The ASX200 is expected to pick up around a half a per cent this morning.
US markets showed nerves ahead of the US interest rates policy decision due overnight. It’s one year since rates there were last lifted, the wide consensus amongst analysts is that rates won’t shift down until at least September.
So there was that, a miss in Microsoft’s earnings report, and, the chip sector pulling the Nasdaq down 1.3%, with market darling Nvidia losing 7%. The S&P500 shed half a per cent, but the Dow Jones bucked the trend adding the same (0.5%).
CPI and retail trade data due
Important data’s due out from the Australian Bureau of sStatistics this morning, Consumer Price Index (CPI) and retail trade figures that will likely provide more clues as to what will happen with our interest rates here next Tuesday.
Rio Tinto posts 1% higher sales revenue
Rio Tinto (ASX:RIO) has just delivered its half yearly results. Its sales revenue was up 1%, its net earnings were up 14%, but RIO’s dividends will stay unchanged at $1.77 a share. It is heralding an increase in copper production of about 2% this year.
But that comes with the copper price continuing to slide, down 7.8% for the month to $4.07 a pound. It’s now only 1.6% above where it was a year ago.
Day 2 on market for WA family marine business
It’s day two on market for Bhagwan Marine (ASX:BWN) which listed yesterday and traded between 62 cents and 67 cents.
The Marine Services company raised $80 million in its IPO with 63 cent shares. The company was founded by the Kannikoski family in Geraldton with a single vessel in 2000. The company expects to deliver an EBITDA of $39.5 million to $40.5 million for its FY24 results due late August.
$ and commodities
One Australian dollar is buying US65.3 cents.
Gold’s up a per cent to $2409.70 an ounce, iron ore’s just above $106.50 ($106.59) a tonne, brent crude has been trading around $79 a barrel as and natural gas is at $2.12 a gigajoule.