AU Morning Wrap: Australia Shares Slip at Open; GQG Partners Reaches Record High
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street closed on Thursday
• Australia shares slip at open; GQG Partners reaches record high
• Stocks to watch: GQG Partners, Suncorp
• Wall Street closed on Thursday
• Australia shares slip at open; GQG Partners reaches record high
• Stocks to watch: GQG Partners, Suncorp
AU Market Watch
At the opening bell, the Australian stock market saw a modest decline, with a 0.3 percent drop led by corrections in mining and real estate sectors. These sectors relinquished a portion of the gains accrued earlier in the week.
Concurrently, the Australian dollar reached a peak not seen since January 2, as market participants contemplated the implications of a possible interest rate hike by the Reserve Bank of Australia ("RBA") in 2024.
ASX 200 futures are currently trading at 7,798, down by 4.5 points, indicating a 0.06% decrease.
Commodity
Iron ore futures have ascended to their peak in almost four weeks, buoyed by a growing optimism regarding a potential uptick in demand from China. But Citi has issued a cautionary statement regarding the current state of steel demand within China, noting that the market is experiencing a noticeable dip. Factors contributing to this lull include a deceleration in construction and infrastructure projects, largely influenced by adverse weather conditions and the typical deceleration observed during the summer months.
Crypto
As of latest data, $Bitcoin(BTC.CC$ is priced at $57,019, down by 5.48% in the past 24 hours, while $Ethereum(ETH.CC$ is priced at $3,072, down by 7.10% in the past 24 hours.
Stocks to Watch
$GQG Partners Inc(GQG.AU$, the esteemed international fund manager, has witnessed its shares climb by 1.2 percent, reaching an unprecedented peak of $3.05. This impressive ascent marks a 77 percent increase in the year 2024, catapulting the company's market value to approximately $8.9 billion.
$Suncorp Group Ltd(SUN.AU$'s shares have demonstrated stability, holding steady at $16.81. This follows the company's confirmation of its operational guidance for the financial year 2024 and the disclosure of its new reinsurance arrangements set for the subsequent financial year 2025.
Economic Calendar (AEST)
7:00 pm: Eurozone Retail Sales (May)
10:30 pm: Canada Unemployment Rate (Jun)
10:30 pm: US Non Farm Payrolls (Jun)
10:30 pm: US Unemployment Rate (Jun)
Source: Dow Jones Newswires, AFR
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