The ASX200 is likely to lose more ground this morning, Futures suggesting it could fall more than .7 per cent on open, as investors wait last month’s Consumer Price Index which is data due to land at 11.30am eastern states time.
The CPI indicator was ‘up’ .1 per cent to 3.5 per cent in March driven in a large part, by the housing and cost of living.
The US was back from a public holiday overnight and bond yields rose, the Dow Jones index lost more than half a per cent (0.55) per cent, the S&P 500 was only just above even, but the Nasdaq ended the session above 17,000 points for the first time, driven by a Nvidia-fuelled AI rally. Nvidia gained more than 7 per cent.
Santos signs LNG supply deal with Hokkaido Gas Co
Back home and Santos (ASX:STO) has signed of a binding long-term LNG Supply and Purchase Agreement with Hokkaido Gas Co, to provide 0.4 million tonnes of LNG per annum for 10 years from 2027. Santos closed yesterday at $7.71.
Fisher & Paykel reports higher growth, lower profit
Fisher & Paykel Healthcare Corporation (ASX:FPH) reported its operating revenue for FY24 at $1.6 billion (NZ$1.74b), an increase of 10% over the previous financial year. Growth was driven by solid demand in hospital consumables and demand for sleep apnea masks. However, net profit after tax came in 47 per cent lower, just below $122.5 million (NZ$132.6m). The result was impacted by a product recall, a land revaluation and a change in legislation regarding tax deductions for buildings. The company’s paying a 23.5c dividend. FPH closed yesterday at $25.45.
Fonterra upgrades earnings forecast
And another NZ giant, milk company Fonterra Shareholders Fund (ASX:FSF) reported operations profit after tax of $935 million – above a billion NZD – for the third quarter, up 2 per cent on the previous quarter and leading the company to increase its FY24 earnings forecast. FSF last traded at $3.43.
One Australian dollar has been buying just under US$66.5 cents.
Gold’s above US$2361 an ounce and iron ore’s holding firm above US$117 a tonne.
Brent crude’s rallied 2% to above US$84.50 a barrel; and, natural gas has also made gains and has been trading around US$2.60 a gigajoule.