Live: ASX set for strong start after Wall Street rebounds

live ASX set for strong start after Wall Street rebounds as Trump signals US-Iran deal is near The local share market is poised to open about 1.7 per cent higher after Wall Street rallied overnight. Brent crude plunged more than 4 per cent after US President Donald Trump called off scheduled strikes on Iran and signalled the US was close to a deal with Iran. Meanwhile, SpaceX raised a record $US75 billion after pricing 555.56 million shares at $US135 each in its IPO. Follow the day's financial news and insights from our specialist business reporters on our live blog. Disclaimer: this blog is not intended as investment advice. Live updates Fri 12 Jun 2026 at 7:54am Market snapshot - ASX futures: +1.7% to 8,794 points - Australian dollar: steady at 70.48 US cents - Wall Street: Dow Jones (+1.9%), S&P 500 (+1.75%), Nasdaq (+3.3%) - Europe: FTSE (+0.5%), Stoxx 600 (+0.5%) - Spot gold: +2.43% to $US4,234/ounce - Oil (Brent crude): -3.9% at $US89.17/barrel - Iron ore: +0.2% to $US101.7/tonne - Bitcoin: +2.6% to $US63,468 Prices current around 7:45 am AEST New: Filters Choose what information you see below by using filters Key Event Fri 12 Jun 2026 at 7:02am ASX set for a strong start as Trump cancels planned Iran strikes in latest reversal Good morning, and welcome to the ABC's daily finance and business blog. Lin here to take you through all the news overnight and for the next few hours. The ASX is set for a strong start, with futures pointing to a 1.7 per cent gain. The Australian dollar also strengthened, rising 0.66 per cent against the US dollar to 70.48 US cents. Those sharp market moves were driven by developments overnight in the Middle East. US President Donald Trump said he had called off plans for fresh military strikes on Iran at the last minute, saying negotiations with Tehran appeared to be progressing towards a possible deal. Trump said talks had reached the highest levels of Iran’s leadership and that a potential agreement had broad support from regional powers. Iran’s semi-official Fars news agency reported that Tehran was likely to approve the deal, although no formal response has been given. The comments marked a dramatic shift from earlier in the day, when Trump had warned the US would hit Iran “very hard tonight” and said he wanted, at some point, to target Iran’s key oil export hub at Kharg Island. Wall Street rallied following Trump’s remarks, with all three major indexes finishing higher. The tech-heavy Nasdaq led the gains, jumping 2.5 per cent. US Treasury yields fell as investors pared back expectations of further escalation. The benchmark 10-year Treasury yield dropped 8.7 basis points to 4.45 per cent. Gold also climbed as the US dollar weakened, with spot gold rising 3.35 per cent to $4,209 an ounce. Meanwhile, plenty more news to cover from the European Central Bank's rate hike, to SpaceX's looming debut. In the meantime, grab a coffee, tea, I’ll have more updates for you shortly.