Crown Resorts (ASX:CWN) board exodus continues: Aus shares set for a flat start

12Feb

Crown Resorts (ASX:CWN) board exodus continues: Aus shares set for a flat start

 

The ASX is set for a flat start after Wall Street retreated in late trade. The pull back in US stocks comes as investors seek to consolidate gains on the back of yesterday’s record highs. Meanwhile, US President Joe Biden has warned senators that China is aggressively outpacing the US on infrastructure. The impeachment trial of former president Donald Trump continues today with Senators expected to bear witness to harrowing footage of Trump’s supporters rioting in the Capitol building. Melbourne’s Holiday Inn Covid 19 flare up has risen to 13 people, and a café at Melbourne airport has been listed as an exposure site, sparking concerns that the cluster may have spread across borders. On the commodities front, OPEC has warned that world oil demand in 2021 will rebound more slowly than anticipated prompting OPEC+ to downgrade their output plans.

Reporting season 

Earnings reports expected today from Mirvac Group (ASX:MGR), Pro Medicus (ASX:PME), Jumbo Interactive (ASX:JIN) and Baby Bunting Group (ASX:BBN).

International markets

Wall Street closed mixed yesterday: The Dow Jones Industrial Average fell 0.02 per cent, the S&P 500 gained 0.2 per cent and the NASDAQ closed 0.4 per cent higher.

European markets closed mixed, London’s FTSE added 0.1 per cent, Paris fell 0.02 per cent and Frankfurt closed 0.8 per cent higher.

Asian markets are closed for Chinese New Year celebrations.

Taking all of this into account, the SPI futures are pointing to a flat start, down 0.03 per cent.

Yesterday, the Australian share market closed 0.1 per cent lower at 6,850.

Company news

Another director of Crown Resorts (ASX:CWN) has resigned following a damning report from former Supreme Court judge Patricia Bergin earlier in the week, which found that the casino giant was not suitable to operate a licence for its new Sydney casino in Barangaroo. An extensive investigation was commissioned by NSW's Independent Liquor and Gaming Authority following allegations that Crown has been infiltrated by organised crime and had facilitated money laundering. Former AFL boss Andrew Demetriou has today resigned from the board of the embattled gaming behemoth. This follows the resignation of two other directors, Michael Johnston and Guy Jalland, on Wednesday. Mr Demetriou was the current chairman of Crown Melbourne and was a member of Crowns’ Risk Management Committee. The report found that he had no formal anti-money laundering training prior to joining Crown's board. The chairman of the gaming regulator, Philip Crawford had warned that Mr Demetriou would need to resign if the company wanted to hold a licence for the Barangaroo casino in the future. Shares in Crown Resorts (ASX:CWN) closed 2.45 per cent higher at $10.05 yesterday.

Ex-dividend

Dicker Data (ASX:DDR) is paying 10.5 cents fully franked.
Scentre Group (ASX:SCG) is paying 7 cents unfranked.

Currencies

One Australian Dollar at 8:15 AM was buying 77.55 US cents, 56.13 Pence Sterling, 81.21 Yen and 63.93 Euro cents.

Commodities

Gold has lost $16.30 to US$1826 an ounce.
Silver was down $0.03 to US$27.05 an ounce.
Oil was down $0.73 to US$57.95 a barrel.
 
Copyright 2021 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

12Mar

APRA drops Westpac (ASX:WBC) money laundering investigation: Aus market gains 0.8% over week

12 Mar 2021 - It’s been a strong week for the Australian share market. While rising bond yields stunted growth stocks mid-week, the recovering domestic economy helped drive gains. Over the week, the market is up 0.8 per cent. The Supreme Court of Australia today made orders for Coca-Cola Amatil (ASX:CCL) to convene a shareholder meeting to consider and vote on the scheme of arrangement, which would see Coca-Cola European Partners acquire its Aussie counterpart. The Australian Prudential Regulation...

Read More
25Mar

Suncorp (ASX:SUN) receives over 5,400 claims across three states: ASX poised to open lower

25 Mar 2021 - The ASX is poised to open lower following soft leads from US markets. The S&P 500 closed in the red after struggling to keep its gains in early session. Technology stocks across the indexes led the losses towards session close as rotation out of tech stocks into bank shares continues. Investors responded to Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen who provided the Senate Banking Committee an optimistic update on the economy's...

Read More
10May

Inflation spooks Wall St, Oil & iron ore $ slide, Pendal, Lendlease, Ramsay on watch: ASX to dive

10 May 2022 - Global benchmarks continue to tumble with several cross currents weighing on investor's minds. After China's President on Friday recommitted to the zero-Covid19 strategy, the prospect of extended lockdowns sparked further fears of a global economic slowdown. AUD fell over 1%, now 69.6 US cents. Commodity prices, including iron ore and oil tumble on demand concerns.

Read More
12Jul

Wall St post record highs, Why Rio Tinto is a buy: ASX to rise

12 Jul 2021 - In this report, I cover how global stocks staged a comeback on Friday as investors shrugged off concerns about the economic recovery. Market participants rushed to buy back the dip after Thursday’s slump amid the US government bond yields easing. On the local data front, June jobs data is set to take the spotlight while major banks in the US prepare for earnings season to start. Why Credit Suisse raises Rio Tinto’s (ASX:RIO) price target...

Read More
11Mar

Dow rallies over 460 points: ASX poised to open higher

11 Mar 2021 - The ASX is set open higher following mixed leads from US markets. The Dow Jones Industrial Average rallied 463 points to hit a record high on the back of the House passing President Joe Biden's $1.9 trillion dollar stimulus plan. The 10-year US Treasury yield slipped from its session highs as data showed core consumer prices index excluding volatile items such as food and energy lifted 0.4% in February calming inflation worries. The Nasdaq closed...

Read More
07Feb

Big tech companies are announcing in-house AI projects

07 Feb 2023 - US stocks fell Monday as investors grew increasingly cautious of rising bond yields, while watching the latest batch of corporate earnings. Investors will also watch on Tuesday for Federal Reserve Chairman Jerome Powell’s remarks before the Economic Club of Washington. Powell’s comments on disinflation caused investors to bid shares higher last week and overlook another rate hike out of the central bank.

Read More
26Mar

US stimulus package cause markets to rise for a second day: ASX set to open high

26 Mar 2020 - As the US markets pared their gains, the ASX looks set to open higher this morning. The Dow has jumped in the last two days as the White House and congressional leaders said they had agreed to a $2 trillion stimulus bill to combat the economic slowdown from the coronavirus pandemic. Equities advanced in Europe and on the commodities front, oil has up slightly and gold has dropped over $25. New Zealand electricity company Mercury’s...

Read More
19Feb

Shares in Cochlear (ASX:COH) lift on H1 results: ASX tracking 0.8% lower at noon

19 Feb 2021 - The ASX dropped at the open and is tracking 0.8% lower or 57 points lower at noon at 6,829. On the futures market, the SPI is suggesting a fall of 54 points. Shares in Cochlear (ASX:COH) did well today as they report strong growth in the US, Japan, Korea and China. Shares in Treasury Wine Estates (ASX:TWE) fell today despite performing well on the market yesterday. Woodside (ASX:WPL) signs LNG supply deal with Germany’s RWE.

Read More
31Mar

Oil crashes to an 18-year low: ASX poised to open higher

31 Mar 2020 - We saw a surge on the markets yesterday closing 7% higher – this movement is expected to continue with the ASX expected to open higher this morning. European governments moved to tighten restrictions to contain the coronavirus outbreak with an unrelenting rise in infections and deaths. Air New Zealand (ASX:AIZ) will begin reducing its workforce from this week as the severe economic impact of COVID-19 hits the airline.

Read More
23Mar

Insurance sector hit with storm of damage claims: ASX tracking 0.2% higher

21 Mar 2021 - The ASX has made a quick U-turn from a weak start this morning to bounce back up into positive territory at 6723. The Insurance Council of Australia (ICA) has declared an insurance catastrophe, as shares in QBE Insurance (ASX:QBE), Suncorp (ASX:SUN) and IAG (ASX:IAG) are drenched in red

Read More