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Highlights
- ASX 200 futures are trading 81 points higher, reflecting a 1.06% gain as of 8:30 am AEST, signaling a robust opening for the Australian market. The rally follows strong overnight performances in U.S. markets, where key indices surged.
- U.S. markets saw a significant bounce overnight, with the Nasdaq Composite and S&P 500 both climbing over 2%. This rebound was fueled by better-than-expected jobless claims data, which eased recession concerns and led to widespread gains across major sectors. The S&P 500 logged its best daily performance since November 2022, reversing recent losses but still remaining down 3-5% from last week.
- August reporting season intensifies with key earnings reports from companies such as Newscorp (ASX:NWS), Life360 (ASX:360), QBE Insurance (ASX:QBE), Nick Scali (ASX:NCK), and REA Group (ASX:REA). Investors will be closely watching these results to gauge market sentiment and potential impacts on stock movements.
The ASX 200 is set for a strong opening, with futures trading 81 points higher, up 1.06% as of 8:30 am AEST, following a sharp rebound in U.S. markets overnight. Major U.S. indices, including the Nasdaq Composite and S&P 500, surged over 2%, buoyed by better-than-expected jobless claims data that helped alleviate recession concerns. As the August reporting season gains momentum, investors will be closely monitoring key earnings reports from Newscorp, Life360, QBE Insurance, Nick Scali, and REA Group to gauge market sentiment and potential stock movements.
Overnight Market Highlights:
- S&P 500 achieved its best daily gain since November 2022, driven by an oversold market and positive U.S. jobless claims data.
- Big Tech led the rally, with Nvidia (NASDAQ:NVDA) up 6.1% and Meta Platforms (NASDAQ:META) gaining 4.2%.
- Analysts suggest that corrections like the recent pullback are not uncommon and historically present buying opportunities.
What to Watch Today:
- The ASX 200 is poised for a strong open, but questions remain whether this is a sustainable recovery or just an oversold bounce.
- Key earnings results to watch include:
- AMP Limited (ASX:AMP): Posted a 17% earnings beat for the first half of 2024, with an upgraded cost outlook.
- Newscorp (ASX:NWS): Reported Q4 EPS of $0.17, slightly above consensus, with growth driven by REA Group's residential revenue.
- Life360 (ASX:360): Q2 adjusted EBITDA significantly exceeded expectations, with a strong global user base expansion and upgraded full-year guidance.
- QBE Insurance (ASX:QBE): Delivered mixed results with first-half NPAT slightly below expectations but issued an interim dividend of 24 cents per share.
- Nick Scali (ASX:NCK): Achieved a small earnings beat with strong dividend growth, although its trading update presented a mixed outlook.
- REA Group (ASX:REA): Reported a slight miss on core NPAT but exceeded dividend expectations.
