AU Morning Wrap: ASX higher as investors await inflation data

Wall Street Summary
Retail stocks spearheaded losses after Walmart warned higher food and fuel prices were forcing consumers to reduce spending on other items. A report showing consumers were losing confidence in the economic outlook added to selling pressure.

The $S&P 500 Index (.SPX.US)$ fell 46 points or 1.15 per cent. The $Dow Jones Industrial Average (.DJI.US)$ shed 229 points or 0.71 per cent. The $Nasdaq Composite Index (.IXIC.US)$ gave up 220 points or 1.87 per cent.

AU Market Watch
Australia's S&P/ASX 200 could give up its gains of the prior session when the market opens, with local stock futures pointing to a lower open ahead of inflation data. ASX futures are down by 0.5% after U.S. equities fell ahead of this week's Federal Reserve meeting. Losses built as the day progressed, leaving the S&P 500 1.2% lower.

Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.20 per cent to 6821 as of 10:20 am.

June quarter inflation data due at 11.30am AEST. Consensus estimates peg the jump in the CPI to hit 6.3 per cent on an annual basis, which would mark the biggest leap since the December quarter of 1990 and prompt further monetary tightening by the RBA.

Stocks to Watch
$IGO Ltd (IGO.AU)$: Nickel miner IGO has hit its production and cost guidance for the 2022 financial year, helped along by sales revenue of $278 million in the June quarter.

$St Barbara Ltd (SBM.AU)$: Gold miner St Barbara increased production 40 per cent in the June quarter from the previous three-month period, helping to reach its target for the financial year.

$Westpac Banking Corp (WBC.AU)$: Westpac will shift its operations to use 100 per cent renewable electricity and reduce lending to coal, oil and gas companies, according to the details of its plans released on Wednesday.

Ex-dividend: $Mirrabooka Investments Ltd (MIR.AU)$, $Prospect Resources Ltd (PSC.AU)$

Dividends paid: $Premier Investments Ltd (PMV.AU)$, $360 Capital Group (TGP.AU)$, $360 Capital REIT (TOT.AU)$

Listing: $Sierra Rutile Holdings Ltd (SRX.AU)$

Commodities
• Iron ore futures rose 1.3% to US$106.4 a tonne.
• Oil prices faded from session highs of 2.8% and now -0.8% lower at US$95.5 a barrel. Recession concerns are again beginning to set in amid a slump in corporate earnings and consumer confidence.
• Gold is trying to consolidate around the US$1,700 level ahead of another pivotal Fed interest rate decision.

Source: Dow Jones Newswires, AFR