AU Morning Wrap: ASX slips; Macquarie rallies on profit beat

Well-received trading updates from Caterpillar and Honeywell powered the $Dow Jones Industrial Average (.DJI.US)$ to a fifth straight gain. The blue-chip average put on 194 points or 0.61 per cent.

The $S&P 500 Index (.SPX.US)$ dropped 23 points or 0.61 per cent following a dire result from Facebook owner Meta Platforms. The $Nasdaq Composite Index (.IXIC.US)$ dived 178 points or 1.63 per cent.

Economists had forecast a smaller improvement of around 2.3 per cent. Importantly, a measure of the cost of living came in much weaker than expected.

AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ has dropped 0.38 per cent in the opening minutes of trade, weighed down by losses across the materials and technology sectors.

$Macquarie Group Ltd (MQG.AU)$ added 2.6 per cent to $170.92 after posting a better-than-expected first half profit.

$BrainChip Holdings Ltd (BRN.AU)$ plunged 11.8 per cent to 75¢ after releasing its results for the quarter ending September 30 on Thursday afternoon.

Stocks to Watch
$CAR Group Ltd (CAR.AU)$: Carsales has told shareholders at its AGM that it is "very pleased" with how FY23 has started across its Australian and international businesses.

On an actual basis with the inclusion of the 51 per cent of Trader Interactive from October, the company said it will deliver "very strong" adjusted revenue, adjusted EBITDA and adjusted net profit after tax growth in FY23.

$Macquarie Group Ltd (MQG.AU)$: Macquarie Group has reported an interim net profit of $2.3 billion, down 13 per cent over 6 months, while declaring a $3 per share interim dividend that is 40 per cent franked.

$Vicinity Centres (VCX.AU)$: Vicinity Centres has reaffirmed its FY23 earnings guidance with funds from operations (FFO) per security expected to be in the range of 13¢ to 13.6¢ with adjusted FFO per security expected to be in the range of 10.9¢ to 11.5¢.

$ResMed Inc (RMD.AU)$: ResMed's revenue increased 5 per cent to $US950.3 million in the first quarter of the 2023 financial year compared to a year earlier.

$Silver Lake Resources Ltd (SLR.AU)$: Silver Lake Resources has reported quarterly production of 59,935 ounces of gold and 273 tonnes of copper with sales of 58,794 ounces gold and 246 tonnes copper.

$Mincor Resources NL (MCR.AU)$: Mincor has provided its first nickel production guidance, representing the first full year of production ramp-up at its Kambalda nickel operations.

$Iluka Resources Ltd (ILU.AU)$: Iluka Resources reported a weighted average zircon price of $US2038 in the third-quarter, up 10 per cent from the first-half. Zircon prices will stay flat for the next six months and fourth-quarter volumes are fully contracted, the company said.

Ex-dividend: $360 Capital Mortgage REIT (TCF.AU)$, $Gryphon Capital Income Trust (GCI.AU)$

Dividends paid: $Regis Resources Ltd (RRL.AU)$, $Seven Group Holdings Ltd (SVW.AU)$, $Centuria Office REIT (COF.AU)$

Commodities
• Iron ore futures fell 12.2% to US$81.55 a tonne.

• Oil prices inched higher as the US economy returned to growth.