AU Morning Wrap | Australian government unveils 2025-26 budget; Inflation eases in February
G'day, mooers! Check out the latest news on today's stock market!
• Stocks fall despite better-than-expected Q4 U.S. GDP
• Australian stocks extend slide on tariff uncertainty
• Stocks to watch: CTD, IPL and etc.
Wall Street Summary
Despite an upward revision in the U.S. Q4 GDP growth rate from a previously estimated 2.3% to 2.4%, stocks fell. However, this was still a slowdown compared to Q3's 3.1% growth. In addition, Widespread Wall Street criticism of Trump's tariffs on foreign imports.
The $Nasdaq Composite Index (.IXIC.US)$ dropped 0.53% to 17,804.03, the $S&P 500 Index (.SPX.US)$ fell 0.33% to 5,693.31, and the $Dow Jones Industrial Average (.DJI.US)$dipped 0.37% to 42,299.7.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ dipped 0.1% to 7,960.5 at the open. Australian shares fell on Friday due to traders' caution amid the ongoing uncertainty caused by Donald Trump's inconsistent trade policies.
The U.S.'s punitive tariffs and the looming threat of reciprocal tariffs next week led to a risk-off sentiment in the market. $WiseTech Global Ltd (WTC.AU)$ dropped by 1.6% and $Xero Ltd (XRO.AU)$ by 1.7%.
Gold stocks saw significant gains with spot prices hitting a record high. Notable performers included $Ramelius Resources Ltd (RMS.AU)$ jumped 4.3%, $De Grey Mining Ltd (Delisted) (DEG.AU)$ gained 3.6%, and $Northern Star Resources Ltd (NST.AU)$ rose 3%.
Commodities
As of the latest data, gold prices rose 1.1% to $3,054.53 per ounce, Brent oil prices gained 0.25% to $73.98 per barrel, and iron ore prices up 0.07% to $102.25 per tonne.
Crypto
As of the latest data, $Bitcoin (BTC.CC)$ is priced at $87,267.08, gained 0.65% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $2,003.75, rose 0.26% over the previous 24 hours.
Stocks to Watch
$Corporate Travel Management Ltd (CTD.AU)$ declined 3.5% following the announcement that CEO Greg McCarthy for Australia and New Zealand would resign after seven years.
$Incitec Pivot Ltd (IPL.AU)$ declined by 3.9% due to weather-related delays in sales and output in its fertiliser and explosives businesses. The company expects to recover these losses in the second half.
$Westpac Banking Corp (WBC.AU)$ fell 0.4% after its CEO announced an $865 million investment in the Unite project for 2025. The project is vital for improving productivity but faces significant execution risks, according to analysts.
$Bellevue Gold Ltd (BGL.AU)$ has suspended trading of its shares while it reviews its gold production and potentially lowers its output forecast.
Economic calendar (AEDT):
No major economic news.
Source: Dow Jones Newswires, AFR, Market Index
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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