AU Morning Wrap: ASX Falls; Evolution sinks 14%

Moomoo News AU wrote a column · Jan 16 17:37

G'day, mooers! Check out the latest news on today's stock market!
• Fed's Waller shreds rate cut hopes
• ASX down
• Stocks to watch: Evolution, Charter Hall, Lottery Corp
- Moomoo News AU

AU Morning Wrap: ASX Falls; Evolution sinks 14%

Wall Street Summary

Stocks opened the week lower, hinting at why some investors believe the "everything rally" of late 2023 will be hard-pressed to continue.

All three major indexes are in the red for 2024 after Tuesday's session. The $S&P 500 Index(.SPX.US)$ slipped 0.4 per cent , while the tech-heavy $Nasdaq Composite Index(.IXIC.US)$ dropped 0.2 per cent. The $Dow Jones Industrial Average(.DJI.US)$ fell 0.6 per cent, or 232 points.

With economic activity and labor markets in good shape and inflation coming down gradually to 2 per cent, I see no reason to move as quickly or cut as rapidly as in the past," Fed Reserve governor Waller said, pointing to previous economic shocks that have precipitated rapid rate cuts.

AU Market Watch

Australian shares slipped at the open, tracking selling on Wall Street after US Federal Reserve policymaker Christopher Waller pushed back on near-term rate cut bets.

The benchmark $S&P/ASX 200(.XJO.AU)$ fell 0.1 per cent, or 6.9 points to 7407.9 at the start of trade, weighed down by losses in interest rate sensitive real estate stocks. $Scentre Group(SCG.AU)$ dropped 1 per cent, $Charter Hall Group(CHC.AU)$ lost 2.5 per cent and $Goodman Group(GMG.AU)$ fell 0.9 per cent.

Stocks to Watch

$Evolution Mining Ltd(EVN.AU)$: Gold miner Evolution Mining sank 13.9 per cent after it announced that it produced 161,073 ounces of gold in the December quarter at an all-in sustaining cost (AISC) of $1618 per ounce. The company revised the production guidance for its Red Lake mine in Ontario, Canada.

$The Lottery Corp Ltd(TLC.AU)$: Lottery Corporation shares edged higher 0.2 per cent. The company has appointed ex QIC chief executive Doug McTaggart as chairman. McTaggart will succeed the position from Westpac chairman-elect Steven Gregg. He is set to commence the role from March 1.

Trading Ex-div: None

Dividends Paid: None

Listing: None

Economic Calendar (AEST):

12:30 pm: China House Price Index (Dec)

1:00 pm: China GDP Growth (Q4)

1:00 pm: China Industrial Production, Retail Sales, Unemployment (Dec)

6:00 pm: UK Inflation (Dec)

12:30 am: US Retail Sales (Dec)

Source: Dow Jones Newswires, AFR

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