AU Morning Wrap: ASX leaps 2%; OZ trades below BHP offer price
G'day, mooers! Check out the latest news on today's stock market!
• Wall St rallies on Fed pivot hopes
• The S&P/ASX 200 surged 1.95 per cent, led by energy, tech and consumer discretionary stocks
• Stocks to watch: BHP, Oz Minerals, Life360
- moomoo News AU
Wall Street Summary
US stocks took wing after the Wall Street Journal reported the Federal Reserve may reduce its aggressive pace of rate hikes after next month's meeting. The report gained credence after San Francisco Fed President Mary Daly said the central bank needed to start preparing the market for smaller increases.
US stocks took wing after the Wall Street Journal reported the Federal Reserve may reduce its aggressive pace of rate hikes after next month's meeting. The report gained credence after San Francisco Fed President Mary Daly said the central bank needed to start preparing the market for smaller increases.
The $标普500指数 (.SPX.US)$ surged 87 points or 2.37 per cent. The $道琼斯指数 (.DJI.US)$ put on 749 points or 2.47 per cent. The $纳斯达克综合指数 (.IXIC.US)$ gained 245 points or 2.3bhp1 per cent.
AU Market Watch
Australian shares have opened the trading week higher following a rally in Wall Street on Friday.
AU Market Watch
Australian shares have opened the trading week higher following a rally in Wall Street on Friday.
The $S&P/ASX 200 (.XJO.AU)$ surged 1.95 per cent at the open, led by energy, tech and consumer discretionary stocks. All eleven sectors were in the green.
Tech stocks $Life360 Inc (360.AU)$ and $Novonix (NVX.AU)$ led the gainers, adding between 8 and 12 per cent. Materials stocks including $Champion Iron Ltd (CIA.AU)$ and $Evolution Mining Ltd (EVN.AU)$ followed close behind
Stocks to Watch
$BHP Group Ltd (BHP.AU)$: BHP has signalled reluctance to boost its spurned $8.4 billion bid for $Oz Minerals Ltd (OZL.AU)$, with CEO Mike Henry saying the target was a "nice to have" not a "must have".
$CommBank (CBA.AU)$: Commonwealth Bank and its telco partner More will begin offering retail and business customers discounted 4G and 5G mobile SIM plans.
Stocks to Watch
$BHP Group Ltd (BHP.AU)$: BHP has signalled reluctance to boost its spurned $8.4 billion bid for $Oz Minerals Ltd (OZL.AU)$, with CEO Mike Henry saying the target was a "nice to have" not a "must have".
$CommBank (CBA.AU)$: Commonwealth Bank and its telco partner More will begin offering retail and business customers discounted 4G and 5G mobile SIM plans.
With the discount applied, a 60 GB 5G plan will be $42.00 per month for the first 12 months.
$BetMakers Technology Group Ltd (BET.AU)$: BetMakers has agreed to acquire horse racing analysis tool ABettorEdge – trading as Punting Form.
The ASX-listed wagering sector data and analytics company will pay an initial $3 million in cash, with the potential for a further $17 million earn-out over the next three years on the delivery of operational, revenue and profitability targets.
$Integral Diagnostics Ltd (IDX.AU)$: ASX-listed Integral Diagnostics has terminated a $37.5 million agreement to acquire Brisbane-based Exact Radiology.
Ex-dividend: $New Hope Corp Ltd (NHC.AU)$
Dividends paid: $Nick Scali Ltd (NCK.AU)$, $Elanor Retail Property Fund (ERF.AU)$, $FOS Capital Ltd (FOS.AU)$
Commodities
• Iron ore futures rose 0.1% to US$94.5 a tonne.
$Integral Diagnostics Ltd (IDX.AU)$: ASX-listed Integral Diagnostics has terminated a $37.5 million agreement to acquire Brisbane-based Exact Radiology.
Ex-dividend: $New Hope Corp Ltd (NHC.AU)$
Dividends paid: $Nick Scali Ltd (NCK.AU)$, $Elanor Retail Property Fund (ERF.AU)$, $FOS Capital Ltd (FOS.AU)$
Commodities
• Iron ore futures rose 0.1% to US$94.5 a tonne.
Prices fell 1.4% last week.
Blast furnace utilisation among 247 Chinese steel mills under Mysteel's weekly survey fell 78 bps to 88.26% between 14-20 October as "some steelmakers had reined in their output either in response to local authorities' mandate or their own thinning steel margins."
The World Steel Association said global steel demand is likely to fall 2.3% year-on-year to 1.8bn tonnes in 2022 and rise just 1.0% in 2023.
"High energy prices, rising interest rates, and falling confidence have led to a slowing in steel-using sectors' activities," said Máximo Vedoya, chairman of the World Steel Economics Committee.
• Oil prices inched higher as risk appetite returned to markets.
• Oil prices inched higher as risk appetite returned to markets.
"The oil market is still looking tight and that should support crude prices staying above the $80 level. As the war in Ukraine persists, it looks like we might see escalating sanctions on not just Russia but also Iran," said Oanda senior market analyst, Ed Moya.
• Gold rallied amid another round of growing expectations of a Fed pivot. This was further aided by a pullback for the US dollar and bond yields.
• Gold rallied amid another round of growing expectations of a Fed pivot. This was further aided by a pullback for the US dollar and bond yields.
Source: Dow Jones Newswires, AFR
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