AU Morning Wrap: ASX Gains Ahead of CPI; Fisher & Paykel Soars

Moomoo News AU wrote a column · Nov 29, 2023 07:49

G'day, mooers! Check out the latest news on today's stock market!
• US stocks slip, pausing November rally
• ASX rises; CPI figures ahead
• Stocks to watch: Fisher & Paykel, EML Payments, Fortescue
- Moomoo News AU

AU Morning Wrap: ASX Gains Ahead of CPI; Fisher & Paykel Soars

Wall Street Summary

U.S. stocks inched down Monday, interrupting their November rally.

The $S&P 500 Index (.SPX.US)$ declined 0.2 per cent. The $Dow Jones Industrial Average (.DJI.US)$ pulled back about 57 points, or 0.2 per cent. The $Nasdaq Composite Index (.IXIC.US)$ edged less than 0.1 per cent lower.

All three major U.S. stock indexes are on track for the best monthly performances in more than a year after four consecutive weeks of gains. Monday's market action follows the Thanksgiving holiday and a shortened Black Friday session.

AU Market Watch

Australian shares have tipped higher at the open as traders await key inflation data to help provide further clues as to the trajectory of interest rates in Australia.

The $S&P/ASX 200 (.XJO.AU)$ is 16.9 points, or 0.2 per cent, higher at 7032.1. The All Ordinaries is also 0.2 per cent higher.

The local dollar gained 0.6 per cent to just shy US66.5¢ on bets the gap between US and Australian interest rates will continue to widen.

October CPI is set to be released at 11:30am. Most analysts are expecting year-on-year growth to fall to 5.2 per cent, from 5.6 per cent in September.

Stocks to Watch

$Fisher & Paykel Healthcare Corp Ltd (FPH.AU)$: Fisher & Paykel Healthcare reported increasing revenue and profit in its first half of 2024 as the respirator manufacturer re-adjusts to a pre-COVID-19 trading environment. Shares are up 10.8 per cent to $22.81.

$EML Payments Ltd (EML.AU)$: Embattled fintech EML Payments is up 2.3 per cent to $1.12 after reporting surging revenue, amid an activist campaign by Texas-based Alta Fox Capital to refocus the prepaid cards business.

$Fortescue Ltd (FMG.AU)$: Fortescue has appointed Phil McKeiver as a company secretary of the iron ore miner. Shares are 0.8 per cent lower to $24.68.

$Codan Ltd (CDA.AU)$: Electronics manufacturer Codan is 0.2 per cent lower at $8.46 and is set to buy US tech company Wave Central in a deal valued at $21.3 million.

$Harvey Norman Holdings Ltd (HVN.AU)$: Home goods retailer Harvey Norman is trading flat at $3.61. It reported declining sales across its global store network.