ASX 200 futures are down 44 points to 7,875 as of 8am AEST.
It's likely to be a single stock trade narrative today. The last and largest of the Big Five - Commonwealth Bank - has handed down its Q3 trading update this morning. Elsewhere, REA Group and News Corp as well as Orica have already issued its earnings to market. All of these results are in our ASX Today section in the Wrap.
Elsewhere, we'll get earnings from Light & Wonder. Ampol and Helia are due to hold AGMs and off the back of its special dividend surprise, Westpac trades ex-dividend. And we've already had a broker move that's raising eyebrows.
Let's dive in.
Mon 13 May 24, 8:30am (AEST)
Mon 13 May 24, 8:30am (AEST)
Dow pops more than 170 points to notch sixth positive day and longest win streak in 2024
European markets close higher as investors react to more earnings; Sweden’s central bank cuts rates
10-year Treasury yield inches higher as investors weigh interest rate outlook
US crude oil recovers losses after surprise stockpile decline
Gold holds ground as investors await US data for rate-cut clues
KKR to buy Perpetual's corporate trust and wealth management units for $1.4B
Airbnb expects a stronger summer quarter, spurred by Olympics, but shares fall
Robinhood’s stock rallies as company swings to profit, drums up more business
Shopify shares plunge 18% on weak guidance
Affirm’s upbeat earnings reflect differentiated buy-now-pay-later approach
AMC’s Q1 loss narrows and ‘better times are ahead’ says CEO Adam Aron
Chinese iPhone shipments jumped ~12% in March after Apple slashed prices
Amazon's cloud services breaks into Europe 5G networks with major Telefonica deal
Boeing supplier Spirit AeroSystems' cash and inventory crisis continue to spiral
BOJ's Ueda in strongest signal yet, hints possible policy action if yen moves impact inflation
Sweden's central bank enacts 25 bps hawkish rate cut, its first in eight years
Markets fade chance of RBA rate hike this year, while rate cut calls undermined by strong inflation
Booming profits from corporate America may be enough to shield the US economy from a downturn
Report finds US will triple domestic chip output capacity by 2033, fuelling industry growth
Stock buybacks soaring to highest level since 2018 in sign corporate America is bullish on the US economy
Asia Pacific to get big investment for data centre as AI boom goes into overdrive
German industrial output drops by less than expected in March thanks to construction
German economic institute expects economy to stagnate in 2024
Commonwealth Bank has handed down its Q3 trading update. The numbers are as follows:
H1 Cash NPAT -3% to approximately $2.4 billion
Net interest and operating incomes -1% quarter-over-quarter
Operating performance -5% on the prior quarter due to a small rise in operating expenses (the Bank says it's due to staff costs and higher amortisation)
CET1 Ratio of 11.9%
News Corp and REA Group report together, given the latter is owned by the former. Here are the key numbers:
NWS Q3 revenue -1% year-over-year to US$2.42 billion
NWS Net income -29% year-over-year to US$42 million
REA Q3 revenue +15% to US$256 million, could have been US$266 million (or 5% more) if it were not for negative currency fluctuations)
REA: Residential listing volumes +6% year-over-year, Sydney and Melbourne listings +20% and +18% respectively.
Orica has reported a H1 statutory NPAT of $337.5 million and declared an unfranked interim dividend of 19 cents per share.
Management says inflationary pressures, higher energy costs, supply chain disruptions, and geopolitical risks are going to remain an ongoing challenge.
And following news that American funds management giant KKR is going to buy Perpetual's trustee and advice businesses, Citi has downgraded Perpetual from buy to NEUTRAL with a new price target of $23.25 per share.
Mon 13 May 24, 8:30am (AEST)
Companies trading ex-dividend:
Thursday 9 May: Future Generation Australia (FGX) $0.034, United Overseas Australia $0.02
Economic calendar (AEST):
Tentative – CNY – Trade balance
9:00pm -GBP – BoE monetary policy report, MPC official bank rate
10:30pm – USD – Unemployment claims
Tomorrow, 3am – USD – 30-year bond auction
This Morning Wrap was written by Hans Lee and Chris Conway.
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