AU Morning Wrap: Evolution Mining and James Hardie with new CEOs; ASX edges up

Wall Street Summary
The Dow and S&P 500 arrested their declines ahead of jobs data tonight that could have a big sway on how US interest rates rise this month. The Nasdaq was held down by a slump in leading chip makers.

The $S&P 500 Index (.SPX.US)$ overcame early weakness to advance 12 points or 0.3 per cent. The $Dow Jones Industrial Average (.DJI.US)$ bounced 146 points or 0.46 per cent. The $Nasdaq Composite Index (.IXIC.US)$ slipped 31 points or 0.26 per cent.

AU Market Watch
Australia's S&P/ASX 200 is set to rise at the open after Wall Street snapped its multi-day losing streak, even as the market expects tighter monetary policy. ASX futures are up by 0.3%, with economists expecting Australia's central bank to also hike rates by at least 50 basis points next week.

Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.1 per cent to 6852.2 as of 10:15 am.

Stocks to Watch
$Orica Ltd (ORI.AU)$: Orica raised $41 million under its share purchase plan announced last month in conjunction with a $650 million placement. Approximately 2.7 million new ordinary shares will be issued later on Friday.

$Consolidated Zinc Ltd (CZL.AU)$: Consolidated Zinc received approval to complete the exploration of lithium-focused tenements of WestOz this year. WestOz tenements are highly prospective for lithium and located in the Pilbara region of Western Australia, near two of the world’s largest spodumene lithium deposits.

$AFT Pharmaceuticals Ltd (AFP.AU)$: AFT Pharmaceuticals will start additional studies this year to obtain US Food and Drug Administration (FDA) registration of Maxigesic IV, a pain relief medicine.

$James Hardie Industries PLC (JHX.AU)$: James Hardie Industries has appointed Aaron Erter as its new CEO, effective immediately. He will be based in Chicago.

Ex-dividend: $Ampol Ltd (ALD.AU)$, $Eagers Automotive Ltd (APE.AU)$, $Base Resources Ltd (BSE.AU)$, $Bravura Solutions Ltd (BVS.AU)$, $Coles Group Ltd (COL.AU)$, $Cyclopharm Ltd (CYC.AU)$, $Infomedia Ltd (IFM.AU)$, $Kelsian Group Ltd (KLS.AU)$, $Lifestyle Communities Ltd (LIC.AU)$, $Mineral Resources Ltd (MIN.AU)$, $Prime Financial Group Ltd (PFG.AU)$, $Prestal Holdings Ltd (PTL.AU)$, $TerraCom Ltd (TER.AU)$

Dividends paid: $Hotel Property Investments (HPI.AU)$, $Korvest Ltd (KOV.AU)$, $Microequities Asset Management Group Ltd (MAM.AU)$, $National Storage REIT (NSR.AU)$, $QV Equities Ltd (QVE.AU)$

Commodities
• Iron ore futures fell 4.7% to US$96.40 a tonne. China's daily crude steel output rose steadily over the last eleven days of August to average 2.76m tonnes a day, up around 2.2% from the prior ten days, according to Mysteel. Steel mills have started to "gradually ramp up production" to prepare for the upcoming traditional peak season for steel consumption over September to October.

• Oil prices are tumbling. "Oil is looking very vulnerable here as king dollar might be ready for another major run," said Oanda senior market analyst, Ed Moya

"If September becomes a bloodbath on Wall Street, WTI crude could slide towards the $80 region, but the supply outlook should prevent a significant selloff beyond there," he added.

• Gold is starting to breach the psychological US$1,700 level. A strong US jobs report on Friday could empower the Fed to deliver more interest rate hikes, which would further weigh on the non yield-bearing yellow metal.

Source: Dow Jones Newswires, AFR