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EUR/USD and EUR/GBP are attempting to stabilize after recent fluctuations, with EUR/USD recovering from a seven-day decline and facing resistance at $1.1002. Meanwhile, AUD/USD is experiencing its fourth consecutive day of decline, reflecting ongoing market volatility.
BHP has upgraded its rating to Buy, citing overly pessimistic assumptions about iron ore prices and Chinese growth. Recent Chinese stimulus measures, including interest rate cuts and support for the housing sector, aim to boost investor sentiment despite ongoing weak steel production. The mining sector remains sensitive to commodity price fluctuations and currency movements, with a focus on long-term asset management and capital allocation.
The Bank of Queensland (BOQ) plans to cut approximately 400 staff, or 13%, by December 2024, aiming for A$250 million in cost savings by FY 2026. The bank will also incur A$115 million to A$125 million in pre-tax costs to convert 114 branches to corporate operations, with an expected annual cash NPAT benefit of A$20 million starting FY 2026. However, significant risks remain, including operational challenges and regulatory scrutiny, leading to a negative market sentiment and a maintained Sell rating on BOQ.
US share markets faced pressure from escalating Middle East tensions and anticipation of the September payrolls report, while the ASX 200 reached a record high before declining. Key economic indicators showed mixed results, with stronger job openings and a rise in crude oil prices, while inflation in the euro area eased and China's manufacturing PMI fell. Upcoming key dates include the RBA meeting minutes and US inflation data, as markets brace for potential shifts in monetary policy.
The Swiss stock market opened lower on Thursday, influenced by a slowdown in consumer price inflation, which rose by 0.8% year-on-year in September. The leading SMI index fell by 0.20%, with 25 of the 30 major stocks declining, while Sandoz, Novartis, and Givaudan were among the few gainers. Analysts anticipate a potential rate cut by the Swiss National Bank in December 2024 due to declining inflation forecasts.
Investors are advised to reduce their exposure to the US dollar as it is expected to weaken further due to narrowing interest rate advantages and concerns over the fiscal deficit. Recommended strategies include hedging dollar assets and diversifying into currencies like the euro, British pound, and Australian dollar, as well as allocating up to 5% to gold.
The AUD/USD surged to 0.6900, marking a 1.38% weekly gain and its highest close in 20 months, driven by a dovish pivot from Chinese authorities and a recent U.S. Federal Reserve rate cut. Retail sales data due on October 1 is anticipated to show a 0.40% rise, influenced by government rebates and spending for Father's Day. The pair is consolidating just below its year-to-date high, with potential resistance at 0.7000.
Myer Holdings (ASX: MYR) faced a challenging FY24, marked by store closures and rising costs, leading to a 61% drop in total dividends. Despite a 0.4% increase in comparable store sales, shares fell 11% post-results but are up 40% year-to-date. The company is undergoing a strategic review and exploring a potential merger with Premier Investments' Apparel Brands division to enhance profitability and market position.
Myer Holdings has reported a decline in financial performance amid challenging retail conditions, yet announced a fully franked dividend of $0.005 per share. Executive Chair Olivia Worth aims to reverse the company's fortunes through strategic changes, despite mixed analyst sentiment and increasing competition from online platforms. Myer is also considering store closures and potential mergers to enhance its competitiveness in a rapidly evolving retail landscape.
Australian Dollar
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euro pairs stabilize as australian dollar faces fourth consecutive decline
23:51 08.10.2024
China's stimulus measures aim to boost mining sector and investor sentiment
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myer faces challenges amid store closures and strategic review for recovery
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