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S&P/ASX 200 (XJO) price buoyant as CBA share price rises

The Australian share market or S&P/ASX 200 (INDEXASX: XJO) eked out a tiny gain on Tuesday, with the gauge lifting 1.9 points to 7,311.1, while the broader All Ordinaries (INDEXASX: XAO) index went the other way, albeit by an even smaller quantum, down 0.2 points at 7,519.7.

National Australia Bank’s (ASX: NAB) monthly survey showed that Australian business confidence continues to rise – despite business conditions dipping slightly – challenging expectations that the economy would continue to cool.

In other data, China’s exports fell for a third consecutive month in July, hurting hopes for a strong recovery in the world’s number two economy. That fed into losses for mining heavyweights Rio Tinto Ltd (ASX: RIO) and BHP Group Ltd (ASX: BHP): Rio lost 48 cents, or 0.4%, to $113.46, while BHP was down 25 cents, or 0.6%, to $45.32. But Fortescue Metals Group Ltd (ASX: FMG) bucked the trend, up 9 cents, or 0.4%, to $21.14.

The Commonwealth Bank of Australia (ASX: CBA) share price gained 36 cents, or 0.4% to $102.21 ahead of its profit report on Wednesday.

CBA (ASX:CBA) share price under spotlight on mixed FY23 result

NAB advanced 7 cents, or 0.3%, to $28.03; while ANZ Banking Group (ASX: ANZ) lost 6 cents to $25.24; and Westpac Banking Corp (ASX: WBC) shed 12 cents, or 0.6%, to $21.71. Also reporting today is insurer Suncorp Group (ASX: SUN), which eased 2 cents to $13.75; but QBE Insurance Group Ltd (ASX: QBE) gained 23 cents, or 1.5%, to $15.88.

James Hardie, Myer, lead in different directions

Building products heavyweight James Hardie Industries plc (ASX: JHX) was a star performer, rising $5.86, or 14.2%, to $46.53, after posting an increase in earnings and margins. James Hardie shares are now up more than 75% since January.

The James Hardie Industries plc (ASX:JHX) share price is crushing the ASX 200 today

Department store chain Myer Holdings Ltd (ASX: MYR) sank 10 cents, or 14.1%, to 61 cents after reporting weaker sales growth in the second half.

In a market update ahead of its full-year report, Myer upgraded its profit expectations to between $69 million and $73 million for the 2023 financial year. Online retailer Redbubble Ltd (ASX: RBL) also had a bad day, falling 10 cents, or 14.3%, to 60 cents.

Lithium miner Pilbara Minerals Ltd (ASX: PLS) added a further 14 cents, or 1.9%, to $5.28, after analysts at JPMorgan Chase & Co (NYSE: JPM) upgraded the stock to “overweight” on the back of the miner upgrading its resource estimate at its Pilgangoora project in Western Australia by 36%.

Fellow lithium producer Allkem (ASX: AKE) fell 36 cents, or 2.5%, to $14.34. In energy, Woodside Energy Group Ltd (ASX: WDS) added 23 cents, or 0.6%, to $38.40, on the back of news that it will sell 10% of its flagship Scarborough gas project to LNG Japan for $US500 million ($763 million).

Coal producer Coronado Global Resources Inc (ASX: CRN) tumbled 19 cents, or 11.6%, to $1.455 after the coal producer reported a 24% dip in revenue. Fellow producer Terracom Ltd (ASX: TER) slid 1.5 cents, or 3.7%, to 40 cents.

Moody’s mauls banking moguls

In the US, stocks retreated Tuesday on the back of a downgrade of the banking sector by credit rating agency Moody’s. The ratings agency cut the ratings of ten US banks and placed some big names – including Bank of New York Mellon, U.S. Bancorp, State Street, Trust Financial and Northern Trust – on credit watch.

The 30-stock Dow Jones Industrial Average slipped 158.64 points, or 0.5%, to close at 35,314.49, while the broader S&P 500 (INDEXSP: .INX) index gave up 19.06 points, or 0.4%, to 4,499.38, and the tech-heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) index lost 110.07 points, or 0.8%, to 13,884.32.

In the bond market, the US 10-year Treasury yield slid 5.8 basis points, to 4.033%, while the 2-year yield eased 1.3 basis points to 4.758%. Gold wound back US$11.34, or 0.6%, to US$1,925.46 an ounce, while the global benchmark Brent crude oil grade lifted 83 cents, or 1%, to US$86.17 a barrel and US West Texas Intermediate crude retreated 22 cents, or 0.3%, to US$82.70 a barrel.

The Australian dollar is buying 65.39 US cents this morning, up from 65.22 US cents at the ASX close on Tuesday.

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