Australian shares are set for a muted open on Monday as investors brace for the Reserve Bank of Australia's (RBA) expected rate hike on Tuesday, with markets weighing the prospect of further tightening amid persistent inflation and rising global energy prices.
Oil prices rose past 1% after US President Donald Trump rejected an Iranian peace proposal aimed at resolving the conflict and reopening the Strait of Hormuz.
On Sept. 25, the S&P 500 and Nasdaq Composite each rose 0.5%, while the Dow Jones Industrial Average gained 0.9%.
In the macroeconomy, investors are eyeing the Reserve Bank of Australia's interest rate decision on Tuesday.
In corporate news, Northern Star Resources (ASX:NST) said it rejected an unsolicited, conditional proposal from Gold Fields to acquire all its shares through a scheme of arrangement, offering 0.3125 Gold Fields shares plus AU$7.25 in cash per share.
Ramelius Resources (ASX:RMS) secured a key environmental approval for its Roe Project, with the Western Australia Department of Water and Environmental Regulation granting a works approval under part V of the Environmental Protection Act.
Australia's benchmark index fell 0.4%, or 37 points, to close at 8,665 on Sept. 25.
