AU Morning Wrap: ASX Rises on Rate Fears Ease; Lendlease Rallies on $4.5b Restructure Announcement
G'day, mooers! Check out the latest news on today's stock market!
• Nasdaq Closes at Record High
• ASX rises on rate fears ease; Lendlease rallies on $4.5b restructure announcement
• Stocks to watch: Lendlease, Megaport, Ingenia Communities
Wall Street Summary
Stocks rose Friday as data revealed that American consumers have lowered their inflation expectations, boosting optimism about potential Federal Reserve rate cuts this year. Goldman Sachs economists now predict the Federal Reserve will cut interest rates in September, rather than July. However, traders are now pricing in less than a 50% chance the central bank will cut rates at its September meeting, according to the CME FedWatch Tool.
The $S&P 500 Index (.SPX.US)$ was up 0.7%. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ was the outperformer, with a gain of 1.1%, closing at a record high. Meanwhile, the $Dow Jones Industrial Average (.DJI.US)$ was unchanged, up 0.01%.
AU Market Watch
The Australian sharemarket has opened higher on Monday, as concerns about interest rate hikes ease over the weekend. The $S&P/ASX 200 (.XJO.AU)$ is up 47.2 points or 0.6%, trading at 7774.8 points.
The real estate sector, which had suffered losses in the previous session, is the best performing sector, rebounding strongly. The sector is expected to benefit from the easing of interest rate concerns.
The benchmark had fallen 1.1% on Friday due to fears of interest rate hikes, but the market has since recovered on the back of positive economic indicators and optimism about the global economic recovery. Investors will be watching closely for any developments on the interest rate front, as well as ongoing COVID-19 concerns and geopolitical tensions.
ASX 200 futures are currently trading at 7,795.5, up 0.5 points, indicating a 0.01% increase.
Commodity
Spot gold increased by 0.2% to $US2333.83/oz in New York
Brent crude rose by 1% to $US82.16 a barrel
Iron ore went up by 0.8% to $US120.40 a tonne.
Crypto
As of latest data, $Bitcoin (BTC.CC)$ is priced at $68,374, down 1.29% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,819, up 1.96% in the past 24 hours.
Stocks to Watch
$Lendlease Group (LLC.AU)$ has announced sweeping changes to its global strategy, which include ending all international property development and selling its overseas construction divisions. These changes mark the biggest shake-up at one of Australia's largest real estate groups in 20 years. The company will now focus on its Australian operations, including urban regeneration projects in Sydney and Melbourne.
$Megaport Ltd (MP1.AU)$ chairman Bevan Slattery has sold a block of shares worth $15.9 million in the tech company he founded. The move comes amid a broader trend of insiders selling shares in Australian tech companies, as valuations have soared in recent months.
$Ingenia Communities Group (INA.AU)$ has announced that it is on track to hit the upper end of its FY24 guidance. The company, which develops and sells affordable homes in land-lease communities, is targeting earnings growth of 10% to 15% compared to FY23, and underlying earnings per share (EPS) of 20.8¢ per share to 22.3¢ per share.
Silver explorer $Adriatic Metals PLC (ADT.AU)$ has halted its shares ahead of a $75 million equity raise. The funds will be used to finance the development of the company's flagship project in Bosnia and Herzegovina, which is one of the largest undeveloped silver deposits in the world. The equity raise is expected to be completed in the coming weeks.
Economic Calendar (AEST)：None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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