AU Morning Wrap: ASX Opens Higher; Graincorp, TPG Rise
G'day, mooers! Check out the latest news on today's stock market!
• Indexes were in the green after the latest Magnificent 7 earnings impressed investors
• ASX opens higher; Graincorp, TPG rise
• Stocks to watch: Graincorp, TPG, BHP
Wall Street Summary
Indexes were in the green Friday after the latest Magnificent Seven earnings impressed investors. The $S&P 500 Index (.SPX.US)$ climbed 1.02% with preliminary closing figures. The $Dow Jones Industrial Average (.DJI.US)$ climbed 0.4%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 2.03%.
$U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed to 5.02% before settling at 4.99%, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed to 4.66. Investors can expect an FOMC rate decision this week.
AU Market Watch
The Australian share market opened with a broad rally following a strong performance by Wall Street. Within the first 10 minutes of trading, the $S&P/ASX 200 (.XJO.AU)$ had increased by 56.10 points or 0.7%, recovering some of Friday's 1.4% loss. All 11 industry groups were trading positively, resulting in a rise of 0.8% for the All Ordinaries.
ASX 200 futures are currently trading at 7,638, up 21.0 points, indicating a 0.28% increase.
Commodity
Uranium Prices Expected to Surge for Several Years
According to Shaw & Partners, it's challenging to predict what will limit the upside potential of the uranium price in the short term. Analyst Andrew Hines suggests that the uranium price will probably continue to rise due to the lack of fuel coverage for US and European utilities from 2026-2028, coupled with limited new supply in that period. Shaw & Partners predicts a multi-year price hike to reach $150/lb before settling to a long-term U3O8 realized price assumption of $76/lb in 2030.
Crypto
As of latest data, $Bitcoin (BTC.CC)$ is priced at $63,243, down 0.37% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,281, up 0.88% in the past 24 hours.
Stocks to Watch
Investors will closely monitor $Graincorp Ltd (GNC.AU)$'s shares this morning following ASX activist fund HMC Capital's disclosure of a 5% stake in the east coast grain handler after trading closed on Friday.
$TPG Telecom Ltd (TPG.AU)$ inks a network agreement with Optus to expand its 4G and 5G mobile network to cover 98.4% of Australians by tripling its regional mobile sites. The 11-year deal will cost TPG $1.17 billion.
$BHP Group Ltd (BHP.AU)$'s decision on whether to increase its bid for copper giant Anglo American, which was rejected last week, will also be in focus.
Economic Calendar (AEST):
10:00 pm: Germany Inflation (Apr)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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