AU Morning Wrap: ASX Sell-Off Continues; BoQ, Gold Miners Surge
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street traded unevenly
• ASX sell-off continues; BoQ, gold miners surge
• Stocks to watch: Rio Tinto, Bank of Queensland's, Lynas Rare Earths
• Wall Street traded unevenly
• ASX sell-off continues; BoQ, gold miners surge
• Stocks to watch: Rio Tinto, Bank of Queensland's, Lynas Rare Earths
Wall Street Summary
Indexes traded unevenly on Tuesday. Treasuries rose after Powell said rates would have to stay in place longer, leading to a drop in stocks. The $S&P 500 Index(.SPX.US$ traded -0.21% at the time of writing. The $Dow Jones Industrial Average(.DJI.US$ climbed about 0.17%, and the $Nasdaq Composite Index(.IXIC.US$ fell about 0.12%.
$U.S. 2-Year Treasury Notes Yield(US2Y.BD$ rose by 0.66% to 4.97%, while the $U.S. 10-Year Treasury Notes Yield(US10Y.BD$ grew 1.39% to 4.67% as of 18: 00 ET on April 16.
AU Market Watch
The Australian share market has experienced a 2 per cent drop this week, and traders are now assessing whether this sell-off has been overdone. This morning, the $S&P/ASX 200(.XJO.AU$ has regained some of its ground, rising by 10 points or 0.1 per cent to 7621 after two sessions of declines. The gold mining sector has been among the best performers on ASX due to the recent increase in the price of precious metals.
ASX 200 futures are currently trading at 7645, up by 33 points, indicating a 0.43% rise.
The Australian dollar is trading at US64.17¢, a slight increase of 0.24%.
Commodity
Falling Demand Could Further Weaken Iron Ore Prices
Iron ore prices have decreased due to the sluggish demand in China's property sector; however, they slightly rebounded following a rise in steel production. Assistant economist Elias Hilmer has warned that China's plan to decrease its property sector by 50% by the end of the decade may negatively impact iron ore producers' efforts to increase production. Furthermore, China's efforts to reduce emissions from the steel industry may result in a faster decline of iron ore consumption than steel production.
Crypto
As of latest data, $Bitcoin(BTC.CC$ is priced at $63737, up 0.63% in the past 24 hours, while $Ethereum(ETH.CC$ is priced at $3084, down 0.29% in the past 24 hours.
Stocks to Watch
The first quarter of 2024 saw a decline in iron ore production and shipments for $Rio Tinto(RIO.US$.
$Lynas Rare Earths Ltd(LYC.AU$ will be under close scrutiny by investors today, as Australia's wealthiest person, Gina Rinehart, revealed her significant purchase of the company's shares after trading hours yesterday.
$Bank of Queensland Ltd(BOQ.AU$ has reported a decrease of 33% in cash earnings, which amounted to $172 million in the six months leading up to February.
Economic Calendar (AEDT):
9:50 am: Japan Balance of Trade (Mar)
4:00 pm: UK Inflation (Mar)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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