AU Morning Wrap: ASX sharply lower in early trade, materials in pain

Moomoo News AU wrote a column · Apr 22, 2022 08:12

G'day, mooers! Check out the latest news on today's stock market!
• US stocks shed strong early gains
• Australia shares opened lower on Friday; ASX 200 down 1.41 per cent
• Stocks to watch: Woodside Petroleum, OZ Minerals
- moomoo News AU

AU Morning Wrap: ASX sharply lower in early trade, materials in pain

Wall Street Summary
US stocks shed strong early gains after Federal Reserve Chair Jerome Powell indicated the US central bank was preparing to raise its target rate by 50 basis points next month.

The $S&P 500 Index (.SPX.US)$ swung from an earnings-fuelled gain of more than 1 per cent to a loss of 66 points or 1.48 per cent. The $Dow Jones Industrial Average (.DJI.US)$ finished 368 points or 1.05 per cent lower after being up more than 330 points. The $Nasdaq Composite Index (.IXIC.US)$ shed 278 points or 2.07 per cent.

AU Market Watch
Australia's S&P/ASX 200 is likely to open lower after U.S. stocks slipped amid rising bond yields. ASX futures are down by 0.9%, suggesting that the benchmark index's five-session winning streak could be about to end. The ASX 200 rose by 0.3% on Thursday and is up 0.9% so far this week amid strong gains by shares of financial companies that investors expect to benefit from rising interest rates.

Australia shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 1.41 per cent to 7486 as of 10:13 am.

Stocks to Watch
$Woodside Petroleum Ltd (WPL.AU)$: Woodside Petroleum chief executive Meg O' Neill has called for "serious consideration" to be given to kick-starting stalled gas mega-projects, such as Sunrise in the Timor Sea and at Browse off the coast of Western Australia, as the world turns its back on Russian energy.

$Oz Minerals Ltd (OZL.AU)$: OZ Minerals' copper production has decreased by 5.7% in quarterly terms. Its gold production also fell by 16.3% over the quarter. OZL says that its "production and cost guidance remains on track for 2022" after facing "workforce absenteeism" and weather-related disruptions.

Ex-dividend Companies: $MFF Capital Investments Ltd (MFF.AU)$

Dividends Paid Companies: $ARB Corp Ltd (ARB.AU)$, $BSP Financial Group Ltd (BFL.AU)$, $Gowing Bros Ltd (GOW.AU)$, $Latitude Group Holdings Ltd (LFS.AU)$, $SDI Ltd (SDI.AU)$, $Sigma Healthcare Ltd (SIG.AU)$

Commodities
• Iron ore prices remained stable, just above US$150 a tonne.
• Oil inched higher amid reports the EU nearing a framework to phase out Russian oil imports.
• Gold is stalling around US$1,950 as hawkish commentary from central banks is weighing on upside.

Source: Dow Jones Newswires, Market Index

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