AU Morning Wrap: ASX leaps; Liontown and Tesla extend offtake term sheet
G'day, mooers! Check out the latest news on today's stock market!
• Wall St snapped losing streak
• Australian shares opened higher on Monday, ASX 200 up 1.03 per cent
• Stocks to watch: Liontown, Capricorn, Bubs
- moomoo News AU
Wall Street Summary
US stocks soared amid tentative signs inflation may have peaked. The Federal Reserve’s preferred inflation measure logged its smallest increase in a year and a half. A separate report showed consumer spending was stronger than expected last month.
The $S&P 500 Index (.SPX.US)$ climbed 100 points or 2.47 per cent. The $Dow Jones Industrial Average (.DJI.US)$ put on 576 points or 1.76 per cent. The $Nasdaq Composite Index (.IXIC.US)$ added 390 points or 3.33 per cent.
AU Market Watch
Australia's S&P/ASX 200 is poised for a healthy opening rise after U.S. stocks bounded higher, emphatically ending a run of weekly losses. ASX futures are up by 1.2%, suggesting the benchmark index will build on its 1.1% rise on Friday. The ASX 200 rose by 0.5% across last week, powered by its heavyweight financial and materials sectors. Investors this week will parse data on buildings approvals and business indicators for clues about the health of Australia's economy.
Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 1.03 per cent to 7257 as of 10:10 am.
US stocks soared amid tentative signs inflation may have peaked. The Federal Reserve’s preferred inflation measure logged its smallest increase in a year and a half. A separate report showed consumer spending was stronger than expected last month.
The $S&P 500 Index (.SPX.US)$ climbed 100 points or 2.47 per cent. The $Dow Jones Industrial Average (.DJI.US)$ put on 576 points or 1.76 per cent. The $Nasdaq Composite Index (.IXIC.US)$ added 390 points or 3.33 per cent.
AU Market Watch
Australia's S&P/ASX 200 is poised for a healthy opening rise after U.S. stocks bounded higher, emphatically ending a run of weekly losses. ASX futures are up by 1.2%, suggesting the benchmark index will build on its 1.1% rise on Friday. The ASX 200 rose by 0.5% across last week, powered by its heavyweight financial and materials sectors. Investors this week will parse data on buildings approvals and business indicators for clues about the health of Australia's economy.
Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 1.03 per cent to 7257 as of 10:10 am.
Stocks to Watch
$Liontown Resources Ltd (LTR.AU)$: Liontown Resources has mutually agreed with Tesla to extend the termination date for its binding offtake term sheet to June 6.The agreement with Tesla is for the supply of up to 150,000 dry metric tonnes a year of spodumene concentrate produced at Kathleen Valley expected to commence in 2024.
$Capricorn Metals Ltd (CMM.AU)$: Capricorn Metals has entered into an agreement with Gascoyne Resources to acquire the Mumbakine Well project located contiguous to Capricorn’s Karlawinda gold project tenure in the Pilbara region of Western Australia.
$BUBS Australia Ltd (BUB.AU)$: Bubs Australia says the US Food and Drug Administration (FDA) has exercised its discretion for Bubs to import six infant formula products into the US effective immediately. Bubs has committed to supply an initial 500,000 tins of infant formula, with a further 750,000 tin commitment over the coming months, which equates to at least 27.5 million feeding bottles of infant formula.
Ex-Dividend: $Coronado Global Resources Inc (CRN.AU)$, $Dalrymple Bay Infrastructure Ltd (DBI.AU)$, $Elders Ltd (ELD.AU)$, $Turaco Gold Ltd (TCG.AU)$
Commodities
• Iron ore futures remain stable around US$133/t.
• Oil is steadily moving higher as the EU continues to work towards a ban on Russian oil. OPEC+ will meet on Thursday to discuss oil output.
• Gold finished a turbulent week around US$1,850 as investors shift their attention from rising interest rates to economic gloom.
Source: Dow Jones Newswires, AFR
$Liontown Resources Ltd (LTR.AU)$: Liontown Resources has mutually agreed with Tesla to extend the termination date for its binding offtake term sheet to June 6.The agreement with Tesla is for the supply of up to 150,000 dry metric tonnes a year of spodumene concentrate produced at Kathleen Valley expected to commence in 2024.
$Capricorn Metals Ltd (CMM.AU)$: Capricorn Metals has entered into an agreement with Gascoyne Resources to acquire the Mumbakine Well project located contiguous to Capricorn’s Karlawinda gold project tenure in the Pilbara region of Western Australia.
$BUBS Australia Ltd (BUB.AU)$: Bubs Australia says the US Food and Drug Administration (FDA) has exercised its discretion for Bubs to import six infant formula products into the US effective immediately. Bubs has committed to supply an initial 500,000 tins of infant formula, with a further 750,000 tin commitment over the coming months, which equates to at least 27.5 million feeding bottles of infant formula.
Ex-Dividend: $Coronado Global Resources Inc (CRN.AU)$, $Dalrymple Bay Infrastructure Ltd (DBI.AU)$, $Elders Ltd (ELD.AU)$, $Turaco Gold Ltd (TCG.AU)$
Commodities
• Iron ore futures remain stable around US$133/t.
• Oil is steadily moving higher as the EU continues to work towards a ban on Russian oil. OPEC+ will meet on Thursday to discuss oil output.
• Gold finished a turbulent week around US$1,850 as investors shift their attention from rising interest rates to economic gloom.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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