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ASX 200 opens 0.3% lower, focus on local earnings

Published 27/02/2024, 09:04 am
Updated 27/02/2024, 09:04 am
© Reuters - The Australian share market slipped 0.3% at Tuesday's open, as investors turned their attention toward a deluge of local earnings reports ahead of key US interest rate forecasts set for release later in the week.

In the US, the S&P 500 index concluded the day with a 0.4% dip to 5069.53, while the Dow Jones Industrial Average fell 0.2%, and the NASDAQ Composite slipped 0.1%. Tesla Inc (NASDAQ:TSLA) managed to recover some of its losses, reducing its year-to-date deficit to less than 20%. In contrast, Apple (NASDAQ:AAPL) extended its decline over the past month to over 6%.

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Amazon (NASDAQ:AMZN) shares oscillated throughout the day, ending slightly down, following the company's official induction as one of the 30 components of the Dow Jones, replacing Walgreens Boots Alliance (NASDAQ:WBA). Smaller tech companies, including Arm Holdings (NASDAQ:ARM) and Palo Alto Networks, made notable gains, with Arm's shares leaping over 9% in the past month.

Several local companies are slated to announce their earnings on Tuesday. The roster includes a diverse range of enterprises, from energy to retail and technology sectors.

The companies that are scheduled to present their reports include Abacus Property Group (ASX:ABG), Altium Ltd (ASX:ALU), Alumina Ltd (ASX:AWC), and Appen Ltd (ASX:APX), Chorus Ltd (ASX:CNU), Coles Group Ltd (ASX:COL), and City Chic Collective Ltd (ASX:CCX). Tyro Payments Ltd (ASX:TYR), Woodside Energy Ltd (ASX:WDS), and Zip Co Ltd (ASX:ZIP) will also be under the spotlight as they release their earnings data.

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Iron ore miners could face challenges as the spot price continues to fall. Reports suggest that Vale, the world's second-largest iron ore producer, is looking to increase its sales outside of China, indicating a lack of optimism about a recovery.

In the week ahead, the key data point for US markets will be the PCE inflation on Friday AEDT, with 12 Federal Reserve policymakers set to speak. There are also rising concerns about a potential US federal government shutdown taking effect on March 1, unless a deal is secured in the next few days.

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