AU Morning Wrap: ASX rises; NAB falls 4% after delivering $1.8b cash profit

The $S&P 500 Index (.SPX.US)$ dipped five points or 0.12 per cent to a third-straight minor loss. The $Dow Jones Industrial Average (.DJI.US)$ rose 29 points or 0.09 per cent. The $Nasdaq Composite Index (.IXIC.US)$ shed 13 points or 0.1 per cent.

AU Market Watch
Australian stock futures suggest that the S&P/ASX 200 could edge lower at the open amid a clutch of company earnings reports. ASX futures are down by 0.1% after an uncertain lead by U.S. stocks, which finished mixed.

Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.07 per cent to 7025.6 as of 10:18 am.

Stocks to Watch
$National Australia Bank Ltd (NAB.AU)$: National Australia Bank says the outlook for credit quality remains benign but the impact of rising interest rates was offset by higher funding costs, as it reported a $1.85 billion third quarter profit.

$Coronado Global Resources Inc (CRN.AU)$: Coal miner Coronado has swung to a net profit of $US561.9 million on sales of $US1.98 billion for the half year to June 30. The net profit is up 685 per cent on a $US96.1 million loss in the prior half year period, with sales up 147.4 per cent.

$REA Group Ltd (REA.AU)$: REA Group has released its annual results. Revenue grew by 26 per cent to $1170 million, reported EBITDA grew 17 per cent to $647.9 million and net profit grew to $371.7 million.

$Charter Hall Long WALE REIT (CLW.AU)$: Charter Hall Long WALE REIT has delivered a statutory profit of $911.9 million for the year ending June 30. Operating earnings increased 4.5 per cent on the prior corresponding period to $207.2 million, while net tangible assets increased 18.2 per cent to $6.17.

$Megaport Ltd (MP1.AU)$: Megaport has reported it annual performance. Revenue rose 40 per cent to $109.7 million, driven by customer growth and service uptake across all regions. Normalised EBITDA fell 23 per cent to 10.2 million, but was positive in the fourth quarter.

Ex-dividend: $BKI Investment Co Ltd (BKI.AU)$

Commodities
• Iron ore futures 1.7% to US$111.2 a tonne. Over the first week of August, China's domestic steel prices increased in both physical and future markets. Chinese steel market fundamentals showed signs of improvement, according to Mysteel Global.
• Oil prices rebounded after a -13% selloff last week. A note from Goldman Sachs made a case for higher oil prices, with the view that the oil market is stuck in a larger deficit.
• Gold is trying to rally towards US$1,800, supported by a fall in Treasury yields and waning risk appetite ahead of US inflation data.

Source: Dow Jones Newswires, AFR