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Highlights:
- ASX 200 futures fall 1.09%, mirroring losses in major US indices and mixed global economic updates.
- Big Tech stocks showed mixed results overnight, with Meta and Nvidia gaining, while Apple, Alphabet, and Amazon declined.
- Key ASX updates: Alumina's scheme approved, Michael Hill's FY24 EBIT forecast exceeds expectations, and Yancoal maintains stable coal prices.
The ASX 200 futures are trading 87 points lower, down 1.09% as of 8:30 am AEST. This decline follows significant pullbacks in major US benchmarks overnight, with the Nasdaq struggling to recover from its worst session since 2022. The European Central Bank kept rates unchanged, while President Biden tested positive for Covid. In contrast, Australian June jobs data surpassed analysts' expectations, adding to the mix of economic signals.
Overnight Markets Recap:
- Major US benchmarks continued their downward trend, closing near their lowest levels.
- The small cap Russell index led the decline, dropping after a period of strong performance.
- Big Tech had a mixed performance: Meta rose by 3.0%, Nvidia by 2.6%, while Apple, Alphabet, and Amazon each fell by around 2%.
- US bond yields and the US dollar rebounded from recent lows.
- Small cap stocks in the US gained interest, with the so-called "Trump trade" favoring smaller domestic companies.
ASX Today:
- Alumina Limited (ASX:AWC): Shareholders voted in favor of the Alcoa scheme.
- Australian Clinical Labs (ASX:ACL): A 20.3 million share block trade crossed at $2.25 per share, representing 10% of the company, as Ethical Partners sell off their holdings due to the fund's closure.
- Capitol Health (ASX:CAJ): Entered into a merger implementation deed with Integral Diagnostics.
- Michael Hill International (ASX:MHJ): FY24 EBIT is expected to be $14-16 million, compared to the consensus of $14 million.
- Ramsay Health Care (ASX:RHC): Considering reducing its stake in Ramsay Générale de Santé to a minority position.
- Yancoal (ASX:YAL): Reported Q2 coal production of 8.2Mt, down 4% year-on-year, but with stable average realized coal prices and reaffirmed FY guidance.
