ASX Market Open: ASX200 to head downhill | August 21, 2024

The winning streak looks set to come to an end today, with the ASX200 tipped to take a half a per cent loss.

It was the end of an eight-day rally in the US overnight, with the S&P500 and Nasdaq shedding .2% and the Dow Jones also down about 60 points (.15%).

Volatility picked up as investors sought hints on the size of the now highly-anticipated rate cut next month.

Back home, plenty of FY24 reports are coming in…

One of the first out the gate was Cleanaway Waste Management (ASX:CWY) which posted an annual statutory net profit for FY24 nearly $135 million – or more than 570% – higher than for the previous year.  

Insurer Insurance Australia Group (ASX:IAG) reported profit up 8% to just below $900 million, and, its full year dividend is 80% up on FY23.

Pallets, crates and containers company Brambles (ASX:BXB) also reported profit after tax some 8% higher, and it’s dividend is up 30% on the previous financial year.

The Australian dollar is stronger today – its buying US67.4c.

Gold is up nearly half a per cent to US$2515 an ounce, iron ore is just above US$98 ($98.10) a tonne, brent crude has shed three quarters of a per cent to US$77 a barrel, and, natural gas is just under US$2.20 a gigajoule. ($2.19).