AU Morning Wrap: ASX opens lower; Bega warns on milk costs

The $S&P 500 Index (.SPX.US)$ finished 17 points or 0.45 per cent lower after trading in positive territory in the second half of the session. The $Dow Jones Industrial Average (.DJI.US)$ dropped 209 points or 0.67 per cent. The $Nasdaq Composite Index (.IXIC.US)$ dipped 17 points or 0.15 per cent.

AU Market Watch
Australian stock futures are again pointing to an uncertain open for the benchmark S&P/ASX 200 after U.S. stocks fell amid expectations that the Federal Reserve will continue aggressively tightening monetary policy. ASX futures are down by less than 0.1%. The benchmark index closed 0.2% higher on Wednesday, recovering from a 0.3% early fall after futures had hinted at a flat open.

Australian shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 0.11 per cent to 6615 as of 10:12 am.

Stocks to Watch
$Pilbara Minerals Ltd (PLS.AU)$: Pilbara Minerals says it has auctioned a cargo of 5000 dry metric tonnes of lithium spodumene concentrate to China for $US6841 a tonne.

$Bega Cheese Ltd (BGA.AU)$: Bega Cheese has warned rising milk price over June and July means its FY 2023 normalised EBITDA is set to finish between $160 million and $190 million, versus guidance between $175 million and $190 million in FY 2022.

$Telstra Group Ltd (TLS.AU)$: Telco Telstra has received all necessary government approvals to complete its acquisition of Pacific Island focused mobile network provider Digicel Pacific.

Ex-dividend: $Spheria Emerging Co Ltd (SEC.AU)$

Dividends paid: $NB Global Corporate Income Trust (NBI.AU)$

Listing: $Botala Energy Ltd (BTE.AU)$

Commodities
• Iron ore prices are trying to stabilise around US$110.
• Oil is making a small bounce after Wednesday's collapse.
• Gold prices came roaring back from lows of US$1,707 as a deepening Treasury curve inversion suggests a potential peak for yields.

Source: Dow Jones Newswires, AFR