Reporting season reacap: All the latest news from the ASX as companies deliver their financial reports
Wednesday has the makings of another packed reporting day, after a raft of contractors reported full-year results amid what generally seemed like a positive outlook for the sector despite commodity price woes.
Monadelphous was upbeat about its prospects in mining and resources, meanwhile SRG Global was encouraged by what it views as a huge pipeline of available work in defence, water and the electrification of Australia.
There were a few novel items here and there, with Macmahon copping a blow to its bottom line after exposure to a collapsed company and Perenti making some big changes to its remuneration policy to drive safety performance.
And there are plenty more companies ready to flood the ASX with updates today ranging from retail to oil and gas.
We’re expecting a bit more of a mixed bag today, with Domino’s, Bapcor, Santos, Breville, Fletcher Building, Iluka Resources, Lycopodium, IAG and more.
Key Events
From the US overnight with CNBC
Stocks ticked lower on Tuesday, ending a winning streak as investors failed to build on the market’s recent recovery rally.
The Dow Jones Industrial Average slid 61.56 points, or 0.15 per cent, to 40,834.97. The S&P 500 slid 0.2 per cent to 5,597.12, while the Nasdaq Composite shed 0.33 per cent to 17,816.94.
Tuesday’s declines snapped eight-day winning streaks for the S&P 500 and Nasdaq, the first positive periods of that length for each since late 2023.
If the S&P 500 had finished Tuesday up, it would have marked its longest winning streak since 2004. Meanwhile, the Dow notched its first negative day in the last six.
Despite Tuesday’s moves, the major averages have bounced back and market volatility has tumbled since the start of the month. The CBOE Volatility Index, or VIX, was last under 16 after topping 65 on Aug. 5. That was also the day that the S&P 500 suffered its worst session since 2022 amid a global market sell-off sparked by a weak July jobs report and an interest rate hike in Japan.
But strong retail sales data and a soft inflation report issued last week have helped soothe investors’ fears on the economy. The S&P 500 and Nasdaq are now both higher by more than 1 per cent on the month, underscoring the market’s dramatic turnaround.
This week, investors are readying themselves for the Federal Reserve’s annual Jackson Hole Economic Symposium, where Fed Chair Jerome Powell is scheduled to give remarks Friday.
CNBC
Originally published on The West Australian
