Asian Markets Decline Amid Weak Commodities and Wall Street Cues

Asian stock markets are mostly lower, influenced by negative cues from Wall Street and declining commodity prices, leading to heavy selling in energy and materials sectors. Traders remain cautious before a key US consumer inflation report.

Date: 13-11-2024

AI Rating: 5

The report indicates negative performance across Asian stock markets, specifically in sectors tied to energy and materials. Various stocks are under pressure due to weak commodity prices, resulting in declines among major players.

In Australia, the S&P/ASX 200 Index fell by 0.95 percent, primarily due to losses in major miners like BHP Group (down almost 2 percent) and Rio Tinto (down more than 3 percent). Additionally, Fortescue Metals remains flat, but the notable drop of almost 7 percent in Mineral Resources shows heightened sensitivity to spodumene price fluctuations. Oil stocks, such as Woodside Energy and Beach Energy, also faced declines exceeding 1 percent.

Notably, the report includes information about earnings per share (EPS) for Light & Wonder, where a 15 percent rise in gaming revenue was reported. However, the company's earnings per share fell short of analysts' expectations, reflecting potential challenges that could impact future stock performance.

On the bright side, shares in James Hardie surged almost 6 percent despite reporting a 23 percent drop in net profit, demonstrating resilience. The reaffirmed lower end of volume guidance suggests cautious optimism in a challenging demand environment.

Moreover, Selfwealth saw a remarkable increase of 72 percent due to a buyout offer, highlighting investor interest despite broader market declines.

Overall, the context of declining share prices in multiple sectors indicates a climate of uncertainty and reduced expectations among investors. The upcoming US consumer price inflation report may be critical in influencing trader sentiments going forward.

Stocks: BHP RIO WDS CBA WBC NAB ANZ EVN NEM SWZ JHX