ASX Set for Slight Decline Amid NAB Results and Wall Street Records
Live: ASX set to open lower, Wall Street hits new record, oil slips on Strait of Hormuz hope
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The Australian Securities Exchange (ASX) is expected to open lower today, influenced by National Australia Bank's (NAB) upcoming first-half results, which include a significant impairment charge. Meanwhile, Wall Street's S&P 500 index reached a new record high on Friday, despite mixed performances in other markets.
- 01ASX 200 futures indicate a 0.3% decline at the opening.
- 02National Australia Bank is expected to report a net profit of around $2.9 billion.
- 03Wall Street's S&P 500 index closed up 0.3%, hitting a new record.
- 04Oil prices fell, with Brent futures down 2% to $108.17 per barrel.
- 05The Reserve Bank of Australia's rate decision is anticipated on Tuesday.
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The Australian Securities Exchange (ASX) is projected to open lower today, with futures down 0.3% at 8,727 points. This decline comes as investors await the National Australia Bank's (NAB) first-half results, which are expected to reveal a $700 million impairment charge. Analysts anticipate a net profit of approximately $2.9 billion and a cash profit of $3.7 billion when excluding the impairments. Despite the ASX's expected dip, Wall Street's S&P 500 index achieved a record close on Friday, rising 0.3%. Other market performances included a slight decrease in oil prices, with Brent futures dropping 2% to $108.17 per barrel. The market is gearing up for a busy week ahead, highlighted by the Reserve Bank of Australia's decision on interest rates scheduled for Tuesday.
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The anticipated decline in the ASX may affect investor sentiment and market confidence, particularly among those with stakes in NAB and related sectors.
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