AU Morning Wrap: ASX Rises with Focus on RBA; Westpac Shares Up

For the week, the $S&P 500 Index (.SPX.US)$ grew 0.55%, and +1.26% on Friday. The $Dow Jones Industrial Average (.DJI.US)$ climbed 1.14% for the week, and +1.18% Friday, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.43% for the week and 1.99% Friday.

At the end of the week, the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell to 4.81%, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell to 4.50%.

The Australian sharemarket saw gains at the start of trade on Monday following a softer than expected US jobs report, which strengthened the case for interest rate cuts in the US this year. The benchmark $S&P/ASX 200 (.XJO.AU)$ rose by 0.5%, or 35.1 points, to 7664.1, with the real estate sector leading the gains. However, trading is anticipated to remain subdued leading up to the Reserve Bank's interest rate decision on Tuesday.

The $AUD/USD (AUDUSD.FX)$ is trading at US66.07¢, a decrease of 0.05%.

One of Australia's major industry superannuation funds has given its support to $BHP Group Ltd (BHP.AU)$ CEO Mike Henry's vision of creating a global copper giant, as the company considers reviving its $60 billion Anglo American deal. Henry is currently on a global tour of shareholders and stakeholders to gather support for the acquisition, and has received assurance from most investors in South Africa that they agree with the strategic rationale behind the deal.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $64,131, up 0.15% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,142, up 0.66% in the past 24 hours.

$Qantas Airways Ltd (QAN.AU)$ has agreed to pay up to $450 in compensation to customers on cancelled flights after admitting to misleading travellers. The airline will also pay $120 million to resolve a legal claim brought against it by the competition regulator.

$Graincorp Ltd (GNC.AU)$ has attributed a downgrade in its profit guidance to softer commodity prices and increased competition in global grain markets. The company now expects FY24 underlying earnings before interest, taxes, and depreciation to be in the range of $250 million to $280 million, down from the previously disclosed range of $270 million to $310 million.

$Westpac Banking Corp (WBC.AU)$ has announced a $1 billion share buyback and special dividend, with CEO Peter King stating that the bank's balance sheet is in good shape. The special dividend of 15¢ per share fully franked and an increase in the buyback program from $1 billion to $2.5 billion is supported by the bank's financial position.