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Shopping centre giant Centre, which owns Westfield shopping centres in Australia and New Zealand, reported a slight rise in profits. Its first-half profit rose to $403 million, a record 170.3%, thanks to gains from property appreciation.
The big four banks were little changed at the open, with ANZ down 0.1%. On the miner front, Rio Tinto fell 1.1%, Fortescue edged down and BHP shrank 0.8%. The Australian dollar was bought at 67.52 US cents.
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On Wall Street, the S&P 500 fell 0.2%, still just 1.2% below its all-time high hit last month. The Dow Jones fell 0.2%, and the Nasdaq Composite dropped 0.3%.
Nvidia was the market’s heaviest weight after falling 2.1 percent. The chip company is one of Wall Street’s most influential stocks as the AI ​​craze has made it one of the most valuable companies on the U.S. stock market, at about $3 trillion ($4.5 trillion).
Nvidia shares have recovered most of their recent declines, falling more than 20% amid concerns that investors have priced the company too high, but remained volatile heading into its earnings report next week.
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Companies in the S&P 500 are expected to post their best earnings per share growth since the end of 2021, according to FactSet.
High interest rates have been a drag on the economy after the Federal Reserve raised them sharply to control inflation. On Tuesday, Treasury yields fell ahead of Fed Chairman Jerome Powell’s speech on Friday, which is likely to be the biggest event in financial markets this week.
The economic symposium in Jackson Hole, Wyoming, where Powell will speak, has been home to big policy announcements in the past. But expectations aren’t as high this time around, with almost everyone expecting the Fed to start cutting interest rates next month.
A surprisingly weak employment report from U.S. employers last month raised concerns that the Federal Reserve had already kept interest rates too high for too long, but subsequent data on everything from inflation to sales at U.S. retailers has helped bolster optimism.
The yield on the 10-year U.S. Treasury note fell to 3.82 percent from 3.87 percent late Monday.
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Elsewhere in the world, Japan’s Nikkei 225 jumped 1.8%, recouping all of its sharp losses from the previous day. Japan has been home to some of the world’s most aggressive moves in financial markets recently after the Bank of Japan raised interest rates there last month.
The surge sent markets around the world into a tailspin as it forced many hedge funds to immediately abandon a popular trade, borrowing cheap Japanese yen and investing it elsewhere. It included the worst day for the Japanese stock market since the Black Monday crash in 1987.
But subsequent reassurances from the Bank of Japan on interest rates helped calm the market, along with better-than-expected data on the U.S. economy.
With AP
Market Recap is a summary of today's trading. Get it every one of usHThis afternoon.
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