Good morning and welcome to ASX At Breakfast. IM Rachael Jones, reporting live from the
Kalkine Studio in Sydney Australia. The (1)Australian share market is likely to slip
following a disappointing end to last week on Wall Street, coupled with a weak sentiment
ahead of Reserve Bank of Australia governor Phil Lowe’s speech on inflation on Thursday.
Additionally, mining stocks are likely to trade lower during the day on softer underlying
prices. According to the latest SPI futures, the ASX 200 would open 16 points or 0.25%
lower on Monday morning. On Friday, the benchmark index dipped 0.25% to 6,828.7 points.
Fintech service (2) Humm and Air New Zealand have ended discussions regarding a partnership.
On 18 November 2021, they entered into an agreement with Airpoints, Air New Zealand’s
loyalty programme. Following a prolonged period of negotiation, the hummgroup advises that
commercial terms between the two parties could not be reached and as a result the contemplated
strategic partnership will not proceed. One in three new credit cards in New Zealand issued
is a humm product.
Real Estate Investment Trust agency (3) the Vicinity group has nominated three new directors
as part of Board renewal. Tiffany Fuller, Michael Hawker AM and Dion Werbeloff, a representative
of The Gandel Group, are up for election as nonexecutive Directors at Vicinity’s 2022
Annual General Meeting in November. Dr David Thurin AM has decided to step down from the
Board to focus on his other business commitments having served on the Vicinity Board as a representative
of The Gandel Group since 2015.
And (4) Australian Mines has appointed Michael Holmes as Chief Executive Officer of the Company,
effective immediately. He was the former President and Chief Executive Officer of Toronto Stock
Exchange listed OceanaGold Corporation, a mining company with a current market capitalisation
of over $1.3 billion Canadian Dollars. He is an accomplished mining engineer with more
than 30 years’ experience working in Australia, New Zealand, the Philippines and North and
South America.
Now it’s time for a short break – but stay tuned for more news, set to effect
the trading day.
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Welcome back to the ASX at Breakfast Report. Taking a quick look first up at the global
markets. On Wall Street, (5) The Dow Jones fell 1.1%, the S&P 500 dipped 1.1%, and the
NASDAQ ended 1.3% lower. Data showed on Friday that US employers hired more workers
than expected in August. This initially cheered investors but gains reversed into losses later.
US financial markets remain closed on Monday for the Labor Day holiday. In Europe, the
Stoxx 50 rose 2.5%, the FTSE gained 1.9%, the CAC surged 2.2%, and the DAX ended 3.3%
higher. MSCI world equity index surged 0.5%. There were concerns over global growth following
fresh lockdowns in China and high energy costs weighing on Europe as a result of the war
in Ukraine. Oil prices rose on speculation that the OPEC could announce production cuts
this week to boost prices. (6) Brent crude futures rose 1% to US$93.3 a barrel. WTI
crude futures were up by 0.6% at US$87.14 a barrel. A softer dollar boosted
(7 spot gold which rose 0.9% to US$1,710.00 per ounce.
Well that’s all for our ASX at Breakfast report this morning here at Kalkine TV. Have
a great day trading and stay tuned for more market updates and economic news live throughout
the day. I’m Rachael Jones