AU Morning Wrap | ASX Flat; Lithium Stocks Rally, REA Group Bid Rejected
G'day, mooers! Check out the latest news on today's stock market!
• US Market Flat Tuesday While JPM Falls
• ASX Lifts as Lithium Stocks Rally; Nextdc Slips After Raise
• Stocks to watch: REA, NXD, etc.
Wall Street Summary
The market tried to climb Tuesday but, shortly after opening, felt pressure from stocks in the banking sector. Within indexes, tech held the Nasdaq and S&P 500 higher while the Dow fell. The $S&P 500 Index (.SPX.US)$ climbed 0.45%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.23%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.84%.
This week in macro, investors are waiting for Wednesday's Core CPI numbers for August. PPI and initial jobless claims will be released on Thursday.Last week, just before the blackout began in the lead-up to the FOMC September 17-18th rate decision meeting, investors also got word from New York Fed President John Williams Friday that it is time to cut rates. Speaking toward the Council on Foreign Relations, Williams said the economy is balanced, and inflation is tracking lower, and "it is now appropriate to dial down the degree of restrictiveness in the stance of policy by reducing the target range for the federal funds rate."
Last Friday, the economy added 142k nonfarm payrolls last week, and the Unemployment rate landed at 4.2% in August, according to the Bureau of Labor Statistics. Payrolls were below expected by 20k, but fit the narrative of softening labor in the U.S. that investors have come to expect.Tonight is the first debate between Former President Trump and Vice President Harris, we will watch it live somewhere on moomoo.
AU Market Watch
Australian shares are flat at the open, with the $S&P 500 Index (.SPX.US)$ at 8010 points, as mining and energy stocks counterbalance each other.
Lithium stocks are rallying, with $Mineral Resources Ltd (MIN.AU)$ up 12.8%, $Pilbara Minerals Ltd (PLS.AU)$ up 9.8%, and $Liontown Resources Ltd (LTR.AU)$ up 7.4%, pushing mining stocks 1.3% higher. Gains are also supported by $BHP Group Ltd (BHP.AU)$ and $Rio Tinto Ltd (RIO.AU)$.
Energy stocks are the worst performers, down 1%, due to Brent futures dropping below $70 a barrel for the first time in over two years. Brent fell 3.7% to $69.19 a barrel, and West Texas Intermediate crude slid 4.3% to $65.75 a barrel.
Crypto
As of latest data, $Bitcoin (BTC.CC.CC)$ is priced at $57,525, up by 1.38% in the past 24 hours, while $Ethereum (ETH.CC.CC)$ is priced at $2,381, up by 1.44% in the past 24 hours.
Stocks to Watch
Property listings giant $REA Group Ltd (REA.AU)$'s $11 billion cash and scrip offer to acquire UK counterpart Rightmove has been rejected. REA Group shares fell 1.9% to $198.61.
$Nextdc Ltd (NXT.AU)$, a data centre owner and operator, slipped 4% to $17.12 after completing a $550 million equity raise.
ASX Chairman Damian Roche will retire at the annual shareholder meeting, with former Westpac banker and AMP director David Clarke set to replace him. Shares remain largely unchanged.
The Australian Competition and Consumer Commission has delayed its decision on $Stockland Corp Ltd (SGP.AU)$'s bid to acquire a dozen master-planned communities from Lendlease. Lendlease shares rose 0.7% to $7.13.
Gold miner $Newmont Corp (NEM.AU)$ agreed to sell its majority stake in the Telfer mine and other assets to UK-listed Greatland Gold. Shares increased 1.4% to $77.27.
$Infratil Ltd (IFT.AU)$ supports the sale of Manawa Energy to New Zealand's Contact Energy in a $1.7 billion deal. $Melbana Energy Ltd (MAY.AU)$ soared 42% to 2.7¢ on the news. Infratil, a 51% shareholder in Manawa, rose 1.1% to $11.21.
Economic Calendar (AEST)
4:00 pm: UK GDP (Jul)
10:30 pm: US Inflation Rate (Aug)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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