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The ASX 200 futures are indicating a lower open, trading 33 points down (-0.43%) as of 8:30 am AEST. Overnight, major US benchmarks experienced a volatile session, opening higher but closing near their worst levels. The S&P 500 fell by -0.77% from its session highs, driven by earnings disappointments from companies like Airbnb, Super Micro Computer, and Novo Nordisk. Meanwhile, copper prices reached a five-month low due to lingering growth concerns, and oil prices surged on bullish demand and geopolitical tensions. As the August reporting season ramps up, investors will closely watch earnings reports from AMP, Light & Wonder, Transurban, and Mirvac for further market direction.
Market Snapshot (8:30 am AEST): ASX 200 Futures: Trading 33 points lower, down -0.43%.
Overnight Markets:
- Major US benchmarks opened higher but sold off into market close. The S&P 500 finished down -0.77% from session highs of 1.73%.
- Notable earnings disappointments from Airbnb (ABNB), Super Micro Computer (SMCI), and Novo Nordisk (NVO) contributed to the decline.
- Big Tech was mixed with Tesla (TSLA) down -4.4% and Nvidia (NVDA) down -5.1%.
- Copper prices hit a fresh 5-month low amid growth concerns.
- Oil prices soared due to bullish demand and geopolitical tensions.
ASX Today:
- Pinnacle Investment Management (ASX:PNI) increased its holding in Guzman y Gomez (GYG) to 12.52% from 10.43%.
- Light & Wonder (ASX:LNW) reported Q2 AEBITDA of $330 million, beating the consensus of $308 million.
- Ramelius Resources (ASX:RMS) continues evaluating Spartan Resources, with management stating their stake acquisition in June aimed to secure influence.
- Red 5 Limited (ASX:RED) investor is seeking to sell a $138 million stake at 33.5 cents per share.
What to Watch Today:
- Volatility persists as markets navigate through earnings season and economic uncertainties.
- Overnight ETF movements were mixed, with many finishing near session lows despite some managing slight gains.
Key Earnings Reports Today:
- AMP (ASX:AMP): Consensus expects first-half statutory net profit of $72 million.
- Light & Wonder (ASX:LNW): Analysts forecast EPS of $1.04 per share and revenue of $805.9 million.
- Transurban (ASX:TCL): Macquarie projects $403 million NPAT, EPS of 60 cents, and a full-year dividend of 62 cents per share.
- Mirvac (ASX:MGR): Macquarie expects NPAT of $31.2 million, EPS of 2.00 cents, and a full-year dividend of 10.5 cents per share.
