AU Morning Wrap: Iron ore, coal miners lift shares 0.4%
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 hits new low for 2022, Nasdaq rally fizzles
• Australian shares open higher on Tuesday, ASX 200 up 0.4 per cent
• Stocks to watch: Synlait Milk, Star Entertainment, Santos
- moomoo News AU
![AU Morning Wrap: Iron ore, coal miners lift shares 0.4%](https://ausnsimg.moomoo.com/16478186782133-151000101-web-8f00b204e9800998.bmp/bigmoo)
Wall Street Summary
Wall Street has slid deeper into a bear market, with the $S&P 500 Index (.SPX.US)$ and $Dow Jones Industrial Average (.DJI.US)$ closing lower as investors fretted that the Federal Reserve's aggressive campaign against inflation could throw the US economy into a sharp downturn.
In Monday's session, the Dow Jones Industrial Average fell 1.11 per cent to end at 29,260.81 points, while the S&P 500 lost 1.03 per cent to 3,655.04 and the $Nasdaq Composite Index (.IXIC.US)$ dropped 0.6 per cent to 10,802.92.
Ten of 11 S&P 500s sector indexes fell, led by 2.6 per cent drops in real estate and energy.
AU Market Watch
Australian shares are poised to edge higher. Trading was volatile and choppy to start the week in New York, with a late burst of selling at the end of day.
ASX futures were up 17 points or 0.26 per cent to 6483 points near 6.15am AEST. The S&P/ASX 200 tumbled 105 points or 1.6 per cent on Monday.
Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.4 per cent to 6495.3 as of 10:19 am.
Wall Street has slid deeper into a bear market, with the $S&P 500 Index (.SPX.US)$ and $Dow Jones Industrial Average (.DJI.US)$ closing lower as investors fretted that the Federal Reserve's aggressive campaign against inflation could throw the US economy into a sharp downturn.
In Monday's session, the Dow Jones Industrial Average fell 1.11 per cent to end at 29,260.81 points, while the S&P 500 lost 1.03 per cent to 3,655.04 and the $Nasdaq Composite Index (.IXIC.US)$ dropped 0.6 per cent to 10,802.92.
Ten of 11 S&P 500s sector indexes fell, led by 2.6 per cent drops in real estate and energy.
AU Market Watch
Australian shares are poised to edge higher. Trading was volatile and choppy to start the week in New York, with a late burst of selling at the end of day.
ASX futures were up 17 points or 0.26 per cent to 6483 points near 6.15am AEST. The S&P/ASX 200 tumbled 105 points or 1.6 per cent on Monday.
Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.4 per cent to 6495.3 as of 10:19 am.
Stocks to Watch
$Synlait Milk Ltd (SM1.AU)$: Synlait Milk has more than tripled its financial 2022 net profit after tax to $NZ38.5 million, on sales up 21 per cent to $NZ1.66 billion.
$Synlait Milk Ltd (SM1.AU)$: Synlait Milk has more than tripled its financial 2022 net profit after tax to $NZ38.5 million, on sales up 21 per cent to $NZ1.66 billion.
It said the average milk price it paid over 2021/2022 was $NZ9.30 a kilogram of milk solid, with a forecast for that to rise to an average of $NZ9.50 per kilogram of milk solid in 2022/2023.
$The Star Entertainment Group Ltd (SGR.AU)$: Under pressure casino group Star Entertainment has posted a remediation plan to the ASX as part of its response into the Bell Report and other regulatory findings against it.
$The Star Entertainment Group Ltd (SGR.AU)$: Under pressure casino group Star Entertainment has posted a remediation plan to the ASX as part of its response into the Bell Report and other regulatory findings against it.
On Monday it revealed acting chief executive Geoff Hogg had resigned from all positions with a final departure date yet to be determined.
$Santos Ltd (STO.AU)$: Papua New Guinea's national oil and gas company Kumul has offered $US1.4 billion to Santos to snare a 5 per cent stake in its PNG LNG project.
$Santos Ltd (STO.AU)$: Papua New Guinea's national oil and gas company Kumul has offered $US1.4 billion to Santos to snare a 5 per cent stake in its PNG LNG project.
Santos' chief executive Kevin Gallagher said the deal could help it build a stronger partnership with the PNG government.
Ex-dividend: $Perpetual Equity Investment Co Ltd (PIC.AU)$, $Southern Cross Electrical Engineering Ltd (SXE.AU)$
Dividends paid: $AGL Energy Ltd (AGL.AU)$, $Altium Ltd (ALU.AU)$, $Contact Energy Ltd (CEN.AU)$, $Dusk Group Ltd (DSK.AU)$, $Diverger Ltd (DVR.AU)$, $Engenco Ltd (EGN.AU)$, $Mader Group Ltd (MAD.AU)$, $NZME Ltd (NZM.AU)$, $Woolworths Group Ltd (WOW.AU)$
Commodities
• Iron ore futures fell -0.5% on Monday to US$98.45 a tonne.
Ex-dividend: $Perpetual Equity Investment Co Ltd (PIC.AU)$, $Southern Cross Electrical Engineering Ltd (SXE.AU)$
Dividends paid: $AGL Energy Ltd (AGL.AU)$, $Altium Ltd (ALU.AU)$, $Contact Energy Ltd (CEN.AU)$, $Dusk Group Ltd (DSK.AU)$, $Diverger Ltd (DVR.AU)$, $Engenco Ltd (EGN.AU)$, $Mader Group Ltd (MAD.AU)$, $NZME Ltd (NZM.AU)$, $Woolworths Group Ltd (WOW.AU)$
Commodities
• Iron ore futures fell -0.5% on Monday to US$98.45 a tonne.
"China's manufacturing steel demand rebounded in August and is expected to improve further in September and October on higher seasonal manufacturing activity," according to S&P Global.
• Oil tumbled another -3.3%, down to levels not seen since 12 January.
• Oil tumbled another -3.3%, down to levels not seen since 12 January.
"With more and more central banks being forced to take extraordinary measures no matter the cost to the economy, demand is going to take a hit which could help rebalance the oil market," said Oanda senior market analyst, Ed Moya.
• Gold is closing in on the US$1,600 level and back down to April 2020 levels.
• Gold is closing in on the US$1,600 level and back down to April 2020 levels.
"Rising yields around the world continue to weigh heavily on the yellow metal, despite the risk-aversion we continue to see. Once we see yields stabilise, we may see more appetite for gold but in the meantime, it just isn’t there," said Moya.
Source: Dow Jones Newswires, AFR
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment