AU Morning Wrap: ANZ confirms discussions with KKR; RBNZ to lift again

The $S&P 500 Index (.SPX.US)$ declined 36 points or 0.92 per cent. The $Dow Jones Industrial Average (.DJI.US)$ shed 193 points or 0.62 per cent. The $Nasdaq Composite Index (.IXIC.US)$ lost 108 points or 0.95 per cent.

AU Market Watch
Australia's S&P/ASX 200 looks set to open flat amid continued global growth concerns. ASX futures are unmoved after falls by U.S. stocks and oil prices, suggesting an uncertain start to the local session. The benchmark index rose by less than 0.1% on Tuesday as declines by materials and tech stocks offset gains among financials.

Demand worries pulled benchmark Brent crude prices down by about 7%, which could weigh on Australian energy stocks.

Australian shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 0.34 per cent to 6584 as of 10:12 am.

Stocks to Watch
$KMD Brands Ltd (KMD.AU)$: KMD Brands says its Kathmandu brand has seen “record performance” in its key winter period but that overall retail trade in Australasia has been impacted by the omicron outbreak. The retailer, which also owns Oboz and Rip Curl, expects total sales for the full year to be between $995 million to $965 million and forecasts underlying EBITDA to be between $88 million to $94 million.

$ANZ Group Holdings Ltd (ANZ.AU)$: ANZ has confirmed it is in discussions with Kohlberg Kravis Roberts & Co. (KKR) about a potential acquisition of MYOB. The bank said it’s yet to reach an agreement with KKR in relation to the acquisition and there is no certainty it will proceed.

Dividends paid: $Perpetual Credit Income Trust (PCI.AU)$

Commodities
• Iron ore prices fell further as concerns over global growth outweighed signs of increasing credit in China.
• Oil prices tumbled as Europe and the US threaten to cap demand.
• Gold is struggling as the US dollar extends gains, now trading at parity with the Euro.

Source: Dow Jones Newswires, AFR