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AU Morning Wrap: Australian Shares Slip as Inflation Worries Heighten; Cettire Tumbles 40%

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Moomoo News AU wrote a column · Jun 23 19:29
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500, Nasdaq saw a dip
• Australian shares slip as inflation worries heighten; Cettire tumbles 40%
• Stocks to watch: Cettire, Myer, Premier, Metcash, Star Entertainment
AU Morning Wrap: Australian Shares Slip as Inflation Worries Heighten; Cettire Tumbles 40%
Wall Street Summary
U.S. stock indices retreated as $NVIDIA(NVDA.US)$ gave back some of its recent gains ahead of the quarter-end rebalancing of investors' portfolio that could further drive volatility.The $S&P 500 Index(.SPX.US)$ slipped 0.2% to 5464.62, while the $Nasdaq Composite Index(.IXIC.US)$ fell 0.2% to 17689.36 . The $Dow Jones Industrial Average(.DJI.US)$ managed to hold on to gains, even as it closed little changed at 39150.33.
AU Market Watch
Australian shares declined on Monday as investors anticipate a potential acceleration in inflation, which could lead the Reserve Bank of Australia to consider raising the country's cash rate. This move would be in contrast to other central banks that are currently easing monetary policy. During the opening bell, the benchmark $S&P/ASX 200(.XJO.AU)$ dropped by 0.2 per cent, or 15.1 points to 7783.3, with healthcare and energy stocks witnessing significant losses.
Healthcare shares were the poorest performers, declining by 1.8 per cent. This was due to $ResMed Inc(RMD.AU)$'s 11 per cent fall after the weekend's release of a weight loss drug, which raised concerns regarding increased competition. $Cochlear Ltd(COH.AU)$ fell by 1.2 per cent, while $CSL Ltd(CSL.AU)$ slipped by 0.5 per cent.
The consumer price index indicator is due to be released on Wednesday, indicating an increase in the pace of annual inflation to 3.8 per cent in May from 3.6 per cent in April.
ASX 200 futures are currently trading at 7,768.5, up by 2.5 points, indicating a 0.02% increase.
The $AUD/USD(AUDUSD.FX)$ is trading at US66.37¢, a decrease of 0.08%.
Commodity
On Friday, WTI crude futures decreased by 0.7% and settled at $80.73 per barrel, reflecting concerns about global oil demand growth due to a strong U.S. dollar and escalating conflict in the Middle East. Meanwhile, gold remained stable at around $2,360 per ounce, hovering at two-week highs and on track to record its second weekly gain. Copper futures also edged higher to $4.5 per pound, recovering from the two-month-low of $4.4 on June 18th. The market is weighing uncertain ore availability against poor demand from the world's top consumers.
Crypto
As of latest data, $Bitcoin(BTC.CC)$ is priced at $63,093, down by 1.90% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $3,422, down by 2.17% in the past 24 hours.
Stocks to Watch
$Cettire Ltd(CTT.AU)$, the online luxury retailer, has reported a significant slump of 40% in its shares following a downturn in the online luxury industry during the fourth quarter of trading.
$Myer Holdings Ltd(MYR.AU)$, the Australian department store chain, saw a surge in its shares, rallying over 9% after announcing that it was exploring a merger with $Premier Investments Ltd(PMV.AU)$'s apparel business.
$Metcash Ltd(MTS.AU)$, the parent company of IGA, saw an 8.2% decline in underlying profit after tax, amounting to $282.3 million, as per its 2024 financial year results. Although the retailer's group revenue increased by 0.7% to $15.9 billion.
David Foster, who was ousted as $The Star Entertainment Group Ltd(SGR.AU)$'s chairman, has officially resigned from the board of the casino group and his position as interim chief executive. Star announced that Neale O'Connell, its chief financial officer, would assume the role of chief executive until a replacement joins the group.
Economic Calendar (AEST)
No major economic announcements.
Source: Dow Jones Newswires, AFR, Market Index, Investing
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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