Global Markets Update
- U.S. equity markets closed higher overnight, with both the Dow Jones and S&P 500 up +0.1% and NASDAQ gaining +0.5%, amid growing optimism about the momentum of the economic recovery with Covid-19 cases falling in many of the original delta-variant hot spots in the U.S.
- Long-dated U.S. treasury yields were mixed, with the 2-Yr yield lower at 0.222% and the 10-Yr yield higher at 1.294%.
- European markets. European equity markets closed mostly higher overnight, with the Stoxx Europe 600 flat as sentiment was hurt after data revealed euro-area consumer confidence slipped for a second month in August, reflecting concerns that resurgent coronavirus infections will trigger new lockdowns. German DAX gained +0.3%, after data revealed German economy grew faster than initially reported in 2Q21 with output increasing +1.6% qoq compared with an earlier estimate of +1.5% qoq, bolstered by a surge in private consumption. The U.K. FTSE 100 gained +0.2%.
- Asian markets. Asian equity markets closed higher overnight, with the Shanghai Composite up +1.1% and Hang Seng gaining +2.5%, as Tech stocks rebounded helped by a sentiment boost from Tencent’s ongoing share buyback and Cathie Wood’s purchase of JD.com shares after strong results. Nikkei 225 gained +0.9% and KOSPI closed +1.6% higher.
- WTI oil is trading at US$67.65 a barrel. Iron ore price is at US$142.51 per ton. Spot gold is trading at US$1,804 per oz.
ASX Market Update
- ASX performance. The ASX 200 closed +0.17% higher yesterday.
- Nanosonics Ltd (NAN) surged +21.9%, after the Company upgraded its North American total addressable market size to 60,000 units from 40,000 units and announced it anticipates a return to double digit growth in total revenue in FY22. Kogan.com Ltd (KGN) declined -15.8%, after FY21 net profit dropped -87% and the Board scrapped final dividend. Monadelphous Group Ltd (MND) was down -14.4%, after flagging it sees revenue for FY22 declining due to the timing of new major projects. Austal Ltd (ASB) was down -13.1%, after lowering FY21 final dividend to AU$0.04 per share from AU$0.05 per share, as FY21 profit fell -8.8% over pcp to A$81.1m.
Today’s trading. The U.S., durable goods orders and MBA mortgage applications data is to be published.