Beach Energy's 1Q Update Looks Very Strong — Market Talk
1858 ET - Beach Energy achieved a very strong quarter operationally in 1Q, says Euroz Hartleys. Record revenue of A$565 million was supported by strong realized prices and improved production. "The company is on track to meet consensus production numbers, with a continued strong macro providing potential further upside to current earnings expectations," analyst Declan Bonnick says. Ahead of the update, Euroz Hartleys had forecast FY Ebitda of A$1.096 billion. Consensus hopes are for A$1.123 billion. Beach's share price ended Tuesday at A$0.91. ([email protected]; @dwinningWSJ)1836 ET - The current strength of U.S. steel spreads are cementing Jefferies's bullish stance toward BlueScope Steel. Jefferies expects Bluescope to achieve 1H Ebit of A$960 million. That's at the top end of BlueScope's A$860 million-A$960 million guidance. "We see further upgrade risk for 2H27 given spot of US$890/ton and consensus assuming US$650/ton," analyst Ramoun Lazar says. Jefferies has penciled in US$700/ton for 2H. "Bluescope remains attractive on 8% FY27 free cash flow yield, supporting more than A$1 billion shareholder returns per annum," Jefferies adds. It retains a buy call and A$40.00/share price target. BlueScope ended Tuesday at A$32.83. ([email protected]; @dwinningWSJ)1816 ET - SpaceX's Starlink is doubling down on its ambitions to become a "major mobile carrier in the U.S." that can compete with AT&T, Verizon, and T-Mobile, COO Gwynne Shotwell says. The company recently bought a large portfolio of 800 MHz spectrum, and got approval from the FCC to launch 15,000 satellites optimized for global 2GHz spectrum. "We will be building out our terrestrial networks," CEO Elon Musk says during a Tuesday earnings call, "so there's broad-based connectivity anywhere that SpaceX and Starlink are allowed to operate." Musk says expects Starlink's total bandwidth to rise around one-hundredfold within the next three years. ([email protected])Deputy Governor of the Reserve Bank of Australia Andrew Hauser has delivered a series of hawkish remarks to a markets conference, saying the inflation outlook is "materially worse" and the key fears of policy makers have materialized. The comments come ahead of a policy meeting in early November where markets had cooled somewhat on the prospect of a further interest rate rise. Hauser appears to be warning markets that, while a further hike would be painful, it might be needed to get rising inflation expectations down. ([email protected]; @JamesGlynnWSJ)1425 ET - Bitcoin, often seen as trading in tandem with tech and AI stocks, has diverged from equities in recent weeks--but there's evidence the correlation is returning. "The 10-day correlation with the Dow is close to turning positive, while the correlation with the S&P 500 is already slightly positive, although the relationship remains relatively weak for now," says Julian Pineda of StoneX. However, he notes that bitcoin may be following stock markets because of a lack of major economic data this week. Bitcoin is up 1% to $82,785, while ethereum rises 2.2% to $2,450, XRP climbs 2.3% to $1.33, and solana is up 2.2% to $106.70. ([email protected])1422 ET - Foreign job seeker interest has fallen to 3% of all clicks in September from almost 8% in July 2023, coinciding with federal efforts to reign in temporary immigration, analysis by Indeed finds. U.S. job seekers represented only 21% of foreign clicks in 3Q compared with 28% in 4Q 2024, it adds. At the same time the occupations seeing the steepest drops in foreign interest, particularly engineering, are also the ones where postings are climbing, Indeed adds. At their peak foreign job seekers accounted for about one-fifth of clicks in several engineering, tech and agriculture-related sectors, but three years later foreign clicks are down in every sector, it says. ([email protected]; @RobbMStewart)1302 ET - The number of homes available for sale in New York State increased nearly 10% in September, and the median sales price also saw a rise, the New York State Association of Realtors says. Across the state, housing inventory rose 9.8% in September from the year-ago period, to 35,294 homes. Median sale prices in the state rose to $450,000, from $425,000 in September of 2025. September saw closed sales drop by 1.4%, while pending sales were down 5.4% from the year-ago period, the Association says. ([email protected])1019 ET - U.S. home prices increased 0.25% month over month in September, Redfin says, up slightly from 0.21% in August. Prices rose 3.8% from a year earlier in September, the fastest annual growth rate since June 2025. Prices are still climbing a little each month even though buyers have more negotiating power than they've had in over a decade. That's partly because many homeowners have built up enough equity that they'd rather wait than accept a lowball offer, and because some are delisting, which keeps a floor under prices. Stronger demand in the luxury market is also propping up prices. Home prices rose in 34 of the 50 most populous U.S. metros month over month in September. ([email protected])1001 ET - The Bank of Canada has no reason to raise rates next week based on the results from its quarterly business and consumer surveys, says economist David Rosenberg. The head of Rosenberg Research says the results indicate sentiment among firms and households range from "mixed to bad." Prospects for sales growth and hiring expectations remain below long-term average, while firms' suggested a pullback in investment, perhaps tied to increased trade uncertainty. Rosenberg adds that 53% of consumers anticipate a recession in the next 12 months. Further, he says, consumers expect income growth to slow and anticipate pulling back on spending. ([email protected]; @paulvieira)0953 ET - BofA Securities says it's a close call but it anticipates the Bank of Canada to hold steady next week despite heightened inflation expectations. The firm's economists says Canada CPI will remain elevated, around 3%, in the near term due persistently higher gas prices, and tariffs on both U.S. and Canadian goods. BofA contends Canada's economy remains weak, as underscored by recent labor-market data and amplified by heightened trade uncertainty. The firm adds Canada core CPI remains contained. The firm forecasts inflation to hit 2.8% by the end of this year, and 2% by the end of 2027. ([email protected]; @paulvieira)0942 ET - Canadian home prices inched up for a second time in three months in September, with the Teranet-National Bank Composite Index showing a 0.1% rise from August. Prices overall have remained essentially stable since June after a period of decline beginning in December 2025, says National Bank's Daren King. This stabilization in prices happened as activity in the resale housing market picked up since the spring, though home sales began to decline again in August and September as the recent upturn in Canada's job market has faded. King expects housing affordability to deteriorate in the coming quarters given September and early October were marked by a significant rise in mortgage rates that is likely to continue. ([email protected]; @RobbMStewart)0936 ET - Bank of Montreal now expects a quarter percentage point rise in the Bank of Canada's policy rate on October 28. It follows hawkish remarks by central bank Governor Tiff Macklem and a rise in inflation expectations that was highlighted by Bank of Canada surveys. Headline inflation in Canada edged up to 3.1% on-year in September, driven by gasoline prices and with limited evidence of broader spillovers. Still, Bank of Montreal says persistent energy pressures are raising concerns that higher costs will eventually feed through to core measures of inflation, strengthening the case for tightening monetary policy. ([email protected]; @RobbMStewart)