The ASX has finished the day 0.56% higher at 7,188 as tech stocks led the gains. The sector finished up 4.17%, sparked by strong results from US Nasdaq heavyweight Nvidia. WiseTech finished 8.56% higher at $75.56, while Xero gained 3.85% to $123.15.
Financials were also strong, rising 1.14% with the big banks all finishing in the green.
Financial advice and funds management group Insignia Financial, formerly IOOF, lost 10.65% to $2.60 after reporting a fall in annual net profit of 15% to $191 million due to weaker capital markets in the last quarter and a decision to cut fees at its core platforms business.
However, Healthcare was hit, losing 0.39%, with Ramsay Healthcare finishing 11.44% lower after halving its full-year dividend. Utilities and Consumer Staples were also in the red, bith finishing 1.13% lower.
Qantas finished 1.13% higher at $6.24 per share after reporting a record $2.5 billion underlying profit before tax and gifting shareholders with a $500 million share buyback.
Jackson Hole: All eyes on Fed’s Powell
The US Federal Reserve’s Jackson Hole symposium takes place this weekend, where governor Jerome Powell is expected to reveal the final steps in the Fed’s plan to tame inflation.
Most analysts expect Powell to give a hawkish speech as the ‘higher for longer’ narrative gains ground given the stronger-than-expected US economy and recent hawkish Fedspeak.
Back in July, Powell said that the “real federal funds rate is now in meaningfully positive territory … I would say, monetary policy is restrictive, more so after today’s decision, meaning that it is putting forward pressure on economic activity and inflation”.
According to a Bloomberg survey, 82% of respondents expect Powell to reinforce the message of a hawkish hold, the expected result of which would be stocks weakening, bond yields ticking even higher and a strengthening of the US dollar.
The US 10-year yield has now reached levels not seen since November 2007, while the resurgence in bond yields has the MSCI index of global stocks on track to record its worst month since September last year.
Five at Five
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Qantas returns to profit, plans $500 million share buyback
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Incannex preparing psilocybin therapy FDA IND application
Incannex Healthcare Ltd (ASX:IHL, NASDAQ:IXHL) chief medical officer Dr Mark Bleakley tells Proactive the company is preparing an application to gain key regulatory approval to begin clinical trials in the US for its psilocybin-assisted psychotherapy development program.
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