AU Morning Wrap: Wall Street grinds higher; ASX rises as BHP, Rio lead

Moomoo News AU wrote a column · Mar 28, 2022 07:30

G'day, mooers! Check out the latest news on today's stock market !
• Major US indexes closed mostly higher Friday
• Australia shares opened higher on Monday; ASX 200 up 0.25 per cent
• Stocks to watch: Qube, Gold Road, Star Entertainment
- moomoo News AU

AU Morning Wrap: Wall Street grinds higher; ASX rises as BHP, Rio lead

Wall Street Summary
The S&P 500 and Dow Jones Industrial Average finished higher on Friday as a rise in long-term lending rates boosted financial companies. Resource stocks followed oil and iron ore higher. The rate-sensitive Nasdaq Composite finished in the red, but off its session low.

The $S&P 500 Index (.SPX.US)$ put on 23 points or 0.51 per cent. The $Dow Jones Industrial Average (.DJI.US)$ gained 153 points or 0.44 per cent. The $Nasdaq Composite Index (.IXIC.US)$ shed 23 points or 0.16 per cent.

AU Market Watch
Australia's $S&P/ASX 200 (.XJO.AU)$ is on track to open higher, adding to its gains of the prior week following a largely positive lead from U.S. stocks. ASX futures are up by 0.4%, suggesting the benchmark will push higher at the open and potentially rack up a fifth straight gain.

Australia shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.25 per cent to 7425 as of 10.31 pm.

Key Economic Events of the Week

Tuesday 3/29
Roy Morgan and ANZ jointly release the weekly reading of consumer sentiment.

The 2022 federal budget is handed down by Treasurer Josh Frydenberg at 7.30pm AEST on Tuesday, setting the fiscal (budget) policy agenda ahead of the likely May federal election.

Thursday 3/31
The Reserve Bank of Australia (RBA) releases the “Financial Aggregates” publication, including private sector credit figures for February.

The Bureau of Statistics (ABS) releases data on job vacancies. Vacancies hit all-time highs of 396,000 available positions in November 2021.

The February data on dwelling approvals is released on Thursday. Approvals plunged by 27.9 per cent in January due to Omicron-virus related disruptions and summer holidays.

Friday 4/1
The ABS issues the Lending Indicators publication for February. The data focuses mainly on new home lending commitments.'

Stocks to Watch
$Qube Holdings Ltd (QUB.AU)$ has sold its option to develop land in Beveridge into a rail freight terminal in Melbourne’s north in a generous deal with the Federal Government.

$CIMIC Group Ltd (CIM.AU)$ board committee recommended shareholders accept Hochtief's takeover offer.

$Gold Road Resources Ltd (GOR.AU)$ reported a 54% drop in annual profit.

$The Star Entertainment Group Ltd (SGR.AU)$ Managing Director & CEO Mr Matt Bekier has resigned.

Ex-dividend Companies: $Cochlear Ltd (COH.AU)$, $Reece Ltd (REH.AU)$

Dividends Paid Companies: $BHP Group Ltd (BHP.AU)$, $Endeavour Group Ltd (EDV.AU)$, $Nick Scali Ltd (NCK.AU)$, $IDP Education Ltd (IEL.AU)$

Commodities
• Iron ore prices edged higher following a bullish run in futures markets and swap markets, sources told Fastmarkets
• Oil prices rose as disruption concerns continue to buoy upside risk.
• Gold prices were unchanged as treasury yields maintained an upward trend. Higher bond yields make gold less attractive since the yellow metal does not bear any yield.

Source: Dow Jones Newswires, Market Index

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