Australia

The local market is set for early gains this morning amid stronger leads on Wall St following a boost in the oil price in the wake of Donald Trump’s widely anticipated decision to quit the Iran nuclear deal.
SPI futures are up 24 points at 6113. At 8.35am (AEST), the local currency was worth US74.62c, up from US74.18c yesterday.
The benchmark S&P/ASX200 closed 16.1 points, or 0.26 per cent higher, at 6108 points, while the broader All Ordinaries index rose 21.2 points, or 0.34 per cent, at 6204.4 points.
Oil hit its highest level in 3½ years as investors feared Trump's decision to withdraw the US from the international agreement aimed at preventing Iran from obtaining a nuclear bomb would increase risks of conflict in the Middle East and curtail global oil supplies.
The S&P energy index jumped 2.2 per cent, bringing its gain this quarter to 12.8 per cent, more than any other sectors.
Woodside Petroleum rose 39 cents, or 1.2 per cent, to $32.35, Santos gained 20 cents, or 3.3 per cent, at $6.25 and Oil Search climbed 10 cents, or 1.3 per cent, to $8.09.
The financial sector slid as Commonwealth Bank’s share price dipped to $70.80 during the session - its lowest level since November 2016 - before closing $2.09, or 2.8 per cent, lower at $71.41.
Australia's largest listed company delivered a third-quarter cash profit of $2.35 billion, 2 per cent lower than the average of each of the earlier quarters.
CBA also revealed the number of home loan repayments more than 90 days late rose in the March quarter, and the bank attracted more unwanted headlines when it announced it will pay $25m to settle its legal stoush with the corporate regulator over bank bill swap rates.
Embattled wealth giant AMP will hold its AGM today, as will agricultural chemical supplier Nufarm.
Out today: NAB business confidence; Westpac consumer confidence; consumer inflation expectations.

Asia

Asian shares ticked lower as renewed US sanctions on Tehran were seen as disruptive for many companies that have deals with Iran.
Trump’s move is also seen as risking worsening already-tense relations between Iran and US allies in the region. Iran, the third-biggest producer among the OECD, produces about 3.8 million barrels per day, or about four per cent of the world's oil supplies.
MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, while Japan’s Nikkei fell 0.4 per cent.

Europe

Oil stocks drove Britain’s leading stock index sharply higher on Wednesday after the US decision to pull out of the Iran nuclear deal sent crude prices soaring.
The FTSE 100 index jumped 1.3 per cent, easily beating other European bourses as commodities stocks surged and strong results sent tobacco firm Imperial Brands up. It was the index’s best day in a month.
Frankfurt’s DAX index was 0.24 per cent higher, and Paris’s CAC was up 0.23 per cent.
Leading the FTSE was heavyweight tobacco firm Imperial Brands, which jumped 6.2 per cent after pledging to step up divestments and reporting first-half sales and profits slightly ahead of estimates.
Oil majors Royal Dutch Shell and BP, up 3.1 per cent and 3.3 per cent respectively, delivered the biggest boost to the index as oil prices rose more than two per cent. US sanctions against Iran, an OPEC member, are expected to tighten global oil supply.

North America

US stocks rose as surging oil prices boosted energy stocks following Trump's decision the previous day to quit the nuclear agreement with Iran. Bank shares rallied as US Treasury yields topped 3 per cent. And West Texas oil topped $71 per barrel after an unexpected drop in US stockpiles
The Dow Jones Industrial Average rose 182.33 points, or 0.75 per cent, to end at 24,542.54 points, while the S&P 500 gained 25.87 points, or 0.97 per cent, to 2697.79.
The Nasdaq Composite added 73.0 points, or 1 per cent, to finish the session at 7339.91.
In stock trading, Google-owner Alphabet rose 2.87 per cent, providing more lift than any other stock to the S&P 500. It was followed by Facebook, which rose 2.09 per cent.
Walmart fell 3.13 per cent after the retailer took a majority stake in Indian e-commerce firm Flipkart for about $16bn.

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Lex Hall is a Morningstar content editor, based in Sydney.

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