AU Morning Wrap: ASX falls in early trading; Westpac expects June rate rise

Wall Street Summary
US stocks retreated ahead of the release of the minutes from the latest Fed meeting and retained most of those losses in volatile trade in the aftermath. The minutes showed the central bank gearing up to go hard on inflation this year.

The $Nasdaq Composite Index(.IXIC.US)$ led the selling for a second day, falling 315 points or 2.22 per cent. The $S&P 500 Index(.SPX.US)$ dropped 44 points or 0.97 per cent. The $Dow Jones Industrial Average(.DJI.US)$ eased 145 points or 0.42 per cent.

AU Market Watch
Australia's S&P/ASX 200 is poised to slip at the open after Wall Street fell on more technology-stock weakness and further details about the U.S. Federal Reserve's plans to tighten interest rates. ASX futures are down nearly 0.3%, suggesting the benchmark index will extend yesterday's negative close at the open.

Australia shares opened lower this morning. The $S&P/ASX 200(.XJO.AU)$ lost 0.68 per cent to 7439 as of 10:11 pm.

$Westpac Banking Corp(WBC.AU)$ has brought forward the date it expects the Reserve Bank of Australia to increase interest rates to June, from August, following the central bank’s decision to abandon its “patient” approach to monetary policy.

Stocks to Watch
$Fortescue Ltd(FMG.AU)$: Fortescue Metals Group has raised $US1.5 billion ($2 billion) in a senior notes offering, more than of half of which will be earmarked for green projects, the company said on Thursday.

$Gold Road Resources Ltd(GOR.AU)$: Gold Road Resources gold sales reached 35,080 ounces at an average price of $2434 per ounce in the March quarter, the company said. This included delivering 8700 ounces at an average price of $1911 per ounce into forward sales contracts.

$Bank of Queensland Ltd(BOQ.AU)$: Bank of Queensland has appointed Racheal Kellaway as chief financial officer. She will succeed current group CFO and COO Ewen Stafford on July 1.

Ex-dividend Companies: $ARB Corp Ltd(ARB.AU)$, $Ridley Corp Ltd(RIC.AU)$

Dividends Paid Companies: $Seek Ltd(SEK.AU)$, $Iluka Resources Ltd(ILU.AU)$, $Fletcher Building Ltd(FBU.AU)$, $Costa Group Holdings Ltd(CGC.AU)$, $Inghams Group Ltd(ING.AU)$, $Southern Cross Media Group Ltd(SXL.AU)$, $Perseus Mining Ltd(PRU.AU)$, $Supply Network Ltd(SNL.AU)$

Commodities
• Iron ore prices were slightly lower but still above US$16.
• Oil prices declined after the US Energy Information Agency (EIA) showed that US stockpiles posted a surprise build. The International Energy Agency (IEA) members will deliver an additional 60m barrels from reserves. Both pieces of news are keeping the supply tight narrative at bay.
• Gold was stable around US$1,925 even after the Fed's hawkish view on monetary policy.

Source: Dow Jones Newswires, Market Index