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The Australian sharemarket is expected to experience a slight decline today, following a reversal in Wall Street’s early gains. ASX futures were down 33 points, or 0.4%, to 7598 near 7 am AEST. All three major US benchmarks closed lower, with the tech-heavy Nasdaq leading the decline.
The downturn was triggered by an auction of $US42 billion in 10-year Treasury notes, which resulted in a yield significantly higher than anticipated, according to Bloomberg. This auction's poor reception has contributed to the market’s recent volatility.
Strategists suggest that the markets might need several weeks to recover from Monday’s sell-off. Recent comments from a key Bank of Japan official have partially helped ease the situation. However, market analyst Michael Brown from Pepperstone indicates that elevated volatility is likely to persist for some time. Brown anticipates a shift in focus towards next week’s crucial US CPI data and retail sales figures, especially given recent concerns about economic growth following a weaker-than-expected jobs report.
Key Stocks to Watch
AMP Limited (ASX:AMP)
AMP has reported a 5.4% increase in net profit to $118 million for its half-year results. The financial services giant posted a statutory net profit of $103 million and declared an interim partially franked dividend of 2¢ per share.
Qantas Airways Limited (ASX:QAN)
Former Qantas CEO Alan Joyce faces a significant financial setback, losing over $9 million from his pay. This follows a board-commissioned review that identified management mistakes that led to substantial reputational and customer service issues for the airline.
Transurban Group (ASX:TCL)
Transurban has forecast a higher dividend for the next year, as its annual net profit surged more than fourfold to $376 million. This increase is attributed to reduced construction and finance costs.
Light & Wonder Inc (ASX:LNW)
Gaming company Light & Wonder reported a rise in revenue for its latest quarter. Gaming revenue reached $US539 million, up 14% compared to the same period last year, driven by increased sales of gaming machines.
Myer Holdings Limited (ASX:MYR)
Myer anticipates a net profit ranging between $50 million and $54 million for FY24, a decrease from $71.1 million the previous year. The lower forecast reflects challenging trading conditions, store closures, and inflationary pressures.
Mirvac Group (ASX:MGR)
Property developer and fund manager Mirvac expects lower earnings and distributions for the 2025 financial year. Higher costs are impacting margins on its apartment projects, leading to a revised forecast.
IGO Limited (ASX:IGO)
IGO is exploring the possibility of divesting some of its nickel assets amid a downturn in the sector. The company has signed an agreement with Medallion Metals, which may result in the transfer of the Cosmic Boy processing facility and associated infrastructure at IGO’s Forrestania nickel project.
Investors should stay informed about these developments and consider how they may impact their portfolios.
