Good morning and welcome to ASX At Breakfast. IM Rachael Jones, reporting live from the Kalkine
Studio in Sydney Australia.(1) Australian shares are expected to begin the week on
a muted note following another sell-off on Wall Street last Friday. The global
sentiment was hurt on expectations that the hawkish monetary rate policy from US Federal
Reserve to tackle inflation would pull down major global economies into recession. The
latest SPI futures indicate that the ASX 200 would open 82 points or 1.25% lower on
Monday. On Friday, the benchmark index closed 1.9% lower at 6,574.7 points.
(2) The Star Entertainment Group advises that Geoff Hogg has tendered his resignation as
Acting Chief Executive Officer, and from all other positions at The Star. The Board has
accepted his resignation. His final departure date is yet to be determined. Ben Heap will
assume the role of Executive Chairman, on an interim basis, effective immediately and until
Robbie Cooke starts as the incoming Managing Director and Chief Executive Officer.
(3) Ramsay and KKR end takeover talks
Ramsay Health Care and the consortium of financial investors led by KKR have
mutually agreed to terminate discussions regarding a non-binding indicative takeover
proposal. The Ramsay Board remains open to engaging in relation to a
change of control proposal but that must provide appropriate value for
shareholders and has sufficient certainty of completion in a reasonable timeframe.
Internet company (4) Superloop has entered into a sale and purchase agreement to acquire VostroNet
Holdings for $35 million. They are a provider of wholesale Fibre-to-the-Premises access networks
and purpose built student accommodation broadband. The acquisition consolidates and
expands Superloop’s strong managed WiFi position into adjacent On-Net broadband markets. VostroNet
is a leading infrastructure owner and internet provider delivering highspeed FTTP and intelligent
WiFi networks for multi-dwelling and broadacre developments. Key customers include UniLodge,
Queensland University of Technology and Sunshine Coast Council for WiFi solutions.
Now it’s time for as 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 1.6%, the S&P 500 dipped 1.7%,
and the NASDAQ ended 1.8% lower. The S&P 500 and the NASDAQ, already in bear market territory,
fell 1.72% and 1.85, respectively. In Europe, the Stoxx 50 fell 2.3%, the FTSE dipped 2%, the
CAC dropped 2.3%, and the DAX ended 2% lower. MSCI's world stocks index fell 2.07% to almost
two-year lows. (6) Oil prices fell nearly 5% to an eight-month low. The crude oil turned up
more expensive on rising strength in the US dollar and as expectations of recession hit
the demand outlook. (7) Brent crude futures fell US$4.31 at US$86.15 a barrel. WTI crude declined
US$4.75 to settle at US$78.74. The prices of gold declined to their lowest levels since seen
in April 2022 as the rally in the dollar and rising Treasury yields hurt bullion,
which pays no interest. (8) US gold futures closed 1.5% lower at US$1,655.60. Meanwhile,
Bitcoin declined 2.57% to US$18,904.00. 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