AU Morning Wrap: ASX rises; Douglass seeks "diversification" in Magellan sell-down

Stocks rose as Republican candidates gained momentum heading into tonight’s midterm elections. The GOP looked likely to regain control of the House of Representatives and perhaps the Senate, hamstringing President Joe Biden’s policy agenda. With inflation hovering near 40-year highs, investors embraced the prospect of political change that could reduce government spending.

Feed costs had stabilised since the chicken processor reported full-year results in August, and the company witnessed "small declines" in wheat and soymeal.

Underlying EBIT for the first half of FY23 is forecast to be in the range of $65 million to $75 million.

Sims expects costs to remain elevated, saying cost mitigation initiatives implemented in 1Q FY23 have only partially offset inflationary pressures. CEO of almond grower Select Harvests, Paul Thompson, will step down after ten years at the top.

Platinum flagged the withdrawal in its October funds under management update which revealed net outflows of $351 million over the month.

Profit after tax rose 22 per cent to $US2.58 million for the half year ending June 30.

"Northern China, home to large steelmakers, could see winter output cuts from mid-November, especially in the Hebei steel hub," sources told S&P Global, adding that "these curbs are expected to remain smaller than the previous year."

• Oil inched lower as Chinese officials pushed back the idea of easing covid restrictions.

"Crude prices still seemed destined for a move above the $100 a barrel level but that might have to wait until we see a clear peak in cases," - Oanda senior market analyst, Ed Moya.

• Gold eased after a massive rally on Friday.

"The best-case scenario for gold is for a Republican sweep and further signs pricing pressures are easing.​Gold looks like it will closely track the dollar and that means it will hinge on this week's inflation report."

Source: Dow Jones Newswires, AFR