AU Morning Wrap: ASX 200 to Slip, CBA Reports $2.4 Billion Cash Profit for Q3
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street indexes Mixed Wednesday
• ASX 200 to slip, CBA reports $2.4 billion cash profit for Q3
• Stocks to watch: Commonwealth Bank, JB Hi-Fi, Baby Bunting
Wall Street Summary
Shortly after the close the $S&P 500 Index (.SPX.US)$ traded flat, the $Dow Jones Industrial Average (.DJI.US)$ traded +0.44%, and the $Nasdaq Composite Index (.IXIC.US)$ fell about 0.18%. About 7,100 equities fell for the day while just 5,600 climbed.
Federal Reserve Bank of Boston President Susan Collins spoke at an MIT event Wednesday, where she signaled interest rates will likely need to be held at a two-decade high for longer than previously thought, Bloomberg reported. She said slower growth was necessary to ensure inflation was on a path to 2%, and would not say when the Fed would cut.
The recent upward surprises to activity and inflation suggest the likely need to keep policy at its current level until we have greater confidence that inflation is moving sustainably toward 2%," Collins said.
AU Market Watch
Australian shares dropped 0.4 per cent at the open as $CommBank (CBA.AU)$'s March quarter profit prompted investors to sell the lender and its banking peers.
Multiple retailers also fell on trading updates suggesting consumers are spending less as the cost of living increases.
Commodity
Spot gold -0.1% to $US2310.85/oz at 3.18pm in New York;
Brent crude +0.6% to $US83.69 a barrel;
Iron ore -2.6% to $US115.10 a tonne.
Crypto
As of latest data, $Bitcoin (BTC.CC)$ is priced at $61,329, down 1.71% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $2,979, down 0.99% in the past 24 hours.
Stocks to Watch
Shares in $JB Hi Fi Ltd (JBH.AU)$ tumbled 5 per cent to $56.98 after the retail darling posted flat sales for the March quarter. Elsewhere, $Baby Bunting Group Ltd (BBN.AU)$ stock plunged 15 per cent to $1.61 after it warned sales are falling as families battle rising living costs.
$CommBank (CBA.AU)$'s cash profit for the March quarter slipped 5 per cent to $2.4 billion, versus the prior comparable quarter.
$Judo Capital Holdings Ltd (JDO.AU)$ has stuck to guidance, but warned bad debt provisions jumped in the March quarter.
$Orica Ltd (ORI.AU)$ has grown its earnings before interest and tax 10 per cent for the six months to March 31, but warned it's seeing cost inflatio
Economic Calendar (AEST):
Tentative – CNY – Trade balance
9:00pm -GBP – BoE monetary policy report, MPC official bank rate
10:30pm – USD – Unemployment claims
Tomorrow, 3am – USD – 30-year bond auction
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