AU Morning Wrap: ASX Climbs Ahead of RBA; ANZ Falls Amid Earnings Decline; AGL Surges
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street Climb
• ASX climbs ahead of RBA; ANZ falls amid earnings decline; AGL surges
• Stocks to watch: ANZ, Cleanaway, AGL Energy
Wall Street Summary
The market stayed in the positive Monday after closing out two full weeks in the green for the major indexes. This week will be another busy one, filled with earnings results.Shortly after the close, the $S&P 500 Index (.SPX.US)$ climbed 1.03%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.46%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed about 1.13%.
Monday, the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell to 4.83%, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell to 4.48%.
AU Market Watch
The Australian sharemarket has opened higher, following an extended rally in New York on expectations that the Federal Reserve may have more room to lower interest rates later this year. The benchmark $S&P/ASX 200 (.XJO.AU)$ rose by 0.8%, or 57.6 points, to 7740 at the opening bell, driven by sharp gains in mining and utilities stocks.
The utilities sector was the best performing sector, led by $AGL Energy Ltd (AGL.AU)$ after it upgraded its profit guidance for financial year 2024. The energy provider forecasted underlying earnings before interest tax depreciation and amortisation to be between the range of $2120 million and $2200 million.
Meanwhile, mining stocks tracked a higher iron ore price, with the steel-making commodity rising 2% in Singapore to nearly $US120 a tonne. $BHP Group Ltd (BHP.AU)$ rallied by 1.2%.
The Reserve Bank is also set to make its cash rate decision today at 2.30pm AEST, followed by a press conference by governor Michele Bullock.
ASX 200 futures are currently trading at 7,755, up 20 points, indicating a 0.26% increase.
Commodity
Oil Rises with Middle East Tension as Truce Talks Falter
Oil prices have risen due to tensions in the Middle East, with Israel rejecting a ceasefire proposal for the Gaza Strip. West Texas Intermediate has risen towards $US79 a barrel after a 0.5% gain on Monday, while Brent closed above $US83. Israel's war cabinet rejected a ceasefire proposal agreed to by Hamas, stating that it fell short of the country's demands. The Jewish state has pledged to continue operations in Rafah, a major city in the Gaza Strip. The risk-on mood in wider markets has also supported the modest advance of oil prices.
Crypto
As of latest data, $Bitcoin (BTC.CC)$ is priced at $63,118, down 1.52% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,062, down 2.53% in the past 24 hours.
Stocks to Watch
$ANZ Group Holdings Ltd (ANZ.AU)$ has reported a 7% decline in cash profit at $3.55 billion in its first-half results. The bank has also announced a $2 billion share buyback and declared its proposed interim dividend at 83¢ per share, partially franked at 65%.
$Cleanaway Waste Management Ltd (CWY.AU)$, Australia's largest waste management company, has announced that it is on track to meet its guidance of about $350 million in earnings before interest and tax for the 12 months ended June 30.
$AGL Energy Ltd (AGL.AU)$, the utilities giant, has upgraded its earnings guidance for financial year 2024 due to higher consumer demand and improved plant availability and generation. The company has forecasted underlying earnings before interest tax depreciation and amortisation to be between the range of $2120 million and $2200 million.
Economic Calendar (AEST):
2:30pm – AUD – Cash rate, RBA monetary policy statement, RBA rate statement
3:30pm – AUD – RBA press conference
3:45 – 7:00pm – EUR – A host of European data including German factory orders and trade balance, French payrolls and trade balance, British construction PMI and eurozone retail sales
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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