August 22, 2023

The S&P 500 fell Tuesday, weighed by concerns over rising Treasury yields ahead of a key speech later this week from Federal Reserve Chairman Jerome Powell, as well as declines in banking and retail shares. The S&P 500 edged 0.3 per cent lower to 4,387.55, while the Dow Jones Industrial Average slid 174.86 points, or […]

Global rating agencies’ recent downgrades of the US banking sector have raised concerns. Moody’s and Fitch initiated the trend, signalling potential issues. S&P Global, the third major agency, followed suit, downgrading and warning mid level banks due to funding risks and profitability challenges. These moves come amid bank failures and issues in mid level institutions.

Moody’s had previously set the tone by issuing ratings adjustments affecting 27 US banks of varying sizes. Rival Fitch, last week, reminded observers of its June downgrade to the US banking sector’s operating environment – an initial move leading up to a potentially significant downgrade, with even industry giant JPMorgan Chase at risk. Then, on

The S&P/ASX 200 is currently trading 0.06 per cent higher at 7,119.60. The SPI futures have risen by 4 points. Among the sectors, the Information Technology sector is the best performer, experiencing a 5.48 per cent increase. On the other hand, the Consumer Staples sector is the worst performer, showing a decrease of 2.36 per

Australian supermarket operator Coles (ASX:COL) has reported a 4.8% rise in its full-year cash profit, amounting to $1.1 billion, driven by a solid surge in revenue from its grocery division. While revenue from liquor sales experienced a slight decline, Coles, the country’s second-largest supermarket chain, achieved $36.75 billion in revenue from its groceries segment, marking

Woodside Energy (ASX:WOO), driven by a surge in oil and gas production following its merger with BHP’s petroleum business last year, has posted a remarkable 6% rise in first-half profit, reaching a record high. The company’s net income for the half-year ending June 30 climbed to $1.74 billion USD ($2.71 billion AUD), marking a substantial

Investors in Hong Kong and mainland China have expressed disappointment following the People’s Bank of China’s (PBoC) modest rate cut and the country’s securities regulator’s push for share buybacks among Chinese listed companies. The moves failed to provide the expected boost to the economy and stock markets, leading to a drop in markets in China

HUB24, (ASX:HUB), has announced its financial results for the fiscal year ending June 30, 2023, showcasing robust growth across multiple metrics. In a recent report, HUB24 revealed its Underlying Net Profit After Tax (NPAT) reached $58.8 million, marking a significant 64% increase. The company’s Underlying Group EBITDA surged by 45% to $102.4 million. Additionally, the

Shares of online retailer Kogan (ASX:KGN) faced a sharp decline on Tuesday as investors reacted to the company’s 2022-23 results. The shares experienced a 16% drop at one point, settling around a 14% decrease by midday. The financials, which lacked encouragement, confirmed that the end of the pandemic and the reopening of the economy had

Lake Resources (ASX:LKE; OTC:LLKKF) reports that deeper drilling at the Kachi lithium brine Project in Argentina indicates significantly larger horizontal and vertical extents of the lithium-bearing brine than previously understood. In response, Michael Gabora, Director of Geology and Hydrogeology of Lake Resources, commented, “the latest drilling intercept results indicate that this resource is much larger