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The ASX 200 futures are up 77 points, or 0.98%, as of 8:30 am AEST, indicating a positive start to the trading day.
In the U.S., major indices surged on the back of strong corporate earnings from Costco (NASDAQ:COST) and Walmart (NYSE:WMT). July retail sales data exceeded expectations, further boosting market sentiment. Meanwhile, in China, home prices continue to decline, but copper prices rebounded as expectations for a soft economic landing gain traction. Several ASX-listed companies, including Amcor (ASX:AMC) and GQG Partners (ASX:GQG), also reported full-year results.
OVERNIGHT MARKETS
- U.S. markets rallied, with major indices closing near their highest levels.
- The S&P 500 and Nasdaq extended their gains for the sixth consecutive session.
- The S&P 500 reached its highest level since July 22, recovering last week's losses and now within 2% of its all-time high.
- Big Tech stocks led the way, with Tesla (NASDAQ:TSLA), Amazon (NASDAQ:AMZN), and Nvidia (NASDAQ:NVDA) all posting significant gains.
- The strong U.S. retail sales data, better-than-expected jobless claims, and solid corporate earnings, particularly from Walmart and Costco, fueled optimism for a soft economic landing.
ASX TODAY
- Commonwealth Bank of Australia (ASX:CBA) is reportedly putting its high-net-worth advice business up for sale.
- National Australia Bank (ASX:NAB) announced Q3 cash earnings of $1.75 billion, down 7% year-on-year.
- PWR Holdings (ASX:PWH) is set to report its FY24 earnings.
WHAT TO WATCH TODAY
- Market sentiment is risk-on as fears of economic slowdown ease, supported by solid earnings from both U.S. and Australian companies and decent economic data (excluding China).
- Copper: Prices rose 2.7% overnight to a two-week high, with the Global X Copper Miners ETF up 3.7%. This could benefit local stocks like BHP (ASX:BHP), Sandfire Resources (ASX:SFR), and smaller players such as Aeris Resources (ASX:AIS) and 29Metals (ASX:29M).
- Lithium: Lithium stocks rebounded overnight, with the VanEck Rare Earths/Strategic Metals ETF gaining 2.9%. However, China's lithium carbonate prices fell 3.2% on Thursday.
Today’s corporate earnings highlights:
- Amcor (ASX:AMC): Reported Q4 EPS of $0.21, slightly above the consensus of $0.20. However, revenue, adjusted EBITDA, and net income missed expectations by 2-5%. FY guidance also appeared somewhat soft.
- ASX Ltd (ASX:ASX): Goldman Sachs had forecast FY24 EBITDA of $648.8 million, net income of $481.6 million, and a full-year DPS of $2.11.
- Domain Holdings (ASX:DHG): Macquarie had predicted FY24 EBITDA of $137 million, with listings growth of 3%, in line with guidance of 2-3%. A FY dividend of 6 cents per share was also anticipated.
