ASX falls, EML shares rise as Adbri plunges on net loss

Australian stocks have opened lower after posting five straight weeks of gains for the first time in over a year, while weak underlying prices are expected to weigh on domestic commodity stocks.

The ASX 200 was down 67 points or 1 percent to 7,047 at 10:17am AEST, with almost all sectors open.

At the same time, the Australian dollar was stable at 68.80 US cents.

Brent crude oil was lower, trading at $95.58 a barrel, at 10:19am AEST.

Adbri plunged 16.2 percent after reporting a 15 percent drop in net profit.

Magellan lost 9.6 percent and Block lost 6.5 percent.

On the other hand, shares of EML Payments rose 7.1 percent after reporting an after-tax loss for FY22 of $4.8 million, which was an improvement over the loss of $28, 7 million in fiscal year 21.

US stocks fell and the dollar rose on Friday, even as Treasury yields rose, with traders concerned about inflation and what the Federal Reserve will do to combat it.

With higher rates looming, big tech stocks like Amazon and Alphabet fell more than 2 percent.

Major banks including JPMorgan Chase & Co, Bank of America Corp and Deutsche Bank fell more than 2 percent, a reversal of the sector’s late-summer rally. And a profit loss from heavy-equipment maker Deere & Co added to the risk-averse mood.

The Dow Jones Industrial Average fell 0.86 percent to 33,706.15, the S&P 500 lost 1.29 percent to 4,228.37, and the Nasdaq Composite fell 2 percent to 12,705.22.

European stocks fell on Friday and posted a weekly loss as the highest-ever jump in German producer prices in July added to pessimism about the economic outlook. The pan-European STOXX 600 ended down 0.8 percent.

The MSCI World Equity Index, which tracks stocks in 47 countries, fell 1.3 percent.

“As market participants start to return from their holidays and look back…they will find that central banks are still far from achieving their goals of controlling inflation,” ING rates strategists said in a note to investors. customers.

“That means a continuing struggle between central bank tightening expectations and recession fears.”


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