2min read
PREVIOUS ARTICLE Wall Street learns the high co... NEXT ARTICLE Longest non-stop passenger fli...

Latest news

Aussie shares are slipping for a third day, with the ASX 200 down 17pts or 0.3 per cent to 6629 due to losses across most sectors. Slower growth for China’s economy late last week, a weak lead from Wall Street on Friday, together with Brexit and U.S. – China dispute uncertainty are keeping markets on edge.

Wisetech (WTC) slumped by 12 per cent this morning on further allegations from a U.S. based short seller. The logistics software developer re-entered a trading halt after less than an hour of trade Monday morning. The U.S. group criticised the company’s poorly integrated acquisitions. Last week, it made accusations of overstated profit results.

Treasury Wine Estates (TWE) is down 9 per cent on news its longtime CEO and Managing Director, Michael Clarke will retire in 12 months. Mr Clarke has been with the group behind Penfold’s for over six years. Under his guidance, TWE shares have more than quadrupled in value.

Afterpay Touch (APT) is down 3 per cent and is slipping for a fourth day. In a two-page media release this morning, the buy-nowpay-later company defended its business model and said it is “…not currently subject to an RBA inquiry or review process”.

Both Lynas Corp (LYC) and St Barbara (SBM) are up strongly following quarterly production reports.

No major market moving data is due in Australia this week, however weekly consumer confidence survey results and a monthly update on internet job vacancies will receive some attention. The unemployment rate improved to 5.2 per cent last week, which has lowered the chances of a rate cut on Melbourne Cup day. Consumer confidence fell sharply this month following the October rate cut. The job vacancies data is considered a leading indicator of the labour market.

This will be a busy week for some companies due to a number of Annual General Meetings (AGMs) and quarterly reports. Cochlear (COH), JB Hi-Fi (JBH), Tabcorp (TAH), IAG and Qantas (QAN) will hold AGMs while Fortescue (FMG), Whitehaven (WHC), Oil Search (OSH), AMP and Qantas (QAN) are due for updates.

Overseas, the US quarterly earnings season heats up this week. Tech giants like Microsoft, Facebook, Amazon, Twitter, Intel and AMD are all expected to post results while trade sensitive stocks including Boeing and Caterpillar are also set to release earnings.

1.2bn shares have changed hands so far today worth $2.4bn. 523 stocks are up, 486 down and 339 are unchanged.

Published by CommSec