Pre-Market Report – Monday 6 May: WBC Special Dividend and $1bn Buyback
The Dow Jones was up 450 points, the S&P 500 +1.26% and the NASDAQ +1.99%. For the week the Dow Jones was up 1.14%, the NASDAQ up 1.43% and the S&P 500 up 0.55%.
Against expectations of 243K jobs, the number came in below expectations at 175K, further taking the heat out of bond markets. Bond yields dropped 9.2bp (US 10Y) and 7.5bp (US 2Y), taking 5bp off the Australian 10-year bond yield and 4.2bp off the Australian two-year bond yield. Here are the numbers from Friday. The unemployment rate also inched out more than expected to 3.9%, which is also good for interest rate fears.
ASX set to rise. SPI futures up 22 points (0.29%). WBC profit falls 16% but pays 15c Special dividend and raises ordinary by 7% and increases buyback by $1bn.
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