AU Morning Wrap: Whitehaven Coal jumps; inflation data ahead
G'day, mooers! Check out the latest news on today's stock market!
• Dow closes flat, Nasdaq falls ahead of key Powell speech
• ASX falls 0.29%; coal miners jump
• Stocks to watch: Whitehaven, Yancoal, Woodside
- Moomoo News AU
• Dow closes flat, Nasdaq falls ahead of key Powell speech
• ASX falls 0.29%; coal miners jump
• Stocks to watch: Whitehaven, Yancoal, Woodside
- Moomoo News AU
Wall Street Summary
A choppy session saw the main indices move in and out of positive territory as investors weighed developments in China against fear of what Fed Chair Powell may say in tonight's speech. Also affecting sentiment were upbeat Cyber Monday retail sales and downbeat economic data.
A choppy session saw the main indices move in and out of positive territory as investors weighed developments in China against fear of what Fed Chair Powell may say in tonight's speech. Also affecting sentiment were upbeat Cyber Monday retail sales and downbeat economic data.
The $S&P 500 Index(.SPX.US$ eased six points or 0.16 per cent. The $Nasdaq Composite Index(.IXIC.US$ lost 66 points or 0.59 per cent. The $Dow Jones Industrial Average(.DJI.US$ edged up three points or 0.01 per cent.
Powell is expected to use a speech tonight at the Brooking Institution to clarify the outlook for interest rates. Stocks have rebounded strongly over the last month on hopes of a slowdown after an aggressive series of hikes this year.
$Apple(AAPL.US$ was among the biggest drags, falling for a fourth session since protests against Covid restrictions began at its main factory for producing iPhones in China. The tech giant lost 2.11 per cent.
AU Market Watch
$S&P/ASX 200(.XJO.AU$ down 0.29 per cent this morinng as falls among tech, consumer and healthcare stocks are offset by gains among the miners.
$Whitehaven Coal Ltd(WHC.AU$ is up 5.5 per cent on an upgrade from Bell Potter, with $Yancoal Australia Ltd(YAL.AU$ adding 3.1 per cent. $BHP Group Ltd(BHP.AU$ is up 1.4 per cent.
Oil and gas producer $Woodside Energy Group Ltd(WDS.AU$ is down 2.3 per cent and is heading for its fifth straight session of falls.
A new monthly measure of Australian inflation for October is due later today, with economists divided in how the print will finalise.
ANZ Bank's economics team forecasts headline inflation for October to jump to 7.8 per cent from 7.3 per cent in September, while trimmed mean – the central bank’s preferred measure of inflation – is expected to rise to 5.9 per cent from 5.4 per cent.
Stocks to Watch:
$Fisher & Paykel Healthcare Corp Ltd(FPH.AU$: Broker Wilsons has stuck to a market-weight rating and $20 share price target on Fisher & Paykel after the Auckland-based healthcare giant posted its half-year results on Tuesday.
$Temple & Webster Group Ltd(TPW.AU$: Online furniture business Temple & Webster has told its annual general meeting that sales fell 14 per cent for the period July 1 to November 27 as it cycled lockdown comparisons.
The company said it was maintaining a 3 to 5 per cent EBITDA margin range for the full year.
$Thorn Group Ltd(TGA.AU$: Lender Thorn Group has posted a net profit of $600,000 for the half year to September 30, versus a net profit of $13.3 million a year earlier.
$Rio Tinto Ltd(RIO.AU$: Rio Tinto is planning to invest a further $600 million in renewable energy assets in the Pilbara as part of the mining company’s efforts to decarbonise its Western Australian iron ore operations.
The investment will fund the construction of two 100MW solar power facilities, as well as 200MWh of on-grid battery storage in the Pilbara by 2026.
$The Star Entertainment Group Ltd(SGR.AU$: Money laundering regulator AUSTRAC says it has commenced civil penalty proceedings against Star Entertainment in the Federal Court for alleged serious and systemic non-compliance with anti-money laundering and counter-terrorism financing laws
Dividends Paid: $Acrow Ltd(ACF.AU$, $Kelly Partners Group Holdings Ltd(KPG.AU$, $GenusPlus Group Ltd(GNP.AU$, $US Student Housing REIT(USQ.AU$
Commodities
• Iron ore futures fell 1.2% to US$99.60 a tonne.
Chinese steel futures rose on Tuesday as traders maintain a wait-and-see sentiment heading into winter.
• Brent crude faded from session highs of 4.1%.
"Oil's rally ran out of steam after reports that OPEC+ might end up keeping their output steady. Expectations were growing for them to seriously consider an output cut as China's COVID situation steadily worsened," said Oanda senior market analyst, Ed Moya
• Newcastle coal futures +2.90% to US$390 a tonne.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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