AU Morning Wrap: ASX Rises; GQG Partners Shares Rally Over 5%

The market faces its next test this week when the quarterly earnings season kicks off and investors begin to assess whether U.S. stocks can defend their rally against a backdrop of depressed corporate profits.

Companies have been battling persistent inflation, strained consumer demand and the Federal Reserve's interest-rate increases for more than a year. Investors are looking to this next round of reports for insights into how corporate profits are holding up and whether that makes stocks look expensive relative to their value.

The Australian sharemarket rebounded at the opening bell on Monday after having been hit hard on Friday.

Fund manager GQG Partners shares rallied 5.8 per cent after it reported a $US5.6 billion ($8.4 billion) boost to its funds under management for the month of June. Total funds under management was at $US104.1 billion, up from the $US98.5 billion recorded in May.

Total funds under management was at $US104.1 billion, up from the $US98.5 billion recorded in May.

GQG says its net outflows were at $US6.2 billion as of June 30, down from the $6.3 billion for the same period in 2022.

Its securities are expected to remain in trading halt until Wednesday.

It was granted a parcel of land by the Northern Territory government in June as part of the Middle Arm Point sustainable development precinct.

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