By Oliver Gray
Investing.com - The S&P/ASX 200 lifted 0.42% in Monday’s morning trade, slightly retracing last week’s declines of 1.26% as investors continue to track a slew of U.S. earnings reports and local AGMs due throughout the week, as well as potential policy announcements from both the RBA and the Fed as officials begin tapering asset purchases in the wake of coronavirus related stimulus.
ASX 200 Futures were trading 0.28% lower.
Among stocks, Westpac Banking Corp (ASX:WBC) fell 6.35% after reporting full year results, as analysts proved pessimistic amid a 9% increase in expenses. Energy companies were generally higher as crude oil remains strong. Santos Ltd (ASX:STO) added 0.43%, Oil Search Ltd (ASX:OSH) gained 0.7% while Woodside Petroleum Ltd (ASX:WPL) added 0.21%. Prime Media Group Ltd (ASX:PRT) also surged 69.57% after entering into a a conditional Share Sale Agreement with Seven West Media.
On the bond markets, Australia 10-Year yields were near fresh 32-month highs of 1.954% while United States 10-Year rates were at 1.575%.
Among data, the IHS Markit Australia Manufacturing PMI lifted to 58.2, posting the strongest expansion in factory activity in 4 months, however, higher delivery times contributed to ongoing price pressures, while input cost inflation hit survey records.
Ahead in the session, investors will be looking toward the RBA rate statement, while the FOMC Monetary Statement is set to be released on Wednesday.