AU Morning Wrap: ASX jumps 0.6% at the open; Wall St extends rally
G'day, mooers! Check out the latest news on today's stock market!
• Wall St extends gains
• Australian shares opened higher on Friday, ASX 200 up 0.61 per cent
• Stocks to watch: Magellan, Vulcan Energy, St Barbara
- moomoo News AU
• Wall St extends gains
• Australian shares opened higher on Friday, ASX 200 up 0.61 per cent
• Stocks to watch: Magellan, Vulcan Energy, St Barbara
- moomoo News AU
Wall Street Summary
Wall Street’s main indices rallied overnight after the Federal Reserve hinted it may slow the pace of interest rate increases if growth rolls over. Energy producers and chipmakers led as crude rebounded and strong earnings from Samsung soothed concerns about chip demand.
The $S&P 500 Index(.SPX.US$ climbed 58 points or 1.5 per cent. The broadest of the three major benchmarks has advanced every session since the start of July, matching its best run of the year back in March. This week's rally has lifted the index out of bear market territory.
The $Dow Jones Industrial Average(.DJI.US$ climbed 347 points or 1.12 per cent. The $Nasdaq Composite Index(.IXIC.US$ put on 259 points or 2.28 per cent.
AU Market Watch
Australia's S&P/ASX 200 is on track to open higher, putting it on course to round out a strong weekly rise. ASX futures are up by 0.7% after U.S. stocks posted their fourth consecutive session of gains, lifted by everything from banks to consumer-focused companies. The ASX 200 is already up 1.65% during a week that included a 50-basis-points interest-rate hike by the country's central bank. Gains by financial, consumer, health and tech stocks have comfortably offset weakness in commodity related sectors.
Australian shares opened higher this morning. The $S&P/ASX 200(.XJO.AU$ gained 0.61 per cent to 6688 as of 10:13 am.
Wall Street’s main indices rallied overnight after the Federal Reserve hinted it may slow the pace of interest rate increases if growth rolls over. Energy producers and chipmakers led as crude rebounded and strong earnings from Samsung soothed concerns about chip demand.
The $S&P 500 Index(.SPX.US$ climbed 58 points or 1.5 per cent. The broadest of the three major benchmarks has advanced every session since the start of July, matching its best run of the year back in March. This week's rally has lifted the index out of bear market territory.
The $Dow Jones Industrial Average(.DJI.US$ climbed 347 points or 1.12 per cent. The $Nasdaq Composite Index(.IXIC.US$ put on 259 points or 2.28 per cent.
AU Market Watch
Australia's S&P/ASX 200 is on track to open higher, putting it on course to round out a strong weekly rise. ASX futures are up by 0.7% after U.S. stocks posted their fourth consecutive session of gains, lifted by everything from banks to consumer-focused companies. The ASX 200 is already up 1.65% during a week that included a 50-basis-points interest-rate hike by the country's central bank. Gains by financial, consumer, health and tech stocks have comfortably offset weakness in commodity related sectors.
Australian shares opened higher this morning. The $S&P/ASX 200(.XJO.AU$ gained 0.61 per cent to 6688 as of 10:13 am.
Stocks to Watch
$Magellan Financial Group Ltd(MFG.AU$: Embattled global equity manager Magellan Financial Group recorded another month of net outflows, seeing $5.2 billion leave its funds over the June quarter. Outflows comprised net retail outflows of $1.7 billion and net institutional outflows of $3.5 billion for the June quarter.
$Vulcan Energy Resources Ltd(VUL.AU$: Lithium miner Vulcan Energy will further develop its Italian projects after signing an agreement with the country's largest geothermal energy producer Enel Green Power (EGP).
$St Barbara Ltd(SBM.AU$: Gold producer St Barbara has announced a strong production quarter saying that its three provinces met financial year 2022 guidance. Total Group gold production for the June quarter was 86.4 thousand ounces (koz), representing a 40 per cent quarter-on-quarter increase.
Ex-dividend: $Collins Foods Ltd(CKF.AU$
Dividends paid: $Orica Ltd(ORI.AU$
Listing: $Regener8 Resources NL(R8R.AU$
Commodities
• Iron ore futures rose slightly amid a broad-based rebound in commodity prices. Daily consumption of imported iron ore at Chinese steel mills fell to an average of 525,000 tonnes a day for the week ending July 6, a new 3-month low according to Mysteel.
• Oil bounced right on its 200-day moving average but still down -8.7% in the past three sessions. The oil pendulum continues to swing back and forth between recession fears and supply concerns.
• Gold remains in trouble, retreating in the face of a strong US dollar and higher yields.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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