ASX 200 Set to Decline as S&P 500 Slips Ahead of Powell’s Speech; Inghams and Paladin Energy Release Results

2 min read | August 23, 2024 10:06 AM AEST | By Team Kalkine Media

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ASX 200 Futures Down 43 Points as Wall Street Weakness Drags on Local Market; Key Earnings Reports from Inghams, Jumbo Interactive, and Paladin Energy

As of 8:30 am AEST, ASX 200 futures are trading 43 points lower, marking a 0.54% decline. The local share market is expected to open lower today, following a weak lead from Wall Street. The pullback in gold prices from all-time highs, combined with the ongoing railway labor dispute in Canada, is exacerbating global supply chain disruptions. It's a slower day for full-year earnings reports, but key companies like Inghams Group Limited (ASX:ING), Jumbo Interactive Limited (ASX:JIN), and Paladin Energy Limited (ASX:PDN) are in focus.

Overnight Summary - Key Market Movements

S&P 500: Down 0.89% to 5,571
Dow Jones: Down 0.43% to 40,713
NASDAQ Composite: Down 1.67% to 17,619
Russell 2000: Down 0.95% to 2,150

Commodities

Gold: Fell 1.21% to USD 2,516.7
Iron Ore: Slight decline of 0.19% to USD 98.19
WTI Oil: Increased by 1.50% to USD 73.01

Currencies & Cryptocurrencies

AUD/USD: Down 0.58% to 0.6704
Bitcoin [BTC]: Down 1.07% to AUD 90,377
Ethereum [ETH]: Down 0.47% to AUD 3,916

US Sector Performance

Real Estate: Up 0.56%
Financials: Up 0.48%
Information Technology: Down 2.13%
Consumer Discretionary: Down 1.87%

Market Insights Major US indices closed lower, with sectors such as Real Estate, Financials, and Energy showing some resilience. However, volumes remained thin as investors anticipate Federal Reserve Chair Jerome Powell's speech at Jackson Hole.

ASX Today The ASX 200 is expected to open on a weaker note, with a focus on earnings reports and sectoral movements. Although the local market may be dragged down by weaker US leads, there may be some cushioning from outperforming sectors like Financials and Real Estate.

Key Earnings to Watch

Inghams Group Limited (ASX:ING): Reported FY profit of AUD 100.1 million, below the consensus of AUD 113 million.
Jumbo Interactive Limited (ASX:JIN): Released results this morning, adding to the earnings calendar.
Paladin Energy Limited (ASX:PDN): Also released its full-year financial results.

Today promises to be a lighter session after a busy week of corporate earnings, but market participants should keep an eye on sectoral pullbacks, especially in Resources, and potential broker downgrades for companies like Megaport (ASX:MP1) and Super Retail Group (ASX:SUL) following their recent results.

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