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Yesterday Australian shares fell for the second straight trading session. The benchmark index was dragged down mostly by the major banks, real estate, and consumer staples, and the ASX200 closed 0.76% lower. Meanwhile, materials managed to close slightly higher.
PolyNovo’s (ASX:PNV) share price gained rose an impressive 25.2% yesterday to $1.79. They reported unaudited record US sales in December of $3.4 billion, which is a 76% increase on the same time the year prior.
The worst performer yesterday was ARB Corporation (ASX:ARB), down more than 12%, after reaching a 52-week high last week. This was after Credit Suisse downgraded its share price guidance on ARB from “neutral” to “underperform” with a $38 price target. Meanwhile, JP Morgan upgraded ARB to “underweight” yesterday, with a $35 price target. ARB closed yesterday at $46.32.
In the US, all three major benchmarks closed higher. The S&P500 up 0.9%, the Dow up 0.5% and the Nasdaq rallied for a second day, gaining 1.4%. Rising interest rates have put pressure on equities, however, interest rates cooled yesterday, with the 10-year Treasury yield falling below 1.75%.
Investors will be trading cautiously ahead of inflation updates in the US today and tomorrow, awaiting an indication of US interest rate hikes.
Following the positive session in New York, the SPI futures are suggesting the ASX200 will open 0.86% higher this morning.
What to watch today: