AU Morning Wrap: ASX opens down 0.25%; AGL to name CEO in "coming months"

Wall Street Summary
US stocks unwound some of last week's fierce rally after Fed officials insisted interest rates would continue to increase, albeit at a slower pace. The major indices were ahead mid-session before selling off into the close. The market was coming off its best week since June.

The market opened in the red after Fed Governor Christopher Waller warned markets got ahead of themselves last week after US inflation showed signs of cooling. Waller said the central bank may now slow the pace of rate hikes, but was likely to keep raising for some time.

Energy and materials fell more than 1.4 per cent while consumer staples, healthcare and financials rose.

Sunland indicated in late September that this dividend may be paid once debt notes had been redeemed and the group released from its debt covenants.

This will come on the back of improved North American crop conditions, pricing and commercial discipline, completion of its Scottish expansion project, efficiencies gained from its transformation program and implementation of a new technology platform.

The company confirmed its earnings guidance for FY23 underlying EBITDA, before SaaS costs, of $140 million to $160 million with the first half expected to be in the range of $58 million to $66 million.

United Malt reported that group revenue increased 13.9 per cent in FY22 to $1.4 billion, primarily reflecting higher barley prices.

Second-half radio revenues are "pacing at low to mid-single digit growth on strong Q4 2021 comparatives", HT&E said in a trading update at the UBS conference. Costs remain in line with guidance.

MAU rose 39 per cent year-on-year to more than 5 million with record net additions in US and international markets.

Third quarter consolidated revenue rose 92 per cent to $US57.2 million ($85.3 million).

The company reported a third-quarter adjusted EBITDA loss of $US9.4 million, compared to a loss of $US3.7 million in the same period a year ago.

Unaudited cash net profit after tax rose 2 per cent to $2.5 billion in the quarter ending September 30, compared to the second half of 2022 quarter average.

"China's daily crude steel output slipped at a faster pace to average 2.82 million tonnes/day over the first ten days of November, down 1.9% from that for late October and marking the lowest daily average since early September." - Mysteel

"The continuous fall indicated that more Chinese steel producers conducted maintenance on their steelmaking facilities or slowed their production pace in early November, given the losses they were suffering and the likelihood that demand among end-users will weaken with the coming winter season." - Mysteel

• Oil prices tumbled after OPEC revised down its world oil demand outlook for 2022-23 by 100,000 barrels a day due to uncertain economic conditions, pandemic restrictions and geopolitical developments.

"Crude prices softened but didn’t break as energy traders await how supplies will be disrupted when the Russian crude price cap begins early next month." - Oanda senior market analyst, Ed Moya

• Gold reversed a -1% decline to finish the overnight session around breakeven.

"Gold's rally appears to be running out of steam. The Fed remains the key driver for gold prices and this week could see a strong round of hawkish pushback from the policymakers."- Moya