ASX 200 thrives on Wednesday despite major companies suffering huge price drops
In the first 30 minutes of trading, Qantas shares crashed two per cent after informing the public the personal data of six million of its customers had been stolen in a cyberattack.
Domino's sank a whopping 16.7 per cent as its CEO Mark van Dyck will leave the pizza giant after just one year in the top job.
It follows the company in February revealing it would close down more than 200 stores overseas amid sales slumps.
Lenders mortgage insurance provider Helia is down a staggering 26.5 per cent after it told shareholders its long-term customer ING Bank was negotiating deals with other providers.
Despite the crashes, the index is up 0.4 per cent with construction materials company James Hardie rising 6.2 per cent and fund manager Perpetual Limited rising eight per cent.
Investors will also be eagerly watching the upcoming retail sales and building approvals data where a they can gain a better insight into the nation's economy.
Overseas, Tesla shares dived on Tuesday after Donald Trump threatened to withdraw electric vehicles subsidies and review Elon Musk's immigration status in the latest episode between the formerly allied billionaires.
"He's upset that he's losing his EV mandate and … he's very upset about things but he can lose a lot more than that," Trump told reporters at the White House on Tuesday.
The electric vehicle maker plunged more than five per cent in reaction to Trump's threats.
Wall Street was a mixed bag on Tuesday with the Dow Jones rising 0.9 per cent while S&P 500 sank 0.1 per cent and the Nasdaq shed 0.8 per cent.
London's FTSE 250 grew 0.5 per cent, Germany's DAX shed one per cent and the STOXX Europe 600 fell 0.2 per cent.
New Zealand's NZX 50 Index is up 0.4 per cent since trading began on Wednesday while Japan's has sunk one per cent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Perth Now
3 hours ago
- Perth Now
Wall St mixed, chip majors in focus after China deal
Wall Street's main indexes are mixed as investors prepare for a busy week and chip companies teeter after agreeing to share a portion of revenue from China sales with the US under a trade policy shift from the Trump administration. Semiconductor giant Nvidia and Advanced Micro Devices wobbled in early trading and were last marginally higher after a US official told Reuters the companies had agreed to give the United States government 15 per cent of revenue from sales of their advanced computer chips to China. Enabling semiconductor sales to China was an integral issue in the agreement Washington and Beijing signed earlier this year - which expires on Tuesday - and markets will keenly watch how the latest development impacts the relationship between the world's two largest economies. "It's a good way for the United States government to increase its cash and income... but a lot of people are going to argue that this is the wrong way to go," said Robert Pavlik, senior portfolio manager at Dakota Wealth. "The Chinese government will probably use it as a point to argue that they need different chips because these particular chips might be susceptible to be reviewed by the Americans." Markets also sought clarity on the sector tariffs that US President Donald Trump had announced. In early trading on Monday, the Dow Jones Industrial Average fell 63.86 points, or 0.14 per cent, to 44,109.53, the S&P 500 gained 0.84 points, or 0.01 per cent, to 6,390.29, and the Nasdaq Composite added 1.42 points, or 0.01 per cent, to 21,451.44. Seven of the 11 major S&P 500 sectors slipped, while healthcare gained 0.6 per cent, recovering some of the 5.0 per cent declines it had logged so far this year. Traders took a step back after last week's rally helped the S&P 500 and the Nasdaq log their strongest weekly performance in more than a month. Investors expect that the recent shake-up at the US Federal Reserve and signs of labour market weakness could nudge the central bank into adopting a dovish monetary policy stance later this year, fuelling much of the optimism. July's consumer inflation report is due on Tuesday and investors anticipate the Fed will lower borrowing costs by about 60 basis points by December, according to data compiled by LSEG. A better-than-feared earnings season brought some relief, with BofA's monthly fund manager survey showing that buying megacap stocks was again the most popular trade. Citigroup and UBS Global Research became the latest brokerages to raise their year-end targets for the benchmark S&P 500. In earnings, Micron raised its forecast for fourth-quarter revenue and adjusted profit, sending its shares up 3.4 per cent. The broader chips index added 1.0 per cent. Intel was up 4.9 per cent after a report said CEO Lip-Bu Tan was expected to visit the White House. Trump had called for his removal last week. Trump is expected to meet Russia's President Vladimir Putin on Friday to try and negotiate an end to the war in Ukraine. Advancing issues outnumbered decliners by a 1.42-to-1 ratio on the NYSE and by a 1.33-to-1 ratio on the Nasdaq. The S&P 500 posted 11 new 52-week highs and nine new lows, while the Nasdaq Composite recorded 48 new highs and 41 new lows.
West Australian
3 hours ago
- West Australian
Wall St mixed, chip majors in focus after China deal
Wall Street's main indexes are mixed as investors prepare for a busy week and chip companies teeter after agreeing to share a portion of revenue from China sales with the US under a trade policy shift from the Trump administration. Semiconductor giant Nvidia and Advanced Micro Devices wobbled in early trading and were last marginally higher after a US official told Reuters the companies had agreed to give the United States government 15 per cent of revenue from sales of their advanced computer chips to China. Enabling semiconductor sales to China was an integral issue in the agreement Washington and Beijing signed earlier this year - which expires on Tuesday - and markets will keenly watch how the latest development impacts the relationship between the world's two largest economies. "It's a good way for the United States government to increase its cash and income... but a lot of people are going to argue that this is the wrong way to go," said Robert Pavlik, senior portfolio manager at Dakota Wealth. "The Chinese government will probably use it as a point to argue that they need different chips because these particular chips might be susceptible to be reviewed by the Americans." Markets also sought clarity on the sector tariffs that US President Donald Trump had announced. In early trading on Monday, the Dow Jones Industrial Average fell 63.86 points, or 0.14 per cent, to 44,109.53, the S&P 500 gained 0.84 points, or 0.01 per cent, to 6,390.29, and the Nasdaq Composite added 1.42 points, or 0.01 per cent, to 21,451.44. Seven of the 11 major S&P 500 sectors slipped, while healthcare gained 0.6 per cent, recovering some of the 5.0 per cent declines it had logged so far this year. Traders took a step back after last week's rally helped the S&P 500 and the Nasdaq log their strongest weekly performance in more than a month. Investors expect that the recent shake-up at the US Federal Reserve and signs of labour market weakness could nudge the central bank into adopting a dovish monetary policy stance later this year, fuelling much of the optimism. July's consumer inflation report is due on Tuesday and investors anticipate the Fed will lower borrowing costs by about 60 basis points by December, according to data compiled by LSEG. A better-than-feared earnings season brought some relief, with BofA's monthly fund manager survey showing that buying megacap stocks was again the most popular trade. Citigroup and UBS Global Research became the latest brokerages to raise their year-end targets for the benchmark S&P 500. In earnings, Micron raised its forecast for fourth-quarter revenue and adjusted profit, sending its shares up 3.4 per cent. The broader chips index added 1.0 per cent. Intel was up 4.9 per cent after a report said CEO Lip-Bu Tan was expected to visit the White House. Trump had called for his removal last week. Trump is expected to meet Russia's President Vladimir Putin on Friday to try and negotiate an end to the war in Ukraine. Advancing issues outnumbered decliners by a 1.42-to-1 ratio on the NYSE and by a 1.33-to-1 ratio on the Nasdaq. The S&P 500 posted 11 new 52-week highs and nine new lows, while the Nasdaq Composite recorded 48 new highs and 41 new lows.
The Advertiser
4 hours ago
- The Advertiser
Stock and bond markets cautious ahead of big week
Stocks are marking time, holding just shy of peaks scaled in late July, as investors await a crucial report on US inflation that will likely also set the course of the dollar and bonds. Trade and geopolitics also loom large for investors this week. A US tariff deadline on China, due to expire on Tuesday, is expected to be extended again, while US President Donald Trump and Russian leader Vladimir Putin are due to meet in Alaska on Friday to discuss ending the Ukraine war. S&P 500 futures were last up 0.16 per cent, with Europe's STOXX 600 share index flat on the day after Asia-Pacific stocks had gained 0.3 per cent on Monday. That leaves MSCI's world share index around 0.2 per cent below its all-time high hit in late July as a strong earnings season in the United States, and a mildly positive one in Europe, supports overall sentiment, helping investors to shrug off the impact of soft US July jobs data. The main economic release this week will be US consumer prices on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3 per cent to an annual pace of two per cent and away from the Federal Reserve target of two per cent. An upside surprise would challenge market wagers for a September rate cut, though analysts assume it would have to be a very high number given that a downward turn in payrolls is now dominating the outlook. It also comes at a complicated time for the Fed, with Trump having repeatedly criticised policymakers for not cutting rates at recent meetings, and with the focus on who will succeed current chair Jerome Powell, whose term ends in May. This, said Paul Mackel, Global Head of FX Research at HSBC, meant that the dollar's reaction to the CPI data would not be straightforward. If the figure indicated higher US tariff price pressures, "that could support the stagflation narrative, and to the dollar's detriment", he said, adding this would also go against the view of some policymakers that tariffs were not causing prices to increase. "If, however, softer US CPI readings materialise, including the core goods figures, this would likely challenge the dollar too by supporting the case for further Fed easing, and perhaps see greater criticism from the US administration towards Fed Chair Powell." Markets imply around a 90 per cent probability of a September easing, and at least one more cut by year-end. That has helped support Treasuries, and the US benchmark 10-year yield was last at 4.27 per cent, down around one basis point and hovering near last week's low of 4.187 per cent. The prospect of lower borrowing costs has supported equities, along with a run of strong earnings, particularly from tech names. Analysts were unsure what to make of reports, including by Reuters, that Nvidia and AMD have agreed to give the US government 15 per cent of their revenues from chip sales in China, under an arrangement to obtain export licences for the semiconductors. Shares of both companies were marginally lower in pre-market trading. Chinese blue chips added 0.4 per cent after data showed consumer price inflation ticked up in July, but producer prices kept falling as the country's massive manufacturing sector exported deflation to the rest of the world. Figures on Chinese industrial output and retail sales for July are due on Friday, and forecasts are for a slight slowdown after a jump in the previous month. Currencies were quiet, with early trading thinned by a holiday in Japan. The euro was marginally softer at $1.1627 on Monday while the dollar inched up to 147.87 yen. The Australian dollar eased to $0.6510 ahead of a meeting of the Reserve Bank of Australia, which is widely expected to back a rate cut. It stunned markets in July by skipping an easing of policy to await more inflation data. In commodity markets, gold fell 1.3 per cent to $3,354 an ounce after wild swings last week on reports that the US would slap 39 per cent tariffs on some gold bars, which are major exports of Switzerland. The White House has said it planned to issue an executive order clarifying the country's stance. Oil prices stabilised as investors looked ahead to the talks between Trump and Putin in Alaska on Friday, with US policy towards Russian oil exports in focus. Brent rose 0.6 per cent to $66.99 a barrel, while crude gained 0.5 per cent to $64.20. Stocks are marking time, holding just shy of peaks scaled in late July, as investors await a crucial report on US inflation that will likely also set the course of the dollar and bonds. Trade and geopolitics also loom large for investors this week. A US tariff deadline on China, due to expire on Tuesday, is expected to be extended again, while US President Donald Trump and Russian leader Vladimir Putin are due to meet in Alaska on Friday to discuss ending the Ukraine war. S&P 500 futures were last up 0.16 per cent, with Europe's STOXX 600 share index flat on the day after Asia-Pacific stocks had gained 0.3 per cent on Monday. That leaves MSCI's world share index around 0.2 per cent below its all-time high hit in late July as a strong earnings season in the United States, and a mildly positive one in Europe, supports overall sentiment, helping investors to shrug off the impact of soft US July jobs data. The main economic release this week will be US consumer prices on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3 per cent to an annual pace of two per cent and away from the Federal Reserve target of two per cent. An upside surprise would challenge market wagers for a September rate cut, though analysts assume it would have to be a very high number given that a downward turn in payrolls is now dominating the outlook. It also comes at a complicated time for the Fed, with Trump having repeatedly criticised policymakers for not cutting rates at recent meetings, and with the focus on who will succeed current chair Jerome Powell, whose term ends in May. This, said Paul Mackel, Global Head of FX Research at HSBC, meant that the dollar's reaction to the CPI data would not be straightforward. If the figure indicated higher US tariff price pressures, "that could support the stagflation narrative, and to the dollar's detriment", he said, adding this would also go against the view of some policymakers that tariffs were not causing prices to increase. "If, however, softer US CPI readings materialise, including the core goods figures, this would likely challenge the dollar too by supporting the case for further Fed easing, and perhaps see greater criticism from the US administration towards Fed Chair Powell." Markets imply around a 90 per cent probability of a September easing, and at least one more cut by year-end. That has helped support Treasuries, and the US benchmark 10-year yield was last at 4.27 per cent, down around one basis point and hovering near last week's low of 4.187 per cent. The prospect of lower borrowing costs has supported equities, along with a run of strong earnings, particularly from tech names. Analysts were unsure what to make of reports, including by Reuters, that Nvidia and AMD have agreed to give the US government 15 per cent of their revenues from chip sales in China, under an arrangement to obtain export licences for the semiconductors. Shares of both companies were marginally lower in pre-market trading. Chinese blue chips added 0.4 per cent after data showed consumer price inflation ticked up in July, but producer prices kept falling as the country's massive manufacturing sector exported deflation to the rest of the world. Figures on Chinese industrial output and retail sales for July are due on Friday, and forecasts are for a slight slowdown after a jump in the previous month. Currencies were quiet, with early trading thinned by a holiday in Japan. The euro was marginally softer at $1.1627 on Monday while the dollar inched up to 147.87 yen. The Australian dollar eased to $0.6510 ahead of a meeting of the Reserve Bank of Australia, which is widely expected to back a rate cut. It stunned markets in July by skipping an easing of policy to await more inflation data. In commodity markets, gold fell 1.3 per cent to $3,354 an ounce after wild swings last week on reports that the US would slap 39 per cent tariffs on some gold bars, which are major exports of Switzerland. The White House has said it planned to issue an executive order clarifying the country's stance. Oil prices stabilised as investors looked ahead to the talks between Trump and Putin in Alaska on Friday, with US policy towards Russian oil exports in focus. Brent rose 0.6 per cent to $66.99 a barrel, while crude gained 0.5 per cent to $64.20. Stocks are marking time, holding just shy of peaks scaled in late July, as investors await a crucial report on US inflation that will likely also set the course of the dollar and bonds. Trade and geopolitics also loom large for investors this week. A US tariff deadline on China, due to expire on Tuesday, is expected to be extended again, while US President Donald Trump and Russian leader Vladimir Putin are due to meet in Alaska on Friday to discuss ending the Ukraine war. S&P 500 futures were last up 0.16 per cent, with Europe's STOXX 600 share index flat on the day after Asia-Pacific stocks had gained 0.3 per cent on Monday. That leaves MSCI's world share index around 0.2 per cent below its all-time high hit in late July as a strong earnings season in the United States, and a mildly positive one in Europe, supports overall sentiment, helping investors to shrug off the impact of soft US July jobs data. The main economic release this week will be US consumer prices on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3 per cent to an annual pace of two per cent and away from the Federal Reserve target of two per cent. An upside surprise would challenge market wagers for a September rate cut, though analysts assume it would have to be a very high number given that a downward turn in payrolls is now dominating the outlook. It also comes at a complicated time for the Fed, with Trump having repeatedly criticised policymakers for not cutting rates at recent meetings, and with the focus on who will succeed current chair Jerome Powell, whose term ends in May. This, said Paul Mackel, Global Head of FX Research at HSBC, meant that the dollar's reaction to the CPI data would not be straightforward. If the figure indicated higher US tariff price pressures, "that could support the stagflation narrative, and to the dollar's detriment", he said, adding this would also go against the view of some policymakers that tariffs were not causing prices to increase. "If, however, softer US CPI readings materialise, including the core goods figures, this would likely challenge the dollar too by supporting the case for further Fed easing, and perhaps see greater criticism from the US administration towards Fed Chair Powell." Markets imply around a 90 per cent probability of a September easing, and at least one more cut by year-end. That has helped support Treasuries, and the US benchmark 10-year yield was last at 4.27 per cent, down around one basis point and hovering near last week's low of 4.187 per cent. The prospect of lower borrowing costs has supported equities, along with a run of strong earnings, particularly from tech names. Analysts were unsure what to make of reports, including by Reuters, that Nvidia and AMD have agreed to give the US government 15 per cent of their revenues from chip sales in China, under an arrangement to obtain export licences for the semiconductors. Shares of both companies were marginally lower in pre-market trading. Chinese blue chips added 0.4 per cent after data showed consumer price inflation ticked up in July, but producer prices kept falling as the country's massive manufacturing sector exported deflation to the rest of the world. Figures on Chinese industrial output and retail sales for July are due on Friday, and forecasts are for a slight slowdown after a jump in the previous month. Currencies were quiet, with early trading thinned by a holiday in Japan. The euro was marginally softer at $1.1627 on Monday while the dollar inched up to 147.87 yen. The Australian dollar eased to $0.6510 ahead of a meeting of the Reserve Bank of Australia, which is widely expected to back a rate cut. It stunned markets in July by skipping an easing of policy to await more inflation data. In commodity markets, gold fell 1.3 per cent to $3,354 an ounce after wild swings last week on reports that the US would slap 39 per cent tariffs on some gold bars, which are major exports of Switzerland. The White House has said it planned to issue an executive order clarifying the country's stance. Oil prices stabilised as investors looked ahead to the talks between Trump and Putin in Alaska on Friday, with US policy towards Russian oil exports in focus. Brent rose 0.6 per cent to $66.99 a barrel, while crude gained 0.5 per cent to $64.20. Stocks are marking time, holding just shy of peaks scaled in late July, as investors await a crucial report on US inflation that will likely also set the course of the dollar and bonds. Trade and geopolitics also loom large for investors this week. A US tariff deadline on China, due to expire on Tuesday, is expected to be extended again, while US President Donald Trump and Russian leader Vladimir Putin are due to meet in Alaska on Friday to discuss ending the Ukraine war. S&P 500 futures were last up 0.16 per cent, with Europe's STOXX 600 share index flat on the day after Asia-Pacific stocks had gained 0.3 per cent on Monday. That leaves MSCI's world share index around 0.2 per cent below its all-time high hit in late July as a strong earnings season in the United States, and a mildly positive one in Europe, supports overall sentiment, helping investors to shrug off the impact of soft US July jobs data. The main economic release this week will be US consumer prices on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3 per cent to an annual pace of two per cent and away from the Federal Reserve target of two per cent. An upside surprise would challenge market wagers for a September rate cut, though analysts assume it would have to be a very high number given that a downward turn in payrolls is now dominating the outlook. It also comes at a complicated time for the Fed, with Trump having repeatedly criticised policymakers for not cutting rates at recent meetings, and with the focus on who will succeed current chair Jerome Powell, whose term ends in May. This, said Paul Mackel, Global Head of FX Research at HSBC, meant that the dollar's reaction to the CPI data would not be straightforward. If the figure indicated higher US tariff price pressures, "that could support the stagflation narrative, and to the dollar's detriment", he said, adding this would also go against the view of some policymakers that tariffs were not causing prices to increase. "If, however, softer US CPI readings materialise, including the core goods figures, this would likely challenge the dollar too by supporting the case for further Fed easing, and perhaps see greater criticism from the US administration towards Fed Chair Powell." Markets imply around a 90 per cent probability of a September easing, and at least one more cut by year-end. That has helped support Treasuries, and the US benchmark 10-year yield was last at 4.27 per cent, down around one basis point and hovering near last week's low of 4.187 per cent. The prospect of lower borrowing costs has supported equities, along with a run of strong earnings, particularly from tech names. Analysts were unsure what to make of reports, including by Reuters, that Nvidia and AMD have agreed to give the US government 15 per cent of their revenues from chip sales in China, under an arrangement to obtain export licences for the semiconductors. Shares of both companies were marginally lower in pre-market trading. Chinese blue chips added 0.4 per cent after data showed consumer price inflation ticked up in July, but producer prices kept falling as the country's massive manufacturing sector exported deflation to the rest of the world. Figures on Chinese industrial output and retail sales for July are due on Friday, and forecasts are for a slight slowdown after a jump in the previous month. Currencies were quiet, with early trading thinned by a holiday in Japan. The euro was marginally softer at $1.1627 on Monday while the dollar inched up to 147.87 yen. The Australian dollar eased to $0.6510 ahead of a meeting of the Reserve Bank of Australia, which is widely expected to back a rate cut. It stunned markets in July by skipping an easing of policy to await more inflation data. In commodity markets, gold fell 1.3 per cent to $3,354 an ounce after wild swings last week on reports that the US would slap 39 per cent tariffs on some gold bars, which are major exports of Switzerland. The White House has said it planned to issue an executive order clarifying the country's stance. Oil prices stabilised as investors looked ahead to the talks between Trump and Putin in Alaska on Friday, with US policy towards Russian oil exports in focus. Brent rose 0.6 per cent to $66.99 a barrel, while crude gained 0.5 per cent to $64.20.
