AU Morning Wrap: ASX drops 1.4% in broad decline; News Corp advances 3%
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 reverses gains as inflation expectations rise
• ASX 200 drops 1.48 per cent to 6658.8
• Stocks to watch: Adbri, Costa Group, Magellan, News Corp
- moomoo News AU
Wall Street Summary
US stocks failed to build on Thursday's turnaround after data showed Americans expect inflation to rise significantly over the next year, increasing pressure on the Federal Reserve to raise interest rates. Treasury yields surged, indicating bond traders anticipate higher rates.
US stocks failed to build on Thursday's turnaround after data showed Americans expect inflation to rise significantly over the next year, increasing pressure on the Federal Reserve to raise interest rates. Treasury yields surged, indicating bond traders anticipate higher rates.
The $S&P 500 Index (.SPX.US)$ wilted 87 points or 2.37 per cent. The $Dow Jones Industrial Average (.DJI.US)$ flipped an early advance of almost 400 points into a loss of 404 points or 1.34 per cent. The $Nasdaq Composite Index (.IXIC.US)$ lost 328 points or 3.08 per cent.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ has dropped 1.48 per cent to 6658.8 in the opening minutes of trade, in a broad decline dragging all 11 sharemarket sectors lower.
Stocks to Watch
$The Star Entertainment Group Ltd (SGR.AU)$: The Star Entertainment Group has requested a trading halt pending an announcement in connection with certain determinations regarding disciplinary action expected to be given by the NSW Independent Casino Commission.
$The Star Entertainment Group Ltd (SGR.AU)$: The Star Entertainment Group has requested a trading halt pending an announcement in connection with certain determinations regarding disciplinary action expected to be given by the NSW Independent Casino Commission.
$Magellan Financial Group Ltd (MFG.AU)$: Magellan Financial has appointed David George to the role of chief investment officer (CIO), alongside his role as Magellan's chief executive and managing director.
$Stockland Corp Ltd (SGP.AU)$: Stockland has provided funds from operations (FFO) guidance for the 2023 financial year of 36.4¢ to 37.4¢ on a pre-tax basis.
Tax payable in FY23 is expected to be in the range of 5-10 per cent of pre-tax group FFO, with the benefit of some remaining carry forward tax losses.
$Medibank Pvt Ltd (MPL.AU)$: Medibank has confirmed that there is still no evidence customer data was removed from its IT environment after it detected unusual activity last week in part of its network.
$Suncorp Group Ltd (SUN.AU)$: Insurer Suncorp says it has received about 1000 claims, the majority in Victoria, as a result of the widespread rain and flooding.
$Adbri Ltd (ABC.AU)$: Adbri chief executive Nick Miller will be leaving the role, with senior executive Mark Irwin appointed as interim CEO, effective tomorrow.
In a trading update, Adbri said that its earnings have continued to be impacted by ongoing wet weather conditions affecting volume and cost, and an escalation of input and operational costs.
$CSL Ltd (CSL.AU)$: Biotech CSL says it now expects to grow net profit between 13 per cent and 18 per cent to between $US2.7 billion and $US2.8 billion in financial 2023, when including the impact of ifs Vifor acquisition.
$Metcash Ltd (MTS.AU)$: Metcash says that strong sales momentum has continued in the first half of the 2023 financial year in all pillars.
In the 23 weeks to October 9, group sales were up 7.7 per cent.
$Insurance Australia Group Ltd (IAG.AU)$: Insurance Australia has announced it will undertake an on-market share buyback of up to $350 million, funded by a reduction in its business interruption (BI) provision.
$Costa Group Holdings Ltd (CGC.AU)$: Costa Group says that adverse weather conditions, including both higher rainfall and cooler temperatures, have persisted.
Despite harvest volumes being in line with budget, Costa said lower quality levels across all citrus regions have continued which has resulted in considerably lower packouts, and reduced volumes of first grade fruit for export.
$News Corp (NWS.AU)$: News Corp has announced that its board of directors has formed a special committee composed of independent and disinterested members of the board to begin exploring a potential combination with Fox Corporation.
Ex-dividend: $WAM Active Ltd (WAA.AU)$, $Cadence Capital Ltd (CDM.AU)$, $Cadence Opportunities Fund Ltd (CDO.AU)$, $Future Generation Australia Ltd (FGX.AU)$, $WAM Alternative Assets Ltd (WMA.AU)$
Dividends paid: $Super Retail Group Ltd (SUL.AU)$, $SKS Technologies Group Ltd (SKS.AU)$, $CAR Group Ltd (CAR.AU)$, $Cochlear Ltd (COH.AU)$, $Garda Property Group (GDF.AU)$
Commodities
• Iron ore futures fell 0.9% to US$94.9 a tonne.
• Oil prices tumbled to a one week low.
"The crude demand outlook continues to have a bearish driver from the world's two largest economies, as the US seems like it will be driven to a recession by the inflation-fighting Fed," said Oanda senior market analyst, Ed Moya.
• Gold prices got smashed as the US dollar and yields trended higher, down to a near 3-week low.
• Gold prices got smashed as the US dollar and yields trended higher, down to a near 3-week low.
"Wall Street is nowhere near feeling confident they have a handle on how high the Fed will take rates and that is bad news for bullion," 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.
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