The ASX200 is expected to rise 0.24 percent on Wednesday, as US stocks moderated their previous rallying position, edging closer to a flatline one. The S&P 500 was just up 0.1 percent, marking a fourth straight day of rises, while the Dow rose for the fifth day in a row, up 31 points – this was its longest winning streak since last December. Meanwhile, the Nasdaq tracked down by 0.1 percent.
Investors appear to be reacting with uncertainty, wondering whether rallies can be sustained by recent economic data, and also looking for signs from Federal Reserve speakers about how the central bank might move in the future.
US consumer credit growth figures for March 2024 disappointed predictions of a $15 billion rise, instead going up by only $6.7 billion for the month, following an upwardly revised lift of $15.02 billion for February. Shares in entertainment giant Disney were down 9.5 percent after the company released disappointing revenue results and lower than expected subscriber numbers for Disney +. Also dropping was Palentir Technologies – whose stocks were down 15.1 percent, its worst show since May 2022 – on the release of outlook figures which were feebler than expected. On the other hand, fitness company Peloton performed well, seeing shares rise 15.5 percent on news of a potential buyout by private equity firms.
Following the Reserve Bank’s decision yesterday to keep rates steady at 4.35 percent – together with some hawkish remarks from Governor Michele Bullock – the Australian market looks quieter today.
QANTM Intellectual Property Ltd has reported receipt of an unsolicited Non-Binding Indicative Offer (NBIO) from IPH, and Iceni Gold Ltd has discovered a spectacular vein of gold which is set to expand the shear of its Christmas Gift prospect in Western Australia.
One Australian dollar is buying US$0.659 cents, Gold is at US$2316.49, iron ore has been trading at US$119.56, brent crude has been around US$83.11, and natural gas has been trading at US$2.22 per million British thermal units.
