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Australian shares are expected to decline, reflecting a broader market pullback overseas as investors digest a flood of corporate earnings on what is shaping up to be the busiest day of this earnings season.
ASX futures are down 44 points or 0.6% to 7897 as of 7am AEST, following the S&P 500's slight 0.2% decline to 5597.12 in New York, after an 8% rally over the last eight sessions. Federal Reserve governor Michelle Bowman's comments fueled rate pivot expectations, impacting the US dollar and providing support to the Australian dollar, which is trading around US$0.6743.
In commodities, gold bullion surged to $US2531.75 an ounce, marking a 22% gain for the year. Base metals saw gains in London, and iron ore futures in Singapore edged higher to $US95.50 a tonne.
Stocks in Focus:
- Santos (ASX:STO) reported an 18% drop in first-half underlying profit to $US654 million, missing the consensus estimate of $US695 million as LNG prices softened. Revenue fell 9% to $US2.71 billion.
- Domino’s Pizza Enterprises (ASX:DMP) announced a 136.5% increase in full-year net profit to $96 million, despite a 1.3% drop in same-store sales in the opening weeks of FY25. The company has lifted its final dividend.
- Insurance Australia Group (ASX:IAG) reported a 9% increase in net profit to $900 million for FY24, and announced an interim franked dividend of 4¢ per share. The company expects gross written premium (GWP) growth in the mid-to-high single digits.
- Fletcher Building (ASX:FBU) swung to a loss of $227 million in FY24, compared to a profit of $235 million the previous year, citing lower gains in its materials and distribution divisions.
- Corporate Travel Management (ASX:CTD) issued a profit warning, forecasting lower earnings for the first half of FY25 due to changes in the UK’s refugee detention program.
- AUB Group (ASX:AUB) has forecast underlying net profit between $190 million and $200 million for FY25, indicating growth of 11.1% to 16.9% over FY24.
- Brambles (ASX:BXB) reported an 8% rise in sales to $US6.5 billion, a 19% increase in operating profit to $US779.9 million, and declared a 34¢ dividend, up 30% year-over-year.
- Scentre Group (ASX:SCG) reported a 170.3% increase in half-year profit to $403 million, which includes unrealised fair value movements on its properties.
- WiseTech Global (ASX:WTC) reported a 28% increase in revenue to $1.04 billion, at the lower end of its guidance range for FY24, with statutory profit rising 24% to $262.8 million.
- Perpetual Limited (ASX:PPT) has appointed former Australian Retirement Trust chief Bernard Reilly as its new CEO, effective September 2.
- HMC Capital (ASX:HMC), led by David Di Pilla, saw a 57% increase in pre-tax operating earnings to $129 million for FY24 after growing assets by nearly a third to $12.7 billion.
- Breville Group (ASX:BRG) reported a 7.5% increase in full-year net profit to $118.5 million, with a 3.5% revenue rise to $1.53 billion. The company declared a fully franked dividend of 33¢ per share.
- Healius (ASX:HLS) deepened its losses, reporting a $645.8 million loss for FY24, compared to a $367.8 million loss in FY23, and withheld its dividend.
- Cleanaway Waste Management (ASX:CWY) posted a significant jump in net profit to $158.2 million, up from $23.5 million, and reaffirmed its FY26 earnings target of over $450 million.
- Superloop (ASX:SLC) narrowed its annual net loss to $14.7 million, following a 29% increase in revenue, driven in part by acquisitions.
