AU Morning Wrap: ASX Edges Down Ahead of RBA Minutes; Banking, Health Sector Slips
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street rises on Monday
• ASX edges down ahead of RBA minutes; Banking, health sector slips
• Stocks to watch: Bendigo Bank, Ramelius Resources, Superloop
• Wall Street rises on Monday
• ASX edges down ahead of RBA minutes; Banking, health sector slips
• Stocks to watch: Bendigo Bank, Ramelius Resources, Superloop
Wall Street Summary
Indexes traded higher Monday, while overall, there were more declining equities than advancing. Just after the 4 pm close, the $Dow Jones Industrial Average(.DJI.US$ climbed 0.13%, while the $S&P 500 Index(.SPX.US$ climbed 0.27% after hitting a fresh all-time high Friday at the close of the first half of the year.The $Nasdaq Composite Index(.IXIC.US$ similarly hit all-time highs Friday, and climbed 0.84% Monday.
AU Market Watch
Australian equities are experiencing a slight decline despite modest gains in international markets overnight and the anticipation of the forthcoming publication of the Reserve Bank of Australia's (RBA) minutes. The $S&P/ASX 200(.XJO.AU$ has seen a minor drop of 0.1 percent, representing a fall of 7 points, to position itself at 7743.7.
Dragging the index down are the healthcare sector and leading banking institutions, with the $CommBank(CBA.AU$ witnessing a 0.5 percent decrease in its early trading session. These declines are being partially counterbalanced by the energy sector, which has climbed by 1.1 percent. This upswing is underpinned by the stability of oil prices, which are hovering near a two-month peak due to the ongoing geopolitical tensions and supply disruptions caused by hurricane Beryl in the Gulf of Mexico.
Additionally, coal shares have maintained their momentum after a strong performance yesterday, spurred by supply bottlenecks resulting from a suspension of operations at a prominent Queensland coking coal mine.
Investors are keenly awaiting the RBA's most recent meeting minutes, scheduled for release at 11:30 am. Preceding the release, market analysis from $ANZ Group Holdings Ltd(ANZ.AU$ indicates that traders are betting on a 70 percent likelihood of an interest rate increase by the Australian central bank before the year's conclusion.
ASX 200 futures are currently trading at 7,728.5, up by 6.5 points, indicating a 0.08% increase.
Commodity
Crude Oil Prices Reach Two-Month Peak on Geopolitical Tensions and Hurricane Concerns
Crude oil prices have surged to their highest levels in over two months, driven by escalating geopolitical uncertainties in Europe and the Middle East, coupled with concerns over a brewing hurricane in the Caribbean region.West Texas Intermediate (WTI) closed above $US83 per barrel, marking its highest point since April and signaling a breakout from the limited fluctuation range observed last week. Similarly, Brent crude settled at a notable peak, exceeding $86 per barrel, and achieving a more than two-month record high.
Crypto
As of latest data, $Bitcoin(BTC.CC$ is priced at $62,827, up by 0.48% in the past 24 hours, while $Ethereum(ETH.CC$ is priced at $3,435, up by 0.19% in the past 24 hours.
Stocks to Watch
$Bendigo and Adelaide Bank Ltd(BEN.AU$ experienced a slight decline of 0.7 percent, closing at $11.33 following the announcement by CEO Marnie Baker of her departure after a tenure spanning 35 years.
$Ramelius Resources Ltd(RMS.AU$ has increased its investment in Spartan Resources, another ASX-listed gold company, bringing its ownership to nearly 18 percent. The market responded neutrally to Ramelius, with its shares remaining unchanged, while Spartan Resources saw a modest rise of 0.5 percent, trading at 94 cents.
Telecommunications company $Superloop Ltd(SLC.AU$ is poised to achieve the upper limit of its forecasted full-year earnings. The forecast for underlying earnings in FY24 is anticipated to reach or potentially exceed the high end of its $53 million projection. Reflecting this optimistic outlook, Superloop's shares surged by 2.9 percent, tradinging at $1.60.
Economic Calendar (AEST)
11:30 am: RBA Meeting Minutes
7:00 pm: Eurozone Inflation (Jun)
11:30 pm: Fed Chair Powell Speech
12:00 am: US JOLTs Job Openings
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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