AU Morning Wrap: Iron ore, coal miners lift shares 0.4%

Wall Street Summary
Wall Street has slid deeper into a bear market, with the $S&P 500 Index(.SPX.US)$ and $Dow Jones Industrial Average(.DJI.US)$ closing lower as investors fretted that the Federal Reserve's aggressive campaign against inflation could throw the US economy into a sharp downturn.

In Monday's session, the Dow Jones Industrial Average fell 1.11 per cent to end at 29,260.81 points, while the S&P 500 lost 1.03 per cent to 3,655.04 and the $Nasdaq Composite Index(.IXIC.US)$ dropped 0.6 per cent to 10,802.92.

Ten of 11 S&P 500s sector indexes fell, led by 2.6 per cent drops in real estate and energy.

AU Market Watch
Australian shares are poised to edge higher. Trading was volatile and choppy to start the week in New York, with a late burst of selling at the end of day.

ASX futures were up 17 points or 0.26 per cent to 6483 points near 6.15am AEST. The S&P/ASX 200 tumbled 105 points or 1.6 per cent on Monday.

Australian shares opened higher this morning. The $S&P/ASX 200(.XJO.AU)$ gained 0.4 per cent to 6495.3 as of 10:19 am.

Stocks to Watch
$Synlait Milk Ltd(SM1.AU)$: Synlait Milk has more than tripled its financial 2022 net profit after tax to $NZ38.5 million, on sales up 21 per cent to $NZ1.66 billion.

It said the average milk price it paid over 2021/2022 was $NZ9.30 a kilogram of milk solid, with a forecast for that to rise to an average of $NZ9.50 per kilogram of milk solid in 2022/2023.

$The Star Entertainment Group Ltd(SGR.AU)$: Under pressure casino group Star Entertainment has posted a remediation plan to the ASX as part of its response into the Bell Report and other regulatory findings against it.

On Monday it revealed acting chief executive Geoff Hogg had resigned from all positions with a final departure date yet to be determined.

$Santos Ltd(STO.AU)$: Papua New Guinea's national oil and gas company Kumul has offered $US1.4 billion to Santos to snare a 5 per cent stake in its PNG LNG project.

Santos' chief executive Kevin Gallagher said the deal could help it build a stronger partnership with the PNG government.

Ex-dividend: $Perpetual Equity Investment Co Ltd(PIC.AU)$, $Southern Cross Electrical Engineering Ltd(SXE.AU)$

Dividends paid: $AGL Energy Ltd(AGL.AU)$, $Altium Ltd(ALU.AU)$, $Contact Energy Ltd(CEN.AU)$, $Dusk Group Ltd(DSK.AU)$, $Diverger Ltd(DVR.AU)$, $Engenco Ltd(EGN.AU)$, $Mader Group Ltd(MAD.AU)$, $NZME Ltd(NZM.AU)$, $Woolworths Group Ltd(WOW.AU)$

Commodities
• Iron ore futures fell -0.5% on Monday to US$98.45 a tonne.