ASX 200 futures are up 38 points, or +0.49%, as of 8:20am AEST.
Strap yourselves in because it's another big week in markets. The latest RBA monetary policy decision will be handed down on Tuesday and everyone will be eyeing for a subtle change in language which could lead to more rate hikes.
Over the weekend, the latest US jobs report suggested some loosening was starting to show - just 175,000 jobs were added last month (which was well short of economist expectations) and the unemployment rate ticked up. But jobs reports - be it in Australia or the US - are infamously noisy so take one month's numbers with a grain of salt.
Warren Buffett has also been making headlines too - selling even more stock and boosting Berkshire Hathaway's cash balance to US$189 billion. (More on this in the headlines)
On the home front, the shares of Westpac will be in focus after it announced a $1 billion buyback and a special dividend despite a 16% decrease in net profit.
Let's dive in.
Tue 07 May 24, 8:21am (AEST)
Tue 07 May 24, 8:21am (AEST)
Dow closes higher by more than 400 points as April jobs report bolsters Fed rate cut hopes
European markets close higher; French banks gain on profit beats as Novo Nordisk slides
10-year Treasury yield briefly dives below 4.5% as unemployment rate rises to 3.9%
Oil prices fall, head for steepest weekly drop in three months
Gold resumes retreat despite soft jobs report as traders book profits
Investors continue to prefer passive over active funds
Berkshire Hathaway's operating profit increased 39% y/y to just over $11.2B, cash pile climbed to record $189B
Berkshire Hathaway trimmed Apple stake for second straight quarter; Buffett suggested sale was for tax reasons and expects it to remain Berkshire's largest holding
Buffett says Berkshire sold all of its stake in Paramount at a loss and blames himself for the decision
Buffett says designated successor Greg Abel will have final word on Berkshire's investing decisions when he is gone
Just 18% of S&P companies that have provided guidance have beat consensus expectations
Tesla decision to pull back on buildout of electric chargers across US raises uncertainty about how fast other charging companies can address the shortage
Google and Justice Dept. wrapped up closing arguments in government's antitrust case last Friday; more federal cases testing big tech's dominance on the way
DoJ to decide by 28-May about whether Boeing violated agreement protecting it from criminal prosecution
Fed's Goolsbee wants central bank to provide economic projections behind each dot in SEP
European banks rallying on balance sheet repair, cost cutting, higher rates, capital returns
Consumers pushing back against high food costs, forcing companies to ramp up value proposition
Yuan weakness providing big tailwind for China exports
China has been a big factor behind gold rally as investors there see few better alternatives
Keep an eye on Westpac shares following its first-half result. Net profit and revenues declined at the bank but return on equity increased by 40bps half-over-half. They've also declared a 75 cent per share interim dividend and a 15 cent per share special dividend - both beat the expectations of the brokers we wrote about in our Bank Earnings preview last week.
Shares in dual-listed Spark New Zealand will be in focus after the company reduced its earnings guidance for the full year by some NZ$50 million due to weaker demand in the normally sticky government and enterprise markets.
Tue 07 May 24, 8:22am (AEST)
Companies trading ex-dividend:
Monday 6 May: Link Administrative Holdings (LNK) - $0.16\
Wednesday 8 May: Resmed (RMD) - $0.052
Thursday 9 May: Future Generation Australia (FGX) $0.034, United Overseas Australia $0.02
Economic calendar (AEST):
11:00am – AUD – MI inflation gauge, NZD – ANZ commodity prices
11:30am – AIUD – ANZ job advertisements
11:45am – CNY – Caixin Services PMI
This Morning Wrap was written by Hans Lee and Chris Conway.
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