AUS
NZ
UK
CA
USA
IND
Highlights
- ASX futures signal potential gains following U.S. Federal Reserve’s quarter-point rate cut.
- Key economic updates from ANZ, Block Inc, REA Group, Perpetual, and News Corp.
- Global markets steady as investors react to policy changes and economic signals.
The Australian Securities Exchange (ASX) is set to see an upswing following a quarter-point rate cut by the U.S. Federal Reserve, announced by Chairman Jerome Powell. ASX futures rose 0.9 percent, suggesting optimism for the Australian market in early trading. Powell remarked on the strength of the U.S. economy, noting inflation had eased yet remained elevated, indicating that current policies would stay restrictive.
In the U.S., major indices reacted modestly. The Dow Jones finished flat, while the S&P 500 edged up 0.9 percent, and the Nasdaq rose by 1.5 percent. Commodity markets also saw gains, with gold moving back above $US2,700 an ounce, and oil prices rebounding over $US75 per barrel. Bitcoin approached $US77,000, and the NYSE Fang+ Index, which tracks tech giants, surged 2.4 percent, gaining over 7 percent in the past five sessions. The 10-year U.S. bond yield saw an 11 basis point drop, settling at 4.32 percent.
The Bank of England joined global rate adjustments, lowering its benchmark rate by 0.25 points to 4.75 percent, the second such cut within three months. Later, China’s National People’s Congress standing committee is expected to discuss economic stimulus measures, especially as potential tariffs from a prospective Trump presidency cast uncertainties over China’s economic landscape.
Key Stocks and Company Updates
ANZ (ASX:ANZ) reported a net profit of AUD 6.54 billion for the fiscal year ending in September, an 8 percent drop year-over-year. CEO Shayne Elliott highlighted ongoing competition in banking as a factor in the profit dip.
Block Inc (ASX:SQ2), owner of Afterpay, posted a 19 percent profit increase, with quarterly revenue reaching $US2.25 billion (AUD 3.37 billion). The growth underscores Block’s strong performance in the digital payments sector.
REA Group (ASX:REA), a leader in property classifieds, reported quarterly revenue growth of 21 percent to AUD 413 million. However, higher costs stemming from an unsuccessful UK merger with Rightmove impacted overall earnings.
Perpetual (ASX:PPT) announced an executive reshuffle as it transitions into an independent asset management firm. The restructuring follows the sale of its wealth and trustee divisions to KKR.
News Corp (ASX:NWS) will see a leadership change as CFO Susan Panuccio steps down, to be succeeded by Lavanya Chandrashekar from Diageo. The company reported a surge in earnings and revenue, largely supported by its real estate investments.
Additionally, Kelsian Group (ASX:KLS), a ferries and tourism company, announced the upcoming departure of CEO Clint Feuerherdt, who will exit on April 1, 2025, after five years at the helm.
These updates reflect a dynamic market influenced by both global economic shifts and domestic corporate movements. Investors and companies alike will continue to monitor policy adjustments, which could shape economic strategies moving forward.
