Wall Street drifts around its records following a worldwide rally
The S&P 500 rose 0.2 per cent, coming off its latest all-time high. The Dow Jones was up 412 points, or 0.9 per cent, while the Nasdaq composite rose 0.1 per cent after setting its own record the day before.
The Australian sharemarket is set to jump, with futures at 4.57am AEST pointing to a rise of 33 points, or 0.4 per cent, at the open. The ASX shed 0.6 per cent on Wednesday. The Australian dollar was 0.2 per cent stronger to US65.41¢ at 5.11am. Reporting season continues, with Westpac and Suncorp among those due up on Thursday.
Treasury yields eased in the bond market as expectations reached a virtual consensus that the Federal Reserve will cut its main interest rates for the first time this year at its next meeting in September. Lower rates can boost investment prices and the economy by making it cheaper for US households and businesses to borrow to buy houses, cars or equipment, though they risk worsening inflation.
Stock indexes jumped in Asia in their first trading after Tuesday's better-than-expected report on US inflation triggered a jump in bets that a cut to interest rates is coming. Hong Kong's Hang Seng leaped 2.6 per cent, Japan's Nikkei 225 rallied 1.3 per cent and South Korea's Kospi climbed 1.1 per cent.
Indexes also rose in Europe, though the moves were more modest after they already had the chance to trade on the US inflation data the afternoon before. Germany's DAX returned 0.7 per cent, and France's CAC 40 rose 0.7 per cent.
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On Wall Street, the hopes for lower interest rates are helping to drown out criticism that the US stock market has grown too expensive after its big leap since hitting a low in April.
One way companies can make their stock prices look less expensive is to deliver strong growth in profits, and Brinker International became the latest to report stronger results for the latest quarter than analysts expected. The company behind the Chili's brand said it saw more customers coming to its restaurants, and it's also making more profit off each $1 in sales.
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Perth Now
an hour ago
- Perth Now
ASX jumps as Westpac hits decade high
Shareholders have shrugged off the potential for fewer interest rate cuts, as strong earnings particularly out of Westpac drive the ASX 200 higher. The benchmark ASX 200 closed 46.70 points, or 0.53 per cent, higher to finish the day at 8,873.80, while the broader All Ordinaries finished 46 points or 0.51 per cent higher to 9,149.10. The Aussie dollar slipped 0.14 per cent and is now buying 65.41 US cents. Overall eight of the 11 sectors finished higher, led by utilities and financials stocks. The bounce in financials comes just a day after the Commonwealth Bank announced its results which dragged the sector lower. Westpac shares soared 6.31 per cent to $36.04 after the banking giant announced its unaudited statutory net profits for the last quarter jumped 14 per cent to $1.9bn. Its all important core net interest margin was up 0.05 per cent to 1.85 per cent, while revenue jumped 4 per cent. Shares reached a decade high on the result. Westpac's stronger than expected results helped drag the ASX 200 higher. Photo: Gaye Gerard / NewsWire Credit: News Corp Australia NAB jumped 1.89 per cent to $38.88 and ANZ gained 1.98 per cent to $32.50 on the back on Westpac's results. CBA continued its slide, down 1.13 per cent to $167.21. Kodari Securities founder and chief executive Michael Kodari said big banks would likely drive the market higher. 'The big four continue to offer attractive value, particularly when compared to global peers,' he said. 'Following strong profit and fresh all-time high for Westpac, there could be more gains from the big banks over the next six months, likely taking the S&P/ASX 200 to a fresh record by the year's end.' Investors also shrugged off figures released by the Australian Bureau of Statistics showing the unemployment rate fell to 4.2 per cent in July, from 4.3 per cent, despite it impacting future rate cuts. VanEck head of investment and capital markets Russel Chesler said the data-driven Reserve Bank could pause further interest rate cuts. 'To nip inflation in the bud – an outcome that should help ease cost of living as well as interest rates – we think labour conditions need to loosen more than they have to date,' he wrote in an economic note. 'The unemployment rate is still at historically low levels.' On a jammed pack day of reporting, Telstra shares slumped 2.61 per cent to $4.85 after the telco announced statutory net profit for the last financial year came in at a substantial $2.17bn, up nearly 34 per cent on this time last year. Eight of the 11 sectors finished in the green. NewsWire / Damian Shaw Credit: News Corp Australia Healthcare imaging software group Pro Medicus posted a 40 cent increase in net profits to $115.2m on the back of new contracts in American hospital and radiology clinics. Shares jumped 6.24 per cent to $315.69 on the back of the announcement. Suncorp Group shares rose 3.64 per cent to $20.77 after it announced its net profits after tax came in at $1.8bn after the business benefited from a favourable natural hazard experience and positive net investment income of $766m. Redbubble parent company Articore announced it had its first profitable fourth quarter in five years, albeit on an EBIT basis. Overall net profit after tax improved 77 per cent to negative $1.4m. Articore Group shares were up 5.77 per cent to $0.275. Furniture retailer Temple and Webster shares soared 8.75 per cent to $28.35 after announcing record revenues of $601m for financial year 2025, up 21 per cent compared to this time last year.
Sky News AU
an hour ago
- Sky News AU
‘Customers know they can rely on us': Aldi crowned ‘supermarket of the year' for the eighth year in a row
German discount supermarket Aldi has been crowned the '2025 Australian Supermarket of the Year' for the eighth year in a row. On Thursday, Canstar Blue unveiled the results of their annual Supermarket Satisfaction Ratings. Aldi earned top marks across the board, including a maximum five stars for 'value for money', 'store layout' and the 'quality' of its own brand products. As of June, Aldi has expanded to 599 stores nationwide and is now the country's third largest supermarket chain behind giants Coles and Woolworths. Coles scored four stars overall, with the supermarket giant earning a modest three stars for 'customer service' and 'checkout experience' but scoring four stars for 'product range'. Woolworths largely mirrored Coles in every category except 'product range', with Woolies receiving the full five stars where its chief rival scored four. IGA supermarkets also scored four stars, largely thanks to the strength of IGA's 'customer service' and 'checkout experience', which both got full marks. Notably, IGA is the only major chain which has not widely rolled out self-service checkouts in its stores. Notoriously, Australia's supermarket 'duopoly' of Coles and Woolworths means Aussie consumers pay some of the highest grocery prices in the OECD. According to Canstar, the average weekly grocery bill for an Australian household of four people has ballooned to $240, a $24 increase from the previous year. The survey, which gathered insights from 2,869 shoppers, highlights the ongoing hip pocket pain facing consumers at the checkout. In a statement, Eden Radford of Canstar Blue told Yahoo Finance that this year's results reflect the power of 'own-brand items' in a tough economic climate. 'The quality of (Aldi's) own-brand items reliably earn the highest rating from customers,' she said. 'Consistently priced, good quality products on offer is why shoppers are choosing Aldi to do their grocery shopping.' Meanwhile, Aldi Australia group director Simon Padovani-Ginies told Yahoo Finance the supermarket was 'over the moon' to once again be crowned the country's favourite supermarket. 'This really shows our Price Promise in action - we won't be beaten on the cost of your weekly shop,' he said. 'Customers know they can rely on us to deliver the best prices without ever compromising on quality.'
News.com.au
an hour ago
- News.com.au
Closing Bell: ASX rebounds, fuelled by utilities gains
ASX rebounds to set new intraday high, up 0.53pc Origin Energy leads gains alongside utilities sector Unemployment rate falls, lowering interest rate cut chances ASX sets new intraday high The ASX rebounded powerfully from yesterday's profit taking, adding 0.53% or 46.7 points by the end of the day. The market briefly touched a new intraday high of 8899 points, but couldn't hold the gains to mark off a new record close as well. We're currently sitting 0.28% off that intraday high. Today's hero was the utilities sectors, riding high on a surge in Origin Energy (ASX:ORG) shares (+6.3%) alongside some other solid performances among its brethren. The gas and electricity provider lifted underlying profits by $307m year-on-year and offered up a second 30c dividend to bring the financial year's full offering to 60c a share. AGL Energy (ASX:AGL) also climbed 2.5%, while Genesis Energy (ASX:GNE) lifted 2.8% and Energy World Corp (ASX:EWC) 1.7%. Overall, eight of 11 sectors finished higher and the Banks (+1.3%), Tech (+1.3%) and Gold indices (+0.33%) lent their momentum to boot. Looking for coverage of today's earnings reports? Check out our midday Lunch Wrap courtesy of the preeminent Eddy Sunarto for deets on Westpac (ASX:WBC), Suncorp Group (ASX:SUN), Pro Medicus (ASX:PME), Temple & Webster (ASX:TPW) and South32's (ASX:S32) earnings performances today. More Australians employed more efficiently The ABS released its employment stats today, which fell overall in line with expectations at 4.2%, with 25,000 jobs created in the past month. The numbers tell a story of a more efficiently employed workforce, too – part-time workers fell by 36,000 while full employment lifted by 60,000 positions. Our underutilisation rate – which combines unemployment and underemployment rates – fell by 0.2% to 10.1%, maintaining an ongoing downward trend. Women's participation in the work force hit a record high this month, with the participation rate reaching 63.5%. 'Trend annual employment growth has been faster than population growth for most of the past year, but has slowed in recent months to be in line with annual population growth in July,' ABS head of labour statistics Sean Crick said. The numbers were exactly in line with both the market's and the RBA's expectations, lowering the expectations for a September interest rate cut to 35% according to the ABC's business blog. That said, expectations for a rate cut before November are still high at 78%. 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ASX Laggards Today's worst performing stocks (including small caps): Code Name Last % Change Volume Market Cap GGE Grand Gulf Energy 0.001 -50% 31455 $5,640,850 BEL Bentley Capital Ltd 0.015 -42% 4318593 $1,979,326 DTM Dart Mining NL 0.002 -33% 21263802 $3,594,167 PRM Prominence Energy 0.002 -33% 255120 $1,459,411 SKK Stakk Limited 0.005 -29% 8192 $14,525,558 AQX Alice Queen Ltd 0.003 -25% 151531 $5,538,785 AYT Austin Metals Ltd 0.003 -25% 4674800 $6,336,765 MRQ Mrg Metals Limited 0.003 -25% 691143 $10,906,075 AQC Auspaccoal Ltd 0.008 -20% 7558757 $7,004,676 ARV Artemis Resources 0.004 -20% 350432 $14,328,361 OSX Osteopore Limited 0.008 -20% 8341781 $2,372,600 TMX Terrain Minerals 0.002 -20% 1446699 $6,329,536 VRC Volt Resources Ltd 0.004 -20% 27625 $23,424,247 OZM Ozaurum Resources 0.062 -17% 2193670 $17,182,640 SRK Strike Resources 0.029 -17% 150000 $9,931,250 EVE EVE Health Group Ltd 0.03 -17% 115684 $8,863,557 IXC Invex Ther 0.075 -17% 1332 $6,763,846 1AD Adalta Limited 0.0025 -17% 2078341 $3,463,949 FBR FBR Ltd 0.005 -17% 2494829 $34,136,713 GLL Galilee Energy Ltd 0.01 -17% 300000 $8,486,315 MRD Mount Ridley Mines 0.0025 -17% 323599 $2,335,467 SPQ Superior Resources 0.005 -17% 7554456 $14,225,896 TMK TMK Energy Limited 0.0025 -17% 12258062 $30,667,149 BVS Bravura Solution Ltd 2.02 -17% 13434796 $1,085,016,685 FNX Finexia Financialgrp 0.17 -15% 145035 $12,460,793 In Case You Missed It Legacy Minerals Holdings (ASX:LGM) has reported promising early diamond drilling results from the Thomson project in western New South Wales. DY6 Metals' (ASX:DY6) preliminary metallurgical testing of ore from the Tundulu rare earths and phosphate project in Malawi has identified the opportunity to produce a phosphoric acid grade flotation concentrate co-product. Sipa Resources (ASX:SRI) has wrapped up RC drilling and is preparing to get an aircore program underway at the Tunkillia North and Nuckulla Hill gold projects. Argenica Therapeutics (ASX:AGN) now has a clear path forward to clear the clinical hold currently in place on its investigational new drug application that will enable clinical trials for its lead drug ARG-007. Trading Halts
