ASX to slip, Wall Street modestly lower
The yield on the US 10-year note was 6 basis points lower to 3.45 per cent at 4.19pm in New York.
On Wall Street, shares fluctuated marginally higher and lower through the session as investors parsed a range of quarterly results and awaited more.
Industrials led six of the S&P 500’s 11 industry sectors higher with a 0.7 per cent rise. Communication services paced the decliners, with a 0.7 per cent fall.
In a note on inflation after release of its latest monthly business surveys on Tuesday, NAB said “our mappings suggest the survey is consistent with a [fourth quarter] trimmed mean CPI print of around 1½-1-¾, which is broadly in line with NAB’s forecast of 1.6 per cent quarter-over-quarter (and is close to the market consensus of 1.5 per cent q/q)“.
Local: Fourth quarter CPI at 11.30am AEDT
Overseas data: NZ fourth quarter CPI at 8.45am AEDT, December credit card spending; Eurozone January IFO business climate survey
Other top stories
Property price slump slows from record speed The record-breaking speed of house price falls may be over, with values slipping by just 0.7 per cent across the combined capital cities in the December quarter, as buyers adapted to higher interest rates, Domain data shows.
Telstra, NAB, REA chiefs to work on Australia Day Vicki Brady said that January 26 was “a painful reminder of discrimination and exclusion” for many Indigenous Australians.
Surging gold casts a shadow over bull market The strong rebound in the gold price ahead of a protracted US debt ceiling battle suggests that the latest rally in risk assets is much more fragile than it appears.
Sukkar dismisses calls to sanction PwC over leaking scandal The former assistant treasurer and PwC alumni cemented the big four firm’s position as the dominant supplier of government tax advice.
ASX futures down 10 points or 0.1 per cent to 7425 near 8.15am AEDT
- AUD +0.2% to 70.44 US cents
- Bitcoin +0.3% to $US23,037 near 8.05am AEDT
- On Wall St: Dow +0.3% S&P -0.1% Nasdaq -0.3%
- In New York: BHP +0.6% Rio +0.3% Atlassian -1.9%
- Tesla +0.1% Apple +1% Amazon -1.1% Alphabet -2%
- In Europe: Stoxx 50 +0.1% FTSE -0.4% CAC +0.3% DAX -0.1%
- Spot gold +0.3% to $US1936.19 an ounce at 2.22pm New York time
- Brent crude -2.5% to $US85.97 a barrel
- 10-year yield: US 3.45% Australia 3.46% Germany 2.14%
- US prices as of 4.19pm in New York
The S&P Global flash January composite purchasing managers index rose 1.6 points to 46.6, the group reported. Readings below 50 indicate falling activity. The gauge of input prices climbed for the first time since May.
While the improvement in the composite measure of output at factories and services providers was the first in four months and points to a slower rate of deterioration, the gain in the price index indicates businesses are still contending with rising costs for labour and some materials.
Treasury Secretary Janet Yellen advised Congress that her department is deploying an additional accounting manoeuvre to avert breaching the federal debt limit.
Yellen said in a letter to bipartisan congressional leaders that the Treasury will be altering the investments in a third government-run fund for retirees, after last week advising them of similar action for two others.
S&P 500 poised to plunge 17pc this year: Grantham The 84-year-old co-founder and long-term investment strategist of GMO says the S&P 500 could fall to as low as 3000 during 2023.
Tesla’s results, outlook represent Musk’s ‘moment of truth’: Wedbush The electric vehicle maker will report quarterly results on Thursday AEDT, a critical moment for Tesla and Elon Musk, says Wedbush Securities analyst Dan Ives.
3M Co said it plans to cut about 2500 manufacturing jobs, citing persistent economic hurdles, and forecast profit for this year that fell short of Wall Street estimates. The stock tumbled by the most in nearly 13 years.
The maker of Post-it notes, surgical supplies and touch-screen displays said Tuesday that it sees adjusted earnings for 2023 in a range of $US8.50 to $US9 per share, excluding special items. That’s below the average analyst estimate. Organic sales could fall as much as 3 per cent, the industrial and consumer-goods conglomerate said.
Johnson & Johnson said it sees the impact from high inflation carrying into 2023 and expects China’s major COVID-19 outbreak to dent sales at its medical devices unit in the first half of the year.
J&J forecast 2023 sales of $US96.9 billion to $US97.9 billion, putting the midpoint of the range below Wall Street estimates, while fourth-quarter profit came in ahead of expectations due to cost management and strong demand for some prescription medicines.
General Electric Co continues to grapple with lingering issues in its renewable energy business, even as the slimmed-down manufacturer says strong demand for air travel will help boost overall profits this year.
Adjusted earnings will be as much as $US2 a share in 2023, the company said. That’s up from 77 US cents last year, but still short of the $US2.37 average of analyst estimates compiled by Bloomberg.
Halliburton plans to return half its annual free cash flow to shareholders as the world’s biggest provider of fracking services follows its oil-and-gas clients in giving more profits back to investors.
Halliburton announced a 33 per cent hike to its dividend and a resumption of its share buyback program Tuesday after reporting fourth-quarter earnings that beat analysts’ estimates.
Goldman Sachs and Bank of America have relinquished their lead roles on Abu Dhabi National Oil Co’s planned mega initial public offering of its natural gas business, people with knowledge of the matter said.
Adnoc is accelerating the timing of the listing, which is now slated to take place as soon as next month, the people said. HSBC Holdings is now working alongside First Abu Dhabi Bank as a joint global coordinator on the proposed listing the people said.
Aussie start-up bids for failed UK battery maker – and its $6.7b plan Geelong-based Recharge Industries wants to take over collapsed UK company Britishvolt – and if it succeeds, it could be the biggest battery play in Britain.
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