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strong financial results reported by news corp and other asx companies
News Corp reported a revenue of US$2.24 billion, marking a 5% year-over-year growth, with net income rising 58% to US$306 million. REA Group achieved A$873 million in revenue, up 20% YoY, while Beach Energy's sales revenue reached A$990 million, reflecting a 5% increase. Pexa Group announced a significant rise in its impairment forecast, and upcoming earnings reports are anticipated from AGL Energy, Charter Hall Retail REIT, Nick Scali, and Lithium Energy.
ASX 200 rebounds on global optimism and strong corporate earnings
The ASX 200 rose 95 points (1.13%) to 8512, driven by optimism from Wall Street and strong corporate earnings, including a 6.15% gain for News Corp after its quarterly report. The financial sector rebounded, while the energy sector struggled, with Beach Energy down 3.63% despite a 20% earnings surge. The index remains in a bullish trend, supported above 8380-8360.
sector analysis for the 2024 santa claus rally in australia
The Santa Claus rally presents a promising opportunity for Australian markets, particularly benefiting the financial, commodity, technology, and energy sectors. Key players like Commonwealth Bank, Northern Star Resources, and Xero are poised to capitalize on increased consumer spending and positive market sentiment during the holiday season. Additionally, Afterpay's growth potential is bolstered by its recent acquisition and the popularity of its Buy Now, Pay Later model amid festive spending.
ASX 200 Declines Ahead of FOMC Meeting Amid Santa Claus Rally Speculation
The ASX 200 is trading 4 points lower at 8310 as caution prevails ahead of the Federal Open Market Committee meeting. Speculation about the Santa Claus rally is growing, with mixed performances across sectors; property and healthcare stocks gained, while big banks generally declined. The energy sector hit a three-year low before seeing some buying interest, and technical analysis suggests a potential rebound if the index remains above 8236.7.
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