Company Interview / the open: ASX to climb amid Israel-Iran ceasefire

The local market is set to rally this morning with ASX futures 0.7% higher, following improved investor sentiment globally as Iran launched retaliatory attacks on US airbases in the Middle East. 

Iran’s missile attack on the Al Udeid Air Base in Qatar was intercepted with no casualties reported. US President Donald Trump dismissed it as a "weak response" to US attacks while urging Iran and Israel to make peace. US President Donald Trump later announced a ceasefire is due to come into effect later today between Iran and Israel. 

The oil market took it as a sign that Iran is unlikely to follow through with threats to disrupt exports, sending crude prices down around 7% and losing more than $5 a barrel. Brent crude futures closed down at $71 a barrel. 

Global equity markets advanced, while on Wall Street investors were further buoyed by prospects of the US Federal Reserve cutting interest rates as early as July. All three major US stock indexes closed sharply higher, led by Consumer discretionary stocks. 

The US dollar also fell while it also came under pressure as it appeared more likely that Iran's retaliation to the US bombings would be limited. The Aussie dollar rose to US64.6c. 

On the corporate calendar today, Collins Foods releases its earnings report and there will be investor briefings from Fletcher Buildings and Treasury Wine Estates.