Australian shares are set to end a 10-day winning streak after opening lower, following a negative session on Wall Street. Investors are closely examining ASX earnings to gauge the market’s direction for the rest of the year. High-quality businesses with strong cost control have performed well, while those more susceptible to external cost factors have had mixed results.
Overseas, US Federal Reserve Chairman Jerome Powell’s speech is anticipated. Several ASX-listed companies have reported positive results, including Telix Pharmaceuticals, Clarity Pharmaceuticals, Fisher & Paykel, and Latitude Financial, while Accent Group and Inghams have faced declines due to missed expectations and slowing volumes.
At 11:40am, the S&P/ASX 200 is 0.37 per cent lower at 7997.70.
The SPI futures are pointing to a fall of 38 points.
Best and worst performers
The best-performing sector is Health Care, up 0.04 per cent. The worst-performing sector is Energy, down 1.21 per cent.
The best-performing large cap is Fisher & Paykel Healthcare Corporation (ASX:FPH), trading 9.82 per cent higher at $32.22. It is followed by shares in Medibank Private (ASX:MPL) and Insurance Australia Group (ASX:IAG).
The worst-performing large cap is Spark New Zealand (ASX:SPK), trading 8.16 per cent lower at $3.60. It is followed by shares in Whitehaven Coal (ASX:WHC) and Telix Pharmaceuticals (ASX:TLX).
Commodities and the dollar
Gold is trading at US$2524.90 an ounce.
Iron ore is 0.9 per cent lower at US$97.00 a tonne.
Iron ore futures are pointing to a 0.9 per cent fall.
One Australian dollar is buying 67.15 US cents.