• The ASX 200 is up by 0.20% on Wednesday
  • Australia’s wage increases by only 2.6%
  • Earnings results dominate newsflow


The ASX 200 notched up its third consecutive winning day after finishing slightly above water by 0.30% on Wednesday.

Consumer Discretionary and Staples led, while Healthcare lagged after sector leader CSL (ASX:CSL) tumbled 3.3%.

The share price of CSL, Australia’s biggest healthcare company, fell despite forecasting an upbeat guidance for FY23.

For FY22, CSL reported an increase in revenue of 3%, while bottom line NPAT fell 6% to $2.255bn. It declared a full year dividend of $3.11 per share, up 6% on pcp.

In other earnings news, shipbuilder Austal (ASX:ASB) dropped 1% despite upgrading its forecast FY22 EBIT to $120.7 million.

Australia’s annual wages growth of 2.6% has missed estimates 2.7%, widening the gap between wage and inflation which currently sits at 6.1%.

According to the ABS release today, construction workers recorded the highest quarterly wage increase, while mining, electricity, gas, water and waste services workers recorded the lowest.

Oil stocks were generally lower today as oil prices slipped to their lowest level in six months.

Brent crude has fallen by 5% in the past one week to US92.78 a barrel as traders weigh the prospects of increased output from Iran against slowing demand.

Some positive news out of China this afternoon as Chinese Premier Li Keqiang has reportedly instructed provincial officials to bolster their pro-growth measures.

Across the Tasman, the RBNZ has expectedly raised its cash rate by another 50bp, and has upgraded its peak cash rate forecast to 4.1%. After today’s hike, the RBNZ overnight cash rate sits at 3%.

And fresh off the press in the last few minutes, UK inflation has hit 10.1% in July.

Looking ahead to Wall Street tonight, the closely watched FOMC meeting minutes is scheduled for release, potentially giving insights into what the Fed’s next move would be come September 20th.



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Brambles (ASX:BXB) was up 5% after reporting FY22 results ahead of revised guidance. Sales revenue increased 9%, while underlying profit increased 10% on pcp to US$930m. Brambles declared a final dividend of 12c a share.

Vehicles parts company, Bapcor (ASX:BAP), rose 3% today after delivering a 4.6% in revenue and 4.3% in earnings for the full year. The company declared an interim dividend of 11.5 cents per share, up 4.5% on pcp.



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Pointsbet (ASX:PBH) lost 7% today despite reporting that its shares have been approved for eligibility by the DTC, facilitating real time electronic clearing and settlement in the US for its OTCQX quoted shares. Pointsbet has been trading on the OTCQX since November 2019.