Good morning and welcome to the ASX at Breakfast report. I’m Rachael Jones reporting live
from Kalkine TV Sydney studio. ASX 200 is likely to open on a weaker note this morning,
tracking losses in the overnight session of Wall Street as investors await the US Federal
Reserve meeting. Market expects Fed to hike interest rates by a 75-basis point in the
meet scheduled on Wednesday. The benchmark ASX 200 index is likely to open 47 points
or 0.7% lower, according to the latest ASX Futures. On Tuesday, the benchmark index surged
0.25% to 6,807.3 points.
Westpac has big plans for becoming a net-zero bank by transitioning its operations to 100
per cent renewable electricity and reduce lending to coal, oil and gas companies. They
have signed the Net-Zero Banking Alliance (NZBA) commitment and by 2030 they plan to
reduce their financed emissions. They plan to work with industry, NGOs and governments
on initiatives towards net-zero.
Nickel miner IGO reports group sales revenue of $278 million and underlying EBITDA of A$258
million for the Quarter, driven by record sales revenue at their mine Nova in Western
Australia. Nickel production Nova mine was 3 per cent higher from the prior quarter.
Copper production was at the lower end of guidance at 11,483 ton, the company said.
Now it’s time for a short break – but stay tuned for more news set to effect
the trading day. @@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
Welcome back to the ASX at Breakfast report. Stepping away from the ASX now to take a look
at stocks from around the world. Global market sentiment weakened after International Monetary
Fund’s (IMF) forecast that the global real GDP growth would fall to 3.2% in 2022, down
from its 3.6% forecast issued in April. Retail stocks dragged down Wall Street after Walmart
lowered its profit forecast Monday as rising fuel and food prices forced customers to cut
down on discretionary purchases. On Wall Street, the Dow Jones dipped 0.7%, the S&P 500 fell
1.15%, and the NASDAQ ended 1.9% lower. In Europe, the Stoxx 50 fell 0.8%, the FTSE was
flat, the DAX dipped 0.9%, and the CAC ended 0.4% lower. Oil prices fell on Tuesday on
concerns related to weaker consumer confidence and the expectation that another 20 million
barrels of crude oil would be released from the US Strategic Petroleum Reserve. WTI
crude settled down 1.78% at US$94.98 per barrel. Brent crude closed at US$104.40, down 0.71%. Gold
prices inched lower as traders sold gold ahead of Fed meet this week. Spot gold fell 0.1%
to US$1,716.98 an ounce. Meanwhile, Bitcoin last fell 1.86% to US$20,910.08. Well, that’s
all for our ASX at Breakfast with global stocks report here on Kalkine TV. Have a great day
trading and stay tuned for more market updates and economic news live throughout the day.
This is Rachael Jones signing off for now.