Mixed results on Wall St as ASX gets set to continue its good run

The S&P/ASX 200 closed its Wednesday session on another record high, adding 0.3% to finish the day at 7,584.3. The index topped 7,600 for the first time, helped by the performance of the major banks and miners. As we wrote yesterday, the Commonwealth Bank led the way adding 1.5% to close at a new record of $108.17 after it doubled its dividend to $2 and announced a $6 billion share buyback, with full-year profit up 20% to $8.65 billion. ASX futures were up 0.1% to 7,503 near 7am AEST, while our currency was 0.3% higher. The S&P500 rose 0.2%, the Dow rose 0.6%, but the Nasdaq fell 0.2%.  Spot gold traded near US$1,752 an ounce at the US close, while iron ore rose by US$4.00 a tonne or 2.5% to US$166.20 a tonne. Investors are currently weighing potential economic policies designed to assist growth in the wake of the current push to curb steel production. In Australia While the US markets were mixed at the closing bell last night, we should once again see Australian shares make modest gains at the start of trading. Key company reports have been released. Telstra Corporation Ltd (ASX:TLS) reported a 14.2% fall in statutory earnings to $7.6 billion. It also announced a $1.35 billion buy-back scheme for shareholders in the wake of its sale of a stake in its InfraCo Towers division. Shareholders will receive a fully franked final dividend of 8 cents, bringing the total dividend to 16 cents per share. There will be no interim dividend for AMP Ltd shareholders after the company reported its statutory profits slid by $57 million in the six months to June 30. QBE Insurance Group Ltd reported a net profit of $441 million, a stark contrast to losses of $712 million in the corresponding first half. It is taking a cautious approach to dividends stating, “While recognising QBE’s improving profitability and earnings resilience, the board has also had regard to typically higher catastrophe incidence and crop result variability in the second half as well as our stated intention to retain capital to support our growth ambitions and facilitate the gradual normalisation of our investment asset risk profile.”  Australian indices ASX 200 was up 0.3% to 7,584.30 ASX24 futures was up 0.1 per cent to 7,499.  S&P/ASX Small Ordinaries rose 0.49% to 3,501.4 All ordinaries rose 0.31% to 7,854.6 S&P/ASX 100 rose 0.27% to 6,273.5  In the US Shares were mixed on Wall St. The Dow and S&P 500 pushed past records set a day earlier. Three-quarters of companies on the S&P 500 enjoyed price rises. Notably energy stocks rose along with the price of crude oil while the health sector fell. The US market seems to be moving on the back of positive economic data with investors perhaps buoyed by a smaller increase in inflation than expected. However, concerns surrounding inflation and the Federal Reserve’s future plans with regard to interest rates remain. As reported yesterday, sectors tied to the US$1 trillion infrastructure bill have also benefitted.  US indices Dow Jones rose by 0.6% to record highs of 35484.97. S&P 500 rose by 0.3% to record highs of 4447.7  Nasdaq dropped 0.2% to 14765.14 In Europe European markets enjoyed another strong trading day on Wednesday. Construction and Materials stocks were the winners, with those sectors up 1.1%. The Pan European Stoxx 600 index saw its eighth consecutive rise.  Rio Tinto PLC (LSE:RIO)’s performance reversed slightly with its UK shares dropping by 1%, however, BHP Group PLC (LSE:BHP) continued to rise, gaining 0.5%.  European indices STOXX 600 rose 0.4% hitting record highs for the eighth straight session to 474.32. German Dax rose 0.4% to 15826.09 UK FTSE rose 0.8% to 7220.14