AU Morning Wrap: ASX to fall; Retail investors hunt lithium stocks

Wall Street Summary
US stocks fell in choppy action as traders mulled mixed economic data and dire warnings of a global economic slowdown.

The $S&P 500 Index (.SPX.US)$ fell away in afternoon trade to a loss of 45 points or 1.13 per cent. The index closed at 3,901, its weakest finish since mid-July.

The $Dow Jones Industrial Average (.DJI.US)$ lost 173 points or 0.56 per cent. The $Nasdaq Composite Index (.IXIC.US)$ shed 167 points or 1.43 per cent.

The World Bank warned this year's scramble to raise interest rates to dampen inflation risked driving the global economy into recession. Consumer confidence has dropped more sharply than any of the run-ups to previous global recessions.

AU Market Watch
Australia's S&P/ASX 200 looks set to fall after U.S. stocks lost ground amid anticipation that the Federal Reserve will continue hiking rates sharply in the wake of this week's inflation report. ASX futures are down 0.7%.

Australian shares opened lower this morning. The $S&P/ASX 200 (.XJO.AU)$ lost 0.69 per cent to 6795.9 as of 10:19 am.

Stocks to Watch
$Healius Ltd (HLS.AU)$: Healius chairman Robert Hubbard will step down from the board due to health reasons. The board has elected Jenny Macdonald as his successor.

$Ardiden Ltd (ADV.AU)$: Robin Longley has resigned as the managing director and chief executive of gold exploration company Ardiden, effective immediately.

The current CFO and exploration manager will assume responsibility for day-to-day operations while the board undertakes a recruitment process.

$Air New Zealand Ltd (AIZ.AU)$: Air New Zealand has confirmed it has not been approached or in discussions with any parties regarding a potential merger transaction.

The denial comes after it was reported on Thursday that Bain Capital's Virgin Australia and New Zealand's national airline were understood to have held discussions about a possible merger.

$Pilbara Minerals Ltd (PLS.AU)$: Lithium is a "hot commodity" for retail investors with strong interest in names including $Lake Resources NL (LKE.AU)$ and Pilbara Minerals, new analysis from Morgan Stanley shows.

Ex-dividend: $Austco Healthcare Ltd (AHC.AU)$, $Ariadne Australia Ltd (ARA.AU)$, $CAR Group Ltd (CAR.AU)$, $Cronos Australia Ltd (CAU.AU)$, $Peet Ltd (PPC.AU)$, $Supply Network Ltd (SNL.AU)$

Dividends paid: $Argo Investments Ltd (ARG.AU)$, $Ashley Services Group Ltd (ASH.AU)$, $Bapcor Ltd (BAP.AU)$, $Endeavour Group Ltd (EDV.AU)$, $IPH Ltd (IPH.AU)$, $Navigator Global Investments Ltd (NGI.AU)$, $Oz Minerals Ltd (OZL.AU)$, $PARTNERSGG UNITS (PGG.AU)$, $Pinnacle Investment Management Group Ltd (PNI.AU)$, $Whitehaven Coal Ltd (WHC.AU)$

Commodities
• Iron ore futures rose 0.1% on Thursday to US$100.7 a tonne.

"The iron ore market has stabilised with impacts of real-estate woes already priced in," according to Vale

• Oil prices tumbled after weaker-than-expected US economic data. The US Department of Energy also clarified that it won't be restocking its Strategic Petroleum Reserve.

• Gold prices plummeted as Treasury yields rallied.

Source: Dow Jones Newswires, AFR