ASX set for strong start after Wall Street rebounds; SpaceX raises record $US75 billion

Australia's S&P/ASX 200 index futures indicate a strong opening, with a projected 1.7% gain, mirroring the positive performance on Wall Street overnight. The Australian dollar also showed resilience, trading steadily at 70.48 US cents.

Global markets reacted significantly to developments in the Middle East, where U.S. President Donald Trump announced the cancellation of planned military strikes on Iran. This decision, attributed to progressing negotiations toward a potential deal, led to a sharp decline in oil prices. Brent crude plunged more than 4%, settling around $US89.17 a barrel.

Meanwhile, in the technology sector, SpaceX achieved a landmark financial milestone by raising a record $US75 billion. The company priced 555.56 million shares at $US135 each in its Initial Public Offering (IPO), signaling strong investor confidence.

Wall Street closed higher, with the Dow Jones Industrial Average up 1.9%, the S&P 500 gaining 1.75%, and the Nasdaq Composite surging 3.3%. European markets also saw modest gains, with the FTSE 100 rising 0.5% and the Stoxx 600 index climbing 0.5%. Spot gold prices increased by 2.43% to $US4,234 per ounce, while iron ore saw a slight increase to $US101.7 per tonne. Bitcoin traded up 2.6% at $US63,468.