Good morning and welcome to ASX At Breakfast.
IM Rachael Jones, reporting live from the Kalkine Studio in Sydney Australia.
(1)The Australian share market is expected to rebound this morning following strong gains
on Wall Street in the overnight trade.
However, weaker iron ore prices could drag domestic mining shares lower.
The latest SPI futures indicate that the ASX 200 would open 55 points or 0.8% higher.
On Monday, the benchmark index fell 1.4% to 6,664.4 points.
(1) Westpac confirms it is in preliminary discussions with Tyro Payments to acquire
100% of the company’s issued share capital.
There is no certainty that any transaction will result.
An acquisition would strengthen Westpac’s small business proposition, enabling it to
better support customers and grow merchant acquiring, particularly in the hospitality
and healthcare sectors.
(1) Rio Tinto is to modernize its joint venture to develop Rhodes Ridge iron ore project.
Rio Tinto with 50 per cent and Wright Prospecting with 50 per cent have agreed to work the Rhodes
Ridge project in the East Pilbara in Western Australia, home to one of the world’s largest
and highest quality undeveloped iron ore deposits.
The binding joint venture updates an existing agreement between the two parties dating back
to 1972 and now provides a pathway for the development of the Rhodes Ridge deposits utilising
Rio Tinto’s rail, port and power infrastructure.
(1) HUB24 has achieved another strong quarter of growth with the platforms delivering net
inflows of $3.0 billion, down 1.6% on the prior corresponding period.
Average monthly net inflows for FY23 to date of $995 million, up 1.7% from FY22.
During the September quarter there has been an improvement in net inflows following a
slightly softer Q4 FY22 across the market.
Now it’s time for as short break – but stay tuned for more news, set to effect
the trading day.
---------------- Welcome back to the ASX at Breakfast Report.
Taking a quick look first up at the global markets.
In US, (1) The Dow Jones rose 2%, the S&P 500 gained 2.7%, and the NASDAQ ended 3.4%
higher.
In Europe, the Stoxx 50 rose 1.8%, the FTSE surged 0.9%, the CAC gained 1.8%, and the
DAX ended 1.7% higher.
Emerging market stocks rose 0.32%.
MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.19% lower, while Japan's
Nikkei lost 1.16%.
Crude prices oscillated as markets juggled signs of looming recession and China's continued
loose monetary policy.
(1) WTI crude settled down 0.18% to close at US$85.46 per barrel.
Brent closed at US$91.62 per barrel, essentially flat on the day.
Gold prices rose more than 1% on Monday after declines in the previous two sessions, as
the US dollar and Treasury yields faltered, although risks from looming US Federal Reserve
interest rate hikes persisted.
(1) Spot gold added 0.4% to US$1,648.39 an 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