Shares are set to open higher. S&P 500 edges lower after choppy session. July retail sales ahead. Star, Ramsay, TPG to report. Follow updates here.
In a morning note, Morningstar director of equity research Mathew Hodge detailed key themes from the mining and retail sectors as reporting season nears the finish line. On miners: “BHP eked out modest profit growth thanks to higher prices, but the near-term outlook faces headwinds from inflation, the soft iron ore outlook and increased investment.
“Whitehaven’s profit sunk with lower coal prices and near-term guidance on volumes and costs is soft. But we see the sale of a stake in Blackwater as endorsing the value we see.” On retailers: “Woolworths profit was soft given headwinds from wages, elevated energy prices and higher rents. Shares still look expensive given the relatively modest growth outlook. Coles grew profits strongly, aided by theft reduction with the rollout of technology.
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