AU Morning Wrap: ASX Rose 0.1%, Miners and Energy Lead the Stocks
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 and Nasdaq fall as bond yields rally
• ASX firms 0.1% at the opening
• Stocks to watch: BHP, St Barbara, Wide Open Agriculture
- Moomoo News AU
Wall Street Summary
US stocks finished mostly lower in choppy trade as investors weighed a contraction in manufacturing, rising bond yields and hawkish commentary from Federal Reserve policymakers.
The $S&P 500 Index (.SPX.US)$ dropped 19 points or 0.47 per cent. The $Nasdaq Composite Index (.IXIC.US)$ gave up 76 points or 0.66 per cent. A 3.81 per cent rally in Caterpillar helped the $Dow Jones Industrial Average (.DJI.US)$ edge up five points or 0.02 per cent.
Growth stocks were pressured by the relentless rise of bond yields as investors price in higher interest rates. The yield on ten-year US treasuries reached 4 per cent for the first time since November. The one-year yield touched 5 per cent. The two-year yield rose to 4.9 per cent, its highest since 2007.
AU Market Watch
Miners and energy led the stocks with $BHP Group Ltd (BHP.AU)$ up 1.7 per cent at $47.06, $Fortescue Ltd (FMG.AU)$ rose 2 per cent at $22.57 and $Rio Tinto Ltd (RIO.AU)$ up 2.5 per cent at $ 119.23.
$St Barbara Ltd (SBM.AU)$ was the worst performing stock, down 7.8 per cent to 53¢.
Stocks to Watch
$ANZ Group Holdings Ltd (ANZ.AU)$: ANZ and $CommBank (CBA.AU)$ are among 14 banks, fintechs and payments companies who will explore potential use cases and economic benefits for a central bank digital currency (CBDC) in Australia, the Reserve Bank said on Thursday.
$Wide Open Agriculture Ltd (WOA.AU)$: Food producer Wide Open Agriculture announced it has secured $12 million financing with National Australia Bank.
It comes as the company said it had intentions to manufacture plant-based beverages, such as oak milk, in Australia.
"This uplift in available working capital will support the financing capability of the company in this time of market volatility and uncertainty," chief financial officer Matthew Skinner said in a statement.
$St Barbara Ltd (SBM.AU)$: Gold producer St Barbara says it will place its Touquoy mine in Nova Scotia, Canada on "care and maintenanc" early next year after it received information requests from local authorities.
The company received the requests from the Nova Scotia environment and climate change minister in response to an environmental assessment of a proposal to deposit tailings into its Touquoy mine.
Dividends paid: None
Commodities
• Iron ore and industrial metals rallied after data showed Chinese manufacturing accelerated out of lockdown last month. Factory output expanded last month at the strongest pace since 2012.
The most-traded May ore on the Dalian Commodity Exchange ended daytime trade 2.42 per cent ahead at 908.5 yuan (US$131.64) a tonne.
• Oil finished higher as traders found the positives in news US crude stockpiles increased for a tenth week, but by the smallest amount in five weeks. Brent crude settled 86 US cents or 1 per cent ahead at US$84.31 a barrel.
• A retreat in the US dollar helped gold start the new month with a rally. Gold for April delivery settled US$8.70 or 0.5 per cent higher at US$1,845.40 an ounce. The NYSE Arca Gold Bugs Index jumped 2.78 per cent.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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