AU Morning Wrap: ASX Edges Higher, Miners Hit the Skids

Moomoo News AU wrote a column · Mar 11 18:55

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 and Nasdaq dip ahead of key inflation data
• ASX edges higer, miners hit the skids
• Stocks to watch: Metcash, WAM Leaders, QV Equities, Ramelius Resources

AU Morning Wrap: ASX Edges Higher, Miners Hit the Skids

Wall Street Summary

On Monday, US stock market experienced a mixed closure, with the $Dow Jones Industrial Average(.DJI.US)$ up by 0.1% and the $S&P 500 Index(.SPX.US)$ down by 0.1%. Meanwhile, the $Nasdaq Composite Index(.IXIC.US)$ dropped by approximately 0.4%, extending the tech-heavy index's sharp decline from last Friday. At the same time, $Bitcoin(BTC.CC)$ continued its record-setting rally, as investors eagerly awaited the release of inflation data that will test the market's bets on potential interest rate cuts.

Investors are preparing for a significant challenge prior to the Federal Reserve's policy meeting on March 20th. They are closely anticipating the release of the Consumer Price Index report on Tuesday, especially following Fed Chair Jerome Powell's comments that the Fed wishes to have greater certainty of a decrease in inflation before adjusting borrowing expenses.

AU Market Watch

At the start of Tuesday's trading session, Australian shares slightly increased, following a subdued trend in New York in anticipation of US inflation data, with banks leading the market's upward momentum.

Although energy and mining sectors lagged behind, seven of the index's 11 sectors experienced gains. Iron ore prices decreased to a four-month low due to concerns about China's high inventories, the top consumer of this commodity.

Stocks to Watch

$Metcash Ltd(MTS.AU)$, a wholesale supplier to supermarkets, experienced a 0.9% increase in total sales from the previous period, in the ten months leading up to late February. This growth was primarily due to a rise in trading for liquor and hardware products.

$WAM Leaders Ltd(WLE.AU)$ and $QV Equities Ltd(QVE.AU)$ have agreed to merge, with the scheme agreement expected to raise the assets of the new entity by approximately $240 million.

$Ramelius Resources Ltd(RMS.AU)$, a mining exploration company, anticipates $1.7 billion in gold earnings over the next decade from the Mount Magnet site in Western Australia.