AU Morning Wrap: ASX opens lower, Carsales sinks

Wall Street Summary
The latest bear market rally rolled over as weak economic data sharpened fears the economy is heading into recession. Stocks failed to sustain opening gains, closing at session lows.

The $S&P 500 Index (.SPX.US)$ declined 79 points or 2.01 per cent. The $Dow Jones Industrial Average (.DJI.US)$ gave back 491 points or 1.56 per cent. The $Nasdaq Composite Index (.IXIC.US)$ shed 343 points or 2.98 per cent.

AU Market Watch
Australia's S&P/ASX 200 is poised to pull back at the open after U.S. stocks declined as data showed consumers' short-term outlook is at its lowest in nearly a decade. ASX futures are down by 1.3%, suggesting the benchmark index will give back some of the 3.9% it has added across four straight gains. It rose by 0.9% on Tuesday, supported by commodity stocks.

Australian shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 0.79 per cent to 6710 as of 10:18 am.

Stocks to Watch
$Liontown Resources Ltd (LTR.AU)$: Liontown Resources has executed a binding offtake agreement and funding facility with global car maker Ford Motor Company.The agreement is for the supply of up to 150,000 dry metric tonnes (dmt) a year of spodumene concentrate from Liontown's flagship Kathleen Valley project in Western Australia for five years.

$Pilbara Minerals Ltd (PLS.AU)$: Hard rock lithium producer Pilbara Minerals says it lifted production 54 per cent to between 123,000 and 127,000 dry metric tonnes (dmt) of spodumene concentrate in the June quarter.

$The Star Entertainment Group Ltd (SGR.AU)$: The Star Entertainment Group has appointed Robert Cooke as managing director and chief executive. Cooke was most recently the CEO of Tyro Payments, which announced his resignation this morning.

Ex-dividend: $APA Group (APA.AU)$, $Goodman Group (GMG.AU)$, $Growthpoint Properties Australia (GOZ.AU)$, $Transurban Group (TCL.AU)$, $360 Capital Group (TGP.AU)$

Commodities
• Iron ore futures rallied on Tuesday, supported by positive market sentiment, sources told Fastmarkets.
• Oil prices are on a 3-day winning streak.
• Gold continues to edge lower in the face of higher yields and firm US dollar.

Source: Dow Jones Newswires, AFR