AU Morning Wrap: ASX Continues Monday's Gains; Boral Jumps
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 ends six-day losing streak
• ASX continues Monday's gains; Boral jumps
• Stocks to watch: Boral, Seven Group Holdings, Brambles, Westpac
• S&P 500 ends six-day losing streak
• ASX continues Monday's gains; Boral jumps
• Stocks to watch: Boral, Seven Group Holdings, Brambles, Westpac
Wall Street Summary
Indexes finished in the green after an AI stock pullback on Friday.The $S&P 500 Index(.SPX.US$ traded 1.21% higher on preliminary numbers for the day in New York. The $Dow Jones Industrial Average(.DJI.US$ gained 1.02%, and the $Nasdaq Composite Index(.IXIC.US$ rose 1.42%.
$U.S. 2-Year Treasury Notes Yield(US2Y.BD$ fell by 0.16% to 4.98%, while the $U.S. 10-Year Treasury Notes Yield(US10Y.BD$ grew 0.05% to 4.63% as of 18: 00 ET on April 22.
AU Market Watch
On Tuesday, shares opened higher, mirroring the rally on Wall Street, as investors awaited the upcoming US corporate earnings, including those from $Tesla(TSLA.US$ and $GE Aerospace(GE.US$, while geopolitical tensions took a backseat.
The S&P/ASX 200 Index rose 0.4%, or 33.8 points, following Monday's 1.1% gains, with utilities, materials, and industrial sectors in the negative, while health led gains. The big four banks started the session at least 1% higher, and investors ignored $Westpac Banking Corp(WBC.AU$'s A$164 million charge affecting its net profit after tax in the first half of 2024 due to changes in reporting. The mining giants advanced, but transport and logistics group Brambles dropped 5.4%, even as it reaffirmed its fiscal 2024 guidance.
ASX 200 futures are currently trading at 7,707, slightly down by 14.5 points, indicating a 0.19% decrease.
Commodity
Gold Stays Above $2,350 Amid Risk Appetite and Strong USD
Gold prices are experiencing downward pressure during the European trading session, with values hovering slightly above the $2,350 mark—a one-week low recorded earlier on Monday. Optimism in global markets is on the rise due to indications that tensions between Iran and Israel will not escalate further. This optimistic outlook is mirrored in the upbeat performance of stock markets. Furthermore, the anticipation that the Federal Reserve (Fed) may sustain elevated interest rates in response to persistent inflation is also contributing to the decline in gold, traditionally seen as a safe-haven asset.
Crypto
As of latest data, $Bitcoin(BTC.CC$ is priced at $66,868, up 2.65% in the past 24 hours, while $Ethereum(ETH.CC$ is priced at $3,207, up 1.60% in the past 24 hours.
Stocks to Watch
$Seven Group Holdings Ltd(SVW.AU$ has increased its ownership of $Boral Ltd(BLD.AU$, a company that produces cement and asphalt, to 82.4% due to a higher number of acceptances from minority shareholders.
$Brambles Ltd(BXB.AU$, a transportation and logistics group, reaffirmed its fiscal 2024 guidance after achieving a 7% increase in sales revenue to $US4.8 billion ($7.4 billion) during the first three quarters of the year.
$Westpac Banking Corp(WBC.AU$'s net profit after tax for the first half of 2024 was reduced by $164 million due to adjustments made to significant items.
Economic Calendar (AEDT):
9:00 am: Australia Manufacturing and Services PMI (Apr)
5:30 pm: Germany Manufacturing and Services PMI (Apr)
6:30 pm: UK Manufacturing and Services PMI (Apr)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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