AU Morning Wrap: ASX Falls; Newcrest Confirms Newmont Takeover Bid

US stocks trimmed weekly gains as stronger-than-expected jobs data dampened hopes of a rates pause. A well-received update from Apple helped offset declines in Amazon, Alphabet and Ford.

A blowout January jobs report muddied the outlook for interest rates, just as the market was growing comfortable with the notion official rates were near a top. The economy created 517,000 jobs, smashing expectations for an increase of around 187,000. The unemployment rate fell to 3.4 per cent, its lowest in more than half a century.

Nick Scali dropped 6.4 per cent to $11.62 after reporting a 70 per cent jump in its first-half profit.

Dexus Convenience Retail REIT fell 1.3 per cent to $2.95, while Argo Investments climbed 0.2 per cent to $9.67 following their half-year results.

Magellan firmed 5.9 per cent to $9.77 after reporting an increase in funds under management in January.

ARB dropped 1.7 per cent to $32.84 after reporting a 30 per cent decline in profit after tax in the first half.

Following Webuild's due diligence and review of cost and work schedules, Beach has revised its total capital expenditure estimate to $400 to $450 million, from $350 million to $400 million originally.

As a result, the condition precedent regarding Brazilian competition approval has now been satisfied.

Sales to the Australian aftermarket achieved 2.7 per cent growth during the period, while sales to export markets and original equipment manufacturers were down 8.8 per cent and 36.9 per cent respectively.

Total funds under management (FUM) still climbed to $46.2 billion at January 31 from $45.3 billion at December 30

Earnings per share rose 2.2 per cent to 18.2¢.

The decline was primarily driven by $14.9 million of valuation declines on its investment properties, compared to valuation gains of $18.5 million a year earlier.

Record deliveries due to its large outstanding order bank at 30 June 2022 resulted in first-half revenue of $283.9 million, up 57.4 per cent.

• Gold slumped back under US$1,900 an ounce, settling at the weakest level in three weeks as surges in the US dollar and treasury yields dulled demand for alternative stores of wealth.

Investors booked profits after a January jobs surge sharpened the risk of more interest rate hikes in the US. The yellow metal has rebounded strongly this year in expectation that rates were near a top.

Gold for April delivery settled US$54.20 or 2.8 per cent lower at US$1,876.60 an ounce. The NYSE Arca Gold Bugs Index plunged 4.14 per cent.

• Oil suffered a losing week as a relentless rise in US inventories raised demand questions while traders wait to see how quickly Chinese demand rebounds. US stockpiles have increased by 32 million barrels since the start of the year.

"Stocks normally decline at this time of the year. The U.S. oil market was amply supplied in January, in other words," Carsten Fritsch, strategist at Commerzbank, said.

Brent crude settled US$2.23 or 2.7 per cent weaker at US$79.94 a barrel. The decline extended the international benchmark’s loss for the week to 7.5 per cent.

• Iron ore fell for a third session in China amid concerns about a regulatory crackdown on speculation and price manipulation. Chinese authorities pledged to act after a strong rebound in prices this year.

"Iron ore is facing pressure from price control, so pay attention to policy risks," Sinosteel analysts wrote.

The most-active May contract on China's Dalian Commodity Exchange hit a two-week low before paring its loss to 0.4 per cent at 853.50 yuan (US$126.52) a tonne.