AU Morning Wrap: ASX opens lower; Magellan FUM slides $3.6b in May
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• Wall Street sold off sharply last Friday
• Australian shares opened lower on Monday, ASX 200 down 0.27 per cent
• Stocks to watch: Magellan, Cooper Energy, NAB
- moomoo News AU
• Wall Street sold off sharply last Friday
• Australian shares opened lower on Monday, ASX 200 down 0.27 per cent
• Stocks to watch: Magellan, Cooper Energy, NAB
- moomoo News AU
Wall Street Summary
US stocks slumped as investors interpreted robust employment and wages data as supporting the case for a series of aggressive rate increases. Equity markets have struggled this year amid fears the Federal Reserve risks tipping the economy into recession by hiking too hard to bring down inflation.
The $S&P 500 Index(.SPX.US$ dropped 68 points or 1.63 per cent. The $Dow Jones Industrial Average(.DJI.US$ shed 349 points or 1.05 per cent. The $Nasdaq Composite Index(.IXIC.US$ lost 304 points or 2.47 per cent.
AU Market Watch
Australia's S&P/ASX 200 looks set to slip at the open, continuing the whipsaw action of the past week. ASX futures are down by 0.4% at the start of the week that includes the Reserve Bank's monthly interest-rate decision. The ASX 200 gained 0.8% across last week after alternating between daily wins and losses. It added 0.9% on Friday.
Australian shares opened lower this morning. The $S&P/ASX 200(.XJO.AU$ lost 0.27 per cent to 7220 as of 10:15 am.
US stocks slumped as investors interpreted robust employment and wages data as supporting the case for a series of aggressive rate increases. Equity markets have struggled this year amid fears the Federal Reserve risks tipping the economy into recession by hiking too hard to bring down inflation.
The $S&P 500 Index(.SPX.US$ dropped 68 points or 1.63 per cent. The $Dow Jones Industrial Average(.DJI.US$ shed 349 points or 1.05 per cent. The $Nasdaq Composite Index(.IXIC.US$ lost 304 points or 2.47 per cent.
AU Market Watch
Australia's S&P/ASX 200 looks set to slip at the open, continuing the whipsaw action of the past week. ASX futures are down by 0.4% at the start of the week that includes the Reserve Bank's monthly interest-rate decision. The ASX 200 gained 0.8% across last week after alternating between daily wins and losses. It added 0.9% on Friday.
Australian shares opened lower this morning. The $S&P/ASX 200(.XJO.AU$ lost 0.27 per cent to 7220 as of 10:15 am.
Stocks to Watch
$Magellan Financial Group Ltd(MFG.AU$: Magellan Financial Group's funds under management (FUM) fell by $3.6 billion last month, from $68.6 billion on April 29 to $65 billion by May 31.
$Cooper Energy Ltd(COE.AU$: Cooper Energy has revised its production and sales volume guidance to the upper half of its previous range because of continued improvement in average processing rates at the Orbost Gas processing plant (OGPP), and a substantial increase in wholesale spot prices for gas in Sydney and Victoria.
$National Australia Bank Ltd(NAB.AU$: National Australia Bank has tapped a big retail broker syndicate to raise $1 billion or more for a new hybrid issue.
Ex-Dividend: $ALS Ltd(ALQ.AU$, $Champion Iron Ltd(CIA.AU$, $Incitec Pivot Ltd(IPL.AU$, $Oceania Healthcare Ltd(OCA.AU$
Commodities
• Iron ore futures inched higher to US$144.4 a tonne. Last week, iron ore prices rose 8.2%.
• Oil rallied through US$120 after solid US nonfarm payroll figures and, the anticipation of a strong summer travel season.
• Gold fell back to US$1,850 after the robust nonfarm payroll report. Traders were hoping a weaker-than-expected job report could pivot the Fed away from half-point rate hikes, which is now unlikely.
Source: Dow Jones Newswires, AFR
$Magellan Financial Group Ltd(MFG.AU$: Magellan Financial Group's funds under management (FUM) fell by $3.6 billion last month, from $68.6 billion on April 29 to $65 billion by May 31.
$Cooper Energy Ltd(COE.AU$: Cooper Energy has revised its production and sales volume guidance to the upper half of its previous range because of continued improvement in average processing rates at the Orbost Gas processing plant (OGPP), and a substantial increase in wholesale spot prices for gas in Sydney and Victoria.
$National Australia Bank Ltd(NAB.AU$: National Australia Bank has tapped a big retail broker syndicate to raise $1 billion or more for a new hybrid issue.
Ex-Dividend: $ALS Ltd(ALQ.AU$, $Champion Iron Ltd(CIA.AU$, $Incitec Pivot Ltd(IPL.AU$, $Oceania Healthcare Ltd(OCA.AU$
Commodities
• Iron ore futures inched higher to US$144.4 a tonne. Last week, iron ore prices rose 8.2%.
• Oil rallied through US$120 after solid US nonfarm payroll figures and, the anticipation of a strong summer travel season.
• Gold fell back to US$1,850 after the robust nonfarm payroll report. Traders were hoping a weaker-than-expected job report could pivot the Fed away from half-point rate hikes, which is now unlikely.
Source: Dow Jones Newswires, AFR
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