Next Week At A Glance – 22-26 July 2024

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For a more comprehensive preview of next week’s events, please refer to “The Monday Report”, published each Monday morning. For all economic data release dates, ex-div dates and times and other relevant information, please refer to the FNArena Calendar.

The week that was in Australian Finance:

-The Australian stock market (ASX) reached a new record high, driven by optimism about potential interest rate cuts in the US.

-The release of US inflation data for June showed a decrease to 3%, which bolstered expectations for rate cuts by the Federal Reserve. This had a positive impact on global markets, including Australia.

-There’s anticipation building around the upcoming earnings season in Australia, which is expected to reveal more about the real inflation picture and how companies are managing pricing pressures.

-Despite a recent sell-off in lithium stocks, some fund managers are seeing opportunities to start buying again in this sector, which is significant for Australia’s resources industry.

-BHP Group’s ((BHP)) struggles with its nickel operations have highlighted the volatility in commodity markets and the importance of cost management and productivity in Australia’s resources sector.

-There’s ongoing discussion about Australia’s company tax rates, with economists suggesting that the current effective rate of 28.5% makes the country uncompetitive globally.

– The debate over the government’s proposed live export ban has continued, with some politicians reconsidering their stance on the issue.

Plus also:

-Ethical Partners is shutting down and returning nearly $2bn to investors, impacting Australian Clinical Labs ((ACL)) and Noble Oak Life ((NOL)) ownership

-Domino’s Pizza ((DMP)) issued yet another profit warning, closing down low-volume stores in France and Japan

-Telix Pharmaceuticals ((TLX)) upgraded guidance for FY24

-Fortescue’s ((FMG)) hydrogen ambitions have come unstuck; 700 people lose their job

-AFR reports CommBank ((CBA)), Westpac ((WBC)) and Telstra ((TLS)) are among 19 big companies cutting office needs by almost -200,000 square metres in the Sydney CBD since the pandemic

-ART is acquiring Qantas Airways’ ((QAN)) $9bn super fund

-Renewed take-over speculation about Iress ((IRE))

-Troubled a2 Milk contractor Synlait Milk ((SM1)) has withdrawn its full-year earnings guidance due to too many uncertainties

-Imricor Medical Systems ((IMR)) is raising $35m to obtain FDA approval for its heart rhythm treatment product

-short sellers are reportedly targeting DroneShield ((DRO))

-Shareholders approve acquisition of Genex Power ((GNX))

-ANZ Bank ((ANZ)) has suspended two traders while investigations continue into misconduct in the markets division

-Labyrinth Resources ((LRL)) is purchasing the Vivien gold project in WA from Ramelius Resources ((RMS))

-ABC’s Four Corners dug into Hotel California-style contracts in landlease industry with Lifestyle Communities ((LIC)) in Victoria the main target (among the alleged practices is charging fees from deceased people)

-Rumours have it gold miners Gold Road Resources ((GOR)) and Regis Resources ((RRL)) are in merger talks

Performance issues at The Star Entertainment Group ((SGR)) following system upgrade

Macquarie Asset Management ((MQG)) among first-round bidders for Healius’s ((HLS)) $700m diagnostic imaging unit, Lumus Imaging

Next week at a glance

-Monday July 22; NZ trade balance June, US Chicago Fed activity

-Tuesday July 23: US June existing home sales

-Wednesday July 24; PMIs around the globe, Bank of Canada rate decision

-Thursday July 25; NAB business confidence; IFO business climate July eurozone; US Q2 GDP, new home sales & personal consumption Q2

-Friday July 26; June retail sales; US PCE deflator June, personal income and personal consumption

Corporate calendar

-Monday July 22; South32 ((S32)) quarterly update

-Tuesday July 23: Atlas Arteria ((ALX)) quarterly update; ((BC8)) AGM, Iluka Resources ((ILU)) quarterly update; Woodside Energy ((WDS)) quarterly update

-Wednesday July 24; Pilbara Minerals ((PLS)) quarterly update

-Thursday July 25; quarterly updates from Fortescue ((FMG)), Insignia Financial ((IFL)), Karoon Gas ((KAR)), Northern Star ((NST)), Sandfire Resources ((SFR)); Macquarie Group ((MQG)) AGM

-Friday July 26; Mineral Resources ((MIN)) quarterly update

For a calendar of earnings result releases and a summary of earnings results to date, refer to FNArena’s Corporate Results Monitor (https://www.fnarena.com/index.php/reporting_season/)

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