AU Morning Wrap: ASX slips, Vulcan rockets on Stellantis deal

Wall Street Summary
US stocks rose at the end of a choppy session to extend this week’s rebound rally. A decline in treasury yields boosted companies that depend most on borrowing to fund growth.

The $S&P 500 Index (.SPX.US)$ gained 36 points or 0.95 per cent. The $Dow Jones Industrial Average (.DJI.US)$ put on 194 points or 0.64 per cent. The $Nasdaq Composite Index (.IXIC.US)$ led with a rise of 179 points or 1.62 per cent.

AU Market Watch
Australia's S&P/ASX 200 is on track to edge lower at the open amid weakness in commodity prices. ASX futures are down by 0.1%, suggesting a loss of momentum from Thursday's 0.3% rise. Lower copper, oil and gold prices could all weigh on Australian commodity stocks. U.S. equities provided a positive lead, while bond yields declined for a second day.

Australian shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 0.19 per cent to 6516 as of 10:21 am.

Stocks to Watch
$Qantas Airways Ltd (QAN.AU)$: Qantas has promised a $5000 bonus to 19,000 staff covered by enterprise bargaining agreements on the condition they approve the next industrial agreement put before them.

$Vulcan Energy Resources Ltd (VUL.AU)$: Lithium miner Vulcan Energy has brought European automaking giant Stellantis on board as its second-largest shareholder, as the manufacturer of Peugeot, Maserati, Fiat, Chrysler and Alfa Romeo follows Tesla into the upper reaches of the supply chain.

$BWX Ltd (BWX.AU)$: Shares in ASX-listed natural products player BWX Limited have been placed in a trading halt pending "an announcement in relation to a trading update".

Dividends paid: $PT Aneka Tambang Tbk (ATM.AU)$, $Morphic Ethical Equity Fund Ltd (MEC.AU)$, $Westpac Banking Corp (WBC.AU)$

Commodities
• Iron ore futures snap a massive losing streak, supported by firmer buying sentiment for cargoes with August laycans, sources told Fastmarkets.
• Oil prices slip amid softening economic data and emerging demand destruction concerns.
• Gold retreats amid another round of hawkish commentary from the Fed.

Source: Dow Jones Newswires, AFR