AU Morning Wrap: ASX falls; BWX flags data breach; Block rallies
G'day, mooers! Check out the latest news on today's stock market!
• US stocks extend losses, Bank of England hikes by 75 bps
• The S&P/ASX 200 dropped 0.3 per cent, drags down by financials
• Stocks to watch: Block, CSR, Pendal
- moomoo News AU
• US stocks extend losses, Bank of England hikes by 75 bps
• The S&P/ASX 200 dropped 0.3 per cent, drags down by financials
• Stocks to watch: Block, CSR, Pendal
- moomoo News AU
Wall Street Summary
US stocks added to Wednesday's losses in the wake of Fed Chair Jerome Powell's assertion the top of this interest rate cycle may be higher than the bank's own projection. The yield on two-year treasury notes jumped to its highest in 15 years, pressuring corners of the market that depend on short-term borrowing to fund operations.
US stocks added to Wednesday's losses in the wake of Fed Chair Jerome Powell's assertion the top of this interest rate cycle may be higher than the bank's own projection. The yield on two-year treasury notes jumped to its highest in 15 years, pressuring corners of the market that depend on short-term borrowing to fund operations.
The $S&P 500 Index(.SPX.US$ shed 40 points or 1.06 per cent. The $Nasdaq Composite Index(.IXIC.US$ lost 182 points or 1.73 per cent. The $Dow Jones Industrial Average(.DJI.US$ trimmed a 420-point fall to 148 points or 0.46 per cent by the close.
"The post-Fed hangover continues to keep pressure on U.S. stocks as the impact from the first round of hikes is finally being felt," Oanda's senior market analyst Ed Moya said. "Stocks aren't going to have a painful death here, but they will soften until markets price in a little more Fed hawkishness."
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ dropped 0.3 per cent in the opening minutes of trade, dragged down by losses across the financials sector.
Block rallied 10.2 per cent to $96.37 after reporting gross profit for the third quarter that exceeded analysts' expectations.
CSR jumped 5.5 per cent to $4.78 after lifting its interim dividend on the back of a 27 per cent jump in profit for the half year ended September 30.
Pendal declined 2 per cent to $4.43 after reporting a 32 per cent drop in statutory profit in the 2022 financial year.
Stocks to Watch
$BWX Ltd(BWX.AU$: BWX subsidiary Flora & Fauna says a malicious code unlawfully inserted into the Flora & Fauna website may have resulted in customer credit card numbers and expiry dates being transmitted to an unauthorised third-party.
Flora & Fauna, part of the BWX Digital Segment, operates the Flora & Fauna digital e-commerce platform.
$AMA Group Ltd(AMA.AU$: AMA Group says it expects to meet its 2023 financial year earnings guidance.
The company also announced it has reached agreement with its largest customer, Suncorp, regarding the pricing for services provided by Capital S.M.A.R.T to Suncorp for the period October 1, 2022 to June 30, 2023.
$GPT Group(GPT.AU$: GPT Group has reiterated its 2022 funds from operations guidance, and said it is well placed to deliver on earnings and distribution guidance.
The company said retail leasing activity remained strong for the quarter ended September 30, with 95 lease deals completed.
$Pendal Group Ltd(PDL.AU$: Pendal Group's underlying profit after tax increased 17 per cent to $194.2 million in the 2022 financial year.
Statutory net profit after tax was down 32 per cent to $112.8 million, impacted by mark-to-market movements on seed investments.
$Magellan Financial Group Ltd(MFG.AU$: Magellan experienced net outflows of $2.4 billion in October, comprised of retail outflows of $400 million and institutional outflows of $2 billion.
Magellan's funds under management increased to $51 billion for the month, from $50.9 billion at September 30.
$CSR Ltd(CSR.AU$: CSR's net profit after tax, before significant items, jumped 27 per cent to $110 million in the half year ended September 30.
Trading revenue of $1.3 billion was up 14 per cent, while earnings before interest and tax (EBIT before significant items) rose 29 per cent to $171 million.
$Block Inc(SQ2.AU$: Block, the digital payments firm formerly known as Square, reported gross profit for the third quarter that exceeded analysts' expectations, boosted by an increase in business from retailers and restaurants using its sales products.
Shares climbed more than 17 per cent in after-hours trading.
In the third quarter, gross profit, the company's profit before subtracting some costs like product development and marketing, was $US1.57 billion, an increase of 38 per cent over last year and better than the $US1.52 billion analysts were projecting.
E-dividend: $Janus Henderson Group PLC(JHG.AU$
Dividends Paid: $Webcentral Ltd(WCG.AU$
Commodities
• Iron ore futures rose 0.7% to US$84 a tonne.
E-dividend: $Janus Henderson Group PLC(JHG.AU$
Dividends Paid: $Webcentral Ltd(WCG.AU$
Commodities
• Iron ore futures rose 0.7% to US$84 a tonne.
"Recently released data shows that daily crude output at large and medium-sized mills in China averaged 2.06 million tons during October 11 - 20. This is 2% less than was seen during the prior ten days but is up year-on-year by 10%. Overall, it remains encouraging that China's steel output has remained well above last year's level," - Breakwave Advisors.
• Oil prices slumped.
• Oil prices slumped.
"Oil is battling both a weakening global economic outlook and a surging dollar. It seems these bearish drivers won't be easing up anytime soon and that could mean WTI crude could be vulnerable to last week's low.”- Oanda senior market analyst, Ed Moya.
• Gold is fast approaching recent lows after Fed Chair Powell signalled that rates will be going much higher, which is weigh on the non-interest bearing yellow metal.
Source: Dow Jones Newswires, AFR
• Gold is fast approaching recent lows after Fed Chair Powell signalled that rates will be going much higher, which is weigh on the non-interest bearing yellow metal.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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