Good morning and welcome to the Morning Outlook.
I’m Rachael Jones reporting live from Kalkine TV Sydney studio.
The Australian share market is expected to open higher this morning.
According to the latest SPI futures, the ASX 200 is likely to open 56 points or 0.8% higher.
At the closing bell, the S&P/ASX 200 was 0.3 per cent or 20 points higher at 7,117.
The best-performing sector was Energy, up 4.9 per cent. The worst-performing sector was Financials,
down 1.4 per cent. The best-performing stock in the S&P/ASX 200 was PolyNovo (ASX:PNV),
closing 7.3 per cent higher at $1.18. The worst-performing stock in the S&P/ASX 200 was
PointsBet Holdings (ASX:PBH), closing 11.8 per cent lower at $3.68.
The ACCC will not oppose the proposed acquisition of Helloworld Travel
corporate travel management division by Corporate Travel Management Limited,
known as CTM. CTM and Helloworld Corporate both provide travel management services to business
and government customers. The ACCC’s review primarily focused on competition for large
corporate and government customers, as this is where CTM and Helloworld Corporate compete
most closely. Smaller business customers are likely to have less complex travel requirements,
and there are many smaller travel management companies that compete for these customers.
Transportation technology services company EROAD has renewed its
largest New Zealand Enterprise customer contract, Downer EDI. The contract for
5,500 units extends through to December 2025. Downer is one of
the leading providers of integrated services in Australia and New Zealand. In New Zealand,
Downer has partnered with EROAD since 2016, with around 5,500 of their assets, including
both light and heavy vehicles and trailers, installed with EROAD telematic devices.
Legacy Iron Ore has recently completed resource estimation for the Kangaroo Bore,
Blue Peter and Margot Find deposits of the Mt Celia project. This has resulted in an
increase to the total Mineral Resources of the project and with the Indicated category
classification increasing by 8%. Legacy Iron is a Western Australian based Company,
focused on iron ore, base metals, tungsten and gold development and mineral discovery.
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 Morning Outlook report. On Wall Street, The Dow Jones rose 1.79%,
the S&P 500 surged 1.86%, and the NASDAQ ended 1.62% higher.
Powell told a congressional committee that he was "inclined to propose and support a
25-basis-point rate hike" when policymakers meet in two weeks. Traders now see a 5%
probability of a 50-basis-point rate hike at its meeting in two weeks and a 95% probability of
25-basis-point hike. US and European stocks rebounded on Wednesday and crude prices surged
past US$110 a barrel as fighting raged in Ukraine for a seventh day, posing a challenge for central
banks hoping to curb rising inflation. In global stocks, STOXX 50 rose 1.5%, FTSE gained 1.4%,
CAC surged 1.6% and DAX ended 0.7% higher. MSCI's gauge of stocks across the globe gained
0.92%. The Russian rouble strengthened 7.63% at 103.10 per dollar. The dollar index rose 0.228%,
while the euro was down 0.24% to US$1.1099. The Japanese yen weakened 0.60% to 115.58 per
dollar. Oil hit its highest level since 2011 after OPEC decided to hold its output steady
despite the Russia-Ukraine war. US crude rose 5.6% to US$109.18 a barrel. Brent was at US$111.12,
up 5.9% on the day. Gold prices inched lower on improving sentiment and rise in US Treasury yields
from eight-week lows. Spot gold was down 1.3% to US$1,917.30 per ounce. US gold futures fell 1.2%
to US$1,920.90. That’s all for our Morning Outlook 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.