AU Morning Wrap: Shares Rise; Gold Hits Record High
G'day, mooers! Check out the latest news on today's stock market!
• Stocks rebound as Powell expects a pivot to rate cuts
• ASX to rise; gold hits record high
• Stocks to watch: Origin, Commonwealth Bank
• Stocks rebound as Powell expects a pivot to rate cuts
• ASX to rise; gold hits record high
• Stocks to watch: Origin, Commonwealth Bank
Wall Street Summary
On Wednesday, US investors processed Federal Reserve Chair Jerome Powell's remarks that rate cuts are still possible this year, resulting in a sharp rebound for tech stocks, which had led a significant decline in the broader market the day before.
The $Nasdaq Composite Index(.IXIC.US$, which is heavily weighted towards technology stocks, surged by almost 0.6%. The $S&P 500 Index(.SPX.US$ also rose by 0.5%, while the $Dow Jones Industrial Average(.DJI.US$ increased by 0.2%, with both indices recovering from losses that exceeded 1%.
AU Market Watch
Australian stocks are set to increase, following a recovery in New York on the back of Federal Reserve Chairman Jerome Powell's statement that he anticipates a shift towards interest rate cuts later this year.
At 10:17am AEDT, the $S&P/ASX 200(.XJO.AU$ is up 0.1% to 7743.3 points, with a decline in energy stocks weighing on the index.
Stocks to Watch
Following the failure of Brookfield's bid, AusSuper's valuation of $Origin Energy Ltd(ORG.AU$ has been validated. Despite disagreements over the takeover offer, AusSuper's CEO has expressed support for Origin's management, but has not ruled out the possibility of seeking a board seat in the future.
In a move towards digital banking, $CommBank(CBA.AU$ will be closing down 45 Bankwest branches, with another 15 set to be converted to the CBA brand.
Listing: None
Economic Calendar (AEDT):
11:30 am: Australia Balance of Trade (Jan)
2:00 pm: China Balance of Trade (Jan-Feb)
12:15 am: ECB Interest Rate Decision
2:00 pm: Fed Chair Powell Testimony
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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