AU Morning Wrap: ASX Opens Higher; Star Entertainment, Zip Co Lift

Major U.S. stock indexes kicked off the week with gains, rising for a second consecutive session and recouping some losses from the summer stock-market slide.

Australian shares have opened largely higher, taking an overnight lead from New York, as local eyes turn to an upcoming speech by incoming Reserve Bank of Australia governor Michele Bullock later today.

Star Entertainment has lifted 4.2 per cent. The casino operator posted a $2.4 billion full-year loss and wiped more than $2 billion in value from its Sydney, Gold Coast and Brisbane casinos.

Zip Co has jumped 8.2 per cent after reporting record transaction volumes and revenue for the year to June as consumers continue to use buy now, pay later even as spending across the economy softens.

It processed $8.9 billion on its system this year, up 7 per cent, as customers continued using short-term credit to fund purchases, an area the government is seeking to put tougher laws around. Group revenue hit a record $693.2 million, up 16.1 per cent compared to a year earlier.

Cash gross profit was $250.6 million, up 20 per cent.

The company announced a $2.2 billion non-cash impairment of The Star Sydney, The Star Gold Coast and Treasury Brisbane despite revenue climbing 22 per cent to $1.9 billion for the full financial year.

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