AU Morning Wrap: ASX rises 1.6%; ASIC sues Harvey Norman, Latitude
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 posts best two day gain since March 2020
• Australian shares open higher on Wednesday, ASX 200 up 1.58 per cent
• Stocks to watch: Link, Fortescue, Harvey Norman
- moomoo News AU
• S&P 500 posts best two day gain since March 2020
• Australian shares open higher on Wednesday, ASX 200 up 1.58 per cent
• Stocks to watch: Link, Fortescue, Harvey Norman
- moomoo News AU
Wall Street Summary
The Nasdaq has led Wall Street higher as megacap growth and technology stocks gain and US Treasury yields decline amid growing investor speculation that the Federal Reserve will temper its aggressive rate hike path.
The Nasdaq has led Wall Street higher as megacap growth and technology stocks gain and US Treasury yields decline amid growing investor speculation that the Federal Reserve will temper its aggressive rate hike path.
New orders for US-manufactured goods remained unchanged in August as expected while US job openings, a measure of labour demand, fell by the most in nearly two and a half-years in August.
Consumer discretionary sector led gains among the 11 S&P 500 sectors, rising more than 4.0 per cent.
In early trading, the $Dow Jones Industrial Average(.DJI.US$ was up 714.23 points, or 2.42 per cent, at 30,205.12, the $S&P 500 Index(.SPX.US$ was up 100.15 points, or 2.72 per cent, at 3,778.58, and the $Nasdaq Composite Index(.IXIC.US$ was up 347.73 points, or 3.22 per cent, at 11,163.17.
AU Market Watch
Australian shares open Wednesday up taking lead from US markets overnight and extending the biggest sharemarket rally in two years after the RBA surprised the market by slowing pace of interest rate rises.
ANZ has extended the duration of the Reserve Bank's tightening cycle and lifted the interest rate peak after the central bank surprised economists with a 0.25 percentage point increase on Tuesday.
Stocks to Watch
$Link Administration Holdings Ltd(LNK.AU$: Canada's Dye & Durham has made a fresh $1.27 billion buyout proposal for a large chunk of Link Group which the target's board says it is now considering, after rebuffing two other partial buyout proposals made in secret a few days earlier.
$Link Administration Holdings Ltd(LNK.AU$: Canada's Dye & Durham has made a fresh $1.27 billion buyout proposal for a large chunk of Link Group which the target's board says it is now considering, after rebuffing two other partial buyout proposals made in secret a few days earlier.
$Fortescue Ltd(FMG.AU$: Fortescue Future Industries (FFI) has entered into a deal with energy infrastructure developer Tree Energy Solutions to accelerate the development of a green hydrogen and green energy import facility in Germany.
$Harvey Norman Holdings Ltd(HVN.AU$: Australia's corporate watchdog has launched a legal action against $Latitude Group Holdings Ltd(LFS.AU$ and Harvey Norman alleging that customers were misled about the true cost of interest-free payment methods.
Ex-dividend: $Clime Capital Ltd(CAM.AU$, $Ten Sixty Four Ltd(X64.AU$, $Ridley Corp Ltd(RIC.AU$
Dividends paid: $Adbri Ltd(ABC.AU$, $CSL Ltd(CSL.AU$, $Service Stream Ltd(SSM.AU$, $Fenix Resources Ltd(FEX.AU$, $Kelsian Group Ltd(KLS.AU$, $Integral Diagnostics Ltd(IDX.AU$, $Corporate Travel Management Ltd(CTD.AU$, $Inghams Group Ltd(ING.AU$, $Duratec Ltd(DUR.AU$
Commodities
• Iron ore futures rose 1.2% to US$96.2 a tonne.
Dividends paid: $Adbri Ltd(ABC.AU$, $CSL Ltd(CSL.AU$, $Service Stream Ltd(SSM.AU$, $Fenix Resources Ltd(FEX.AU$, $Kelsian Group Ltd(KLS.AU$, $Integral Diagnostics Ltd(IDX.AU$, $Corporate Travel Management Ltd(CTD.AU$, $Inghams Group Ltd(ING.AU$, $Duratec Ltd(DUR.AU$
Commodities
• Iron ore futures rose 1.2% to US$96.2 a tonne.
"... raw material prices are expected to remain firm and the demand is picking up at the peak demand season under the buoyant market sentiment,” Mysteel said in a note.
"Iron ore prices may strengthen along with steel products’ price trend, with increasing downstream demand from the construction sector, against the stable hot metal output under thin steelmaking profits."
• Oil prices extended gains after reports that OPEC+ is considering a cut as much as 2 million barrels per day. Brent crude is up almost 10% since the 26 September low of US$83.
• Oil prices extended gains after reports that OPEC+ is considering a cut as much as 2 million barrels per day. Brent crude is up almost 10% since the 26 September low of US$83.
"The Saudis run this show and they know oil prices are at a make-or-break level. Expectations were high that a significant reduction of output would be the outcome, now it seems it might be twice as large,” said Oanda senior market analyst, Ed Moya.
• Gold rallied past US$1,700 after the RBA surprised markets with a smaller-than-expected 25 bps rate hike.
"The RBA set the tone and now a lot of traders on Wall Street are expecting the Fed to soften their tightening pace," said Moya.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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