ASX 200 falls on Taiwan tensions; Pinnacle rockets 13%

2 min read | August 03, 2022 10:44 AM AEST | By Ashish

ASX 200 falls on Taiwan tensions; Pinnacle rockets 13% — Image source: © Stbernardstudio | Megapixl.com

Highlights

The Australian share market opened lower on Wednesday.

The ASX 200 index fell 10.30 points, or 0.15% to 6,987.80 at the open.

On Tuesday, the ASX 200 closed 1 points higher at 6,998.1 points.

The Australian share market fell at the open on Wednesday, tracking weak cues from Wall Street amid ongoing US-China tensions triggered by the US House of Representatives Speaker Nancy Pelosi’s Taiwan visit.

The ASX 200 index fell 10.30 points, or 0.15% to 6,987.80 at the open. The ASX All Ordinaries index fell 0.158% to 7,205, while the A-VIX surged 5.077% to 16.206 at the open.

The benchmark index was trading at 6,945, down 52.50 points or 0.75% in the first ten minutes of trade. The index has gained 2.41% in the past five days but has declined 6.14% on a year-to-date (YTD) basis.

On Tuesday, the ASX 200 closed 5.1 points higher at 6,998.1 points.

Global equity indices

In the overnight trade, the US stock indices traded on a choppy note due to ongoing economic uncertainty and escalating US-China tensions. A latest economic report showed that job openings in the US dipped 5.4% in June.

In the overnight trade on Wall Street, the Dow Jones fell 1.2%, the S&P 500 dipped 0.7%, and the NASDAQ ended 0.2% lower.

In Europe, the Stoxx 50 fell 0.6%, the FTSE dipped 0.1%, the CAC dropped 0.4%, and the DAX ended 0.2% lower.

Market action

The ongoing tensions between the US and China boosted US Treasury yields. While yields on benchmark 10-year notes rose to 2.761%, the 30-year bond yield rose to 3.0268%.

Data Source: ASX (as of 3 August 2022, 10:35 AM AEST)

While Pinnacle Investment Management Group Ltd (ASX:PNI) was the top performer with a gain of 12.8%, Champion Iron (ASX:CIA) was the top laggard with a loss of 3.8%.

Meanwhile, on the ASX , barring information technology, all sectors were trading in the red.

Newsmakers

Pinnacle Investment reported a 6% dip in FUM for the financial year ended 30 June 2022.
BWP Trust reported a 0.6% rise in net profit for the full year.
Orica has agreed to acquire Axis Mining Technology, a digital orebody intelligence business.
Genworth Mortgage Insurance Australia said it would buy back up to AU$100 million of the company’s shares.
Lynas Rare Earths announced an AU$500m expansion of the Mt Weld mine and concentration plant.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.