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BNP Paribas, a credit institution authorized in France, operates globally through various branches and subsidiaries, including in Australia, Hong Kong, Singapore, New Zealand, China, and India. It is subject to regulatory oversight by respective authorities in these regions, catering primarily to wholesale and professional clients. The firm emphasizes that its services and information are not intended for retail clients and prohibits unauthorized reproduction of its content.
AUD/USD has lost upside momentum after retreating from a three-month high of 0.6408, while aiming for the December high of 0.6493, provided last week's low at 0.6328 holds. Meanwhile, EUR/JPY and USD/JPY are stabilizing above support levels, with EUR/JPY declining to 155.82 and USD/JPY hovering near 148.85, close to its December low of 148.65.
UBS has upgraded APA Group's stock rating from Sell to Neutral, raising the price target to AUD7.00 following the company's strong first-half fiscal year 2025 results. Despite a positive shift in corporate cost growth, concerns remain over potential EPS risks due to rising interest expenses and a forecasted decline in Basslink earnings. Jefferies also upgraded APA Group to Buy, increasing the price target to AUD8.44, citing the company's strategic focus on energy transmission and expansion plans for the East Coast Grid.
UBS has upgraded APA Group's share rating from Sell to Neutral, raising the target price to AUD 7.00 following the company's solid half-year results for FY2025. Despite a positive outlook with impressive gross profit margins and a disciplined management approach, concerns remain about potential EPS risks from interest rate hikes and declining Basslink revenues. Jefferies also upgraded APA Group to Buy, citing strong performance and strategic energy transmission initiatives, particularly the East Coast Grid expansion.
Woodside Energy reported a 13% decline in underlying profit to $2.9 billion, with dividends dropping from $0.60 to $0.53 per share, reflecting the sector's strategic and regulatory challenges. Domino's Pizza is implementing a strategic reset to achieve profitable growth, despite a 0.6% decrease in same-store sales, with strong performance in Australia offsetting weaknesses in Japan and France. Nine Entertainment's profitability has been impacted by a tough advertising market and macroeconomic conditions, but the company expects improved ad revenue in the coming quarters while focusing on cost efficiencies and strategic transformation.
The Australian dollar strengthened following a rate cut by the Reserve Bank of Australia (RBA) and robust jobs data, closing last week at 0.6356. Despite a slight rise in the unemployment rate to 4.1%, strong immigration contributed to a record participation rate, while wage growth slowed to 3.2% YoY. Market attention is now on upcoming inflation data, with expectations for January's CPI to rise to 2.6% YoY as energy rebates end.
AUD/USD remains strong, buoyed by a recent chart close above 0.6330, with a target of 0.6850, while support is found at 0.6302 and 0.6267. In contrast, USD/JPY continues to decline, facing resistance at 150.93, and EUR/JPY has dropped significantly, nearing December-February lows.
The Australian dollar has reached a two-month high of $0.6350, driven by a weakening US dollar and a hawkish stance from the Reserve Bank of Australia (RBA). The RBA's recent cautious tone regarding inflation contrasts with global dovish trends, enhancing the currency's appeal. Technical analysis suggests a bullish outlook, with potential targets at $0.65 and $0.67, although external factors like tariff announcements could impact its ascent.
Rio Tinto reported its smallest full-year underlying profit in five years at US$10.9 billion, citing lower iron ore prices and rising production costs, while maintaining a steady shipment forecast of up to 338 million tonnes for 2025. The company declared a total annual dividend of US$4.02 per share.Fortescue Metals Group experienced a 53% drop in first-half profit to US$1.6 billion and announced a reduced interim dividend of A$0.50 per share. Meanwhile, Pilbara Minerals recorded a first-half loss of A$69 million, with revenues down 44% to A$426 million, opting to withhold an interim dividend to strengthen its balance sheet.
UBS forecasts a rise in the AUD/USD due to a dovish rate environment and potential economic growth in Australia and China. They recommend long positions on the Australian dollar against the New Zealand dollar while cautioning that US tariffs could temporarily depress the AUD/USD below 0.60, highlighting the currency market's sensitivity to trade policies.
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