ASX Update: Market Fights Back From Four-Week Low

The Market Herald2022-08-31

The share market fell to a four-week low after unexpectedly strong US economic data sharpened expectations for how high interest rates will have to rise to subdue inflation.The S&P/ASX 200 traded as ...

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keithfong
2022-08-31
keithfong
Thanks
TSY123
2022-08-31
TSY123
Like
Ahsiang
2022-08-31
Ahsiang
Chiong arrrrrrrrrrrrr
Limhockmeng
2022-08-31
Limhockmeng
Wow

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The fall was whittled by gains in supermarket Coles and the banks.What’s driving the marketUS stocks fell for a third night after upbeat labour and consumer confidence data gave fresh incentive to Federal Reserve efforts to slow the economy to bring down inflation.Labor Department figures showed there were currently two job openings for every unemployed American. A separate report showed consumer confidence bounced back from three months of decline as falling energy prices brought relief at the pumps.The S&P 500 dropped 1.1 percent to a one-month low. The Dow and Nasdaq Composite also fell. The declines came as the market headed into what is historically the weakest month of the year.“Wall Street is clearly manifesting the fears of investors, with all the 11 sectors of the S&P 500 suffering losses on Tuesday. The signal is that investors are not looking at any particular sector or constituent company but the stock market as a whole,” Kunal Sawhney, chief executive of research group Kalkine, said.“US markets might correct more in the coming weeks because September is already known for being a month of the bears, and secondly, a third straight hike of 75 basis points in interest rate by the Fed can become a reality.”Commodity prices retreated after China imposed fresh restrictions in parts of the country to contain Covid outbreaks.“A risk off tone across markets saw commodity markets come under pressure. This was exacerbated by worsening outbreaks of COVID-19 in China, raising fears of further lockdowns weakening demand,” ANZ’s senior commodity strategist Daniel Hynes said.“Outbreaks of COVID-19 have emerged in every province over the past week despite strict measures to control the virus. This is starting to impact confidence, with US companies increasingly delaying or cancelling investments in the country,” he added.The Australian energy sector reversed almost 3 percent from its highest level since the start of the pandemic. The decline mirrored a similar sell-off on Wall Street after crude prices skidded 5.5 percent.Iron ore sagged below US$100 a tonne in Chinese trade for the first time in five weeks. The decline came after authorities imposed caps on steel production to meet environmental targets. Prices fell another 1.7 percent this morning on the Dalian Commodity Exchange.Going upThe prospect of a record first-half distribution lifted toll road operator Atlas Arteria 0.69 percent. First-half net profit more than doubled to $117.1 million as Covid restrictions were lifted. Security holders will receive 20 cents per security for each half.A rebound in bookings and a bullish outlook boosted Webjet 10.57 percent. Managing Director John Guscic told today’s AGM WebBeds bookings had exceeded pre-pandemic levels since May. All businesses had been profitable this fiscal year. The group expected to surpass pre-pandemic underlying earnings in FY24.Gold miner Perseus edged up 1.6 percent after doubling full-year profit to $279.9 million. Shareholders will receive a bonus payment in this year’s final dividend.Clinuvel Pharmaceuticals surged 15.73 percent following yesterday’s trading update. The biopharma reported a full-year net profit after tax of $20.9 million.Biopharma Mesoblast firmed 5.1 percent as the prospect of US regulatory approval by year-end for a drug study helped investors look past a full-year loss of US$91.3 million.CEO Dr Silviu Itescu said 2022 was “shaping up to be a transformational year for the Company”. Mesoblast hopes to secure FDA clearance to test its flagship drug on chronic lower back pain caused by degenerative disc disease.The major banks threw their bulk behind this morning’s partial recovery. NAB gained 1.57 percent, ANZ 1.13 percent, Westpac 0.94 percent and CBA 0.46 percent. Coles bounced 0.92 percent from a two-month low.Going downWoodside led a sharp retreat in energy stocks, falling 4.18 percent from yesterday’s three-year high. Santos declined 2.01 percent. Beach Energy shed 1.15 percent.Pressure on iron ore and industrial metals helped pull Fortescue Metals down 2.45 percent, BHP 2.44 percent and Rio Tinto 1.43 percent.A 1.4 percent dip in full-year earnings and a 3.6 percent decline in pre-tax profit dragged Harvey Norman down 2.08 percent. Sales were impacted by last year’s Covid lockdowns.St Barbara slid 1.37 percent after reporting a 70 percent decline in underlying full-year profit to $24 million. The gold miner’s statutory loss shrank to $161 million from $177 million in FY21.PointsBet‘s full-year loss blew out to $268 million, an increase of 43 percent, as the wagering company spent up on marketing. Revenues improved 52 percent to $296 million. Shares in the firm slumped 9.12 percent.Other marketsA red morning on Asian markets saw the Asia Dow shed 0.5 percent, China’s Shanghai Composite 0.97 percent, Hong Kong’s Hang Seng 1.44 percent and Japan’s Nikkei 0.55 percent.S&P 500 futures rallied 15 points or 0.37 percent.Oil recouped a portion of last night’s 5.5 percent decline. Brent crude rallied 76 US cents or 0.8 percent to US$98.59 a barrel.Gold lost ground for a fourth day, falling US$2.50 or 0.15 percent to US$1,733.80 an ounce.The dollar bounced 0.18 percent to 68.66 US cents.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9930806686,"gmtCreate":1661920774747,"gmtModify":1676536604702,"author":{"id":"3584069947902558","authorId":"3584069947902558","name":"keithfong","avatar":"https://static.tigerbbs.com/86edeb1d6a4421901298a6af82d095b8","vip":1,"hat":"https://static.tigerbbs.com/306aa047bc14b6942cda1aed925cf8c3","crmLevel":2,"crmLevelSwitch":0,"idStr":"3584069947902558","authorIdStr":"3584069947902558"},"htmlText":"Thanks","listText":"Thanks","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9930806686","repostId":1132186274,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9930151592,"gmtCreate":1661916234818,"gmtModify":1676536603687,"author":{"id":"3583665662213187","authorId":"3583665662213187","name":"TSY123","avatar":"https://static.tigerbbs.com/af38fbc4f07efb7ae9b5ebd03aa4b79b","vip":1,"crmLevel":8,"crmLevelSwitch":0,"idStr":"3583665662213187","authorIdStr":"3583665662213187"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9930151592","repostId":1132186274,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9930159337,"gmtCreate":1661915949332,"gmtModify":1676536603626,"author":{"id":"3582617881962608","authorId":"3582617881962608","name":"Ahsiang","avatar":"https://static.tigerbbs.com/310f96e7696af85ae33ece774a483d15","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3582617881962608","authorIdStr":"3582617881962608"},"htmlText":"Chiong arrrrrrrrrrrrr&nbsp;","listText":"Chiong arrrrrrrrrrrrr&nbsp;","text":"Chiong arrrrrrrrrrrrr","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9930159337","repostId":1132186274,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9930125241,"gmtCreate":1661915487086,"gmtModify":1676536603534,"author":{"id":"3581900198517383","authorId":"3581900198517383","name":"Limhockmeng","avatar":"https://static.tigerbbs.com/547b3a4e05afddc292cc1e75be64e63f","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3581900198517383","authorIdStr":"3581900198517383"},"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9930125241","repostId":1132186274,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":85,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1132186274"}