AU Morning Wrap: Australian Stocks Rebound; IAG, Suncorp Gain
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• S&P 500, Dow end flat
• Australian stocks rebound; IAG, Suncorp gain
• Stocks to watch: IAG, Adore Beauty
Wall Street Summary
The S&P 500, Dow ended flat Thursday as traders awaited Friday's release of Fed's favored inflation gauge to get clues on when the Federal Reserve might begin lowering interest rates.
The broad market $S&P 500 Index (.SPX.US)$ closes flat at 5,482.87, up 0.09%, and the $Nasdaq Composite Index (.IXIC.US)$ advanced 0.3%. The $Dow Jones Industrial Average (.DJI.US)$ was almost flat, up 0.09%.
AU Market Watch
Australian equities experienced a 0.6 percent uptick at the market's opening, bolstered by the banking and property sectors. This movement positions the market to potentially break a two-day downward trend, which was instigated by a higher-than-anticipated Consumer Price Index (CPI) figure released on Wednesday.
In a concurrent development, Treasurer Jim Chalmers has given the green light to the $ANZ Group Holdings Ltd (ANZ.AU)$'s bid to acquire $Suncorp Group Ltd (SUN.AU)$, albeit with stringent conditions that must be fulfilled.
Suncorp Group has confirmed that it will maintain its insurance business in Queensland as an independent entity and has plans to redistribute the majority of the proceeds from the bank's sale to its shareholders by the first quarter of 2025. This is contingent upon securing additional regulatory clearances.
In the early trading hours, Suncorp's shares experienced a 3 percent increase, while ANZ Bank's shares climbed by 0.8 percent. Meanwhile, shares of the competing insurer, $Insurance Australia Group Ltd (IAG.AU)$, witnessed a significant surge of 7.2 percent, reaching $7.17. This leap followed IAG's disclosure of a substantial reinsurance arrangement and the reaffirmation of its operational earnings forecast for the fiscal year 2024.
ASX 200 futures are currently trading at 7,788.5, up by 15 points, indicating a 0.19% increase.
Commodity
In the latest market movements recorded at 3:47 PM in New York, spot gold experienced a notable increase, climbing by 1.2% to reach a price of $US2326.02 per ounce.
In the energy sector, Brent crude oil also saw a positive shift, rising by 1.5% to settle at $US86.49 per barrel.
Conversely, iron ore took a slight downturn, with prices falling by 0.9% to $US105.65 per tonne.
Crypto
As of latest data, $Bitcoin (BTC.CC)$ is priced at $61,612, up by 1.32% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,443, up by 2.29% in the past 24 hours.
Stocks to Watch
Insurance giant $Insurance Australia Group Ltd (IAG.AU)$ has successfully concluded renegotiations with its international reinsurance partners. This strategic move ensures the company remains aligned with its previously announced profit and margin projections for the fiscal year 2024.
In the e-commerce sphere, $Adore Beauty Group Ltd (ABY.AU)$, a leading online beauty retailer, has finalized the acquisition of iKOU Holdings. The $25 million all-cash transaction expands Adore Beauty's footprint, incorporating iKOU's trio of retail locations nestled in the Blue Mountains and Byron Bay, as well as its existing wholesale distribution partnerships with select retailers and premier spas.
Economic Calendar (AEST)
11:30 am Australia Housing Credit (May)
4:45 pm: France Inflation (Jun)
10:30 pm: Canada GDP (May)
10:30 pm: US Core PCE Price Index (May)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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