AU Morning Wrap: ASX tumbles; BHP, Fortescue slide

The $S&P 500 Index (.SPX.US)$ cut an opening 2 per cent loss to just 11 points or 0.3 per cent by the close. The $Dow Jones Industrial Average (.DJI.US)$ closed 143 points or 0.46 per cent lower after earlier falling as much as 628 points. The $Nasdaq Composite Index (.IXIC.US)$ flipped a 2 per cent loss into a final gain of four points or 0.03 per cent.

AU Market Watch
Australia's S&P/ASX 200 looks likely to slide at the open, putting it on track to finish lower for the week. ASX futures are down by 0.8% after the S&P 500 and Dow Jones Industrial Average both fell as major bank earnings fell short of analysts' expectations. Australian bank stocks slipped on Thursday, paring the benchmark index's overall gains. The ASX 200 rose 0.4% but is still 0.4% lower so far this week.

Australian shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 1.13 per cent to 6575 as of 10:09 am.

Stocks to Watch
$Rio Tinto Ltd (RIO.AU)$: Rio Tinto has stuck to guidance for iron ore production of between 320 million and 335 million tonnes in FY 2022, with copper and bauxite production targets unchanged. Shares tumbled 5.9 per cent on Wall Street overnight, as investors fretted over a decline in the iron ore price.

$WiseTech Global Ltd (WTC.AU)$: Software business WiseTech has lifted its FY 2022 EBITDA guidance to between $310 million and $320 million, versus prior guidance of between $275 million and $295 million.

$Jumbo Interactive Ltd (JIN.AU)$: Lotto operator Jumbo Interactive expects net profit to climb 16 per cent to $31.6 million on total transaction value up 36 per cent to $660.1 million in FY 2022. Revenue is forecast to climb 27 per cent to $103.8 million.

Dividends paid: $Qualitas Real Estate Income Fund (QRI.AU)$, $Russell Inv High Dividend Aus Shrs ETF (RDV.AU)$

Commodities
• Iron ore briefly went sub US$100 for the first time since November last year.
• Oil plummeted to session lows of US$94.5 a barrel, with recession fears once again the driving force. Prices have rebounded back to US$99.
• Gold continues to falter in the face of hotter-than-expected inflation and the aggressive tightening that will follow.

Source: Dow Jones Newswires, AFR