dropped below $US79 a barrel after OPEC signalled its member will lift output. Iron ore in Singapore plunged 4.2 per cent to $US110.65 a tonne.
The value of new-home sales from the 100 biggest real estate companies dropped 34 per cent from a year earlier in May, Bloomberg reported. Separately, oil tumbled after OPEC+ unexpectedly rolled out a plan to restore some production to the market this year. The yield on the US 10-year note fell 11 basis points to 4.39 per cent at 4.59pm in New York. Nvidia leapt another 4.9 per cent as it remains the clear US equity market darling. Stocks in focus On Tuesday, Newmont shares trade ex-dividend.
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