AU Morning Wrap: Miners Lift ASX; ACCC Blocks TPG/Telstra Network Sharing
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 struggles for direction, gold shines
• ASX lifts 1%; BHP, lithium miners gain
• Stocks to watch: Origin Energy, TPG, Pilbara Minerals
- Moomoo News AU
• S&P 500 struggles for direction, gold shines
• ASX lifts 1%; BHP, lithium miners gain
• Stocks to watch: Origin Energy, TPG, Pilbara Minerals
- Moomoo News AU
Wall Street Summary
US stocks oscillated between gains and losses throughout a volatile session, with technology shares still under pressure after last week's hawkish central bank turn. Treasuries slumped, with the global bond market digesting the Bank of Japan's sudden increase in its yield trading band.
US stocks oscillated between gains and losses throughout a volatile session, with technology shares still under pressure after last week's hawkish central bank turn. Treasuries slumped, with the global bond market digesting the Bank of Japan's sudden increase in its yield trading band.
The $S&P 500 Index(.SPX.US$ ended the session with a modest gain, snapping a four-day losing streak. The tech-heavy $Nasdaq Composite Index(.IXIC.US$ 100 fell for the fifth day, its longest stretch of declines since October. With few macro catalysts before the end of the year, swings are liable to pick up, as stocks witnessed on Tuesday.
AU Market Watch
$S&P/ASX 200(.XJO.AU$ is up 0.98 per cent in early trade as gains among energy, iron ore, gold, copper, and lithium producers boost the broader market.
Gas producer $Origin Energy Ltd(ORG.AU$ is up 5.6 per cent, with gold miner $Newcrest Mining Ltd(NCM.AU$ adding 4.4 per cent and Pilbara Minerals advancing 3.6 per cent.
The materials sector is up 1.3 per cent, with real estate up 0.7 per cent.
Telstra is trading flat, with TPG Vodafone off 1.5 per cent after the ACCC said it will block a regional network sharing plan.
Stocks to Watch
$Pilbara Minerals Ltd(PLS.AU$: Lithium producer Pilbara Minerals says it has secured improved pricing to an average of $US6300 a dry metric tonne on an SC6 equivalent basis for customers in December 2022.
It said its P680 project expansion to deliver more spodumene concentrate remains on track with the total capital cost estimate revised to around $404 million.
$MedAdvisor Ltd(MDR.AU$: Medtech business MedAdvisor has boasted it expects sales to climb between 50 per cent and 60 per cent in H1 FY 2023 to between $58 million and $61 million.
$Telstra Group Ltd(TLS.AU$: The ACCC has blocked a proposed TPG-Telstra regional network sharingarrangement.
"We examined the proposed arrangements in considerable detail. While there are some benefits, it is our view that the proposed arrangements will likely lead to less competition in the longer term and leave Australian mobile users worse off over time, in terms of price and regional coverage," ACCC Commissioner Liza Carver said.
$TPG Telecom Ltd(TPG.AU$ immediately said it will appeal the decision.
Ex-dividend: None
Dividends Paid: $Incitec Pivot Ltd(IPL.AU$, $Fisher & Paykel Healthcare Corp Ltd(FPH.AU$, $Dalrymple Bay Infrastructure Ltd(DBI.AU$
Commodities
• Iron ore futures +0.2% to US$109.50 a tonne.
• Oil prices were mostly unchanged amid a volatile session where prices fluctuated between lows of -2.3% and highs of 0.9%.
All of Russia's seaborne crude shipments collapsed in the first full week of G-7 sanctions, according to Bloomberg.
In the first full week, total volumes shipped from Russia fell by 1.86 million barrels a day or a 54% drop.
• Gold rallied to a fresh six month high as the Bank of Japan surprise pushed the US dollar lower.
"It is rare to see gold perform so well when global bond yields are surging, but this widening of Japan's yield curve band signifies that we could have a peak in the dollar put in place." - Oanda senior market analyst, Ed Moya
"The dollar might be in the house of pain for a while and that should be good news for bullion. Holiday trading volumes might disrupt this rally but for now it seems like gold has definitely got its groove back."- Moya
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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