AU Morning Wrap: Australia Shares Hit Record High; BHP Falls
G'day, mooers! Check out the latest news on today's stock market!
• Investors rotate out tech megacaps, driving Nasdaq down from record
• Australia shares hit record high; BHP falls
• Stocks to watch: BHP, Rio Tinto, NAB
Wall Street Summary
The Nasdaq fell from its record high as investors rotated out big tech stocks. Meanwhile, the lowest CPI reading in over three years drove investors into small-cap stocks.
The $Nasdaq Composite Index (.IXIC.US)$ pulled back 1.95%, retreating from a record high yesterday. The $S&P 500 Index (.SPX.US)$ fell 0.88% to close at 5584.54, while the $Dow Jones Industrial Average (.DJI.US)$ was flat, up 0.08%.
AU Market Watch
Australian equities experienced a remarkable surge on Friday morning, climbing 0.6% to an unprecedented zenith of 7938 points. This ascent was fueled by the revelation of deflationary trends in the US for June, which has ignited speculation among investors that the US Federal Reserve might be poised to reduce interest rates.
Domestically, the technology sector was the sole outlier, witnessing a modest decline of 0.4%. In contrast, the real estate sector outshone all others, boasting an impressive gain of 1.4%.
Further underscoring the bullish sentiment, the Small Ords Index in Australia posted a robust increase of 0.9%.
ASX 200 futures are currently trading at 7,924.5, up by 12.5 points, indicating a 0.16% decrease.
The $AUD/USD (AUDUSD.FX)$ is trading at US67.66¢, an increase of 0.09%, reaching its most robust position since January 2.
Commodity
Gold Prices Surge, Surpassing US$2,400 Milestone
Gold prices experienced a significant surge, escalating nearly 2% overnight and concluding the trading session above the pivotal "US$2,400" threshold. The "VanEck Gold Miners ETF" witnessed a substantial increase of 2.8%, reaching a zenith not observed since "April 2022". Shares of Newmont, listed on the NYSE, soared by 3.8%, achieving a zenith unseen in the past 15 months. This bullish trend is anticipated to elicit a robust reaction among local gold mining companies.
Crypto
As of latest data, $Bitcoin (BTC.CC)$ is priced at $57,262, down by 0.56% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,100, up by 0.15% in the past 24 hours.
Stocks to Watch
$BHP Group Ltd (BHP.AU)$, the global mining giant, have fallen by 0.6 percent following the company's announcement that it will cease its nickel mining operations in Australia.
$Rio Tinto Ltd (RIO.AU)$'s stock has experienced a 0.6 percent increase, reaching a price of $120.73. This uptick is attributed to Citi's speculation that the mining conglomerate could consider a transaction involving $Arcadium Lithium PLC (LTM.AU)$.
$National Australia Bank Ltd (NAB.AU)$ shares have achieved a notable milestone, soaring to their highest value since the Global Financial Crisis (GFC), with a peak share price of $36.73. This surge reflects investor confidence and the bank's robust performance in the current economic landscape.
Economic Calendar (AEST)
1:00 pm: China Balance of Trade (Jun)
10:30 pm: US Producer Price Index (Jun)
12:00 am: US Consumer Confidence (Jul)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
Australian stock market news that is available at your fingertips
4109Followers
6Following
120KVisitors
Follow
104371487 On Paris : Good morning
103469486 : Good morning