The Australian share market, or S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index, is expected to open lower Friday morning, according to the Sydney Futures Exchange.
Here’s what you need to know:
SFE ASX 200 futures: -131
Australian Dollar ($A) (AUDUSD): 77.86 US cents
Dow Jones: down 4.1%
Oil (WTI): $US60.41 per barrel
Gold: $US1,320 per ounce
Overnight, London-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) closed down 2.5% and 3.2%, respectively.
Also overnight, the USA’s Dow Jones slumped more than 4%, taking it down 10% from its recent record high (which it achieved last month). According to CNBC, the selloff was triggered by fears of rising interest rates.
Stephanie Link, TIAA’s Global Asset Management Managing Director, told CNBC: “This whole correction is really about rates. It’s really about inflation creeping up. It’s really about people thinking the Fed is either behind the curve or actually has to be more aggressive.”
Australian Investing News
This morning, News Corp (ASX: NWS), the owner of The Australian, part owner of Foxtel and REA Group Ltd (ASX: REA), reported its second-quarter results. Rupert Murdoch’s company reported a 3% increase in revenue and a net loss of $66 million — up from a $219 million loss in the prior year.
“The robust first half results highlight the virtue of our strategy to become increasingly digital and global, the discipline of our financial management, and our commitment to premium content and high-quality, high-integrity news,” News Corp CEO Robert Thomson said.
REA Group Ltd (ASX: REA), the owner of realestate.com.au, reported its half-year report to the ASX. The property portal increased its revenue 21% to $407 million, with profit from “core operations” of $147 million, up 21%.
Speciality Fashion Group Ltd. (ASX: SFH), the owner of retail brands like Rivers, filed its half-year report with the ASX showing a 3.3% fall in comparable store sales versus the prior corresponding period.
“In a competitive retail environment, good progress was made towards our objective of building a platform for profitable, sustainable growth, and transforming the business into an agile omnichannel retailer with a strong and visible presence online and on the high street,” Speciality Fashion’s Chairman Anne McDonald said.
“Central to this has been a program to optimise the store network, including the closure of unprofitable stores.”
Finally, entertainment business SKYCITY Entertainment Group Limited (ASX: SKC) reported a 4% rise in half-year revenue, with profit up 11.6%.
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