• The ASX 200 finishes flat again today
  • Australian consumer confidence down, while business confidence rises
  • NAB, Megaport, News Corp release their earnings


The ASX 200 has finished flat for the second day in a row.

Gains of over 1% in Consumer Discretionary and Comm Services were offset by losses in Financials and Utilities sectors.

The latest Westpac consumer confidence index showed that Australian consumer sentiment fell again in August, down 3% to 81.2.

But business confidence and conditions have both surprisingly rose in July, up to +7 and +20 points respectively.

CBA said the spread between consumer confidence and business confidence is the widest it’s ever been, as businesses were successfully passing on higher costs to customers.

A Westpac report said:

“The August decline in the index was mainly driven by consumers’ increasingly pessimistic expectations of family finances in the next 12 months, and a considerable decline in their buying intentions for major household items.”

Earnings season for the ASX giants is now underway, with some reporting their results today.

National Australia Bank (ASX:NAB) posted a US$1.8 billion Q3 cash earnings, but has signalled higher costs. The NAB share price slid 3% today.

News Corporation (ASX:NWS) posted its highest earnings result on record, nearly doubling its net income and increasing revenue for the full fiscal year by 11%. The NWS share price rallied 4%.

Bitcoin fell marginally to US$23,805 as Bloomberg reported that the RBA, Treasury and other agencies will start reviewing the case for a central bank digital currency.



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Lake Resources (ASX:LKE) jumped 15% on no specific news. Lake however is one of the most heavily shorted stocks on the ASX, leaving some to suspect that the short sellers might be closing their positions.

Megaport (ASX:MP1) rose 14% after reporting that its annualised recurring revenue (ARR) gained by 43% in FY22 to $128.3 million, compared to $89.8 million in FY21.

REA Group (ASX:REA) rose 6% after reporting a 26% rise in revenue to $1.17 billion. EBITDA grew by 19% to $674 million, while NPAT rose by 25% to $408 million.



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