AU Morning Wrap | ASX 200 rebounds; NWS jumps on Foxtel sale
G'day, mooers! Check out the latest news on today's stock market!
• U.S. market rallies as inflation cools; Core PCE rises just 0.1% in November.
• Australian shares rebound on bargain hunting; Mining sector lags behind rally.
• Stocks to watch: NWS, CYB.
Wall Street Summary
Last Friday, U.S. inflation showed signs of cooling in November after months of stagnation. The PCE inflation report, closely watched by the Fed, came in below Wall Street expectations across the board. Core PCE, the Fed's preferred inflation gauge, rose just 0.1% month-over-month, which is smallest increase in six months.
Economists from major institutions believe the moderate PCE data is unlikely to alter the Fed's policy trajectory. However, some optimists, like Citi, suggest the Fed might cut rates more aggressively than currently anticipated.
Markets rebounded from earlier losses caused by the Fed's less optimistic 2025 inflation outlook. By the closing bell, the $S&P 500 Index (.SPX.US)$ gained 1.09%, the $Dow Jones Industrial Average (.DJI.US)$ rose 1.18%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.03%.
AU Market Watch
Australian stocks rebounded Monday morning, with the $S&P/ASX 200 (.XJO.AU)$ gaining 0.6% in early trade. This upturn followed a sharp sell-off late last week, as investors seized bargain opportunities.
All sectors except mining advanced, buoyed by positive US inflation data that boosted Wall Street on Friday. The market's recovery reflects renewed optimism among traders, despite recent volatility.
Crypto
As of latest data,$比特币(BTC.CC)$is priced at A$94,957.23, down 2.20% in the past 24 hours, while$以太坊(ETH.CC)$is priced at $3,267.35, down 1.88% in the past 24 hours.
Stocks to Watch
$News Corp (NWS.AU)$ shares surged 1.35% to A$49.72. DAZN, a global sports streaming giant, announced a deal to acquire Foxtel from News Corp and $Telstra Group Ltd (TLS.AU)$ for US$2.2 billion. The transaction remained subject to regulatory approval.
$AUCyber Ltd (CYB.AU)$ shares rose 3.85% to A$0.135. $5G Networks Ltd (5GN.AU)$ launched an $18 million takeover bid for AUCyber last Friday, offering a slight 0.9% premium. AUCyber's board began evaluating the proposal over the weekend.
Economic calendar (AEDT)
Tuesday: RBA December 2024 meeting minutes released at 11:30AM (Sydney time)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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