AU Morning Wrap: ASX Dips as RBA Rate Cut Looms; S&P 500 Sees Worst Day Since 2022, VIX Soars
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street's "fear gauge" – the VIX – at one point registered its largest spike in data going back to 1990.
• The Australian sharemarket tried to rally at Tuesday's open before giving way to further selling.
• Stocks to watch: CRN, TWE
Wall Street Summary
August has officially started with bloody days, after the third session this month that saw dramatically declined markets Monday, with the $.DJI.US$ falling 1,033 points in one day and the $.IXIC.US$ dropping 7% over four days. Tech and consumer staples led the way lower, with $NVDA.US$ falling 6% and $AMZN.US$ pulling back 4%.
AU Market Watch
The Australian sharemarket attempted a rally on Tuesday morning but succumbed to further selling due to rising recession fears in the US. By 10:18am AEST, the $.XJO.AU$ had fallen 0.2%, with energy stocks performing the worst due to lower crude oil prices. This followed a 3.7% plunge in the previous session, the worst since the COVID-19 market turmoil in 2020, driven by concerns that the US Federal Reserve has not acted swiftly enough to prevent a hard economic landing.
Commodity
In commodities, copper, gold and crude oil tumbled as global economic malaise dimmed the outlook for industrial demand and sent traders rushing to cash out of profitable positions. On the ASX, energy stocks declined 1.9 per cent, led by Woodside tumbling 4.3 per cent. Copper settled down 1.8 per cent on Monday (Tuesday AEST) in London after slumping as much as 3.8 per cent. Aluminum also fell. Oil futures dropped about 0.5 per cent, after trading down 2.3 per cent at the lowest level in seven months.
Crypto
Stocks to Watch
Coal miner $CRN.AU$ fell 1.9% after reporting a 10% drop in revenue to $1,342 million for the half-year, attributed to lower average metallurgical coal prices. The company posted a net income of $16.2 million and adjusted EBITDA of $135.4 million.
Meanwhile, $TWE.AU$ inched up 0.3% despite announcing a non-cash impairment charge of $290 million after tax in its full-year results. The winemaker indicated in a trading update that this impairment will be classified as a material item related to its premium wines division.
Economic Calendar (AEST)
2:30 pm: RBA Interest Rate Decision
7:00 pm: Eurozone Retail Sales (Jun)
10:30 pm: Canada Balance of Trade (Jun)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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