Australian shares are set to open higher, bolstered by gains in New York as oil fell below $US110 a barrel after two senior Trump administration officials argued that Iran’s latest violations did not break the ceasefire.

ASX 200 futures were up 50 points or 0.6 per cent to 8731 near 4.40am AEST. The S&P 500 rose 0.9 per cent as materials and information tech paced 10 of the 11 industry sectors higher. The Nasdaq Composite gained more than 1 per cent to reset its record high.

A report that Apple has held exploratory discussions about using Intel and Samsung Electronics to produce the main processors for its devices in the US triggered a more than 13 per cent jump in Intel’s shares. Apple advanced 2.5 per cent.

The Philadelphia semiconductor index surged 4.7 per cent to a record high; it has leapt more than 50 per cent this year. Advanced Micro Devices rose more than 4 per cent; it’s set to report quarterly results after the closing bell.

US Defence Secretary Pete Hegseth and Gen. Dan Caine, the US military’s top officer, told a news conference that Iran’s renewed attacks hadn’t reached the threshold of what Caine called “major combat operations.” He said Tuesday marked a “quieter” day in the strait.

“No, the ceasefire is not over,” Hegseth said, affirming Caine’s assessment. They spoke before the latest attacks on the UAE.

With AP

Market highlights

ASX 200 futures are pointing up 50 points or 0.6 per cent to 8731.
All US prices near 2.45pm New York time.

AUD +0.3% to US71.88¢Bitcoin +1.7% to $US81,519On Wall St: Dow +0.7% S&P +0.9% Nasdaq +1.1%VIX -0.98 to 17.31Gold +0.8% to $US4559.16 an ounceBrent oil -4.1% to $US109.79 a barrelIron ore +0.1% to $US108.50 a tonne10-year yield: US 4.42% Australia 4.97%Today’s agenda

Amcor is set to release results on Wednesday, while Rio Tinto is set to hold its annual general meeting.

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