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ASX 200 futures are down 44 points, or -0.55%, as of 8:30 am AEST.
Overnight, major U.S. benchmarks eased after an eight-session rally, with the U.S. dollar hitting its lowest level since March. Market participants are now focused on Powell's upcoming speech at Jackson Hole on Friday. Meanwhile, Canada's inflation has dropped to its lowest level in nearly four years, and a long list of companies are set to report their FY24 results today.
OVERNIGHT MARKETS
U.S. markets saw a decline following Tuesday’s rally, where both the S&P 500 and Nasdaq recorded an eighth consecutive gain. It was a quiet session with no major catalysts and thin trading volumes. Markets are awaiting key upcoming events, including Powell’s speech on Friday and Nvidia’s earnings report next Wednesday.
The Energy sector was the worst performer overnight, with oil prices on a three-day skid, down 4.7%.
ASX TODAY
Synlait Milk (ASX:SM1) has reached an agreement for recapitalisation, including new equity of NZ$217.8 million with Bright Dairy and a2 Milk (ASX:A2M).
Woodside Energy (ASX:WDS) is reportedly in the sights of global heavyweights, according to The Australian.
WHAT TO WATCH TODAY
The ASX 200 is expected to decline after weak leads from overnight markets. The Index has managed to rally for eight consecutive sessions, so a slight pullback seems likely. Today marks the busiest day of the reporting season so far, with numerous companies set to release their results.
Key results to watch include:
- Corporate Travel Management (ASX:CTD): The company reported a significant miss across the board. FY24 underlying NPAT rose 22% to $113.3 million, but this was 10.8% below Macquarie’s estimates. The total FY24 dividend of 29 cents was also a 16% miss, and FY25 guidance suggests EBITDA for the first half may be negative, contrary to Macquarie’s estimate of 1.5% growth.
- Brambles (ASX:BXB): The company posted FY24 EPS growth of 19% to 56.1 US cents, beating Morgan Stanley’s estimates by 5.8% (as of 7 June). The total FY24 dividend of 34 US cents was a 17% beat against Morgan Stanley’s estimates.
- Wisetech Global (ASX:WTC): The company showed solid double-digit growth across most key financial metrics, exceeding analyst expectations. FY25 guidance estimates EBITDA at $680 million at the midpoint, 8% ahead of Goldman Sachs' estimates.
