AU Morning Wrap: ASX Falls; RBA Decision in Focus
G'day, mooers! Check out the latest news on today's stock market!
• US stocks edge up to build on rally
• ASX falls; Reserve Bank decision in focus
• Stocks to watch: Origin Energy, GQG Partners
- Moomoo News AU
• US stocks edge up to build on rally
• ASX falls; Reserve Bank decision in focus
• Stocks to watch: Origin Energy, GQG Partners
- Moomoo News AU
Wall Street Summary
U.S. stocks rose Monday, building on a rally that pushed major indexes sharply higher over the past week.
The $S&P 500 Index(.SPX.US$ added 0.2 per cent, while the $Dow Jones Industrial Average(.DJI.US$ inched up 35 points, or 0.1 per cent. The tech-heavy $Nasdaq Composite Index(.IXIC.US$ rose 0.3 per cent for its seventh consecutive session of gains, the longest winning streak since January.
Major indexes are coming off their best week of the year, boosted by hopes that the Federal Reserve's interest-rate hiking cycle is close to done and a strong quarterly earnings season that is in its final innings. The rally took a breather on Monday, with major indexes wavering before eking out modest gains.
AU Market Watch
Australian shares slipped at the open, tracking lacklustre movements on Wall Street, as the market awaits the outcome of today's Reserve Bank meeting.
The benchmark $S&P/ASX 200(.XJO.AU$ slipped 0.2 per cent or 11.5 points to 6985.9 at the start of the session, weighed by real estate and materials stocks. The All Ordinaries fell 0.2 per cent.
The yield on the US 10-year note was 8 basis points higher to 4.66 per cent at 3.15pm in New York.
For local investors, the Reserve Bank's policy statement at 2.30pm is in sharp focus. Policymakers are expected to vote for a quarter point increase in the cash rate target to 4.35 per cent.
Stocks to Watch
$Origin Energy Ltd(ORG.AU$: Origin Energy edged up 0.8 per cent after Institutional Shareholder Services (ISS) recommended investors to vote in favour of the Brookfield-led consortium's $US10.5 billion ($20 billion) bid for the electricity generator.
$GQG Partners Inc(GQG.AU$: GQG Partners dropped 1.1 per cent after it recorded a $US1.9 billion ($2.9 billion) drop to its funds under management in October. The listed money manager booked $US103.9 billion in its latest update, down from September's figure of $US105.8 billion.
Listing: None
Economic Calendar (AEST):
2:00 pm: China Balance of Trade
2:30 pm: RBA Interest Rate Decision
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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