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ASX 200 Futures Edge Higher as of 8:30 AM AEST
OVERNIGHT MARKETS
Major US benchmarks had a mixed performance, with markets anticipating Nvidia's earnings and additional inflation data. Gold achieved a record close, while US July durable goods orders exceeded expectations. Corporate earnings were also in focus.
The S&P 500's equal-weight index outperformed the official benchmark by 30 bps, nearly reaching breakeven with positive breadth. The session was notably quiet, with Nvidia's upcoming earnings report and ongoing discussions about interest rate cuts being the main points of attention.
Gold prices hit record levels, and oil prices surged due to tensions in the Middle East and headlines about Libya's production.
ASX TODAY
- Paladin Energy's (ASX:PDN) proposed merger with Fission is facing insufficient support from Fission shareholders.
- Speculation around Mineral Resources' (ASX:MIN) M&A activity with Japan's Mitsui regarding WA oil and gas assets (The Australian).
- Ownership of Santos' (ASX:STO) Bayu Undan gas project is under threat as the Timor-Leste government seeks a stake exceeding 10% without payment (SMH).
- Yancoal's (ASX:YAL) Non-Executive Director Geoffrey Raby acquired 23,000 shares.
WHAT TO WATCH TODAY
The ASX 200 is expected to open flat following a subdued overnight session. Most tracked ETFs finished within a +/-1% range. Notable earnings reports expected today include:
- BHP Group (ASX:BHP): Recent forecasts suggest FY24 underlying EBITDA of US$28.8 billion, EPS of 258 US cents, and a total dividend of 142 US cents per share, reflecting a 55% payout ratio.
- Lovisa Holdings (ASX:LOV): Projections for FY24 indicate revenue of A$715 million, EBITDA of A$225.8 million, and underlying NPAT of A$84.5 million, with a total dividend of 74.3 cents per share.
- Woodside Energy (ASX:WDS): Expected FY24 adjusted profit of US$3.56 billion, EPS of A$2.83, and a total dividend of 112 US cents per share.
- Zip Co (ASX:ZIP): Forecasts suggest FY24 adjusted EBITDA of A$55.5 million and a reported net profit of A$41.6 million, with cash EBTDA tracking toward A$125 million in FY25.
