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Palantir
-- 89.860 AU Morning Wrap: ASX Drops 1.3% on Contagion Fears, Regional Banks Dive
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 gives back early strength, bond yields freefall
• ASX drops 1.3% below 7000 on contagion fears, banks suffer
• Stocks to watch: Whitehaven Coal, Bank of Queensland, Newcrest Mining
- Moomoo News AU
Wall Street Summary
Major U.S. stock indexes held relatively steady Monday while investors attempted to assess what newfound stress in the banking system would mean for Federal Reserve policy.
Regional bank stocks plunged, and investors piled into government bonds to seek safety after regulators took extraordinary measures over the weekend to limit the impact of the collapse of Silicon Valley Bank.
The $S&P 500 Index (.SPX.US)$ closed down 5.83 points, or 0.2%, at 3855.76, for its third straight day of losses. The $Dow Jones Industrial Average (.DJI.US)$ slipped 90.50 points, or 0.3%, to 31819.14. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ added 49.96 points, or 0.4%, to 11188.84.
AU Market Watch
$S&P/ASX 200 (.XJO.AU)$ opened 1.36 per cent lower on contagion fears following the collapse of Silicon Valley Bank. All 11 sectors of the index were in the red.
Energy and financial stocks were hit the hardest. $Whitehaven Coal Ltd (WHC.AU)$ shed 4 per cent and $Woodside Energy Group Ltd (WDS.AU)$ retreated 3.5 per cent.
Banks, particularly regional lenders, were also battered with $Bendigo and Adelaide Bank Ltd (BEN.AU)$ down 5.1 per cent, $Bank of Queensland Ltd (BOQ.AU)$ off 4.8 per cent and Suncorp down 3.8 per cent. US regional banks also slumped on Monday.
The major banks declined at least 1.6 per cent.
Newcrest Mining was a rare bright spot, up 3.8 per cent after Street Talk reported it had agreed on terms for a round of early-stage takeover talks with suitor Newmont in a potential $20 billion-plus deal.
Ferry and bus operator $Kelsian Group Ltd (KLS.AU)$ was placed on trading halt. Street Talk reported it was looking for a $300 million capital injection.
Stocks to Watch
$Sezzle Inc (SZL.AU)$: Payment platform Sezzle plans to list its shares of common stock for trading on the Nasdaq Global Market.
To satisfy the minimum $US4 bid price required by the initial listing requirements of the Nasdaq, the company's board has approved, subject to stockholder approval, a reverse split of the company's common stock.
The shares will also remain listed on the Australian Stock Exchange.
$Talon Energy Ltd (TPD.AU)$: WA gas company Talon Energy has received multiple key regulatory approvals including pipeline license for the construction of the Walyering gas project with its joint venture partner Strike Energy.
The only approval remaining is the Safety Case which is expected in the coming weeks.
Talon Energy announced a $2 million share purchase plan at 14.5¢ per share.
It was the same price paid by participants in the $12 million placement announced earlier this month.
$Newcrest Mining Ltd (NCM.AU)$: Australia's Newcrest Mining and suitor $Newmont Corp (NGT.CA)$ have agreed terms for a round of early-stage takeover talks, ending a four-week standoff that threatened to spoil a potential $20 billion-plus deal.
It is understood Denver-based Newmont settled on the all-important non-disclosure and standstill agreements in recent days, paving the way for the two groups to meet for the first time since Newcrest rejected a $22.4 billion takeover offer.
Commodities
• Oil prices fell over 2 per cent in volatile trading on Monday as the collapse of Silicon Valley Bank roiled equities markets and raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support.
Brent crude futures settled down $US2.01, or 2.4 per cent, to $US80.77. The global benchmark earlier fell to a session low of $US78.34, its lowest price since early January.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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