AU Morning Wrap: ASX Sinks After Oil Plunges; Perpetual Jumps 11%
G'day, mooers! Check out the latest news on today's stock market!
• US bond yields tumble, stocks retreat
• ASX sinks after oil plunges
• Stocks to watch: Perpetual, Seven West Media, GQG Partners
- Moomoo News AU
Wall Street Summary
A rally in Treasurys intensified Wednesday, dragging yields on 10-year notes to the lowest level since August, while stocks turned lower.
Major indexes wavered between small gains and losses before ending the session around their lows of the day. The $S&P 500 Index (.SPX.US)$ lost 0.4 per cent, while the $Dow Jones Industrial Average (.DJI.US)$ shed 70 points, or 0.2 per cent. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ fell 0.6 per cent.
AU Market Watch
Energy stocks are sinking at the open of trading on the ASX, following a plunge in the price of oil overnight.
The $S&P/ASX 200 (.XJO.AU)$ opened 14 points, or 0.2 per cent lower, at 7169. The All Ordinaries is also 0.2 per cent lower.
Early in trade, energy stocks are 2.5 per cent lower after US oil dropped 4.1 per cent in New York, falling below $US70 a barrel. Brent slid more than 3.5 per cent, falling below $US75 a barrel. Prices fell despite US crude stockpiles falling 4.63 million barrels.
Stocks to Watch
$Perpetual Ltd (PPT.AU)$: Perpetual are 11.11 per cent higher at $26.40 after the firm formally rejected a $3 billion buyout proposal from investment conglomerate Washington H. Soul Pattinson to break up the funds business. Perpetual said the deal "materially undervalues" the company's various businesses. The stock jumped 6.3 per cent on Wednesday after Perpetual announced plans for a strategic review.
$Seven West Media Ltd (SWM.AU)$: Seven West Media is 2 per cent lower at 24.5¢ after CEO James Warburton announced he was stepping down from the WA media empire.
$GQG Partners Inc (GQG.AU)$: GQG Partners is 1.4 per cent higher at $1.50. The listed equities giant drew $US9 billion ($13.7 billion) of inflows to its strategies in November.
Listing: None
Economic Calendar (AEST):
11:30 am: Australia Balance of Trade (Oct)
2:00 pm: China Balance of Trade (Nov)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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