AU Morning Wrap: ASX edges higher ahead of RBA decision; EML rebounds

The $Dow Jones Industrial Average (.DJI.US)$ eased 129 points or 0.39 per cent. The $S&P 500 Index (.SPX.US)$ dropped 29 points or 0.75 per cent. The $Nasdaq Composite Index (.IXIC.US)$ shed 114 points or 1.03 per cent.

Stocks accelerated through the second half of October on expectations the Fed is preparing to slow this year's aggressive pace of interest rate hikes after another 75 basis point increase this week.

AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ has 0.30 per cent, to 6884.00 in the opening minutes of trade, ahead of another expected interest rate increase by the Reserve Bank this afternoon.

All four major banks were lower, led by a 2 per cent decline by $National Australia Bank Ltd (NAB.AU)$.

$EML Payments Ltd (EML.AU)$ rebounded 9.9 per cent to 44.5¢ after it plunged 30 per cent on Monday. The company said it would temporarily stop onboarding new customers, agents and distributors to its UK business amid regulatory concerns.

$Genworth Mortgage Insurance Australia Ltd (GMA.AU)$ firmed 0.7 per cent to $2.73 after saying it expects net earned premium (NEP) for FY22 to be towards the top of its guidance range.

Stocks to Watch
$ReadyTech Holdings Ltd (RDY.AU)$: ReadyTech has confirmed reports that it has received a conditional, non-binding bid from Australian private equity firm Pacific Equity Partners (PEP) to acquire the company for $4.50 a share.

$Boral Ltd (BLD.AU)$: Morgan Stanley says none of the building products companies on the ASX will be able to escape a substantial downturn from mid-2023 as the succession of interest rate rises bites hard and a backlog of projects starts to peter out.

Commodities
• Iron ore dived as much as 7.1 per cent in Singapore before paring its fall. Singapore futures touched US$75 a tonne, their lowest since January 2019, before finishing at US$79.50. Prices have more than halved since April.