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      AU Morning Wrap: ASX Slumps 1.5% in Broad Losses, Costa Group, News Corp Rally

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      Moomoo News AU wrote a column · Sep 22, 2023 00:37
      G'day, mooers! Check out the latest news on today's stock market!
      • Rising bond yields, interest-rate worries drag US stocks lower
      • ASX slumps 1.5% in broad losses
      • Stocks to watch: Costa Group, News Corp, APA Group
      - Moomoo News AU
      AU Morning Wrap: ASX Slumps 1.5% in Broad Losses, Costa Group, News Corp Rally
      Wall Street Summary
      The highest bond yields in more than a decade prompted another stock-market selloff Thursday, as the possibility of a prolonged higher interest-rate environment sank in across Wall Street.
      The $S&P 500 Index (.SPX.US)$ fell 1.6% on Thursday, as all 11 sectors finished the day lower. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ fell 1.8%, while the blue-chip $Dow Jones Industrial Average (.DJI.US)$ dipped 1.1%, or around 370 points. All three indexes are on pace to finish the week in the red.
      AU Market Watch
      The $S&P/ASX 200 (.XJO.AU)$ tumbled 1.5 per cent minutes after opening, following Wall Street's lead on concerns that high interest rates will remain in place for months to come.
      All 11 sectors declined with interest rate-sensitive tech stocks leading losses, down 2.2 per cent.
      Miners $BHP Group Ltd (BHP.AU)$ and $Rio Tinto Ltd (RIO.AU)$ shaved off more than 2 per cent. All the major banks retreated.
      In contrast, fruit and vegetable processor $Costa Group Holdings Ltd (CGC.AU)$ leapt 6.6 per cent and was the biggest outperformer after accepting a $3.20 cash per share takeover offer by US buyout company Paine Schwartz Partners.
      $News Corp (NWS.AU)$ shares rallied 1.6 per cent following news that Rupert Murdoch will step aside as chairman.
      Pathology group $Australian Clinical Labs Ltd (ACL.AU)$ fell 1.4 per cent after the competition watchdog requires more information about its planned merger with Healius. Healius shares dropped 2.5 per cent.
      Gas pipeline owner $APA Group (APA.AU)$ retreated 1 per cent. The company released a report on its climate transition plan.
      Stocks to Watch
      $Costa Group Holdings Ltd (CGC.AU)$: Fruit and vegetable processor Costa Group has agreed to the $3.20 cash per share takeover offer of the consortium led by US buyout company Paine Schwartz Partners.
      The original offer made in May was for $3.5 but the price was cut due to a weaker profit outlook and a $30 million hit from weather conditions.
      $APA Group (APA.AU)$: Gas pipeline owner APA Group cut 6.7 per cent in gas infrastructure emissions and 5.3 per cent in power generation infrastructure emissions intensity in fiscal 2023, from a year ago. APA said the result was a solid progress towards its 2030 interim targets and goals.
      Listing: None
      Source: Dow Jones Newswires, AFR
      Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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        Moomoo News AU
        Moomoo News Official Account
        Australian stock market news that is available at your fingertips
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