US Markets
US markets rebounded strongly overnight, boosted by gains in aluminum and steel producers. This positive momentum was further fueled by strong earnings reports, including McDonald’s 4.5% surge after reporting higher global sales and Nvidia’s continued gains. Gold also hit a record high, trading above $2900 per ounce.
The Dow Jones Industrial Average rose 167.01 points, or 0.38%, closing at 44,470.41, with McDonald’s leading the gains with a 4.8% increase. The S&P 500 advanced 0.67% to 6,066.44, while the Nasdaq Composite added 0.98% to finish at 19,714.27.
Local Market
Australian shares are poised for a strong opening, mirroring the positive momentum from Wall Street overnight. The surge in US technology and metal stocks, combined with record gold prices, has created a positive outlook for the ASX 200, with futures indicating a 0.3% rise.
Company News
CSL reported a 6% increase in net income for the first half, driven by robust sales. This positive result reinforces CSL’s position as a leading healthcare company.
Macquarie Group’s profits remained flat despite positive performance in its financial services divisions. This suggests potential challenges offsetting gains within the company.
Seven West Media experienced a decline in revenue due to lower television advertising revenue. This highlights the ongoing challenges faced by traditional media companies in a changing media landscape.
Breville reported a significant 16% jump in net profit and increased its dividend. This strong performance reflects the company’s success in the small appliance market.
SGH Ltd increased its dividend by an impressive 30%, driven by strong returns from its building products business, Boral. This highlights the strength of the construction sector and Boral’s contribution to SGH Ltd’s overall performance.
Economic News
Westpac’s consumer confidence report and NAB’s business confidence and conditions reports will be released today, providing valuable insights into the Australian economy.
