where alleged childcare paedophile Joshua Brown<\/a> worked at five of its daycare centres, including Creative Garden Early Learning in Point Cook, and allegedly sexually abused babies and toddlers.<\/p>\nMeanwhile, Corporate Travel Management flagged its shares will be suspended from trading until late September as the company can\u2019t finalise its results for the 2025 financial year by the August 31 earnings season deadline. Its auditors found there \u201cmay be adjustments required relating to the timing of the recognition of revenues and certain costs\u201d, which would probably lower its profits for the year just passed and raise the prior year\u2019s earnings, it said.<\/p>\n
The lowdown<\/p>\n
It was a day of contrasts on the local bourse on Tuesday, with the big supermarket chains rallying, while sentiment for the rest of the market was more subdued, and investors sold down mining stocks after the massive drop in Fortescue\u2019s earnings.<\/p>\n
Consumer staples as a sector rose 3.2 per cent to the highest in almost a year, led by the nation\u2019s second-biggest supermarket operator, Coles. The mining sector fell 1.2 per cent, though Fortescue\u2019s profit slump shouldn\u2019t have come as a surprise after its larger rival, BHP, a week ago reported its smallest profit since 2020 after a fall in coal and iron ore prices.<\/p>\n
Fuelling investor concerns about the mining giants\u2019 prospects, US President Donald Trump\u2019s trade wars continue to raise uncertainty for the global economy and the outlook for Australia\u2019s most lucrative mining exports.<\/p>\n
The mixed feelings on the local bourse followed losses on Wall Street overnight following a big jump last week on hopes for interest rate cuts. The S&P 500 fell 0.4 per cent, and the Dow Jones gave back 0.8 per cent after setting a record on Friday. Tech stocks did better than the rest of the market, leaving the Nasdaq composite down just 0.2 per cent.<\/p>\n
Loading<\/p>\n
The sense of euphoria around the prospect for Fed rate cuts has eased, just days after chair Jerome Powell signalled a September rate cut is likely amid downside risks to the jobs market. Doubts over the pace of those reductions lingered on Wall Street as traders braced for a not-so-friendly inflation report later this week.<\/p>\n
Fed policymakers are grappling with inflation that\u2019s still above their 2 per cent goal \u2013 and rising \u2013 and a US labour market that\u2019s showing signs of weakness. That unnerving reality, which pulls policy in opposite directions, is made worse by a high degree of uncertainty about how each of those factors will evolve over the coming months.<\/p>\n
The Fed\u2019s preferred gauge of underlying inflation probably ticked higher last month, with the personal consumption expenditures price index, excluding food and energy, rising 2.9 per cent from a year ago. That would be the fastest annual pace in five months.<\/p>\n
\u201cNow the discussion will likely turn to how aggressive the Fed may be,\u201d said Chris Larkin at E*Trade from Morgan Stanley. \u201cSigns of a slowing labour market currently appear to be outweighing inflation concerns, but the Fed hasn\u2019t abandoned its 2 per cent target.\u201d<\/p>\n
Wall Street is still overwhelmingly betting the Fed will cut interest rates at its next meeting in September. Traders see an 86 per cent chance that the central bank will trim its benchmark rate by a quarter of a percentage point, according to data from CME Group.<\/p>\n
The Fed has been maintaining rates at their current level since the end of 2024 amid worries about inflation heating up as tariffs work their way through the economy to businesses and households.<\/p>\n
Aside from the macro picture, the next big test for the US sharemarket will be a read on what\u2019s been driving gains for the past few years: artificial-intelligence euphoria.<\/p>\n
Nvidia \u2013 the last of the \u201cMagnificent Seven\u201d to report earnings \u2013 is due to unveil its results on Wednesday after the close [Thursday early morning AEST]. Traders are hoping it can soothe fears about AI spending and effectively confirm that the market\u2019s latest rally isn\u2019t just a technology bubble.<\/p>\n
\u201cUnless we get some sort of major UFO (UnForeseen Occurrence), the most important development of this week will be the earnings report and guidance out of Nvidia,\u201d said Matt Maley at Miller Tabak. \u201cThose earnings will be good. The only question will be whether they\u2019re good enough to push the stock higher after almost doubling over the past four to five months,\u201d he added.<\/p>\n
Nvidia has been a driving force for much of Wall Street\u2019s recent gains, along with several other tech giants with pricey stock values.<\/p>\n
With AP, Bloomberg<\/strong><\/p>\nThe Market Recap newsletter is a wrap of the day\u2019s trading. <\/b>Get it each we<\/b>e<\/b>kday afternoon<\/b><\/a>.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"The laggards Mining stocks, which make up almost 20 per cent of the entire ASX, weighed on the…\n","protected":false},"author":2,"featured_media":23917,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175],"tags":[79,18,19,17,188],"class_list":{"0":"post-23916","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-eire","10":"tag-ie","11":"tag-ireland","12":"tag-markets"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/23916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=23916"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/23916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/23917"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=23916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=23916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=23916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}