XJO - Bear Posts only (Factors which might cause the markets to fall), page-12086

Australia Q2 Corporate Profits Plunge
Corporate profits in Australia tumbled by 13.1% qoq in Q2 of 2023, far deeper than market consensus of a 0.9% fall and shifting from an upwardly revised 1.3% growth in Q1. This was the steepest decline in corporate profits at least since the record began in Q2 of 1994, with profits falling at manufacturers (-8.9% vs 7.0% in Q1), miners (-21.3% vs -1.6%), utility providers (-4.0% vs 8.5%), communication & information (-0.3% vs 1.1%), wholesale traders (-6.8% vs -4.1%), transport (-11.0% vs 9.7%), and accommodation, food services (-23.6% vs -13.4%). At the same time, profit growth slowed for constructors (0.5% vs 6.5%), other services (2.2% vs 8.8%), and financial and insurance (15.7% vs 24.4%). Meantime, profits accelerated at administrative, and support services (25.7% vs 7.2%), while rebounding at retail traders (1.8% vs -0.5%) and arts and recreation services (2.7% vs -7.3%). Through the year to June, corporate profits plunged by 11.8%, reversing a 7.9% rise in the prior period.