AU Morning Wrap: ASX Flat; Australia Isn't Behind the Curve: Bullock
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 hits another 2023 high
• ASX opens flat
• Stocks to watch: Sigma Healthcare, Incitec Pivot
- Moomoo News AU
• S&P 500 hits another 2023 high
• ASX opens flat
• Stocks to watch: Sigma Healthcare, Incitec Pivot
- Moomoo News AU
Wall Street Summary
Gains across a swath of stocks on Monday offset declines in big technology stocks, keeping major indexes steady ahead of coming inflation data.
Monday extended a recent trend: Since a lower-than-expected inflation reading last month, investors have piled into the stocks of moderately sized companies, while cooling on the giant tech firms that had previously driven this year's rally.
Overall, the $S&P 500 Index(.SPX.US$ rose 0.4 per cent. The $Dow Jones Industrial Average(.DJI.US$ also advanced 0.4 per cent, while the $Nasdaq Composite Index(.IXIC.US$ ticked up 0.2 per cent.
AU Market Watch
Australian shares opened little changed after a lacklustre session on Wall Street overnight as investors stay on the sidelines ahead of key US inflation that will help gauge whether the US is done with raising interest rates.
The $S&P/ASX 200(.XJO.AU$ opened down less than 0.1 per cent to 7,197.2 in the first 20 minutes of trade with all 11 industry groups largely unchanged.
Bullock: Australia isn't behind the curve
Reserve Bank governor Michele Bullock has rejected the suggestion that Australia is behind the rest of the world in the fight against inflation.
I don't think we're falling behind at all," she said in response to an audience question at the Australian Payments Network Summit.
I think we are trying to make sure that we slow the economy enough to bring inflation down to our target band."
Headline inflation is higher in Australia than most other advanced economies since price pressures took off later, while energy bill pass-through has also been more prolonged than in Europe.
Stocks to Watch
$Sigma Healthcare Ltd(SIG.AU$: Sigma Healthcare shares are due to come out of a trading halt on Wednesday after the company said it would merge with Chemist Warehouse in an $8.8 billion deal.
$Incitec Pivot Ltd(IPL.AU$: Incitec Pivot rose 0.5 per cent to $2.87 after Mauro Neves de Moraes was named chief executive. He will assume the CEO and managing director role from January 22.
Trading Ex-div: None
Listing: None
Economic Calendar (AEST):
11:30 am: NAB Business Confidence (Dec)
6:00 pm: UK Unemployment Rate (Oct)
9:00 pm: Germany ZEW Economic Sentiment (Dec)
12:30 am: US Inflation Rate (Nov)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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