Global equity markets retreated as investors weighed the prospect of U.S. intervention in the escalating Israel-Iran conflict. Oil prices surged more than 4% on heightened geopolitical fears, while iron ore slumped to its lowest level since September. Meanwhile, weak U.S. retail sales data pointed to a softening economy, reinforcing expectations that the Federal Reserve will keep interest rates on hold but place greater emphasis on future economic forecasts. Closer to home, Aussie shares are expected to open lower on Wednesday, as investors continue to assess the potential fallout from rising Middle East risks.

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