AU Morning Wrap: ASX flat; financials gain; Qantas soars 12% on profit guidance

The $S&P 500 Index (.SPX.US)$ edged down 11.81 points, or 0.3%, to 3577.03, a nearly two-year low. The $Dow Jones Industrial Average (.DJI.US)$ lost 28.34 points, or 0.1%, closing at 29210.85. The $Nasdaq Composite Index (.IXIC.US)$ dropped 9.09 points, or 0.1%, to 10417.10, a day after the tech-heavy index entered its second bear market of 2022, marking a drop of more than 20% from its recent high on Aug. 15.

AU Market Watch
Australian shares open flat this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.07 per cent to 6652.1 as of 10:26 am.

Stocks to Watch
$Medibank Pvt Ltd (MPL.AU)$: Medibank Private has temporarily paused pending a further announcement moments before the ASX opened on Thursday.

$Netwealth Group Ltd (NWL.AU)$: Wealth management platform Netwealth has recorded $2.9 billion of funds under administration net inflows for the September quarter, up 8.1 per cent on the previous quarter.

$Qantas Airways Ltd (QAN.AU)$: Qantas says it will be back in the black by the end of December, citing strong travel demand despite a "complex" operating environment of high fuel bills and inflation.

The airline is confident its before-tax profits will land between $1.2 billion and $1.3 billion in the first half of the 2023 financial year, which it says has accelerated its financial recovery to such an extent as to warrant a change to its pay policy.

$The Star Entertainment Group Ltd (SGR.AU)$: The Star Entertainment Group's new CEO will start almost three months earlier than expected as the casino group fights to convince gambling regulators that its casino licences should not be ripped up.

Ex-dividend: $Tombador Iron Ltd (TI1.AU)$, $CPT Global Ltd (CGO.AU)$

Dividends paid: $Austal Ltd (ASB.AU)$, $Brambles Ltd (BXB.AU)$, $IVE Group Ltd (IGL.AU)$, $South32 Ltd (S32.AU)$

Commodities
• Iron ore futures fell 0.03% to US$96 a tonne.

• Oil prices were under pressure after reports that Russia is selling oil at a discount.