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Highlights
- The benchmark index was flat during the opening hour, but it dropped 0.20% to 6,780.60 points at 10:06 AM AEST.
- The market was anticipated to gain after Tesla's profits beat forecasts and sent Wall Street to a six-week high.
- Over the last five days, the index has gained 2.84%, but is down 8.75% on year-to-date basis (11.05 AM AEST).
The S&P/ASX200 opened flat today (July 22) but it dropped 13.70 points or 0.20% and was trading at 6,780.60 points at 10:06 AM AEST.
On Thursday, European Central Bank (ECB) hiked interest rates by 50 bps in a bid to tame inflation. It was ECB's first-rate hike since 2011.
Key pointers from Market Open
- The benchmark index was flat during the opening hour, but it dropped 0.20% at 6,780.60 points at 10:06 AM.
- Webjet Limited and Domino's Pizza Enterprises Limited were down 5.77% and 5.21% respectively at 11.03 AM AEST.
- Pharma company Mesoblast Limited (ASX:MSB) was trading 3.02% lower today at AU$0.965 each at 11.04 AM AEST.
- Over the last five days, the index has gained 2.84%, but is down 8.75% on year-to-date basis (11.05 AM AEST).
- Seven of 11 sectors were trading in red today at 11.06 AM AEST.
- Energy was the worst performing sector today, down 1.99%. The sector was followed by utilities, which dropped 1.09% and telecom services, which declined 1.03% today at 11.07 AM AEST.
- A-REIT is the best performing sector, gaining 0.71% at 11.08 AM AEST and 2.18% for the past five days.
Newsmakers
New World Resources Limited (ASX:NWC): Shares of New World were trading at AU$0.04 each at 11.10 AM AEST, an increase of 1.25% from its previous close. At its Antler copper project in Arizona, Fresh World Resources (NWC) has discovered new, high-priority exploration prospects, the company informed today.
Ioneer Ltd (ASX:INR): Ioneer shares were spotted trading 5.05% higher at AU$0.52 per share at 11.10 AM AEST. Ford and Ioneer (INR) have agreed to a five-year supply agreement for lithium, as per company's release today.
Global equity Indices
A weaker currency and robust corporate profits encouraged investors as US equities rose for a third night.
The Dow Jones Industrial average was 0.51% up, the S&P 500 was 0.99% up and the NASDAQ Composite was 1.36% higher.
As investors search through the remains of this year's bear market for oversold assets, the tech-heavy Nasdaq has led all week. With last night's increase, this week's recovery now stands at 5.3%. The Dow has increased by 2.4% and the S&P 500 has gained 3.5%.
The market's top performing segments recently included beaten-down industries like consumer discretionary and technology. Due to the raging inflation and the Fed's vigorous approach to taming it, the industries have had the most difficulty this year thus far.
While the 10-year bond yields decreased 5.13% to 2.880, the 30-year Treasury bond yields dropped 3.69% to 3.053.
The US Dollar Futures Index fell by 0.41% to US$106.517.
Commodities
After US gasoline stocks rose last week at a time when seasonal demand should be robust, the price of oil fell to its lowest level in a week. 3.5 million more barrels of gasoline were added to the supply, much above forecasts for the northern summer holiday "driving season."
Concerns about the pricing effects of China's establishment of a centralised steelmakers' group to bargain with suppliers caused iron ore prices to decline further.
The iron metal price was US$100.50/T, down 0.50% at 11.11 AM AEST.
At 11:12 AM AEST, Crude Oil WTI was quoted at US$96.22/bbl while Brent was at US$103.90/bbl.
Gold was at US$1717.32 an ounce at 11.13 AM AEST.
