AU Morning Wrap: Australian Stocks Open Steady, Weighing Record Peaks Against Mining Dips
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• Wall Street climbed on Monday
• Australian stocks open steady, weighing record peaks against mining dips
• Stocks to watch: Rio Tinto, IGO, HUB24
Wall Street Summary
As a general recap, the market climbed Monday, and the Dow Jones hit a fresh closing high above 40,211 after breaking intraday trading records investors watched for volatility Monday morning after shocking campaign violence over the weekend.
Shortly after the close Monday at 4 pm EST, the $S&P 500 Index (.SPX.US)$ climbed 0.28%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.53%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.40%.
AU Market Watch
The Australian stock market commenced trading with stability, maintaining its position at the historic summit achieved yesterday, with the benchmark index hovering just above the 8000-point threshold. This steadiness comes despite a downward trend in the mining sector, which has tempered broader index gains.
The $S&P/ASX 200 (.XJO.AU)$ remains steadfast at 8017.4 points, largely ignoring the upward momentum witnessed on Wall Street. This indicates that market participants are beginning to contemplate the implications of a potential third interest rate reduction in the United States.
Within the materials sector, there is a noticeable contraction of 1 percent. Leading this downturn is $BHP Group Ltd (BHP.AU)$, which has seen a 1.5 percent decrease, with its shares priced at $43.01.
In contrast, the financial sector is experiencing an uplift, spearheaded by $National Australia Bank Ltd (NAB.AU)$. The banking giant has seen its shares ascend by 1 percent, reaching a value of $37.62.
ASX 200 futures are currently trading at 8,003.0, up by 6.5 points, indicating a 0.07% increase.
Commodity
Gold prices saw an uptick at the start of the week, building on a streak of three consecutive weekly increases. However, the precious metal retreated slightly from its daily peak following remarks by Federal Reserve Chairman Jerome Powell. Powell maintained his usual script, notably omitting any clear forward guidance, which left investors parsing his words for future monetary policy clues.
Crypto
As of latest data, $Bitcoin (BTC.CC)$ is priced at $64,901, up by 6.64% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,494, up by 7.69% in the past 24 hours.
Stocks to Watch
$Rio Tinto Ltd (RIO.AU)$ has secured approvals from the authorities in Guinea and China to proceed with its investment in the Simandou high-grade iron ore project. The company is set to invest approximately $US6.2 billion ($9.2 billion) in both the project and the necessary infrastructure developments.
$IGO Ltd (IGO.AU)$ has announced it will recognize over $250 million in impairments related to its exploration assets. This decision follows a comprehensive review of the company's operations and the anticipated impairment range is projected to be between $275 million and $295 million for the full fiscal year.
$HUB24 Ltd (HUB.AU)$, a wealth management platform, reported an unprecedented $5 billion in net inflows during the final quarter of the financial year. This figure includes $1.8 billion in funds transferred from Equity Trustees. By the end of June, HUB24's funds under administration had surged to $104.7 billion, marking a 30 percent increase from the previous year.
Economic Calendar (AEST)
7:00 pm: Germany ZEW Economic Sentiment Index (Jul)
10:30 pm: Canada Inflation Rate (Jun)
10:30 pm: US Retail Sales (Jun)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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