AU Morning Wrap: ASX opens higher; Link competition concerns; labour data ahead
G'day, mooers! Check out the latest news on today's stock market!
• US stock market rallied on Fed's supersized rate hike
• Australian shares opened higher on Thursday, ASX 200 up 0.93 per cent
• Stocks to watch: BHP, Link, Bubs
- moomoo News AU
Wall Street Summary
US stocks closed firmly higher in volatile trade after the Fed showed it was serious about controlling inflation. The central bank raised its target interest rate by 75 basis points and indicated it may raise by the same amount next month.
The $S&P 500 Index (.SPX.US)$ rallied 55 points or 1.46 per cent to its first gain in six sessions. The $Dow Jones Industrial Average (.DJI.US)$ bounced 304 points or 1 per cent. The $Nasdaq Composite Index (.IXIC.US)$ gained 271 points or 2.5 per cent.
AU Market Watch
Australia's S&P/ASX 200 looks on course to pare its recent heavy losses at the open after U.S. stocks rallied. ASX futures are up by 0.2%, suggesting the benchmark index will rise after losing 7.3% across the last four sessions. The ASX 200, which entered correction territory at the start of the week, lost 1.3% on Wednesday to close at its lowest level since January 2020.
Unemployment data for May will be released during Thursday's session.
Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.93 per cent to 6662 as of 10:17 am.
US stocks closed firmly higher in volatile trade after the Fed showed it was serious about controlling inflation. The central bank raised its target interest rate by 75 basis points and indicated it may raise by the same amount next month.
The $S&P 500 Index (.SPX.US)$ rallied 55 points or 1.46 per cent to its first gain in six sessions. The $Dow Jones Industrial Average (.DJI.US)$ bounced 304 points or 1 per cent. The $Nasdaq Composite Index (.IXIC.US)$ gained 271 points or 2.5 per cent.
AU Market Watch
Australia's S&P/ASX 200 looks on course to pare its recent heavy losses at the open after U.S. stocks rallied. ASX futures are up by 0.2%, suggesting the benchmark index will rise after losing 7.3% across the last four sessions. The ASX 200, which entered correction territory at the start of the week, lost 1.3% on Wednesday to close at its lowest level since January 2020.
Unemployment data for May will be released during Thursday's session.
Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.93 per cent to 6662 as of 10:17 am.
Stocks to Watch
$BHP Group Ltd (BHP.AU)$: Australia's largest miner has announced it will retain New South Wales Energy Coal in its portfolio. BHP will also seek approvals to continue mining beyond its current mining consent that expires in 2026 and cease mining at the asset by the end of the 2030 financial year.
$Link Administration Holdings Ltd (LNK.AU)$: The Link Group Board continues to "unanimously recommend" shareholders vote in favour of the proposed Dye & Durham acquisition despite significant preliminary concerns raised by the competition watchdog today.
$BUBS Australia Ltd (BUB.AU)$: Bubs Australia has entered into an agreement with Walmart to purchase a shipment of six Bubs infant formula products and two Aussie Bubs toddler formula products which will be distributed to 800 Walmart stores in the US.
Dividends paid: $Dalrymple Bay Infrastructure Ltd (DBI.AU)$, $My Food Bag Group Ltd (MFB.AU)$, $NB Global Corporate Income Trust (NBI.AU)$, $ResMed Inc (RMD.AU)$
Commodities
• Iron ore prices are trying to stabilise around US$135 amid weaker sentiment caused by poor downstream steel sales and expectations of more steel production cuts, sources told Fastmarkets.
• Oil prices declined in the face of tightening financial conditions and Biden’s pressure on US refineries to produce more gasoline and diesel.
• Gold prices bounced as traders are beginning to have a clearer view about the Fed's interest.
Source: Dow Jones Newswires, AFR
$BHP Group Ltd (BHP.AU)$: Australia's largest miner has announced it will retain New South Wales Energy Coal in its portfolio. BHP will also seek approvals to continue mining beyond its current mining consent that expires in 2026 and cease mining at the asset by the end of the 2030 financial year.
$Link Administration Holdings Ltd (LNK.AU)$: The Link Group Board continues to "unanimously recommend" shareholders vote in favour of the proposed Dye & Durham acquisition despite significant preliminary concerns raised by the competition watchdog today.
$BUBS Australia Ltd (BUB.AU)$: Bubs Australia has entered into an agreement with Walmart to purchase a shipment of six Bubs infant formula products and two Aussie Bubs toddler formula products which will be distributed to 800 Walmart stores in the US.
Dividends paid: $Dalrymple Bay Infrastructure Ltd (DBI.AU)$, $My Food Bag Group Ltd (MFB.AU)$, $NB Global Corporate Income Trust (NBI.AU)$, $ResMed Inc (RMD.AU)$
Commodities
• Iron ore prices are trying to stabilise around US$135 amid weaker sentiment caused by poor downstream steel sales and expectations of more steel production cuts, sources told Fastmarkets.
• Oil prices declined in the face of tightening financial conditions and Biden’s pressure on US refineries to produce more gasoline and diesel.
• Gold prices bounced as traders are beginning to have a clearer view about the Fed's interest.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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