AU Morning Wrap: ASX Faces a Third Straight Loss as US Stocks Fall Again

The $S&P 500 Index(.SPX.US)$ declined 46 points or 1.2 per cent. The $Dow Jones Industrial Average(.DJI.US)$ gave up 366 points or 1.1 per cent. The $Nasdaq Composite Index(.IXIC.US)$ lost 140 points or 1.35 per cent.

The  $S&P/ASX 200(.XJO.AU)$ shed 0.75% at the open. The benchmark started the year at 7444 and looks set to finish it closer to 7000.

Stocks to Watch
$Origin Energy Ltd(ORG.AU)$: Origin Energy-owned Eraring is among a handful of NSW electricity generators set to share in federal compensation, on top of up to $450 million for Queensland's largest coal-fired power station, because of losses to be incurred under Labor's price cap plan.

The final amount that Queensland's Gladstone Power Station, of which miner $RIO TINTO FPO(RIOCD.AU)$ owns the largest share, receives will be determined by the amount the plant is forced to cover for coal already locked in at prices above $125 a tonne.

$Genex Power Ltd(GNX.AU)$: Scott Farquhar's Skip Capital and infrastructure investor Stonepeak Partners have walked away from their joint 25¢ a share takeover bid for listed renewables business Genex Power after more than four months of due diligence.