Australian Shares Set to Rise Amid Tech Earnings Boom

Australian shares are expected to open higher today, tracking gains on Wall Street where the market was buoyed by the promise of strong earnings from mega-cap tech companies. ASX futures were up 35 points, or 0.4%, near 7am AEDT.

Overnight, the Dow Jones Industrial Average added 0.7%, the S&P 500 rose 0.3%, and the Nasdaq also climbed 0.3%. This positive momentum is attributed to the upcoming earnings reports from approximately 169 S&P 500 companies, including several of the “Magnificent Seven” tech giants who have been instrumental in driving the market to record highs this year.

Commodities Dive as Oil Prices Plummet

In the commodities market, oil prices experienced a significant drop after Israel launched a retaliatory strike targeting Iranian military sites over the weekend. This strike, focused on military infrastructure rather than energy facilities, led Brent Crude, the international benchmark, to tumble 6% to $71 a barrel.

Stocks in Focus: Acquisitions and Sales Surges

Two stocks attracting significant attention today are:

Myer Acquires Apparel Brands in Australia and New Zealand

Department store giant Myer announced its acquisition of Premier Investment’s apparel brands business in Australia and New Zealand. The Australian Financial Review’s Street Talk column previously reported the decision to merge, made at a board meeting on Monday.

Cettire Reports Strong Sales Revenue Growth

Online luxury retailer Cettire reported impressive sales revenue growth, achieving a 22% increase to $155 million in the first quarter of FY25. The company also saw adjusted earnings before interest, tax, and amortisation reach $2 million.

Stay tuned for updates on market movements throughout the day. Consider consulting a financial advisor for personalized investment advice.