Last Night's Market Recap
S&P 500 - Heatmap
Overnight – US markets closed for Presidents day
The Stoxx 600 index in Europe saw a modest increase of 0.17%, with healthcare stocks climbing 0.95% despite mining stocks dropping by 1%. Temenos, a Swiss software firm, experienced a significant rebound, surging 8.8% after a recent downturn due to a critical report from Hindenburg Research.
In the Asia-Pacific region, Chinese markets welcomed traders back from the Lunar New Year holiday with a positive outlook, buoyed by optimistic travel data. Conversely, Hong Kong’s market experienced a decline. The People’s Bank of China maintained its key policy rate, aligning with expectations and influencing speculation around the U.S. Federal Reserve’s potential adjustments to its monetary policy later in the year. U.S. markets were not in session, observing Presidents Day.
Bonds
Commodities & FX
The Day Ahead
ASX SPI 7608 (+0.01%)
Australian stock futures indicate a marginal increase at the open, with ASX futures up by a single point, amid declining commodity prices and concerns over China’s economic outlook. This comes as investors anticipate a series of corporate earnings reports, including one from mining giant BHP. Despite stable interest rates from the People’s Bank of China and falling new home prices over the Lunar New Year, commodities like iron ore and copper saw declines in Singapore and London, respectively.
In corporate news, BHP Group reported its lowest semi-annual profit in eight years, attributing the decline to significant impairments and charges, leading to a reduced interim dividend. Ansell adjusted its earnings per share forecast for fiscal 2024 to between $US0.54 and $US0.70 following a decrease in sales and earnings in the first half. AUB Group returned to profit in the first half of 2024 and raised its full-year profit outlook. HMC Capital reported a substantial revenue increase in the first half, confirming its dividend forecast. Judo Bank announced the resignation of CEO Joseph Healy, with Chris Bayliss set to take over. Hub24 experienced a significant profit and dividend increase, while Sims reported a drop in profit due to various financial pressures.
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