ASX Market Open: ASX200 to tumble despite records on S&P500 & Nasdaq | July 10, 2024

ASX News Market Summary
10 Jul 2024 09:20 (AEST)

The ASX200 is in line for a half a per cent tumble this morning.

That’s despite the S&P500 and the Nasdaq both continuing their record runs – both adding about 0.1 per cent – as Tesla and Nvidia shone. Tesla gained 3.7% and Nvidia 2.5%. Apple gained 0.4 per cent making it the first US company to exceed a US$3.5 trillion market cap., lifting its market cap to $US3.51 trillion. But Microsoft shed about 1.5% and Salesforce lost closer to 2% (1.8%) and the Dow Jones slid more than 50 points.

Financials were strong, thanks to Federal Reserve Chair Jerome Powell telling the Senate of his optimism around the central bank trimming interest rates, re-fuelling bets on a September rates cut.

Earnings season is about to begin and Consumer Price Index and Producer Price Index data is also due this week.

Closer to home, New Zealand’s next interest rates decision will be revealed in a few hours time. Its official cash rate has been at 5.5%.

In company news: Regal Partners (ASX:RPL) is acquiring the business trading as Merricks Capital in a $45 million, plus scrip deal. The acquisition will bring the company’s funds under management to above $15 billion.

Whitehawk (ASX:WHK) has achieved its first cyber risk contract with an ASX100 company, Tabcorp Holdings (ASX:TAH). The first phase is worth just over $70,000.

Catalyst Metals (ASX:CYL) 110,000 ounces of gold in FY24 from its Australian gold operations and repaid $28 million in debt . It has reduced its debt position to $8 million during the year, and, Burgundy Diamond Mines (ASX:BDM) has started drilling to extend the life of its Misery underground mine in Canada beyond late next year.

One Australian dollar is worth 67.4 US cents. Iron ore lost some ground overnight to $110 US dollars a tonne, Gold’s been trading around US$2363, brent crude’s just below US$85 a barrel and Natural Gas is fetching $2.35 per million British thermal units.

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