Stocks surged overnight as fresh evidence of easing inflation bolstered expectations for a Federal Reserve rate cut as early as next month, causing Treasury yields to drop.
Australian shares edged higher in early afternoon trade, with the S&P/ASX 200 Index up 0.3% or 21.5 points to 7835.2, extending gains for a fifth consecutive day. Real estate and mining sectors led the advance, while healthcare lagged, falling 2.6%. CSL shares dropped 4%, despite projecting double-digit earnings growth, marking one of its largest daily declines this year. Seek was the biggest laggard, plunging nearly 10% after weaker regional job ads impacted earnings.
Overall, Challenger’s financial results for FY2024 appear to have exceeded market expectations, particularly in terms of profitability and EPS growth, despite slightly lower total Life sales. The company’s performance has been recognized by an increased dividend and a positive outlook from most analysts.
Investors took a welcome breather to start the week as key inflation data is due over the next few days
The Australian sharemarket advanced Monday, marking its second consecutive day of gains, driven by strong earnings from JB Hi-Fi amidst a busy week of corporate results. The S&P/ASX 200 Index rose 38.7 points, or 0.5%, to 7816.4, following a Wall Street rebound as global markets stabilize after last week’s significant downturn.
Both bearish and bullish Investors were battered and bruised this week as the recovery in stocks continued following a major selloff earlier this week when concerns about an incoming recession took center stage and a recovery in the latter half of the week left us largely unchanged
This week, mega-cap earnings disappoint as investors ask “where’s the revenue”, US economy starts to show cracks and middle east conflict flares up (again)
Anticipating next week’s company earnings and economic figures.
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ADD to Challenger (CGF) into Earnings on the 13th August
Investors breathed a sigh of relief as better-than-feared labor market data cooled worries that a recession may be on the horizon.
