Pavan Sharma

US markets (S&P 500 Index -0.2%) edged lower for a third day in a row as nervous investors await the Fed’s guidance on Friday in terms of the interest rate hiking track. There wasn’t much fresh news to drive markets, but weaker US data (services and housing) overnight got the market’s attention, causing some choppy trading conditions Most sectors were lower except for energy and materials. Supply issues continue to push commodity prices higher, as Saudi Arabia threatened to cut production. European markets (Stoxx 600 Index -0.5%) were lower after digesting higher oil prices and weaker economic data from the eurozone. Purchasing managers index (PMI) data out of eurozone contracted for the second month in a row.

US markets (S&P 500 Index -2.1%) fell sharply overnight, suffering the worse single day decline since June as markets prepared for a more hawkish monetary policy outlook from the Fed on Friday –  as more is still required to fight inflation.

BHP shares were higher after delivering a bumper result for the 2022 financial year, beating marketing expectations. BHP delivered its second-largest profit to date with underlying profit coming in at US$21.3 billion, which does not include the profit generated from the sale of its petroleum assets to Woodside. The full-year dividend came in at US$3.25 per share, well ahead of analyst expectations. Iron ore prices continue to remain elevated (on a 10-year view still above $100/tonne) but the standout was coal operations, as its prices have surged recently and held up much better, benefitting from the Ukraine invasion.

Technical Analysis: CEN shares have trended lower over the last year or so, its valuation being sensitive to a higher interest rate environment.

Technical Analysis: We can see Telstra shares have been mostly rangebound between the $3.84 to $4.05 zone most of the time with a relatively low degree of volatility.

US markets (S&P 500 Index -1.3%) fell on Friday, to end the week down -0.8% as investors became more cautious around the higher interest rate backdrop.

Shares of wastewater treatment business DEM have had a difficult 2022, despite the company not releasing any “bad” news.

Contact shares rose after delivering its 2022 full-year result which was mostly in line with expectations – operating earnings (EBITDA) came in at $537m, with a full-year dividend of $0.35 per share.