Marcus Today Market Updates: Recent Episodes
Marcus Today
A twice daily podcast from the team at Marcus Today, the stock market newsletter for investors, bringing you up to speed with the latest stock market, financial and business news. Published just before market open and after market close (AEDT) from Monday to Friday.
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The S&P 500 rose on Friday as traders interpreted an unexpected loss of jobs in July as meaning the Federal Reserve won’t need to raise interest rates soon and can leave monetary policy on hold for now.
The broad market index advanced 0.62% for a record close of 7,757.64, while the Nasdaq Composite outperformed, climbing 1.3% to 26,690.62. The Dow Jones Industrial Average added 151.83 points, or 0.28%, to end at 54,036.93.
Stocks posted a second straight week of gains. The S&P 500 — which closed above 7,700 for the first time ever earlier this week — advanced 3.6% in the period. The Nasdaq saw a gain of 5.2%, thanks to a bounce-back in chip stocks. The iShares Semiconductor ETF (SOXX) ended the week up more than 7%. The Dow, on the other hand, gained nearly 3% during the week. All three indexes notched their best weekly performances since April.
July’s nonfarm payrolls report showed a drop of 23,000 jobs, while economists polled by Dow Jones had forecast a gain of 83,000. The unemployment rate fell to 4.1% as the labor force participation rate fell to its lowest level in more than five years.
SPI up 33 - WBC CAR Results - BET gets a 24c bid.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 clawed back early losses to close down 8 on the day at 9,264 points (0.1%). Up 3.2% for the week. It was a mixed picture across the market as investors waited for the US non-farm payrolls (NFP) report tonight and watched for further developments in the Middle East.
The banks slipped back, with CBA down 1.0% and WBC down 1.6%, while MQG also eased after recently hitting record highs, falling 1.1%. The Big Bank Basket fell 1.1% to $295.90. Financials were generally softer, with the sector under pressure and ZIP also slipping 3.4% following XYZ's results. REITs were mixed, with GMG down 1.0%, but CHC up 0.76%. Industrials were largely flat, with SGH down 1.25% and QAN down 1.12%, while the retail sector barely moved. Healthcare stocks took a breather, with RMD falling 8.3% on concerns around margins and inflation pressures. Technology stocks had a better session, with WTC up 4.3% and XRO up 1.5%, possibly receiving support from the 32% climb in Atlassian after its results were released after hours.
Resources were once again the place to be, although the iron ore names were mixed. RIO gained 0.8%, while FMG slipped 2.3%. Lithium stocks, which have been heavily sold off for some time, finally found some buyers, with PLS rallying 6.5% and LTR also pushing higher by 9.3%. Gold miners were slightly firmer, with NST up 2.3% and NEM up 2.7%, while oil and gas stocks continued to perform well. Coal stocks also improved, alongside uranium names. PDN rose 3.3%, while NXG also enjoyed a better session, gaining 2.2%.
In corporate news, JHX added 5.8% following an increase in quarterly income, while NCK slipped 0.7% despite UK operations helping support its results. AQZ returned from a trading halt and rose 6.1% after providing clarification around the Qantas transaction. There was little locally on the economic front, although investors digested the latest Chinese export and import data.
Asian markets were mixed, with the Nikkei 225 down 0.2%, Hong Kong up 0.4%, China up 1.3%, and Korea off 0.6%. US futures were mixed with the Dow down 67 points and the Nasdaq up 72. US non-farm payrolls in focus.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
US stock indices closed lower on Thursday as a rebound in energy prices revived concerns that the Fed could raise interest rates next month. The S&P 500 fell 0.2%, the Nasdaq 100 lost 0.4%, and the Dow shed 464 points. Yields rose alongside wholesale fuel prices as investors reassessed the prospects for restoring shipping through Hormuz. Reports indicated that Iran plans to bar US and Israeli vessels from the waterway and require compensation from countries it considers hostile before allowing passage. Hawkish comments from FOMC members were reinforced by reports that Fed Chair Warsh is willing to raise rates if inflation rises further. Financial stocks weakened, with JPMorgan down 0.8% and Morgan Stanley losing 2.1%. Credit-sensitive hyperscalers were mostly lower, with Alphabet down 1.3%. Western Digital sank 13% after a disappointing guidance. Sandisk lost 6.8% as its results missed expectations. SpaceX rose 6.1% as $101 billion worth of shares exited their post-IPO lockup.
SPI down 4 - Gold drifts - Oil up - NCK results - NFP in focus tonight - Atlassian jumps 32% on results.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 put in another solid day, rising 44 points to 9,272 (0.5%), as the banks and gold stocks shone. We did see higher levels earlier in the session, but some of the enthusiasm was sapped by a fall in the Kospi, while BHP and RIO finished slightly mixed. CBA rose 0.9% and NAB gained 0.4%, with financials generally firmer. The Big Bank Basket rose to $299.21 (+0.6%) Insurers slipped, however, with QBE down 1.0%, while the REITs also eased, with GMG down 1.7% and SCG off 1.3%. Healthcare continued its recent strength, with CSL up 1.3% and RMD rising 0.3%.
Technology had a mixed session, with WTC falling 1.5% and XRO gaining 0.4% as the sector paused for breath after recent gains. Industrials were generally firmer, while retailers had a good day, led by JBH, up 2.9%, and HVN, which rose 1.2%.
In the resource sector, the gold price pushed higher again, dragging the miners with it. EVN rose 3.8% and NST added 3.2%. There was little to report in lithium, with the sector drifting slightly higher. Uranium stocks eased modestly, while coal stocks were stronger, with WHC up 2.5%. Oil and gas stocks were little changed as investors continued to wait for further developments in the Iranian talks.
In corporate news, REA rose 3.4% after posting an 11% increase in revenue. AMP also had a strong session after announcing a 57% jump in half-year profit and unveiling a $150m share buyback. Meanwhile, BPT fell after reporting a 21% decline in underlying FY profit, while AQZ surged 30% before entering a trading halt as it renegotiates contracts with QAN. Nothing on the economic front today.
Asian markets were weaker, with the Nikkei 225 down 0.99%, Hong Kong down 1.7%, China down 0.8%, and Korea off 4.6%. US futures were flat with the Dow up 118 points and the Nasdaq down 83.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
US stocks closed near record levels on Wednesday as an improving macroeconomic backdrop and strong corporate earnings supported sentiment. The S&P 500 inched down 0.2%, closing near yesterday's record. while the Dow added 263 points to reach a record 54,349. Crude oil prices extended their decline after Iran said it had reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz, while US officials signaled progress in talks aimed at restoring trade flows through the region, easing concerns over energy-driven inflation. Credit sensitive sectors, including major banks, outperformed. Arista Networks rose 3.6% after reporting stronger-than-expected revenue. Eli Lilly gained 4.9% after beating revenue estimates and raising its full-year guidance. In contrast, the Nasdaq slipped 0.8%. SpaceX slumped 13.6%, giving back the previous session's gains, while AMD dropped 7% despite doubling data center revenue.
SPI down 9 - Gold shines - AMP buyback - REA and NWS results
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 climbed to a record high today, up 79 pts to 9225 (0.9%) as buyers returned to the resources sector.
The rally was led by BHP, up 3.3%, and RIO, up 2.3%. We also saw strong buying in LYC, which gained 4.8%, while the gold sector rallied across the board as the bullion price pushed higher on hopes of a resolution to the Iran conflict. NST rose 5.5%, EVN gained 6.0%, and BSL also finished up 3.0%.
The oil and gas sector moved lower, led by WDS, down 3.5%, and STO, which fell 2.2%. Uranium stocks pushed higher, with PDN up 4.2% and DYL rising 3.9%. Lithium stocks posted modest gains, with LTR bouncing 2.9% from its recent lows.
The banks eased on valuation concerns, with CBA down 1.6% and ANZ off 0.7%, leaving the Big Bank Basket down at $297.30 (-1.1%). MQG hit fresh record highs, while the broader financial sector also performed well, with ZIP up 7.8% and PNI jumping 8.4% following better-than-expected results.
Industrials also enjoyed a solid session, with BXB up 1.3%, QAN rising 2.7% on the back of lower oil prices, and SGH up 1.9%, continuing its recent strength. The technology sector rallied strongly once again, with WTC up 5.8%, XRO gaining 2.1% and 360 rising 3.7%. Healthcare also had a good day, with CSL up 1.2% and RMD gaining 2.7%.
In corporate news, EDV fell 1.4% after results showed the group flagging a $311m hit and profit down 14.7%. LNW posted better-than-expected quarterly results, and NEU jumped 18.2% on an update on Daybue sales. In economic news, China’s services activity expanded at its weakest pace in nearly two years
Asian markets were firm, with the Nikkei 225 up 3.5%, Hong Kong unchanged, China up 1.6%, and Korea up 4.4%. US futures were firmer, with the Dow up 192 points and the Nasdaq up 102 points. European markets are set to open higher.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
US stocks closed sharply higher on Tuesday, with the S&P 500 and Dow Jones reaching fresh record highs, supported by strong corporate earnings and lower oil prices amid optimism that the US and Iran could reach an agreement to reopen the Strait of Hormuz. The S&P 500 rose 1.8% to 7,737, the Dow gained 907 points to 54,086, and the Nasdaq 100 jumped 3.3%. Among individual stocks, Palantir soared 29%, posting its strongest daily gain in more than two years after delivering blowout second-quarter results. Semiconductor stocks also rallied, led by Intel (+10.8%), Marvell (+13%), Micron (+7.6%), and Broadcom (+6.6%). Caterpillar climbed 5.5% after reporting better-than-expected second-quarter earnings and raising its revenue growth guidance. After the closing bell, SpaceX reported better-than-expected second-quarter revenue in its first earnings release since its June IPO. However, the stock fell in extended trading as capital expenditures surged.
SPI up 41 - SpaceX falls on results - Oil down - Gold up - Yields fall.
Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
If you'd like to go further:
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 climbed to a five-month high, rising 127 points to 9,146 (1.4%), as the banking sector took off once again. CBA rose 1.6% and NAB gained 3.0%, with the Big Bank Basket climbing to $300.56 (+1.4%). MQG added 3.1%, while other financials also performed well, with ASX up 2.0% and IFT rising 1.3%.
Industrials also enjoyed a strong session, with SGH up 2.5% and BXB gaining 1.9%. The healthcare sector was particularly buoyant, led by CSL, which rose 3.6%. REITs were also solid, with CHC up 2.2% and SGP adding 1.4%.
Technology stocks continued to build on recent gains, with XRO up 3.5% and WTC rising 3.1%. Even the data centre sector joined the rally, with NXT up 4.2%.
Resources were firmer across the board. LYC rose 6.6%, while the lithium sector also enjoyed a better day, with PLS up 4.9% and MIN gaining 2.8%. The iron ore majors edged higher despite softer iron ore prices in Singapore trading, while gold miners also had a good session, with NST up 2.1% and NEM rising 2.1%. Iron ore minres were better mostly, FMG up 1.6% and RIO up 1.7%.
We also saw buying in the copper sector, with CSC up 3.5% and SFR gaining 3.9%. Oil and gas stocks moved higher, led by WDS, up 1.4%, while uranium and coal stocks were also firmer.
In corporate news, we got a taste of what reporting season has in store, with CCP missing expectations and falling heavily, down 7.0%. MGH enjoyed a strong session after announcing a major contract with Firmus, rising 8.1%. We also saw solid gains in DRO following a substantial shareholder notice.
On the local economic front, household spending surged ahead of expectations in June, helped by strong EV sales.
Asian markets were mixed, with the Nikkei 225 down 0.1%, Hong Kong down 0.8%, China up 1.3%, and Korea off 0.35%. US futures were firmer, with the Dow up 118 points and the Nasdaq up 147 points. European markets are set to open around 0.4% higher.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
If you'd like to go further:
Start a free 14-day trial of Marcus Today
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Join Marcus Today
Use code MTPODCAST for 10% off
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 closed up 43 points at 9,020, as promising news from the Middle East over the weekend encouraged buyers back into the market. Stronger US futures helped sentiment, while a fall in the oil price added to the optimism.
The banking sector shrugged off early losses, with NAB up 0.7% and WBC up 0.8%. Financials were generally firmer, with MQG edging 0.8% higher and the insurers also finishing in positive territory. The Big Bank Basket up to $294.96 (+0.3%).
Elsewhere, industrials caught a bid, with QAN up 3.7% on the back of lower oil prices, SGH also performing well, and WES rising 1.5%. Retail stocks were firmer, with JBH up 0.6%, while WOW and COL also drifted higher.
In the technology sector, WTC rose 1.2% and XRO gained 1.9%. Healthcare also had a better session, with CSL up 1.0% and RMD rising 1.6%.
In resources, the iron ore majors were mixed, with BHP 0.7% higher, while RIO and FMG both eased. The gold sector was slightly firmer, with EVN up 1.7% and GGP gaining 1.1%. Once again, lithium stocks came under a little pressure, with PLS down 1.7% and MIN off 0.4%.
Meanwhile, oil and gas stocks slipped as crude prices fell, with WDS down 1.4% and STO easing1.9%. Uranium stocks were mixed, with PDN up X%.
In corporate news, SDF rose 2.9% after KKR confirmed it was proceeding with its takeover offer, having largely completed due diligence. FPR also jumped 17.3% following a non-binding indicative offer from SG Fleet.
There was nothing of note on the local economic front.
Asian markets were better, with the Nikkei 225 down 1.1%, Hong Kong unchanged, China down 1%, and Korea off around 5.5%. US futures were firmer, with the Dow up 294 points and the Nasdaq up 250 points. European markets are set to open around 1% higher. UK closed for August Bank Holiday.
Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
If you'd like to go further:
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
Wall St rose on Friday night, closing out one of the wildest weeks of the AI boom with a decisive snapback. Dow Jones up 277 points. S&P 500 up 0.70%. Nasdaq up 1.00%. Russell 2000 down 0.50%. VIX down 6.44%.
ASX set to fall on Monday. SPI futures down 85 points. That was before US-Iran talks - Oil fell hard - FPR bid.
Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
If you'd like to go further:
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 closed up a mere 9 points at 8,978 (0.1%), as a solid start gave way to caution ahead of the weekend. There was a bounce today in some of the oversold small and mid-cap stocks as the banks eased back, with CBA down 0.4% and ANZ down 0.5%, and the Big Bank Basket falling to $294.04 (0.5%). Financials were slightly firmer, with MQG leading the charge, up 1.2%. Other financials also bounced well, but insurers slipped, with QBE down 2.5% and IAG down 1.5%.
Elsewhere, industrials were somewhat weaker, with WOW and COL seeing sellers, together with REA, CAR and SEK. Healthcare was also under pressure, with CSL down 3.8% and RMD falling 1.5%. Technology stocks eased back in the software space, but the hardware and data centre sector firmed, with WTC down 4.2% and NXT up 4.5%.
In resources, buyers returned for BHP and RIO, together with the gold miners, which were stronger as EVN rose 1.9% and NEM gained 3.5%. Lithium stocks, though, remain weak, with PLS down 1.4% and LTR continuing to fall from grace. Oil and gas stocks flat, with WDS up 0.2% and STO up 0.1%, while coal stocks also slipped as uranium stocks bounced slightly.
In corporate news, FMG took a $746.8m hit on its Iron Bridge project. ORG was up 0.9% with Octopus adding 2.2 million customers, while OBM had a good day as it expanded the footprint of its Little Gem Gold Project. MGH also got the tick of approval to sell its construction business to Heidelberg.
In economic news, China factory activity unexpectedly contracted in July.
Asian markets were better, with the Nikkei 225 up 4.3%, Hong Kong down 0.2%, China up 1.2%, and Korea up a record 17.4%. US futures were firmer, with the Dow up 242 points and the Nasdaq up 322 points. European markets are set to open around 0.5% higher.
Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
If you'd like to go further:
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
US stock indices closed higher on Thursday, rebounding from the previous session's losses as chipmakers rallied and investors assessed earnings. The S&P 500 gained 1.7%, the Nasdaq jumped 3.4%, and the Dow added 614 points. Microsoft surged 15.5% after reporting 43% cloud revenue growth, its strongest since 2022, while keeping capital expenditure guidance broadly in line with expectations. Chipmakers jumped after yesterday's selloff. Micron rose 18.4%, AMD gained 13%, Intel added 11.3%, and Sandisk soared 26% as investors bought the dip on expectations the AI-driven rally still has room to run. Oracle jumped 8.3% after expanding its Google Gemini AI partnership. Those gains outweighed a disappointing forecast from Meta (-7.9%). Treasury yields remained high despite soft Q2 GDP growth. The Fed held rates yesterday, but Chair Warsh's reluctance to signal a rate hike raised concerns that inflation could be higher for longer. Apple (-1.4%) and Amazon (+3.9%) report later.
SPI up 99 - FMG Quarterly - Gold up - Quarterlies continue
Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
If you'd like to go further:
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 gave back 71 points to 8,968 (-0.8%) as profit-taking set in across the board. Banks were mixed, with CBA and ANZ down slightly, while NAB and WBC edged higher. MQG, though, fell 1.5% after US investment banks weakened overnight, and financials generally were softer, with QBE down 0.9% and IFT off 1.7%. REITs also came under pressure, with SCG down 1.3% and VCX falling 1.5%.
In the industrials, we saw some selling after the strong gains of recent days, with WES down 1.5%, JBH off 1.6%, and TLS falling 0.6%. Healthcare stocks also gave back a little ground, with CSL down 0.1% and SIG easing 0.7%. Tech stocks, however, were slightly firmer, with XRO up 1.4% and WTC rallying 6.7%. Other industrials also slipped, with QAN down 3.0% and SGH off 2.5%.
Meanwhile, in resources, BHP fell 1.7%, and FMG was weaker, although RIO rose 1.8% following positive broker comments after yesterday's result. Gold stocks eased on interest rate concerns, with NST down 3.3% and NEM off 1.8%. Some buying emerged in lithium stocks, with PLS up 2.7% and MIN rising 3.9% following better-than-expected results. Oil and gas stocks were steady, while uranium stocks eased slightly.
In corporate news, DMP beat expectations slightly and shorts rushed to cover, up 9.1%. BOE fell 2.5% despite meeting production guidance. ALD rose 0.2% after announcing better-than-expected earnings from its refinery, while VNT slipped 2.9% following the appointment of a new director. In economic news, building approvals rose 7.2% to 18,328, while the value of total residential building work increased 15.1%.
Asian markets were mixed, with the Nikkei 225 up 0.2%, Hong Kong down 0.4%, China off 2.1%, and Korea down 0.9%. US futures were slightly firmer, in line with fair value, with the Dow up 74 points and the Nasdaq up 105 points. European markets are set to open lower.
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US stock indices closed lower on Wednesday as investors following the Federal Reserve's policy decision and another selloff in chipmakers ahead of major tech earnings. The S&P 500 fell 1.5%, the Nasdaq 100 lost 2.1%, and the Dow shed 1,153 points. Microsoft shed 0.7% while Meta fell 1.3% ahead of their earnings reports after the bell, which investors are watching for signals on AI infrastructure spending. Concerns that AI-related capital spending has become excessive continued to pressure semiconductor stocks after disappointing results from SK Hynix. Nvidia fell 3.5%, Micron lost 9.9%, AMD dropped 5.5%, and Applied Materials slid 8.4%. The Fed left interest rates unchanged, as expected, though three FOMC members dissented in favor of a rate hike. Meanwhile, rising oil prices following renewed US-Iran strikes added to inflation concerns, pressuring the Dow. Visa gained 0.6% after reporting stronger-than-expected quarterly revenue.
Meta down 11% after hours - Microsoft better - US Futures better - SPI down 51 - Quarterlies continue
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The ASX 200 put in another solid performance, rising 91 points to 9039, as iron ore results cheered the resource sector and industrials continued to push higher. The market also took comfort from the latest CPI reading, which came in below expectations and should ease some of the pressure on the RBA to raise rates on 11 August. The banks gave back some early gains, the Big Bank Basket at $295.53 up 0.1%, with ANZ up 1.37%, while other financials were mixed as ASX rallied 1.43%. AMP was showing a clean pair of heels, rising 2.34%. REITs also enjoyed a good session as bond yields fell, with CHC up 2.96% and SGP gaining 4.96%.
Industrials also had a strong day, with retailers rallying on rate-cut expectations. JBH rose 4.67% and LOV also found some friends, up 7.88%. The technology sector performed well, with WTC up 2.33% and XRO rising 4.11%. REA, CAR and SEK also enjoyed solid gains, while TLX climbed 0.21%. Both WOW and COL had good sessions, while healthcare was especially firm. CSL rose 7.15% on encouraging news surrounding its Horizon 2 manufacturing technology, and RMD rallied 3.59%.
Resources painted a more mixed picture. BHP rose 1.36%, while RIO rallied on the back of better-than-expected results and a stronger-than-expected dividend. FMG also pushed higher. One casualty was LTR, which fell 7.92% following a disappointing quarterly update. Gold miners were mixed, with NST up 2.22% and NEM flat. Rare earths continued to struggle, with LYC falling heavily once again. Oil and gas stocks edged higher as tensions in the Middle East escalated and the oil price firmed, with WDS up 1.39% and STO flat. Uranium stocks were mixed.
In corporate news, there was no shortage of quarterly updates. CSL responded strongly to progress on Horizon 2. PPT rejected a revised takeover offer from EQT, while MIN delivered a solid June quarter. LTR ended the June quarter with $561m in cash, although production, costs and guidance disappointed the market. WDS also tightened its FY26 production guidance to 174–185mmboe.
In economic news, headline inflation slowed to 0.6% in June, down from 1.4% in April, with annual inflation easing to 3.8%, below expectations and down from 4.0%.
Asian markets were weaker, Nikkei 225 down 1.5%, HK up 1.56% and China down 0.84% - Korea down 5.98%. US futures weaker, Dow down 58 points Nasdaq down 137. .European markets set to open lower. Fed focus.
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US equity indices closed mixed on Tuesday as chipmakers extended their selloff, while earnings and falling oil prices supported investors' sentiment. The S&P 500 gained 0.2% and the Dow Jones rose 537 points while the Nasdaq 100 fell 1%. Concerns over slowing AI infrastructure spending and the circular nature of data center investment weighed on compute and memory chipmakers. Micron slumped 8.8%, AMD lost 8.1%, Intel fell 5.9%, and Sandisk tumbled 14.2%. The sector also came under pressure after the strong IPO of China's CXMT in Shanghai boosted optimism over rising competition. Meanwhile, health and consumer staples outperformed. Microsoft was up 1.1% and Meta closed little changed ahead of earnings on Wednesday. Coca-Cola soared 5% after an earnings and revenue beat and a hike in its full-year outlook. Eli Lilly was up 1.9%, Berkshire Hathaway gained 3.1%, and Visa rose 1.1% ahead of its earnings release.
SPI up 74 - RIO results - SK Hynix Results - CPI at 11.30am. New Iranian strikes.
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The ASX 200 shrugged off early losses to close 54 points higher at 8948 (0.6%), with the banks proving resilient yet again. CBA rose 1.5% and NAB gained 0.7%, taking the Big Bank Basket to $295.23 (+1.3%) Other financials also had a better day, with HUB up 1.8% and ASX rising 1.5%.
REITs also performed well, with GMG up 0.2% and SGP gaining 2.7%. Industrials were firm, led by a rebound in the tech sector, with XRO up 3.7%, WTC up 8.1% and TNE rising 3.3%. TLS had a good day, up 1.6%, while retailers also performed well, with JBH up 3.3% and WES gaining 2.1%. Healthcare was also in the pink, with CSL up 2.7% and RMD rising 3.4%.
It was a different story in resources, with BHP down 1.2% and RIO falling 2.5%. Gold stocks gave back some of yesterday's gains, with GMD down 1.1% and EVN easing 1.8%. Lithium stocks remained under pressure, with PLS down 4.9% and MIN falling 2.9%.
Oil and gas stocks enjoyed a better session, with WDS rallying 2.8% and STO up 1.2%, although coal stocks continued to drag. Uranium stocks were also back under pressure as part of the AI trade unwind, with PDN down 4.4% and DYL falling 2.2%.
In corporate news, DRO fell 13.2% after warning that margins would come under pressure. WEB surged 17.1% following plans to buy back up to $90m of its shares and a stronger forecast for first-half earnings. ILU had a good day despite warning that Balranald production would be lower than previously expected, while WHC eased 4.6% after finishing the year at the top end of production guidance.
In economic news, the ANZ-Roy Morgan Consumer Confidence Index fell 4.4 points last week to 71.2.
Asian markets were weaker, Nikkei 225 down 4.4%, HK down 0.1% and China down 2.8% - Korea down 10.4%. US futures mixed Dow up 4 Nasdaq down 290
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US stock indices closed mixed on Monday as chipmakers extended their selloff ahead of this week's Fed decision and a busy slate of economic data and corporate earnings. The S&P 500 ended little changed, the Nasdaq 100 lost 0.3%, while the Dow gained 263 points. Nvidia fell 5% after announcing a $500 billion AI memory chip supply agreement with SK Hynix. Separately, the company guaranteed $250 billion for OpenAI to lease computing capacity from a major data center project, reviving concerns that circular AI financing deals could unravel if hyperscalers curb capital spending. Micron (-2.2%), AMD (-5.2%), Intel (-0.7%), and Sandisk (-11%) also declined. Meanwhile, easing concerns over tight financial conditions helped the Dow. The US and Iran paused strikes over the weekend, sending oil prices and Treasury yields lower, easing expectations of a Fed rate hike this week. Apple (+1.2%), Meta (-0.2%), Amazon (-0.3%), and Microsoft (+1.9%) traded mixed ahead of earnings releases.
SPI down 20 - Oil off 9% - Gold pushes slightly higher - Quarterly results in focus.
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The ASX 200 started the week on a strong note, up 122 points to 8,894 +1.4%), as most sectors of the market rallied hard, with the exception of oil and gas, as Trump's threat of a massive attack on Iran was wound back and US futures rallied. The banking sector was once again solid, with CBA up 1.2% and ANZ up 1.2%, with the Big Bank Basket at $291.58 (+1.2%). MQG also rallied again, and other financials were back in the green. Insurers also rose, led by QBE up 1.4%. The REIT sector was also good today, led by GMG up 3.2% and CHC up 2.8%. Industrials too had a significantly better day, with the tech sector firing for a change: XRO up 6.0% and WTC up 7.0%, with TNE rallying too, along with REA, CAR and SEK. TLS had a good day. QAN brushed off the latest Alan Joyce novel and rose 3.6% on lower oil prices. Meanwhile, resources had a solid day: BHP up 2.1%, RIO up 2.2%, and the gold miners also doing well today. We had some corporate action with EVN bidding for CNB in a script bid. VAU also had a good day, together with CMM, on a resource upgrade. Even the lithium stocks chimed in today, with LTR up 3.4% and PLS up 2.7%. Meanwhile, oil and gas stocks WDS and STO fell around 3%, and uranium and coal stocks also a little bit easier.
In corporate news, MYR fell 12.0% after it said a sharp slowdown in consumer spending late in the financial year weighed on margins. PPT had another bid from EQT of $22.50, and EVN bid for CNB. Nothing today on the economic front as we await the CPI on Wednesday.
Asian markets were mixed, Nikkei 225 up 0.3%, HK up 0.8% and China 0.3% - Korea up 0.8%. US futures up 400 for Dow, 414 for Nasdaq.
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Wall St ended mixed Friday, off best levels, capping a second straight week of declines. Dow Jones up 236 points. S&P 500 flat. Nasdaq down 0.64%. Russell 2000 down 0.35%. Breadth positive by more than 2:1, with equal-weight outperforming the cap-weighted index by ~80bp. VIX down 0.64%. It was Big Chips turn to face the selling pressure while the Mag7 were not able to bounce as a whole.
ASX set to bounce on Monday. SPI futures up 48 points.
US Futures up 0.5 - 1% ahead of Fed and big week of earnings.
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The ASX 200 fell 67 points to 8,772, leaving the market down around 25 points for the week. Once again, we saw money flowing out of resources, industrials and the technology sector, and back into the relative safety of the banking sector. The Big Bank Basket rose to $288.03 (+1.2%). CBA rose 1.0% and NAB gained 1.5%, while insurers also benefited from higher bond yields, with QBE up 1.4%. MQG continued to push higher following the CEO retirement announcement, but other financials slipped, with HUB down 3.1% and IFT falling 1.2%. REITs were mixed, with GMG down 2.7%while SGP edged slightly higher.
Industrials were well and truly on the nose yet again, with WES down 1.0%. Retail stocks generally drifted lower, with most names down around X%. The technology sector was once again battered and bruised, with REA down 3.7%, XRO falling 4.5%, and WTC also hit hard.
Healthcare was no refuge either, with CSL down 1.3% and RMD falling 0.4%.
Resources were not spared, with BHP down 2.9% and RIO off 1.7%. Gold miners were once again under pressure as the bullion price looked to be testing US$4,000 an ounce yet again. NST fell 3.9% and EVN dropped 2.4% Lithium stocks were also depressed, with LTR falling hard and PLS down 2.1%. Rare earth and copper stocks were also in the doghouse, while uranium stocks continued to slide.
Energy stocks were one of the brighter spots, with both WDS and STO firmer, while KAR enjoyed a good day following a broker upgrade.
Corporate News, COH edged higher after confirming it would not be subject to the new US tariffs. ASX fell after announcing the retirement of its CFO.There was nothing of note on the local economic front.The US tariff saga continues, with Australia hit by 12.5% tariffs on products linked to alleged "forced labour" issues.
Asian markets were weaker, Nikkei 225 down 2.9%, HK down 1.4% and China off 1.3% - Korea down 6.0%. US futures drifting.
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US stocks closed lower on Thursday amid deteriorating macroeconomic backdrop and renewed doubts over AI spending. The S&P 500 dropped 1.2%, the Nasdaq 100 lost 1.9%, and the Dow Jones shed 507 points. Communication services and consumer discretionary were by far the worst performing sectors while tech was also under pressure. Despite solid earnings, Alphabet fell 6.9% after raising its capital spending forecast, while Tesla tumbled 14.5% as profit declined despite strong electric-vehicle deliveries. Other hyperscalers also weakened, with Nvidia (-1.6%), Microsoft (-2.2%), Meta (-3.4%), Amazon (-4.6%), Broadcom (-1.1%) and Oracle (-4.6%) posting losses. Treasury yields rose as tighter naval blockades in the Middle East raised energy supply concerns and initial jobless claims fell to a 57-year low. Goldman Sachs shed 2.1%, while Visa fell 0.5%. Comcast lost 6.8% after reporting a declined in profits, while RTX added 7.3% after beating expectations.
SPI down 50 - Oil up above $100 - Gold down 2%
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The ASX 200 rose 16 points to 8,839 (+0.2%) after a strong start was derailed by better-than-expected jobs data.
Banks were firm, with CBA climbing 0.4% and the Big Bank Basket up to $284.71 Elsewhere, financials eased back following the news from MQG that CEO Shemara Wikramanayake will step down in November to be replaced by Greg Ward. The stock fell 0.5% on the news. We also saw losses in the insurance sector, with QBE down 1.1% and SUN falling 1.9%. Once again, it was the industrials that came under pressure, with the tech space falling hard as US software stocks weakened. XRO dropped 5.0%, WTC fell 7.0%, and TNE also suffered. The All-Tech Index fell 2.9%, with 360 down 5.5% too. Industrials eased back, with TLS down 0.6%, while REA, CAR and SEK also fell. Retail stocks were weaker, led lower by WES. Utilities firmed, with ORG up 0.8%.
Resources were stronger again today, with BHP up 1.5% and FMG rising 1.0%. S32 had another good day, and we saw a bounce in lithium stocks, with LTR up 3.6% and PLS rising 1.9%. Gold miners were also slightly firmer as bullion managed to hold on to recent gains. Coal stocks were better, along with uranium names, with PDN the standout following broker upgrades, up 11.6%.
In corporate news, GDG had a cracker of a day, rising 37.1% after updating its funds under management. STO narrowed its production guidance to 99m to 105m barrels of oil equivalent. Elsewhere, SFR had a good day after reporting record quarterly revenue.
In economic news, the latest jobs data pointed to a resilient economy, with the unemployment rate holding at 4.4%, although most of the employment growth came from part-time jobs. The result is likely to keep pressure on the RBA to raise interest rates.
Asian markets were better, Nikkei 225 up 0.9, HK up 1.4% and China up 0.1% - Korea up 4.3%. US futures drifting lower - Dow down 44 and Nasdaq down 100. Oil firms. European futures off slightly.
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US stocks closed lower on Wednesday ahead of the start of earnings season for mega-cap technology companies. The S&P 500 shed 0.1%, the Nasdaq 100 lost 0.5%, and the Dow Jones inched down. Software stocks came under pressure before Alphabet's (-1.5%) results, with Microsoft down 1.9% and Meta retreating 2.6%. The technology sector remained volatile as investors reassessed whether AI hyperscalers will continue expanding hardware spending. Tesla dropped % ahead of its earnings release. Most chipmakers rebounded from earlier losses, with Nvidia up 2.3%, Broadcom rising 2.7%, and AMD adding 1.4%. Meanwhile, tensions between the US and Iran escalated after Iranian drone attacks targeted CIA facilities in the Gulf. Oil prices extended gains, fueling inflation concerns and pushing yields higher. Financials traded mixed, with Visa down 0.7% while JPMorgan gained 0.9%. AT&T rose 3.5% after beating earnings estimates, lifting telecom stocks.
SPI up 72! Gold up - Oil up - MQG CEO to retire.
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The ASX 200 closed up 30 points to 8823 (0.3%), with resources back in favour and the gold sector shining. It seemed as though defensive stocks were sold to fund buying in the likes of BHP, which rose 2.5%, and RIO, up 2.5%. The gold miners had a good day, with NST rallying 3.5% and EVN up 4.3%, alongside solid gains across the sector. We also saw gains in the oil and gas space as crude prices headed higher, with WDS and STO both up more than 1%. Coal stocks also performed well, with YAL enjoying a strong session, as did NHC. Uranium stocks were in the green too, with PDN up 6.7% following its quarterly report on its Namibian operations.
Lithium stocks gained a little ground, but LYC fell 3.6% after a disappointing quarterly result highlighted higher costs. Meanwhile, industrials sold off, with the tech sector once again under pressure. XRO fell 2.6%, TNE dropped 2.3%, and NXT gave back some of yesterday's gains. REA, CAR, and SEK also fell, while the healthcare sector was led lower by CSL, down 2.8%. Industrials slipped, with WES down 2.1%, JBH off 1.5%, and BXB easing slightly.
The banking stocks were mostly unchanged, with insurers slipping slightly and the Big Bank Basket closing relatively flat at $283.03 (+0.4%). HUB rallied 4.9% following yesterday's upgrade. REITs also weakened, with GMG down 2.0%, CHC off 1.7%, and SGP falling 1.9%.
In corporate news, WES pulled the trigger on the expansion of its lithium project. RRL announced that a string of encouraging drill results would lead to further exploration, while LYC flagged increased costs associated with its expansion project in Malaysia.
There was nothing of note in local economic news.
Asian markets were weaker, Nikkei 225 up 0.1%, HK down 1.0% and China unchanged - Korea up 2.6%, well off highs.
US futures weaker - Dow down 40 and Nasdaq down 165. Oil firms. European markets set to fall 0.3%
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US stock indices closed higher on Tuesday as a rally in chipmakers lifted the broader market. The S&P 500 added 0.9%, the Nasdaq 100 advanced 1.9%, and the Dow Jones gained 385 points. Semiconductor stocks extended their rebound from last week's rout after strong export data from Taiwan and South Korea reinforced optimism for the sector. Nvidia gained 2% after saying its latest chip designs are reaching customers, while Intel climbed 8.6% on plans for job cuts. Micron (+12.2%), Sandisk (+14.3%), and AMD (+8.1%) surged. The sector rallied ahead of Alphabet's (-1.4%) earnings on Wednesday, which are expected to provide fresh signals on AI infrastructure demand from hyperscalers. Meanwhile, other sectors stabilized despite further escalation between the US and Iran and the resulting rise in oil prices. Treasury yields remained elevated, limiting gains in financial stocks. Elsewhere, GM rose 4.9 % after reporting earnings, while Charles Schwab fell 2.5% after missing estimates.
SPI up 21 - Quarterlies continue - Oil up - Gold up - Commodities up.
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The ASX 200 closed up 2 points at 8,793 after staging a decent rally off the lows as Asian markets turned positive and US futures also moved into positive territory.
Banking stocks eased back, with CBA down 0.4% and NAB, ANZ, and WBC also falling around 1.2%. The Big Bank Basket fell to $281.77 (-0.7%). MQG also took a breather, as did other wealth managers, with HUB down 4.2% despite stronger FUA results.
The industrial space was mixed, with the likes of WES down 1.2%, but ALL up 0.4%, and TLS slipping to finish down 1.8%. Healthcare stocks were also weaker today, with CSL down 1.0% and RMD down 0.9%.
Money shifted into the technology space, with REA up again, XRO rising 2.1%, and WTC up 0.9%. NXT had a good day after revising up its order book, rising 7.7% and dragging up others on the data centre side of things.
In resources, we saw a mixed picture. Lithium stocks continued to struggle as lithium carbonate prices in China fell, with PLS down 1.7% and LTR down 5.1%. BHP managed a 1.3% rise, and gold miners were also firm as gold bounced again off the US$4,000 level, with NST up 3.3% and EVN up 5.6%. Oil and gas stocks were mixed, as were coal stocks, while the uranium sector finished slightly firmer.
In corporate news, TLX climbed 1.4% after second-quarter revenue came in better than expected. Europe's biggest fintech, Revolut, was also granted a banking licence in Australia.
In economic news, the ANZ-Roy Morgan consumer confidence reading rose slightly.
Asian markets were weaker, Nikkei 225 up 2.3%, HK down 0.2% and China up 1.7% - Korea up 3%
US futures better - Dow up165 and Nasdaq up 280. Oil above $90. European markets set to fall 0.3%
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The ASX 200 drifted around to close down 5 points at 8,791, as the banks paused after last week's rise and resources came back into focus. US futures sliding lower sapped early enthusiasm.
The Big Bank Basket was flat at $283.68 (-0.7%) with MQG falling 0.8% and NWL down 2.2%. Insurers were slightly firmer, with QBE up 1.8% and MPL rising 0.6%, although REITs eased, with SGP down 1.0% and GMG off 0.9%. Industrials were mixed again, with defensives such as the supermarkets slightly firmer, along with TLS and REA, which continued to find some friends. Retail was also mixed, with WES up 0.2%, while others failed to keep pace.
In the tech space, selling continued, with XRO down 2.1% and WTC off 3.6%, although there were buyers in MAQ.
Resources were mixed. BHP steadied, RIO slipped 1.9%, lithium stocks remained depressed, and the gold sector bounced back from earlier losses, with WGX up 2.1% and WAF rising 2.6%. S32 had a good day, up 4.6%, after beating quarterly guidance.
Oil and gas stocks were firmer as crude prices continued to push higher, with WDS up 1.4% alongside STO. Coal stocks also edged higher, with WHC up 2.7%, while uranium stocks posted modest gains.
It was a relatively quiet day on the corporate front. PPT rejected the latest proposal from EQT, while CEH surged 15.2% on plans to develop its Queensland site. We also saw interim chairman of WJL spend $1 million buying shares, lifting his stake to around 5%, or approximately 24.5 million shares. EQR rallied 34.1% after Andrew Forrest's Tattarang disclosed a 16.8% stake.
It was a quiet day on the economic front.
Asian markets were weaker, Nikkei 225 down 4%, HK up 1.8% and China up 0.5% - Korea down 4.5%
US futures mixed - Dow down 50 and Nasdaq up 8. Oil above $91. European markets set to fall 0.3%
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Wall St fell Friday as a Chinese AI breakthrough rattled semis and oil rose after holding ground for the previous three sessions on further US-Iran escalation. Dow Jones down 407 points. S&P 500 down 1.01%, closing below its 50-day moving average. Nasdaq down 1.40%. Slightly better than futures yesterday were indicating. Russell 2000 down 0.42%. Mag7 down 1.78%. SOX down 1.63%, recovering from a 5.5% opening drop. VIX up 12.19%.
ASX set for a good session today although escalation in the Middle East will not help.. SPI futures up 54 points or 0.62%.
US futures flat currently - Korea to reopen - Japan closed.
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The ASX 200 closed down 44 pts at 8,797 as US futures weakened and Asian technology stocks were hit hard. Down 10pts for the week. Our market saw both the banks and resources come under pressure. The banks gave up ground, with CBA down 0.8% and WBC falling 0.2%. The Big Bank Basket fell to $284.25 (-0.5%) with a late rally helping. Insurers, however, held their ground, while other financials also performed reasonably well, with AMP rising for the second day in a row.
Elsewhere, defensives in the industrial sector held firm, with TLS up 2.7% despite CEO Vicki Brady facing lawmakers in Canberra. WES also gained 0.9%, while in healthcare CSL edged higher and RMD rose 1.5%.
Technology stocks were mixed. XRO gained 0.9% and WTC was little changed, but the data centre sector remained under pressure, with NXT falling another X%. MP1 had another horrible session, down 8.5%, while AI-related stocks were sold heavily. EIQ fell 5.7% and WBT tumbled nearly 10.5%. In fact, anything with a Vegas AI connection was under pressure today. Resources were once again the weak link. BHP continued to slide following its quarterly result, falling 2.7%. RIO also eased 2.4%, while FMG held up, but only just. Lithium stocks were once again under pressure, with PLS down 3.1% and MIN falling 2.6%. Gold miners also suffered despite bullion prices rising in Asian trade, with NST and EVN both down over 4%. Oil and gas stocks bucked the trend, with WDS up 3.3% and STO gaining 1.9%, although coal stocks failed to fire.
There was little of note on the corporate front. ZIP fell 5.1% after announcing it would exit its New Zealand business. PRU delivered a stronger-than-expected quarterly update. SKC climbed after announcing the sale of investment properties in Auckland. COL walked away from its proposed acquisition of Greencross from TPG Capital, while RRL fell 8.4% after issuing a softer FY27 outlook.
In economic news, Westpac Chief Economist Luci Ellis warned that the current AI boom could face a correction if commercial returns fail to justify the lofty valuations.
Asian markets were slammed, Nikkei 225 down 4.6%, HK down 2.3% and China down 3.9% - Korea closed for a holiday.
US futures down - Dow down 403 and Nasdaq down 465. Oil up 0.9%. European markets set to fall 1%
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Stocks fell on Thursday as a sell-off in technology stocks overshadowed a raft of solid earnings reports.
The S&P 500 lost 0.51% and ended at 7,533.77, while the Nasdaq Composite declined 1.47% to 25,881.95. The tech-heavy major averages struggled with weakness in semiconductors. The Dow Jones Industrial Average shed 105.67 points, or 0.20%, and closed at 52,552.97.
Chip stocks slid after Taiwan Semiconductor posted an increase in its spending forecast, which overshadowed a better-than-expected second-quarter report. The company expects capital expenditures to clock in between $60 billion and $64 billion for the year, up from a prior guidance in the range of $52 billion to $56 billion. The stock lost more than 2%.
The VanEck Semiconductor ETF (SMH) slid almost 4%, led by a more than 5% drop in Arm Holdings. Shares of Micron Technology and Advanced Micro Devices were also lower by more than 5% each. Broadcom was off 5%. The U.S.-listed shares of SK Hynix slid more than 13%.
SPI down 15 - Gold drops - Oil flat
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The ASX 200 closed unchanged on futures expiry day at 8841, after an afternoon rally in the banks gathered pace, with CBA up 1.8% and NAB gaining 1.3%. The Big Bank Basket continued its recent run higher to $285.73. Financials were generally firmer, with SOL up 3.3% and GQG gaining 1.1%. REITs also pushed higher, led by SCG up 0.5% and SGP rising 2.0%. Industrials and technology stocks found buyers, with WES up 1.2% and ALL gaining 0.3%, while retailers edged higher as JBH rose 1.8%. Healthcare stocks also regained some poise, with CSL and RMD both moving higher. In the technology sector, buying returned to XRO and WTC, while REA had a strong session, up 6.6%, after reporting growth in listings. That helped lift CAR and SEK as well.
Resources, however, were once again out of favour. BHP's quarterly failed to excite the bulls, with the stock down 2.3%. RIO also slipped, while FMG fell 1.1%. Lithium stocks remained under pressure, with PLS falling sharply and LTR following suit. Gold miners were mixed, with NST down 0.1% while GMD gained 1.5%. Oil and gas stocks eased as crude prices slipped, with WDS down 1.5%, while coal and uranium stocks also drifted lower.
In corporate news, NWL reported record funds under administration (FUA). PPT announced it had received an improved takeover proposal from EQT, TNE maintained its FY26 guidance, and OBM warned of lower gold production in FY27 alongside higher all-in sustaining costs (AISC). On the economic front, Korean stocks were volatile again after the BoK raised rates.
Asian markets were weaker, Japan down 3%, HK up 2.1% and China flat Kospi down 6%.
US futures mixed - Dow up 45 and Nasdaq up 1. Oil off 0.5%. European markets set to rise a little.
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The S&P 500 rose on Wednesday, with major technology stocks advancing, as traders digested more data showing inflation is cooling.
The broad market index finished up 0.38% at 7,572.40, while the Nasdaq Composite climbed 0.62% to settle at 26,269.23. The Dow Jones Industrial Average added 150.37 points, or 0.29%, to end at 52,658.64.
Investors appeared to be paring exposure to key semiconductor stocks and moving into shares of certain Big Tech names. Notably, Amazon and Alphabet moved up around 3%, while Microsoft was higher by nearly 3%. Apple gained 4%, hitting a new all-time high.
SPI up 15 - BHP quarterly - Gold eases - Oil steady
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The ASX 200 finished unchanged at 8809, fighting back from earlier losses as resources found a footing. US futures helped, as did steady markets across Asia. Banks eased back, with CBA down %, leaving the Big Bank Basket at $281.76 (-0.6%). Other financials also weakened, NWL fell 2.2% and SOL dropped 0.8%. REITs were easier too, with GMG down 2.7% and CHC falling 1.3%. WOW and COL slid 1% as defensives were sold down. Healthcare picked up a little, with CSL rising 1.3% and COH up 1.6%. Industrials generally eased, WES flat and TCL dropped 0.8%, with SGH off 1.4%. Tech stocks were mixed, XRO and WTC found buyers, TNE fell 1.3% and NXT was 3.2% easier. All-Tech Index fell 0.3%.
Resources staged a good turnaround, with BHP up 0.6% and FMG up 1.3%, while the gold miners recovered after early losses. Bullion pushed back above US$4,000. EVN rose 3.2% and VAU gained 1.4%. S32 also had a better session, while lithium stocks posted small gains. Oil and gas stocks rose as crude pushed higher, with WDS up 3.0% and STO rallying %. Coal stocks were firm, WHC up %, while uranium stocks were whacked again. PDN fell 6.0% and NXG lost 3.2%.
In corporate news, KKR joined the consortium bidding for SDF. LNW powered 8.0% higher on a guidance update. CTD remains suspended as it tries to negotiate terms with the UK Government to stave off a liquidation event. GMD and VAU agreed terms for their merger.
On the economic front, the ANZ-Roy Morgan Consumer Confidence Index rose slightly. The Westpac-Melbourne Institute Consumer Sentiment Index rose 4.1% to 83.9 in July from 80.6 in June.
Asian markets were better, Japan up 0.5%, HK up 0.3% and China up 1.2%, Kospi up 1.2%.
US futures slightly positive. Oil up 1.7%.
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US stock indices closed lower on Monday amid weakness in chipmakers and a deteriorating macroeconomic backdrop. The S&P 500 fell 0.8%, the Nasdaq 100 lost 1.9%, and the Dow dropped 138 points. Chipmakers sank on persistent concerns that AI hyperscalers will be forced to scale back spending on AI infrastructure. SK Hynix ADRs fell 8.6% after surging 13% in their debut on Friday, as a Korean brokerage warned the company could miss its next earnings expectations. Nvidia shed 3.5%, Broadcom was down 4%, AMD retreated 4.2%, and Intel fell 6.1%, while memory producers Sandisk and Micron lost 12.6% and 4.3%, respectively. Stocks in other sectors also declined alongside US Treasuries after President Trump said the US would reinstate the blockade of Iranian ships in the Strait of Hormuz, escalating the conflict and raising the risk of energy-driven inflation. Major banks fell ahead of this week's earnings, with JPMorgan down 0.6%, Bank of America falling 0.3%, and Goldman Sachs losing 0.9%.
SPI down 8 - Resources under pressure.
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The ASX 200 recovered from early losses to close up just 3 points at 8,809, despite weakness across the region, particularly in Korea. Once again, the banks held firm, with the Big Bank Basket rising to $283.41 (up 0.8%). ANZ was the best of the bunch, gaining 1.1%. Insurers also rallied, with IAG rising 2.0% and SUN adding 0.9%.
Other financials eased, with BVS falling 5.5% on profit-taking after a strong week. Industrials were generally soggy. CSL fell 1.3%, RMD dropped 4.9%, and technology stocks remained unloved. XRO fell 4.3% following CEO share sales, WTC drifted another 2.0% lower, and WBT crashed back to earth, falling 10.6%.TLS recovered 1.6% after its week from hell. REITs were surprisingly firm, with SCG up 0.3% and GPT gaining 0.2%. The supermarkets were not so super, with WOW down 0.8% and COL falling 1.9%.
In resources, it was once again heavy going as Treasury yields rose and the gold price came under pressure. Iron ore stocks held firm, but the gold miners succumbed. NST fell 2.8%, while GMD gained 3.7% as RRL pulled out.
In corporate news, RRL threw in the towel on its bid for VAU. OML extended due diligence for the three interested parties, while CCX soared following a positive trading update. There was nothing of note on the local economic front.
Asian markets were mixed with the Nikkei 225 down 2.6%, the Hang Seng down 0.2%, and the CSI index down 1.7%. Kopsi crashed 9.0% as SK Hynix fell hard.
US futures were weaker with the Dow down 208 and the Nasdaq down 388. European market expected to open 0.6% weaker.
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Wall St rose Friday, closing out a second straight week of gains in a quiet session. Dow Jones up 150 points. S&P 500 up 0.42%, closing in on record highs. Nasdaq up 0.29%. Russell 2000 down 0.49%. VIX down 5.11%. Mag7 up 1.4%. SOX flat. SaaS down 0.8%.
SPI futures up 43 points or 0.49%. RRL pulls out of VAU race - OML extends bid deadline.
For the week, the S&P 500 rose 1.23% and the Nasdaq added 1.74%. Mag7 up 3.96%. The SOX up 2.70% after a volatile week, though still well below its June 22 record. The KOSPI meanwhile fell 7.57% and Chinese markets dropped 4.20%, while the Dow slipped 0.78% and the ASX 200 eased 0.43% (weighed down by resources, gold especially). European markets broadly weaker - the DAX down 2.76%, CAC down 1.99%, STOXX 600 down 1.91%.
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The ASX 200 rose 44 points to 8,806, up 0.5%, after a slow start, with the banks finding their feet. For the week, the ASX 200 fell 38 pts. CBA rose 0.5% and ANZ gained 0.8%. The Big Bank Basket rose to $281.06 (0.6%). Other financials also firmed, with MQG up 0.9% and NWL rising 2.2%. ZIP rallied 2.0%. REITs were better, with GMG up 0.2% and CHC rising 2.2%. In the industrials, we saw some profit-taking, with TLS under pressure now that Vicki Brady is back on board from her holiday. WOW and COL were also in profit-taking mode after defensive buying earlier this week. Elsewhere, the healthcare sector pulled back after a strong week, with CSL down 2.1% and RMD falling 0.9%. Technology stocks were under pressure, unable to capitalise on the improved outlook for US software companies, with XRO down 1.3% and WTC falling another 1.8%. The All-Tech Index fell 0.6%.
Resource stocks were the heroes today, as the iron ore miners pushed higher. BHP bounced 2.5%, RIO also recovered after yesterday's heavy falls, rising 3.8%, while FMG edged up 2.0%. Gold miners were back in the green after this week's weakness, with EVN up 3.4% and NST gaining 1.7%. Lithium stocks remained under a little pressure, with PLS up 0.4%. Oil and gas stocks eased, with WDS and STO both lower. Uranium stocks were stronger, with PDN up 4.1%, while SLX was one of the standout performers, soaring 9.4%.
In corporate news, INA responded to media reports of an approach from PPC. BVS jumped after it upgraded its FY26 earnings. WTC fell despite reassuring the market on DSV relations. SFR up strongly on an increase in its Black Butte mine life.
There was nothing of note on the local economic front.
Asian markets were mixed with the Nikkei 225 up 1.7%, the Hang Seng up 1.3%, and the CSI index down 1.0%. Kopsi up 4.2% ahead of SK Hynix debut. European futures were narrowly mixed.
US futures were weaker with the Dow up 12 and the Nasdaq down 153.
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US stocks gained traction on Thursday amid gains for chip producers and an improvement in credit conditions. The S&P 500 rose 0.5% and the Nasdaq 100 gained 1.3%, while the Dow rose 200 points. Memory chip producers were sharply higher as markets reconsidered the speculative outlook of AI infrastructure manufacturers. These were magnified by the introduction of SK Hynix ADRs tomorrow, the world's largest memory producer, with reports stating the receipts are seven times oversubscribed. Micron and Sandisk were 7% up. Meanwhile, oil prices and bond yields eased amid evidence that laden tankers continued to cross the Strait of Hormuz despite fresh attacks between the US and Iran. This supported the financial sector with Morgan Stanley, Goldman Sachs, and American Express, adding around 3% each. Meanwhile, Meta rebounded from early losses to a 2% gain after announcing it will target production of its own AI chip by September.
SPI down 2 - Gold up - Oil down - BVS upgrade
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The ASX 200 fell 23 points as, once again, resources came under pressure. BHP fell 1.1%, RIO was hit hard following a broker downgrade, down 3.3%, and FMG also lost ground. Gold miners were weaker despite gold holding relatively steady. NST fell 0.9%, while EVN down 1.7%. Elsewhere, lithium and rare earth stocks also drifted lower, with S32 down 3.5%.
Meanwhile, in the oil and gas sector, both WDS and STO rose, along with uranium stocks, following the deal with India announced by the Prime Minister. Banks drifted lower, with NAB the weakest of the Big Four, taking the Big Bank Basket down to $279.35 -0.1%). Insurers were mixed, as were financials, with ZIP falling 1.0%. The REIT sector also drifted lower, led by GMG down 0.9% and SGP off 3.7%, following yesterday's strong gains.
Industrials and healthcare were slightly firmer. TLS recovered 1.2% after the outage issue, while both WOW and COL gained as investors sought out defensive names. Healthcare was also better, with CSL up 1.0%, although RMD slipped 2.8%.
In the tech sector, XRO edged higher, although WTC eased slightly. Retail stocks also had a good session, with JBH up 0.3% and APE also rising 2.2%. Travel stocks eased as renewed US strikes in Iran pushed the oil price up 1.2%.
In corporate news, SDF rose slightly as discussions continued on the takeover bid. FDC rocketed 12.3% higher after raising $400m in the largest IPO of the year, while LTR fell after securing gold price protection through forward selling to manage volatility.
There was nothing of note on the local economic front, although we did see Chinese CPI and PPI data released today.
Asian markets were mixed with the Nikkei 225 up 1.2%, the Hang Seng down 1%, and the CSI index up 0.6% European futures were firmer.
US futures were also better with the Dow up 50 and the Nasdaq up 162
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US stock indices closed mixed on Wednesday as higher oil prices worsened the macroeconomic backdrop while chipmakers rebounded. The S&P 500 fell 0.3%, the Dow lost 577 points, while the Nasdaq 100 gained 0.3%. Treasury yields rose after President Trump said the ceasefire with Iran was "over" following renewed strikes, fueling concerns over energy-driven inflation. Those fears were reinforced by minutes from the Fed's June meeting, which showed some policymakers saw a case for further rate hikes if inflation remains elevated. Credit-sensitive sectors weakened, with JPMorgan losing 2.5% and Visa down 1.3%. Most AI hyperscalers lost amid concerns over heavy spending on data center infrastructure, with Alphabet (-1.4%), Amazon (-1%), and Microsoft (-1.4%) down. Chipmakers lifted the Nasdaq. Broadcom gained 4.8% after expanding its agreement with Apple (+0.9%) on US-made components, while Nvidia rose 3.6% on reports that Chinese firms plan to increase purchases of H200 chips.
SPI down 49 - Gold steady - Resources to be pressured again.
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The ASX 200 fell another 19 points to 8785 (0.2%) as resources were once again under pressure. Well off the lows though of around 120 pts down. BHP fell 2.3% on potential strike action, RIO dropped 2.6% and FMG held up relatively well. Lithium plays remained depressed, with PLS down 3.3% and LTR falling 4.3%. Gold miners were also under pressure, although well off their lows, with NST down 1.7%, EVN crashing 4.2% and GMD also in trouble. LYC managed a small gain, as did BSL. Oil and gas stocks were a bright spot as crude prices rose, with WDS up 3.2% and STO rising 5.8%. Coal stocks also fared better, with WHC up 2.1% and YAL rising 4.0%. Uranium stocks were mixed.
The banks were once again a safe haven, with the Big Bank Basket rising to $279.89 (0.98%) as CBA added 0.9% and ANZ jumped 1.2%. MQG slid 0.5%, while other financials were also under the pump, with NWL dropping 3.9%. Insurers were firmer on higher bond yields. REITs also pushed ahead, with SGP up 5.1% and SCG rising 0.8%. Healthcare took a breather today, with RMD dropping 0.8% and SIG falling 0.7%. The tech space was once again unloved, with WTC giving back recent gains, falling 7.3%, and XRO dropping another 1.2%. NXT fell 1.0%, while TLS eased % as a serious outage damaged the brand. The All-Tech Index down 1.4%. Retailers firmed, with WES up 0.5% and JBH gaining 1.9%.
In corporate news, RMD sold a software business, GGP appointed a new COO, and ADH warned of a $43m loss driven by impairments.
On the economic front, the RBNZ raised rates for the first time in three years. Locally, dwelling commencements fell 11.2%.
Asian markets were weaker. The Nikkei 225 fell 1.2%, Hong Kong up 2.9%, China dropped 0.2%, while the Kospi fell 5.5% following Samsung's results. European futures were slightly weaker.
US futures were also softer, with the Dow down 99 points and the Nasdaq off 42 points.
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US stock indices closed lower on Tuesday amid a selloff in chipmakers. The S&P 500 fell 0.4%, the Nasdaq 100 dropped 1.8%, and the Dow Jones lost 131 points, pulling back from a record high. Semiconductor stocks came under pressure as investors questioned whether AI hyperscalers can justify elevated infrastructure spending. Samsung's 19-fold surge in quarterly profit failed to support market sentiment, which came under renewed pressure following reports that China's DeepSeek is developing its own AI chip. Broadcom fell 0.8%, Micron lost 4.7%, AMD retreated 6.5%, and Intel slumped 9.7%. Nvidia on the other hand, added 0.7%. Higher bond yields weighed on broader markets after attacks on tankers in the Strait of Hormuz renewed concerns over energy-driven inflation. Visa fell 1.4%, while Caterpillar lost 3.1%.
SPI down 39 - US launches strikes against Iran - Gold down - Oil up - Quarterlies continue - RMD sells software business.
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The ASX 200 fell 27 points to 8,804 (0.3%) as resources came under significant pressure following renewed kinetic action in the Gulf. Gold miners eased and the broader resources sector was weak.
The big miners struggled, with BHP down1.9% and RIO falling 1.8%. Lithium stocks were well and truly under pressure, with PLS down 5.5%, MIN off 5.6% and even LYC slipping 6.4%. Gold miners also lost ground as the bullion price eased back, with NST down 5.1% and EVN falling 5.3%. The nascent gold rally appears to have been snuffed out before it really got going. Elsewhere in resources, oil and gas stocks weakened, with WDS down 0.5% and STO off 1.5%, while coal stocks also drifted lower. Uranium names were under pressure too, with PDN down 4.1% and DYL off 6.9%.
The banking sector was firmer, with CBA up 1.2%, while NAB and the other major banks also edged higher. The Big Bank Basket rose to $277.49 (1.4%) Financials generally performed well, with MQG up 1.0%, and insurers back in the green. REITs, however, lost ground, with SGP down 2.8% and GMG falling 0.7%.
Healthcare continued to outperform, with SHL up 1.5% and RMD extending its recent rally. Technology was the standout sector today after WTC announced board changes, sending the shares up 5.7%. XRO followed suit, while REA and CAR also posted gains. The All-Tech Index rose 1.2%.
In corporate news, NEC signed a new NRL contract. NWL enjoyed a strong session after upgrading forecasts for funds under administration, while LYC announced a $50minvestment in a Malaysian permanent magnet facility.
On the economic front, ANZ Roy Morgan Consumer Confidence numbers fell again by 1.2pts to 74.7pts.
Across Asia, all eyes were on Samsung after the shares fell heavily despite reporting a strong set of numbers. Although profits surged nineteen-fold, the result only narrowly beat analyst expectations.
Asian markets were weaker. The Nikkei 225 fell 1.8%, Hong Kong fell 0.5%, China fell 0.8%, while the Kospi dropped 6.0% on Samsung results. European futures slightly negative.
US futures were mixed, with the Dow up 28 and Nasdaq down 246. SpaceX joins the Nasdaq today. Oil up 1.2%.
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The S&P 500 gained 0.72% to end at 7,537.43, while the Nasdaq Composite advanced 1.12% to 26,121.16 as markets started a new trading week following Friday’s U.S. Independence Day holiday. The Dow Jones Industrial Average climbed 155.84 points, or 0.29%, for a record close of 53,055.91. The 30-stock index also posted an intraday record in the session.
Tech stocks rose broadly. The State Street Technology Select Sector SPDR ETF (XLK) added almost 2%, led by a 7% climb in Western Digital and a 2.8% jump in Teradyne. Marvell Technology rose more than 1%, and Oracle gained 2.5%.
SPI up 3 - Gold steady - Oil steady - US v Belgium
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The ASX 200 closed down 13 points at 8,831 (0.2%) after drifting from positive to negative throughout the day. The banks were a little sloppy, with WBC down 1.1% and the Big Bank Basket falling to $273.60 (-0.3%). The insurance sector also eased, while the rest of the financials were mixed.
REITs also had a mixed session, with CHC down 0.7%, while GMG edged slightly higher. Industrials lacked direction. Healthcare was the standout sector, with CSL up 2.0%, RMD rising 1.3% and SIG adding 1.1%. Technology stocks also found support, with solid gains in WTC and XRO, both up 7.3% and 1.8% respectively, while REA and CAR also finished higher.
Resources were mixed, with BHP down 0.8%, while FMG rebounded 0.9% from Friday's losses. The gold sector was in focus after GMD launched a rival bid for VAU, joining RRL in the takeover battle. Despite the M&A activity, NST fell 1.8% and EVN eased 1.6%. Lithium stocks were also slightly weaker, with PLS down 1.7% and LTR falling 2.9%.
In the oil and gas sector, despite little movement in crude oil futures, positive broker commentary helped WDS rise 0.8% and STO gain 1.4%. Coal stocks drifted lower, while uranium stocks were little changed.
In corporate news, it was all about the new VAU bid from GMD. We also saw a solid quarterly from GGP, while WOR firmed 0.2% after securing a new consultancy agreement. In the tech space, IFT edged 1.4% higher following an independent valuation of its holding in CDC.
There was nothing of note on the economic front today.
Asian markets mixed, Nikkei 225 down 0.5%, HK up 1%, China up 0.2%. Kospi down 1.5%.
US futures: Dow up 8 pts, Nasdaq up 223.
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US Markets closed Friday - Gold steady - SPI down 35 - GMD bids for VAU - Quarterlies continue.
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US equity indices closed mixed on Thursday, as tech volatility gripped trading ahead of the holiday, despite easing concerns over rate hikes. The S&P 500 was flat and the Nasdaq 100 fell 0.8%. Chipmaker stocks fell for a second day as investors questioned whether AI optimism had pushed valuations beyond reasonable levels. Fresh developments included reports that OpenAI was in talks to sell a 5% stake to the US government, while Meta (-4.9%) said it may monetize its excess compute capacity. Micron Technology sank 7%, Applied Materials slipped 7.4%, and Advanced Micro Devices dropped 4.3%. SanDisk (-14%) and Marvell (-9.8%) tanked. Tesla fell 7.5% despite a strong deliveries report. Still, the Dow climbed 595 points to a new record high amid strength in traditional sectors, as a softer-than-expected June jobs report pushed back expectations of an imminent Fed hike. Apple gained 4.8%, while Visa and Walmart both rose around 3%. For the week, the index added about 1.8%.
SPI up 52 - Gold recovers
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The ASX 200 rose just 2 points to 8725 after an early swoon. NAB jumped 3.8% on a broker upgrade, WBC followed, up 2.2%, and the Big Bank Basket rallied to close at $269.80 (+1.1%)
Financials were mixed, although insurers fared better, with QBE up 0.5% and SUN rising 0.8%. REITs continued to flounder, with GMG down 0.3% and SCG off 0.8%. Industrials also showed weakness, with WES falling 4.0% as brokers trimmed forecasts. SGH slipped 5.0%, while retailers came under pressure, with JBH down 1.7%, LOV falling 2.1% and HVN off 3.3%.
Tech stocks were mixed again. WTC fell 1.6%, while XRO was slightly firmer following its AI deal with Microsoft. NXT dropped 5.9% and MP1 fell hard as cloud providers had a rethink. The All-Tech Index slipped 0.5%.
Resources enjoyed a solid bounce in the gold sector as Kevin Warsh played a straight bat in Portugal. NST rose 5.5% and NEM gained 2.6%. Lithium stocks remained under pressure, with PLS up 0.4% and LTR slipping 3.2%. There was little to write home about in the rare earths sector. Oil and gas stocks eased as crude fell again, with WDS down 1.3% and STO off 1.4%. Uranium stocks were modestly higher.
In corporate news, EOS gained 2.5% after securing another order from the Middle East. PPT rose 3.5% following a non-binding indicative offer from EQT, while IPX fell 3.0% after completing an acquisition. BHP announced it will spend $2.2 billion to reopen its mothballed Cerro Colorado copper mine.
On the economic front, Balance of Payments numbers were released today.
Asian markets were weaker, with the Nikkei 225 down 1.4%, the Kospi off 1.2%, Hong Kong up 0.9% and Shanghai down 1.9%. US futures were drifting higher, with the Dow up 27 points and the Nasdaq ahead by 53 points. Fair value is slightly negative, pointing to a modest start tonight. US markets are closed on Friday for the Independence Day holiday.
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The ASX 200 dropped 56 points today to close at 8,723 (0.6%), with the banks suffering steep losses. CBA dropped 2.4%, and ANZ fell 2.5%, with the Big Bank Basket declining to $266.89 (-2.3%). Other financials were mixed, with MQG falling 1.2%, although HUB had a good day, rising 5.4%. REITs were again a little on the nose as distributions and higher bond yields continued to weigh on the sector. SCG fell 0.3%, and CHC dropped 2.7%. Industrials painted another mixed picture, with ALL falling 2.1%. Retail was also mixed, with JBH down 2.8% and WOW falling 1.8%. COL was hit hard following reports it was interested in acquiring the Green Cross veterinary business. TLS fell 1.0%. Healthcare was again mixed, with CSL continuing to add to recent gains, rising 3.2%, while RMD fell 1.6%. In technology, XRO dropped 2.8%, while WTC fell 0.4%. The All-Tech Index slipping 1.0%, helped by another strong performance from CPU, which gained 1.0%.
In resources, a mixed picture as S32 sold its aluminium business to AAI, jumping 9.7%. BHP up 0.9% and FMG managing a 0.5% gain. Gold miners continue to push lower, NST down 0.8% and NEM falling 1.9%. Lithium stocks improved, PLS up 1.8% and LTR roaring 2.4% ahead. Oil and gas flat, uranium stocks slightly better, PDN up 6.8%.
In corporate news, IPX jumped 5.9% after it secured up to $US6.6m from the US DoD to expand domestic production. ORI rose 1.6% after it agreed to proceed with its Hunter Valley Hydrogen Hub in NSW, with construction scheduled to begin in 2026 and first production targeted for early 2029. ASX reached an agreement with the corporate regulator and the Reserve Bank to reset its risk review program. WDS has assumed the role of operator of the Gippsland Basin oil and gas venture from 50% partner ExxonMobil. PPT jumped 16.8% before a trading halt as EQT look to have made a NBIO.
On the economic front, building approvals fell slightly.
Nikkei 225 up 0.8%, Kospi down1.2% HK closed and Shanghai unchanged. US futures drifting DJ down 163, Nasdaq down 81.
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US stock indexes closed higher on Tuesday, supported by strength in the technology sector and easing inflation risks. The S&P 500 gained 0.8%, while the Nasdaq 100 rose 1.7%, and the Dow Jones added 136 points to close at a record high of 52,319. Chipmakers extended their rebound as investors looked past recent concerns over stretched AI-related valuations, encouraged by strong guidance from semiconductor producers despite elevated hyperscaler spending. Nvidia gained 2.6%, AMD rose 7.7%, and Intel advanced 6%. Meanwhile, oil prices remained near pre-conflict levels, easing concerns that the Federal Reserve could be forced into a hiking cycle. The softer inflation backdrop also supported traditional sectors, helping the Dow outperform broader benchmarks in June. Considering Q2, the S&P rose more than 14% and the Nasdaq surged about 20%, their strongest quarterly performances since Q2 2020. The Dow gained more than 12%, its best quarterly performance since Q4 2022.
SPI up 8 - Gold holds above $4000 - S32 sells aluminium assets to Alcoa for US$5.8bn
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The ASX 200 finished the financial year on a lacklustre note, falling 45 points to 8779 (0.5%) as the banks gained and gold miners came under renewed pressure. The Big Bank Basket rose to $273.04 (0.4%) despite CBA holding firm. Other financials fared well too with ZIP up 3.5% and SUN rising 1.2%. REITs struggled as ex-dividend stocks weighed on the sector, with GMG down 3.0% and SCG off 1.5%. Industrials were mixed. TLS fell 1.6%, while tech eased, with XRO up only 0.1% and WTC falling 2.4%. The All - Tech Index gained 1.3% as CPU rallied hard, up 4.0%. Retail stocks drifted lower, while ALL rose 1.3%. Healthcare succumbed to sellers, with CSL down 0.6% and RMD falling 2.2%.
Resources were a sea of red. Gold miners were whacked again as bullion slipped below US$4,000. NST fell 5.8% and EVN dropped 5.2%. Copper stocks were slightly firmer, with SFR up 1.0%, while lithium stocks enjoyed a better session, led by LTR, which ‘roared’ back, rising 1.5%. The big iron ore miners all fell, with BHP down 0.7%, FMG off 1.9% and BSL 3.8% weaker. Oil and gas stocks bucked the trend, with WDS up 0.9% and STO rising 0.8%. Uranium stocks drifted lower.
In corporate news, CKF fell 2.5% after reporting slowing sales in Germany. ALX was unchanged as IFM increased its stake to 55%.
On the economic front, RBA Minutes today. ANZ Consumer confidence picked up slightly.
Nikkei 225 up 1.3%, Kospi up 1.2% HK down 1.4% and Shanghai up 0.7%. US futures firm DJ up 4, Nasdaq up 76. European futures slightly higher.
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US stocks closed sharply higher on Monday, with the S&P 500 rising 1.2%, the Nasdaq 100 surging 2.3%, and the Dow Jones gaining 307 points to finish at a fresh record high, as investors reassessed the AI trade following the recent selloff. Sentiment was also supported by easing tensions between the US and Iran over the weekend, with President Trump saying peace talks with Iran are set to resume on Tuesday. Communication services, consumer discretionary, and technology stocks led the advance. Alphabet jumped 5% on its first trading day as a Dow component replacing Verizon, while Nvidia gained 1.3%, Amazon climbed 3.2%, Meta advanced 2.2%, and Tesla soared 8.5%. Comcast also rallied 4.5% after announcing plans to spin off its media and technology businesses into two separately traded public companies. On the downside, materials was the weakest-performing sector. Apple fell 0.7%, Microsoft declined 1.2%, Walmart slipped 0.9%, and Verizon tumbled 5.2%.
SPI up 3 - Gold slips - RBA Minutes today.
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The ASX 200 rose 59 points today to close at 8823 (0.7%), with the banks solid. CBA rose 1.0% and NAB gained 1.0%, with the Big Bank Basket up to $271.94 (0.8%). Other financials also had a good session, with NWL rising 3.1% and ZIP enjoying a strong day, up 8.7%, along with XYZ, up 4.9%. Industrials were also firm, with the retail sector performing well. JBH rose 2.2% and ALL also pushed higher. Plenty of Ex Dividends today in REITs and utilities.
Technology finally appears to be finding its feet, with WTC up 7.2%, XRO gaining 4.5%, and the old-school platforms REA, CAR, and SEK all rising around 4% or more. Utilities were weaker, with ORG down 1.0%, while APA traded ex-dividend and also drifted lower. Healthcare stocks were better across the board, with CSL up 0.5%, RMD gaining 2.0% and TLX rising 5.5%.
Resources painted a mixed picture, with BHP up 1.4%, RIO up 0.3%, and FMG the best of the iron ore majors, up 2.4%. Gold miners were mixed as bullion drifted lower, with NST down 2.3% while GMD gained 1.9%. Lithium stocks were once again under early pressure but recovered to see PLS finish up 0.8%. In the oil and gas sector, WDS edged slightly higher, while some of the uranium stocks also posted modest gains.
In corporate news, NEU had a stunning day following progress on European approval for Daybue. RMS rallied 2.3% after agreeing to sell its Edna May gold mine for $300m, while KAR rose 9.1% after restoring production at the SPS-92 well and announcing a new on-market share buyback.
There was nothing of note on the economic front today.
Nikkei 225 down 0.4%, South Korea up 1.1%, HK up 2% and Shanghai up 0.4%.
US futures firm DJ up 191, Nasdaq up 215. European futures slightly higher.
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Wall St ended near flat Friday in another mixed session. Dow Jones down 45 points. S&P 500 down 0.05%. Nasdaq down 0.24% (much better than futures yesterday indicated). Russell 2000 flat. Breadth positive - eight of eleven sectors higher, led by healthcare and consumer stocks. Volume well above average. VIX down 2.54%. For the week, the S&P 500 fell 1.95% and the Nasdaq lost 4.60% - two losses greater than 4% in the last month, equalling the worst weeks since the tariff tumble. The SOX dropped 5.3% overnight (similar to the Kospi), down 7.9% for the week (worst since early April). Selling blamed on technicals, AI ROI, OpenAI IPO delay along with overleveraged Asian retail trade.
SPI up 16 - Hostilities paused again - Gold up - Oil up - Quiet start.
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The ASX 200 played out a nil-all draw today, closing up just 16 points at 8,764 in a session of highs and lows. Some EOFY shenanigans were evident in a handful of stocks. The banks held firm, recovering some of yesterday's losses, with ANZ up 0.5% and the Big Bank Basket steady at $269.71 Insurers eased as bond yields steadied, with QBE down 0.2% and SUN off 0.7%. Other financials also slipped, with NWL down 2.8% and HUB falling 4.8%. Industrials were patchy. WES continued higher and JBH found ongoing support. Healthcare stocks took a breather after recent gains, with CSL slipping 2.4% and RMD down 0.9%. Technology was mixed after early weakness, with XRO edging higher and WTC finding some friends, up 0.5%, almost the reverse of the last few trading sessions.
Resources also attracted some buying, although it was hardly convincing. BHP rose 0.8% and RIO outperformed, up 2.2%. Gold miners returned to the green, but only just. Lithium stocks remained under heavy pressure after CATL talked up sodium-ion batteries. PLS fell 6.3% and LTR dropped 5.7%. Oil and gas stocks edged higher, with WDS up 0.8% and STO rallying 1.4%.
In corporate news, DGT rose 5.8% after CEO Juniper departed. 4DX fell 9.0% despite receiving TGA approval, while NWH unchanged after announcing new contract wins. There was nothing of note on the economic front today.
Nikkei 225 down 4.4%, South Korea down 8%, HK down 1.6% and Shanghai down 2.4%.
US futures slide again, DJ down 112, Nasdaq down 397 .
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US equities finished mixed on Thursday, with the S&P 500 flat, the Nasdaq 100 falling 0.5%, and the Dow Jones up 0.1%. Investors reassessed their exposure to mega-cap tech stocks while also weighing encouraging economic data. Despite optimism surrounding semiconductors and AI demand, concerns over concentrated gains in a few hyperscale and software names weighed on broader indices. Micron rallied over 15% after stronger-than-expected earnings and a bullish revenue forecast for the August quarter, while Qualcomm rose nearly 4% after doubling its projection for non-handset revenue in the next three years. By contrast, Nvidia, Oracle, Amazon, Alphabet, and Microsoft saw losses up to 3.7%. Apple fell 6.1% after raising prices on MacBook and iPad products, citing higher component costs, including memory chips. Fresh data showed the US economy growing faster than previously estimated and inflation rising in line with expectations, prompting a slight reduction in Fed tightening bets.
SPI up 9 - Gold up - Oil up - Karl gone! Go the Socceroos!
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The ASX 200 fell another 60 points to 8,749, down 0.7%. Once again, it was resources that bore the brunt of the selling, with the gold price testing $4,000 and heading below it, and gold miners slipping. NST down 3.3%, EVN down 3.8%, with the iron ore miners also under pressure today. RIO off 2.3%, FMG down 1.6%. Lithium stocks also fell away, with PLS down 5.0% and LTR also falling 7.4%. Copper stocks were very much on the nose, following falls in resource and commodity prices overseas. SFR down 3.6%. Meanwhile, oil and gas stocks were also easier as the oil price slipped another 1.7% in Asian trade, with WDS down 2.9% and STO down 2.8%. Not much happened in the uranium sector, with PDN slightly firmer on some results from Canada.
The banks also struggled today, with CBA holding up better than the other three, still down 1.3%, while NAB was the worst of the bunch, down 3.4% following JDO's results and the stock being hammered 40.4%. The theory is that NAB is the most exposed to the business sector. The Big Bank Basket fell 1.3%. Other financials were less affected, with the insurers once again pushing higher. QBE up 1.3% and MPL up 2.7%. Industrials were a bright spot today across the board, with WES pushing up 2.5%, ALL up 2.4%, and retail stocks performing better after the jobs numbers released today. This points to an improving economic backdrop. We also saw WOW and COL continue to receive buying as defensive plays. TLS rose 0.6%.
The REIT sector also did well today, with GMG up 1.1% and CHC up 1.0%. Healthcare was a standout sector as CSL continued to power ahead, up 2.3% and RMD also had a good day out, up 4.6%, with SIG performing well too. Once again, though, we saw losses in the technology sector, with XRO down another 3.5% and WTC giving back some of its gains from yesterday, falling X%, with the All Tech Index unchanged at CPU rose 0.5%
In corporate news, A2M rose after declaring a special $300 million dividend. TEA also upgraded its earnings growth forecast, and THL received a fresh offer from a mystery suitor valuing the company at between NZ$3.30 and NZ$3.40 a share. JDO 40.4% smashed on higher provisions and slowdown. WOR down 9.7% on a second profit warning. EIQ soared 30.2% on an investment from PME.
On the economic front, the headline unemployment rate fell to 4.4% in May, with employment rising by 40,000 and the number of unemployed people falling by 18,000. Most of the jobs growth, however, came from part-time employment, with only 5,000 new full-time jobs created.
Nikkei 225 up 4.5%, South Korea up 7.0%, HK down 1.3% and Shanghai up 1.7%.
US futures mixed, Nasdaq up 600 plus – Dow Jones up 65
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US equities closed mixed on Wednesday amid losses for heavyweight tech companies. The S&P 500 inched down 0.1% and the Nasdaq 100 lost 0.4%. Micron dropped 0.4% ahead of its earnings report due after the close, with its guidance set as the latest bellwether for memory demand. The move followed a 13% plunge in the previous session amid growing concerns that capital expenditure by AI companies may have become excessive. Other semiconductor producers also fell with Qualcomm and Sandisk down 2.5% and 3.5%, respectively. AI-related fundraising remained elevated, with SK Hynix reportedly seeking to raise $29 billion through a US listing, shortly after SpaceX’s record IPO. Other sectors found support from lower Treasury yields as prospects of restored energy exports from the Middle East eased inflation concerns. The Dow Jones outperformed, rising 182 points, aided by its exposure to traditional sectors. The Dow's exposure to speculative tech will rise on Monday as Alphabet replaces Verizon.
Micron flies after hours on results - SPI up 16 - Nasdaq futures up 545pts. Gold down - Oil down.
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US stock indices closed negative on Tuesday amid a selloff in heavyweight chip producers. The S&P 500 fell 1.4%, and the Nasdaq 100 lost 3.3% as AI infrastructure companies, including semiconductor and memory chip producers, tanked on increasing skepticism that AI spending by hyperscalers will not meet returns. Also, SK Hynix slowed production of advanced AI chips to boost commodity DRAM capacity, a sign that demand for compute could slow. Nvidia (-4.2%), Broadcom (-3.1%), Qualcomm (-8%), AMD (-5.8%), Micron (-13.2%), and Sandisk (-11.2%) posted losses. Tesla lost 5.8% and Oracle slipped 5.8%. Meanwhile, SpaceX added 1%, rebounding as it issued bonds only one week after its IPO, adding to caution on colossal capital expenditure. Treasury yields remained elevated despite the decline in energy prices following the hawkish dot plot last week, limiting any respite for traditional sectors of the economy. Gains for healthcare and consumer defensive companies aided the Dow to close near flat.
SPI up 35 - Resources will struggle - AUD below 70c - Korea to be closely watched.
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The ASX 200 finally made up its mind after oscillating between positive and negative territory and closed down 29 points at 8,787 (-0.3%). Resource stocks were back on the nose as the gold price slipped lower in Asian trade, with NST down 2.7%, EVN down 2.5%, and NEM down 2.1%. BHP eased slightly, along with RIO, while lithium stocks once again came under pressure, with PLS down 1.1% and MIN off 2.5%. Most resource stocks finished lower on the day. Uranium stocks also came under pressure, along with oil and gas names, with WDS down 0.4% and VEA falling 2.4% on news of issues with its refining capacity.
The other sector struggling today was technology, which simply can't seem to catch a break. After a small bounce yesterday, WTC once again succumbed to selling pressure and fell 4.4%, while XRO continued its recent decline, falling 5.3%. TNE also had a shocking session, down 7.1%. Data centre stocks were weaker following the sell-off in the US, with NXT down 1.7% and MP1 coming back to earth by 5.1% Industrials were mixed, although we did see some defensive buying in TLS and the supermarket stocks. The banks were firm and helped limit the market's losses. CBA rose 0.5%, ANZ was one of the best performers, up 1.4%, and the Big Bank Basket closed at $273.76 (+0.8%).
Retail stocks drifted lower, as did healthcare, although CSL slipped back into negative territory. Retail names eased as bond yields pushed slightly higher. Fast-food stocks were also weaker, with CKF down 5.4% and DMP falling 5.2%.
In corporate news, WTC remained in focus after the company said Richard White was not aware of any investigation by the AFP. RWC fell 3.0% after announcing it would close its brass casting operations in Victoria. There was nothing on the economic front today.
Nikkei 225 down 1.8% South Korea down 4%, HK down 1.5% and Shanghai down 1.8%.
US Futures - Dow Jones down 300, Nasdaq down 630
European futures showing a 1% loss.
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The S&P 500 fell on Monday, weighed down by declines in technology stocks. Wall Street also assessed the latest developments in the Iran war negotiations and awaited the release of inflation data closely watched by the Federal Reserve.
The broad market index fell 0.37% to 7,472.79, while the Nasdaq Composite declined 1.32% to end at 26,166.60. The Dow Jones Industrial Average added 148.01 points, or 0.29%, led by a nearly 4% gain in Caterpillar.
Major tech names pulled the market into negative territory. Shares of Alphabet dropped 5%, spurred by concerns around artificial intelligence talent departures. Amazon and Meta Platforms lost 4.8% and 2.3%, respectively. Microsoft shares also declined 3%.
SpaceX was another laggard. The stock fell 16%, posting its third straight daily decline.
SPI up 21 - Gold firms - Oil steady - WTC answers.
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The ASX 200 slipped 13 points to 8816 (0.1%) in a quiet day of trade, oscillating between small gains and small losses. Banks remained solid, with CBA the star of the show, up 0.6%. MQG, though, fell 0.8%, while insurers were better, with QBE rising 1.5% and IAG up 3.0%.
There was not much action in the REIT sector, with SCG up 1.1% and GMG largely unchanged.
Elsewhere, it was a mixed picture across industrials and technology stocks. SGH rose 3.0% following the announcement of a $500 million buyback. However, we once again saw selling pressure in the tech sector, with REA down 3.1%, CAR off 3.3%, and XRO falling 4.5%, dragging the All - Tech Index down 2.6%.
The biggest loser in the sector today was WTC, which crashed 18.4% after media reports revealed founder Richard White is under AFP investigation over alleged trafficking offences. And yet nothing from the company!
In healthcare, CSL gave back some of last week's gains, off 3%, while PME rose 1.1%.
Resources were also mixed, with BHP down 1.7% and RIO lower. Gold stocks perked up on the back of higher bullion prices, with EVN rising 3.4% and NST rallying 1.6%. Lithium stocks, however, came under pressure, with PLS down 6.0% and MIN falling 3.6%.
Oil and gas stocks were modestly weaker, while uranium stocks followed a similar path.
In corporate news, ING fell early before recovering to close down X% after imposing a full lockdown due to avian influenza concerns in Western Australia. MTS was also 1.9% weaker following an update on supermarket sales. A2M edged 0.9% higher after confirming it would proceed with its $300 million special dividend, while CCP withdrew its bid for HUM.
There was nothing on the economic front locally, Nikkei 225 up 1.7% South Korea up 0.6%, HK down 0.5% and Shanghai up 1%. -0.5
US Futures - Dow Jones down 82, Nasdaq down 42. After fair value, small gains.
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US Markets closed - European markets ease
Confusion in the Middle East - Is the Strait open or closed?
SPI down 16 - Metals off in London Trade.
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The ASX 200 was on shaky ground falling 82 pts to 8829 (0.9%), with BHP the major culprit after announcing changes to payments and a blowout in capex at its Jansen potash project. Lower iron ore prices didn't help either, BHP finished down 5.6%, with RIO falling 3.1%. Not helping investors was news that JD Vance was no longer in the departure lounge for Switzerland, as Lebanon remains an issue. Donald Trump has already signed the MOU with Iran, but we did see US futures turn negative, despite the fact there is a holiday in America tonight. ASX 200 unchanged for the week.
The banks held relatively firm, with NAB up 1.1% and the Big Bank Basket steady at $270.18 (+0.1%). Tech once again drifted lower, with WTC down 0.3% and TNE down 2.7%. Huge jump today in CSL up 7.6% to a multi month high.
There was further carnage in the resources space, with the gold price once again under pressure. EVN fell 5.1%, while NEM also dropped 6.7%. Lithium stocks eased back, with PLS down 4.7% after announcing an expansion to the P2000 target project. Oil and gas stocks were slightly firmer as oil picked up a little, while coal stocks were better. Uranium stocks, however, came back under pressure.
In corporate news, EOS jumped 14.1% on the back of a large order from the Middle East. BHP was very much in focus following its Jansen update. SKC rallied 14.6% on a settlement deal. QAN had a good day after announcing its Project Sunrise flights to London from October 27. LIC also fell hard after flagging an acceleration in sales momentum, although lower pricing offset the good news.
There was nothing on the economic front locally, with China, Hong Kong and Taiwan closed, and US markets shut tonight.
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U.S. stocks rose on Thursday, staging a comeback after the Federal Reserve indicated the possibility of a rate hike this year — a move that sparked a sell-off in equities during the previous session.
The S&P 500 added 1.08%, closing at 7,500.58, and the Nasdaq Composite climbed 1.91% to 26,517.93. The Dow Jones Industrial Average rose by 72.15 points, or 0.14%, to end at 51,564.70.
Intel led chip stocks higher, rising 10.6% after President Donald Trump said the company will partner with Apple on designing chips in the U.S. Fellow semiconductor names such as Nvidia and Micron Technology were also higher by about 3% and almost 9%, respectively. The iShares Semiconductor ETF (SOXX) jumped more than 6%.
SPI down 51 - BHP costs blowout - Gold eases - US Holiday tonight
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The ASX 200 closed down 55 points at 8911 (0.6%), with the banks coming under some pressure and resources also slipping. CBA dropped 0.9%, WBC dropped 1.1%, but ANZ managed a small gain, along with MQG, which was again up on the day. The Big Bank Basket dropped to $269.97 (-0.75%). The rest of the financials were not faring so well, with ASX down 2.3% and HUB also down 2.3%, while ZIP fell slightly as well.
The REIT sector also came under a little pressure again today, with GMG down 1.2% and SCG down 0.8%, while industrials were somewhat mixed as the tech sector continued to stumble lower. REA fell X0.6%, WTC dropped 3.4%, XRO lost 3.9%, and the All-Tech Index was down 0.5%. Retail eased slightly, although WES was up 0.3%, while both WOW and COL gained around 1%. Healthcare stocks were mixed, with CSL adding another 1.2%, but RMD fell hard on broker downgrades, down 3.8%.
Meanwhile, in resources, we saw BHP slipped 0.8% on the iron ore price weakening, while RIO and FMG fell further. Gold miners were selectively under pressure, although gold in both Australian dollar and US dollar terms was slightly firmer. We had EVN down 1.9% and GMD up 0.3%, making for a mixed picture across the gold sector. Lithium and rare earth stocks fell back again today. PLS was down 3.0% and LYC fell 1.6%. We also saw selling in the oil and gas sector, with WDS down 1.2%and STO down 0.4%, while coal stocks eased back.
In corporate news, CGF rallied slightly after its Fidante unit agreed to a merger with Channel Capital. SOL rose 0.8% after agreeing to sell its stake in Brickworks Property Trust to GMG. Elsewhere, EOS remained in a trading halt ahead of a material announcement involving a new defence contract.
There was nothing special on the economic front. Citi estimates ANZ job listings fell 2.9% year-on-year in May, with Australia down 4.5%.
Asian markets – China up 0.1% HK down 1.7% Japan up 1.7% Korea up 1.5%
US Futures - Dow Jones up 248, Nasdaq up 339. Oil down 2.5%
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US stock closed lower after the Federal Reserve held interest rates unchanged and signaled the possibility of rate hikes this year. The S&P 500 fell 1.2% and the Nasdaq 100 dropped 1%, while the Dow lost 507 points from its record high. The Summary of Economic Projections from the Fed's June meeting showed that half of the FOMC members projected one rate hike or more this year, as underlying inflation gauges pointed to rising prices and employment data remained robust despite economic shocks stemming from the war in Iran. Chairman Warsh refrained from posting a dot in the projections, reflecting his intention to change the Fed's monetary framework.
Magnificent Seven stocks led the losses amid the selloff in Treasuries, with Meta down 4.2%, Microsoft losing 3.6%, Alphabet shedding 2.4%, and Amazon dropping 3.1%. Chipmakers extended their rally, with Micron up 2.2%, Marvell gaining 3.9%, and Intel advancing 3.5%.
SPI down 64 - Gold falls - Oil rises - Yields rise.
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The ASX 200 rallied another 49 points to 8966 as optimism continues on Fed and war outcomes. After a slow start, and despite iron ore falling, BHP managed a 0.6% rise as passive funds continue to flow into the Big Australian. RIO and FMG drifted lower. Gold miners continued their recovery despite bullion slipping a little, NST up 2.6% and EVN up 2.9%, with RRL doing very well. Lithium stocks also continued recovering, with LTR up 3.9% and PLS rallying 2.8%, while rare earth stocks were mildly positive. Oil and gas stocks fell as oil continued to be barrelled over, with WDS down 3.6% and STO off 1.2%. KAR dropped 13.4% on a production downgrade and oil price woes.
Banks firmed, with CBA the standout, up 1.1%, and the Big Bank Basket rising to $271.99 (+0.6%). Other financials also did well, with insurers up on premium hike talks. MQG rose 1.2%, hitting an all-time high. REITs were also positive, led by GMG rallying 1.4% and SGP up 0.9%. Industrials were mixed, although improving risk sentiment helped. SGH rose 1.2% and ALL gained 3.1%, while healthcare was also better. CSL edged higher and RMD rose 0.6%. Tech stocks bounced hard, with WTC up 4.1% and XRO rallying 3.5%, taking the All-Tech Index up 1.8%.
In corporate news, A1N rose 31.0% on a settlement with Kyle Sandilands. FLT took off , up 5.3% on a lifting of travel advisories despite earnings issues. SGM surged 1.8% following an earnings update. SYL rose 8.2% after agreeing to acquire 100% of Queensland-based Shamrock Civil in a $51 million upfront deal. On the economic front, there was nothing locally.
Asian markets – China up 0.2% HK down 0.5% Japan up 0.7% Korea up 1%
US Futures - Dow Jones up 21 Nasdaq up 201.
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US equities closed mixed on Tuesday amid a pullback in AI-related stocks. The S&P 500 lost 0.6%, while the Nasdaq was down 1.2%. Investors took profits in semiconductor names after their recent rally, with Nvidia (-2.4%), Broadcom (-4.4%), Micron (-6.2%), AMD (-7.3%), and Intel (-8.5%) all posting losses. In contrast, SpaceX gained 4.8%, extending its advance since Friday's IPO, after reports that it would acquire Cursor for $60 billion. Meanwhile, the Dow Jones rose 328 points to a new high, supported by optimism surrounding the preliminary US-Iran agreement. Both countries are expected to sign the deal on Friday, with US officials stating that the Strait of Hormuz will reopen. Bond yields continued to ease as lower oil prices softened inflation concerns ahead of the Fed's expected rate hold on Wednesday, although Chairman Warsh is still expected to advocate changes to the monetary framework and a smaller balance sheet. JPMorgan rose 3.7%, while Visa gained 2.8%.
SPI down 31 - Fed in focus - Yields fall - Oil drops over 5%.
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The ASX 200 staged a remarkable comeback (again) to finish up 4 points at 8,918 after falling nearly 100 points in early trade. Banks were under pressure from the off on broker downgrades but fought back with ANZ up 0.9% and the Big Bank Basket flat at $270.33(). The RBA held rates unchanged for a change, although warned further rises could not be ruled out as inflation remained the focus.
Financials were generally better, MQG up 0.7% and ASX gaining 1.0%, with ZIP up 1.8%. REITs drifted lower, SCG down 0.8% and SGP off 2.5%. Industrials were weaker, WES fell 1.1% with ALL off 1.6%, and tech continued to stumble around in the dark. WTC fell 4.2% and XRO down 1.7%, with the All-Tech Index down 0.3%. Healthcare was mixed, CSL up 0.7%, with RMD slipping 1.3% and SIG continuing to bounce as it has walked away from Boots.
In resources, BHP was firm but uninspiring, FMG fell slightly, and gold miners were better again, with NST up 2.5% and EVN gaining 1.2%. Not much conviction behind the move, with rare earths falling, lithium stocks depressed, and uranium stocks mostly flat. Oil and gas stocks firmed, WDS up 2.0% and STO up 0.8%, with KAR tumbling 11.6% on a production downgrade.
In corporate news, ALX unchanged on another rejection of the IFM bid. SXE roared 20% despite a placement at 400c to turbocharge growth opportunities.
On the economic front, the RBA left rates unchanged. Warned again of inflation risks.
Asian markets – China down 0.4% HK down 1.6% - Korea up 2.1%, Japan up 0.3%.
US Futures - Dow Jones up 19 Nasdaq down 48.
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US stocks closed sharply higher on Thursday, with the S&P 500 rising 1.8%, the Nasdaq gaining 2.5%, and the Dow Jones climbing 930 points. Investor sentiment improved amid a pullback in oil prices after President Trump cancelled strikes against Iran after earlier threatening "very hard" attacks tonight. He also claimed a deal had been agreed in principle by several allies in the Middle East, including Israel, without elaborating. Further support came from a rally in technology shares as investors positioned themselves ahead of SpaceX's expected IPO tomorrow. Micron and AMD soared 11% and 8%, respectively, while Lam Research added 12.7% and Intel jumped over 10% after being upgraded by BofA on soaring CPU orders. On the other hand, Oracle slipped nearly 9% as investors focused on a cloud revenue miss and rising AI infrastructure costs despite an earnings beat. On the data front, PPI data pointed to accelerating prices in May, consolidating bets that the Fed will raise rates this year.
SPI jumps 1436 - Gold up 3% plus...
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The ASX 200 staged a remarkable comeback to finish down only 20 points at 8633 (-0.2%) after falling nearly 100 points in early trade. A stronger US futures market helped, as did a calming in the oil price and the absence of any collapse in Korea.
Once again, though, we saw sector rotation, with the banks still under pressure. CBA fell 2.4%, WBC dropped 2.6%, and MQG eased 0.7%. The Big Bank Basket fell to $260.43 (-2.3%). Other financials performed slightly better, and insurers continued to do well, with QBE the star of the show, up 3.7%. REITs also gained, with CHC up 2.8% and SGP rising 3.3%. Industrials were a mixed bag. The rally in WES continues, and retail stocks held firm, with TLS up 0.4% and both WOW and COL continuing their strong winning streaks.
Technology was once again very much on the nose, with tax-loss selling and ongoing pessimism surrounding SaaS business models. XRO fell 3.6%, WTC dropped 2.8%, and NXT was hit hard as well. Healthcare was a mixed bag of lollies, with CSL continuing to push higher, gaining another 4.2%. However, RMD fell 0.9%, while SIG continued to drift lower on concerns about a UK expansion push.
Meanwhile, resources recovered some poise, although the move lacked conviction. BHP rose 1.0%, and some lithium names improved, with PLS rising alongside LTR, which enjoyed a strong day, up 4.2%. Gold stocks also found some support, with EVN up 2.1% and RMS also edging higher. Oil and gas stocks were stronger, with WDS up 1.6% and STO jumping 2.0%. While coal stocks recovered, uranium stocks continued to struggle.
In corporate news, LLC rose 4.6% following the appointment of a new CEO and the maintenance of guidance between 28 cents and 34 cents. NST fell slightly as Elliott Investment Management called for further board changes. SXL dropped 4.4% after the company downgraded its full-year earnings outlook and announced 300 job cuts. AAI fell 8.3% following a warning about its Middle East operations.
In economic news, the CBA said the RBA is likely to keep rates on hold for the first time this year. Australian wages rose 0.8% in May, with consistent growth recorded over the last 18 months.
Asian markets weaker. Japan flat, Hong Kong down 1.0%, and China down 0.7%. South Korea fell slightly.
US futures: Dow up 88 and Nasdaq up 150. Oil up 1.0%. Europe opening easier. ECB expected to hike rates today.
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U.S. equities fell on Wednesday after President Donald Trump signaled that negotiations with Iran were taking “too long” and threatened more action.
The Dow Jones Industrial Average fell by 953.33 points, or 1.87%, to 49,918.78. The S&P 500 lost 1.62% to end at 7,266.99, and the Nasdaq Composite dropped 1.98% to settle at 25,169.50.
The major averages dropped after Trump pledged more Iran attacks, saying that “we’re going to be attacking them very hard.” He wrote early Wednesday that Iran has “taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!”
Oil prices rose after Trump’s threats. West Texas Intermediate crude futures settled up 2.07% to $90.03 a barrel, while Brent crude advanced 1.8% to settle at $93.10.
SPI down 65 - Oil up on hostilities - Gold down - US Futures down after hours.
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The ASX 200 showed solid gains to finish up 49 points at 8,653. Once again, it was the tale of two cities, with the best of times and the worst of times. The banks held steady, with CBA down 0.2%, and WBC doing well, up 2.0%. Insurers also pushed higher, led by QBE up 2.4%, and even ASX up 0.6%, with the Big Bank Basket at $266.54. Elsewhere, industrials were once again stronger, with defensive stocks taking the bull by the horns. WES rose 4.3%, TLS rose 2.0%, and both the supermarket stocks WOW and COL did very well, building on recent gains in the healthcare space. CSL was also strong as it looks to have turned the corner, up 3.5%, with SHL also firm, although SIG fell 5.5% on the back of media speculation that it was looking at buying the Boots chemist chain in the UK. REITs were positive, with GMG up 1.6%, CHC up 1.8%, and other industrials faring okay. Retail also had a good bounce, with JBH up 3.5% and ALL up 2.2%. Technology stocks were still very much in the doghouse, with XRO down 2.0%, TNE down 2.3%, and NXT down 4.1%. Utilities firmed in this environment, and the All-Tech Index fell 1.8%.
Meanwhile, resources were once again on the nose, with BHP up 0.2%, and RIO and FMG also falling as iron ore came under pressure. Lithium stocks fell, PLS down 1.7%, and LTR falling a big 8.0%, with MIN also suffering heavy losses. The gold sector was also slammed again as the gold price fell out of bed, with NST down 3.5%, EVN falling 5.0%, and RMS also having a bad day, down 3.8%. Over in the energy space, Woodside slipped slightly, and Santos pushed ahead somewhat, with coal stocks under pressure, WHC down 4.4%, and uranium stocks still on the nose.
In corporate news, SDF rose 36.2% after receiving a $6.00 non-binding indicative offer. IGO fell hard after a fire broke out at the Chemical Grade Plant 3 facility at Greenbushes. WES had a good investor day reaction, saying it would drive growth through AI and data monetisation. Citi downgraded banks following the budget changes. In economic news, the ANZ-Roy Morgan consumer confidence rose for the second consecutive week, lifting two points to 70.8.
Asian markets weaker. Japan down 1.9% Hong Kong down 0.9%, and China down 1.1%. South Korea falls again.
US futures: Dow down 78 and Nasdaq down 132. Oil down 1.5%. Europe opening easier.
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The S&P 500 and Nasdaq closed 0.25% and 1% lower respectively on Tuesday despite a retreat in oil prices, as the recent rebound in semiconductor shares lost steam. Semiconductor stocks came under renewed pressure, with the iShares Semiconductor ETF dropping more than 3% after rallying 6% on Monday. The fund had plunged 10% on Friday, its worst single-day decline in six years, as investors worried that the AI-fueled surge in chip stocks had become overheated. Micron Technology fell nearly 5%, giving back part of Monday’s 10% recovery.
SPI up 13 - Oil down - Gold down - US launches strikes against Iran
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The ASX 200 closed down 21 points at 8604 (0.2%), well off its lows for the day, with most sectors rallying throughout the session and the banking sector staging a turnaround. CBA fell 0.3%, with the Big Bank Basket easing only slightly to $265.42 (0.4%). Financials were generally firm, with MQG up 0.7%, while the insurance sector also performed well, led by QBE up 0.9% and MPL higher. REITs enjoyed a solid session, with GMG up 0.3% and SCG rising 1.6%. TLS also had a strong day, gaining 2.2%, although REA was a disappointment, falling heavily. Both WOW and COL posted gains as defensive buying in the supermarket sector helped push them higher. Retail stocks were also in demand, led by WES up 1.3% and APE rising 4.3%.
Healthcare was another bright spot, with CSL recovering a further 1.6% and RMD also posting gains. Elsewhere, technology stocks remained under pressure but recovered from their lows, with XRO down 1.1% and WTC off 4.6%, while the All-Tech Index fell 0.1%.
It was a different story in resources, although the sector also bounced from early lows. BHP fell 1.9% and RIO dropped 1.8% as iron ore and copper prices weakened. Gold stocks were also under pressure, with NST down3.3% and NEM lower. Lithium stocks slipped away, with MIN falling 2.6% and LTR off 3.3%. In energy, WDS rose alongside STO, although gains were relatively muted. Uranium stocks came under heavy pressure, with PDN dropping 8.8% and DYL down 7.6% as short sellers gained the upper hand.
In corporate news, OML had a good day, up 9.6%, after receiving yet another NBIO, this time from Bain Capital. QUB rose 0.4% after the PNG competition regulator backed the company's planned takeover by Macquarie. On the economic front, NAB is now saying the next move in local interest rates is likely to be a cut. Business confidence rebounded as price pressures softened, according to the NAB Business Survey. However, Australian consumer confidence slipped back towards record lows, with the Melbourne Institute-Westpac Consumer Sentiment Index falling to 80.6, one of the lowest readings in its history.
Asian markets mixed. Japan up 2.1%, Hong Kong up 0.1%, and China up 0.8%. South Korea jumps 8%.
US futures: Dow up 8 and Nasdaq up 170. Oil down 1.5%. Europe opening slightly easier.
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The S&P 500 and Nasdaq Composite were higher on Monday as chip stocks rebounded from Friday’s rout, and President Donald Trump tried to maintain a fragile ceasefire despite Iran and Israel trading strikes.
The broad market index advanced 0.30% and closed at 7,405.73. The tech-heavy Nasdaq was up 0.86%, ending at 25,929.66. The Dow Jones Industrial Average lost 80.77 points, or 0.16%., and settled at 50,786.01.
SPI down 92 over two sessions - Oil eases back a little - Gold steadies - Bitcoin rallies.
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The ASX 200 finished the week on a sour note as the index fell 61 points to 8621 (-0.7%), ending the week down 1.2%. Banks were ugly today after Morgan Stanley downgraded the sector outlook. The Big Bank Basket fell to $266.42 (1.5%), with CBA off 1.7% and WBC sliding 1.2%. Other financials held up better, with MQG unchanged, ASX up 1.5% and ZIP rising 1.7%. Insurers also found some friends again. REITs were better too, with CHC up 1.1% and SGP rising 1.1%. Industrials pushed higher, with WES up 0.4%, while WOW and COL also performed well. Retailers were mixed, with JBH up 1.0% and APE drifting lower. Healthcare stocks were back from the ICU. CSL had its biggest one-day rise since 2022, up 5.8% as the rotation into the sector gathered pace. Even RMD enjoyed a very positive session, gaining 4.3%. PME rose 4.0% and COH added 5.6%.
In the tech space, MP1 soared 15.2% after its capital raising, with Citi upgrading its price target by 41%. The All-Tech Index rose 0.7%, with CPU also trading higher.
Resources, however, remained in a world of pain as profit-taking continued in BHP and RIO, with FMG down 2.3%. Rare earths and critical minerals stocks also unwound as the AI trade ran out of steam and copper prices fell. LYC dropped 2.9%, MIN fell 5.1% and SFR lost 1.2%. Gold miners drifted lower once again, with NST down 2.5% and NEM off 1.2%. Energy stocks were weaker, with WDS falling 1.3% and STO down 0.6%, while coal stocks slipped and uranium stocks found some nervous support.
In corporate news, NHF rose 2.5% on the sale of an insurance business. RSG fell hard following its production report, while AGI rallied 16.8% after two directors resigned.
Asian markets mixed. Japan down 1.0%, Hong Kong down 1.0%, and China down 0.7%. South Korea eases back around 1.6%
US futures: Dow up 8 and Nasdaq down 280. Oil unchanged. NFP tonight.
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The ASX 200 fell 100 points to close at 8686 _1.1%), with losses across the board. Banks held up better, with CBA down 0.6%, and WBC the worst of the bunch, down 1.7%, with MQG also falling 1.1%. The Big Bank Basket dropped to $270.46 (-1.8%). Insurers were better as bond yields rose, with QBE up 1.2% and the rest of the financials losing ground. Tech stocks were struggling today, with XRO falling back to earth by 4.2% and the All-Tech Index falling 1.4% as profit-taking moved in after the recent bounce. In the industrials, we saw TLS fall 2.9%, although defensive stocks bucked the downtrend, with WOW and COL both positive, along with utilities ORG and APA. Healthcare stocks were showing some signs of life, with RMD finding a bottom, at least temporarily, up 2.6%, and CSL up 0.4%.
The real damage, though, today was done in the resource sector, as the iron ore price came under pressure and profit-takers moved into the iron ore stocks, with BHP down 3.3%, RIO down 3.3%, and FMG down 4.1%. Elsewhere in the gold space, we saw selling again in NST, off 6.1%, and EVN falling 3.0%, with lithium and rare earth stocks all under pressure. PLS dropped 4.5%. Big losers today as well were the big winners yesterday in the uranium sector, with PDN falling 8.2% and DYL down 5.2%. The oil and gas space was modestly higher, with both Woodside and Santos rising, together with coal stocks, with WHC rising 3.0%.
In corporate news today, PME secured a five-year renewal in the U.S. TWE had a very good day as it presented to investors with no downgrades and some optimistic outlook statements. IPX fell 4.6% after its DFS study for its Critical Minerals project in Tennessee.
Nothing significant on the economic front, although we did have some international goods trade data out, showing exports increased 7.2%, driven by metal ores and minerals.
Asian markets mixed. Japan down 1.5%, Hong Kong down 1.4%, and China down 0.6%. South Korea eases back around 1.6%
US futures: Dow up 26 and Nasdaq down 151.
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Stocks fell on Wednesday, with the S&P 500 snapping a nine-day win streak, as oil prices and Treasury yields moved higher amid worries the U.S.-Iran conflict could keep lifting inflation.
The 30-stock Dow Jones Industrial Average pulled back 620.72 points, or 1.21%, to end at 50,687.07. The broad market S&P 500 fell 0.74% to end at 7,553.68, while the tech-heavy Nasdaq Composite declined 0.89% to 26,853.98.
Oil prices rose following the U.S. and Iran launching new strikes. West Texas Intermediate futures rose 2.41% to settle at $96.02 per barrel, while Brent crude gained 1.89% to settle at $97.81 per barrel.
SPI down 75 - Commodities fall - Gold down - Iron ore eases
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The ASX 200 jumped 61 points after a slow start to 8756, with GDP coming in a little light, giving the RBA room to hold rates. Banks rebounded, with CBA up 1.1% and ANZ doing well, up 1.9%, as the Big Bank Basket rose to $275.51 (+1.1%). Other financials were a little mixed, GQG fell 1.4%, AMP slid 2.0% and HUB fell 0.9%. Insurers were steady as she goes.
Industrials firmed in places, with WES down 0.2 %, while WOW and COL did better. Healthcare remains in ICU, with CSL falling another 0.4% and RMD down 0.7%. Tech stocks were under pressure after a great run in recent days, with XRO down 3.5% and WTC falling 2.1%, while the All Tech Basket down 0.7%.
Resources, and especially copper stocks, were the stars of the show again. BHP hit new records, up 2.4%, and RIO gained 1.6%. Rare earths got a boost, with LYC up 2.8% and ARU gaining %. Uranium stocks fired up on some Urenco news from the US, with PDN up 11.5% and BOE gaining 7.6% as the shorts ran for cover. STO had a good day too, while WDS was flat.
In corporate news, SLC jumped 0.3% on an upgrade to earnings, MP1 entered a trading halt pending a large capital raising, ALD rallied 3.4% on watchdog approvals and INA soared 5.4% on earnings confirmation. TLC lowered guidance and slipped 1.5%. In economic news, GDP came in a little light at 0.3% for the quarter and 2.6% for the year, giving the RBA a good excuse to stay pat.
Asian markets mixed. Japan up 2.8%, Hong Kong down 1.7%, and China up 1.6%. South Korea closed for local elections.
US futures: Dow down 32 and Nasdaq down 13. Oil up 1.0%. Surprising given the hostilities in the Gulf.
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The S&P 500 ticked up to a record close after reaching a new all-time high on Tuesday as traders monitored the latest U.S.-Iran developments as well as moves in major tech names.
The broad-based index advanced 0.13% to end at 7,609.78 for its first close above the 7,600 threshold, while the Dow Jones Industrial Average gained 228.91 points, or 0.45%, to 51,307.79. The latter also rose to a new all-time intraday high earlier in the session. The Nasdaq Composite eked out a gain of 0.03% to end at 27,093.90.
Alphabet weighed on the S&P 500, with shares down almost 4% after the company said it would raise $80 billion from stock sales to fund its artificial intelligence buildout. That includes a $10 billion investment from Berkshire Hathaway.
SPI up 38 - Copper in focus - MP1 to raise $823m - GDP today
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The ASX 200 rallied hard off lows to close down 5 pts at 8724 (0.1%). CBA turned around, recovering well, the Big Bank Basket closed at $269.61 (- 0.8%). Insurers slipped, led by QBE off 1.3% and IAG down 2.2%. REITs too were under pressure, GMG off 0.4% and CHC falling 1.0%. Healthcare remains in the kennel, CSL falling another 1.7% with RMD off 2.1% and COH down 4.3%. Industrials slipped a little, BXB down 1.6% and ALQ falling 1.1%. Retail stocks were also on the nose following the minimum pay award update. JBH crumbled 5.4%, NCK down 3.1%. DMP dropped 5.9% on the wage news. Tech stocks were the stars of the show again today, WTC up 7.9% and XRO jumping 7.5%, with the All-Tech Index up 3.9%. REA had a good day, as did CAR.
BHP and RIO once again pushed higher on copper exposure, the Big Australian hitting new records, up 1.4%. Gold miners recovered, with NST shooting the lights out as activist shareholder Elliott took a big position and called for change. Uranium stocks eased back again, PDN down 5.9% and DYL falling 5.3%.
In corporate news, SRG jumped 16.6% on $1.85bn in new contracts. TEA soared 16.2% on an acquisition, DRO up 3.6% on a new $24.1m contract, and 4DX had a bad day on CT news. NST jumped on calls for change. On the economic front, consumer sentiment rose and the BoP fell as exports eased back.
Asian markets mixed. Japan down 0.5%, Hong Kong up 1.8%, and China up 1.3%.
US futures: Dow down 172 and Nasdaq down 83. Oil up 1.2%.
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The S&P 500 rose on Monday, even as oil prices advanced, with Nvidia leading technology higher following the launch of a new chip for PCs.
The broad market index advanced 0.26% to close at 7,599.96, while the Nasdaq Composite gained 0.42% to close at 27,086.81. The Dow Jones Industrial Average added 46.42 points, or 0.09%, and ended at 51,078.88. All three indexes reached new all-time intraday highs and closed at records.
SPI down 38 - Oil up - Gold down - NST moves - Software stocks jump.
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The ASX 200 consolidated Friday’s gains with a loss of 2 point to 8729. Tech stocks were the star attraction, with REA up 1.5%, WTC up 8.7% and XRO rising 7.6%. The All-Tech Index rose 3.8%. Healthcare remains on the nose, with CSL dropping another 2.5% and RMD pummeled down 7.6%. REITs also slid, with CHC off % and SCG falling %. Banks were mixed, with CBA down 1.0% and WBC up 0.4%, leaving the Big Bank Basket down to $271.87 (-0.6%). Financials were mostly better, with ZIP rallying 5.2% as tech took off. Industrials were a mixed bag. TCL fell 1.8% and LNW dropped 1.0%, while BXB rallied 1.4% and CPU rose 0.9%.
In resources, BHP was slightly firmer, RIO rose 1.6% and FMG improved. Gold miners were generally better, with EVN up 2.4% and CMM rallying 1.3%. Lithium stocks were on a charge, with PLS up 4.3% after huge rebalancing volumes last week, LTR up 3.3% and MIN up 1.2%. WDS and STO both made modest gains, as did uranium and coal stocks.
In corporate news, LLC lost 5.5% after agreeing to sell the development rights in the Milano Santa Giulia mixed-use project in Milan. SYR soared 16.2% after its offtake dispute with Tesla was resolved, with the electric vehicle maker accepting that the alleged default conditions had been cured. MYX fell 2.9% as it expanded its US commercial footprint. CTT rose 25.5% as it moved to expand its presence in China through the launch of a flagship store on Tmall Global.
On the economic front, ANZ-Indeed Australian job ads lifted 1.8%. Asian markets eased. Japan up 0.9%, HK up 0.8% and China down 0.6%. Korea up 4.1%.
US futures up slightly, Dow up 49 and Nasdaq up 175. European markets set to open flat. Oil up 2.5%.
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SPI Futures down 13 points. ASX set to open slightly lower.
The S&P 500 and Nasdaq both closed at fresh record highs. The S&P 500 was up 0.22%, its ninth straight weekly gain - the longest winning streak since December 2023. The Dow Jones was up 363 points (+0.72%). The NASDAQ was up 0.21%. The Russell 2000 was down 0.59%. VIX lower again at 15.32 - getting very comfortable.
DELL was up 32.8% on results - a 750%+ year-on-year jump in AI server revenue, $24.4bn in AI orders and a backlog close to $51bn. Tech finished up 1.87%. HPE was up 12.6% and SMCI was up 11.6% in sympathy. MSFT was up 5.4%.
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The ASX 200 jumped 139 points to close the week at 8732 (+1.6%) on a very firm note as hopes built that there will be some resolution, or at least an extension of the ceasefire in the Middle East. There seemed to be a lot of short covering around today after the 125-point fall yesterday. We reversed that today, with the banking sector bouncing back hard, with CBA up 2.2%, NAB up 0.6%, and the Big Bank Basket up to $273.55 (+1.6%). Financials across the board bounced, with MQG up 1.1%, and even ASX rallying slightly, but it was resources that were really carrying the day today, as copper stocks advanced with BHP up 2.9%, RIO up 1.2%, and FMG also doing well, up 2.4%.
The gold miners had a good day yesterday after falling around 7%, with NST up 3.4% and EVN up 4.2%. Copper stocks and lithium pushed higher, with S32 also up 3.0%, although we saw some obvious selling in the oil and gas plays, with WDS unchanged and STO down 0.5%. Uranium stocks firmed slightly in this heady environment. Tech stocks saw some modest buying, with NXT up 1.7%, CAR doing very well, and TNE up 2.0%. Industrials and retail rose slightly. We also saw good buying with JBH up 1.2%, BXB up 0.1%, and QAN doing well on the back of lower crude prices.
In corporate news today, JDO had a great day after expanding its securitisation deal. IEL was trashed 16.2% after Macquarie slashed its target price, and THL soared 26.1% after a non-binding indicative offer from BGH Capital. Nothing on the economic front today. All eyes are on whether Donald Trump signs off on the latest proposal.
Asian markets eased. Japan up 1.4%, HK up 0.7% and China down 1%. US futures up slightly, Dow up 42 and Nasdaq up 29. European markets set to open around 0.2% higher.
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The S&P 500 and Nasdaq Composite closed at records on Thursday as tech resumed its leadership, and traders weighed a reported agreement between U.S. and Iranian negotiators to extend the ceasefire.
The broader index gained 0.58% to 7,563.63, while the Nasdaq Composite rose 0.91% to 26,917.47. Both indexes also hit intraday all-time highs. The Dow Jones Industrial Average was higher by 0.05% at 50,668.97.
Tech stocks rallied Thursday, after a strong earnings outlook from Snowflake revived enthusiasm around the AI trade. Shares soared 36.5%, posting its best day ever after the cloud-based data platform provider issued rosy fiscal second quarter guidance.
Core PCE slightly better than expected - GDP revised down - SPI up 52 - Gold higher
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The ASX 200 took a dive today, down another 125pts at 8593 (1.4%), as the peace deal in the Gulf is starting to slide away. Banks and gold bore the brunt of the selling, with CBA off 2.1% and WBC down 1.3%, with the Big Bank Basket at $269.32 (-1.9%). Insurers also fell hard, QBE down 2.8% and IAG off 1.6%, with financials generally easier, while ASX continues lower.
REITs also fell as bond yields rose, GMG off 1.2% and SCG down 0.8%. Old-school platforms remained under pressure, SEK down 3.9% and REA off 1.1%. Tech fell hard too, XRO off 2.6% and WTC falling 1.6%. The All-Tech Index dropped 1.1%. Healthcare was also under pressure, CSL fell 1.7% and RMD down 1.4%. Supermarkets held up. Industrials slid, BXB down 2.5% and QAN falling 1.5% as oil prices rose.
Resources were sold down as bullion fell heavily and gold stocks turned nasty, NEM down 7.5% and EVN off 7.7%. Lithium stocks held up, PLS up 0.3%, while rare earths fell, LYC off 2.5%. Uranium stocks drifted lower, PDN down 1.7%. The big iron ore miners were also under pressure, BHP down 1.2% and RIO falling 2.5%.
In corporate news, SDR rallied 8.6% after a new partnership deal. CSL dropped again despite the new CEO topping up his holding. VUL rose 2.3% as its financing package closed. And EOS had a good day, up 4.2% on some new director signings.
On the economic front, April household spending collapsed much more sharply than expected, down 1.1% over the month.
Asian markets eased. Japan off 0.5%, HK down 1.4% and China off 0.1%.
US futures down slightly, Dow down 12 and Nasdaq off 141. European markets set to open around 0.7% lower. Oil up 3% on renewed hostilities.
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The Dow Jones Industrial Average rose to a new record on Wednesday as oil prices retreated, while the S&P 500 eked out a tiny gain, with chip stocks keeping the index’s gains in check.
The 30-stock Dow gained 182.60 points, or 0.36%, for a record close of 50,644.28. The blue-chip index also hit an intraday all-time high. The broad market S&P 500 ticked 0.02% higher to 7,520.36, another closing record. The Nasdaq Composite also edged up 0.07% to end at 26,674.73.
A decline in oil prices lent the Dow some support. U.S. crude oil fell 5.55% to settle at $88.68 a barrel after Iranian state media said the country is committed to restoring commercial traffic through the Strait of Hormuz to pre-war levels within one month.
Oil down 5% Gold falls - SPI down 38
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The ASX 200 started slowly with early losses, but after a benign and better-than-expected CPI read, the bulls were back. The ASX 200 closed up 60 points at 8718 (0.7%). Banks fought back from bigger early losses, with CBA up modestly and WBC down 0.6X%. The Big Bank Basket unchanged at $275.52, whilst other financials improved, with MQG up 1.0%. IFT was having a good day on some broker upgrades, up 5.8%, and HUB was doing well too, up 2.0%. A horror run continued for ASX as it fell another 9.7% on the news yesterday of a further capex blowout and broker commentary today. The industrial space was mainly better, with WES gaining 1.4%, ALL up 3.2%, and GMG also having a good day after the results yesterday. Healthcare perked up slightly, with a good run from CSL up 2.4% and FPH also having another good day, up 4.1%. The tech space was mixed, with TLS down 1.0%, WTC up 1.4%, and TNE up as well. The All -Tech Index rose 2% today.
In resources, it was a mixed session, with lithium stocks a little under pressure. PLS fell 1.9%, and MIN also down slightly, but BHP up 1.5% and FMG also doing well. Gold miners were mixed, with a bias to the upside, as NEM rose 1.3%, and coal stocks again were firm, with YAL up 2.1% and WHC up 2.2%. Uranium stocks were also slightly firmer, with PDN up 2.4%.
In corporate news today, WEB rose slightly following results, with guidance maintained. EDV fell 4.9% after it flagged a major restructure of its wine operations. SXL was up strongly after Gina Rinehart emerged as a major shareholder. KMD was also doing well on a strategic review, up 17.3%. NUF also had a good day, up 13.7%, as profits jumped on higher margins.
In economic news, the monthly consumer price index showed inflation slowed slightly to 4.2%, below the 4.4% forecast. The dollar slid slightly on this news and hopes that the RBA is on hold firmed.
Asian markets were once again gripped by chip fever in South Korea and Taiwan. Records and new trillion-dollar valuations. Japan up 0.4%, HK down 1.1% and China off 0.6%. Kopsi up 3.6%. Taiwan up 2.4%.
US futures slightly better. Brent crude down 1.6%
No news on peace deal. US Cabinet meeting today.
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The S&P 500 gained 0.6% on Tuesday and the Nasdaq climbed 1.2% to fresh record highs while the Dow Jones finished 118 points lower as investors returned from the long weekend with continued focus on developments in the Middle East. Markets remained cautiously optimistic that the US and Iran could still reach an agreement, with traders viewing the two sides as closer than ever to a deal despite mixed signals and further strikes. Technology, industrials, and materials led the market higher, while energy and consumer staples stocks posted the steepest declines. Among individual movers, Micron Technology surged 19.3%, pushing its market capitalisation above $1 trillion for the first time after UBS raised its price target and said the stock could more than double. Alphabet rose 1.4%, Broadcom advanced 1.9%, and Tesla gained 1.8%. On the downside, Nvidia slipped 0.2%, while Microsoft and Amazon fell 0.6% and 0.4%, respectively. Exxon Mobil also declined 3.3% and Walmart was down 1.4%.
SPI down 3 - Oil up - Gold down - Inflation numbers to come.
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The ASX 200 eased back 34 points today to 8658 (0.4%) in a quiet session, with US and UK markets closed last night. The banking sector was modestly lower, with NAB falling 0.8% and some more profit taking in MQG down1.6%. The Big Bank Basket $274.56 (-0.3%). Financials generally were under pressure as ASX revealed a further blowout in capex, and the shares fell hard, down 13.2%. Elsewhere, industrials were generally weaker across the board: TLS fell 0.9%, REA down 0.7%, and in the health care sector, CSL continued to push lower. REITs also eased back with an update from GMG, disappointing slightly. WES rose slightly, but generally the markets were on hold ahead of more news coming out of the Gulf.
Tech stocks were barely changed with XRO down 0.1%, WTC off 2.6% and the All-Tech Index off 0.4%.
Resources were mixed. Iron ore miners pushed higher, and S32 had a good day, up 4.8%, with a little interest in lithium stocks, but gold miners eased back as bullion prices fell on a lack of progress in the peace negotiations. NEM off 2.2% Coal stocks gave up some of the gains from yesterday and STO fell 0.9% despite encouraging news from an investor day. Uranium stocks were also easier, with PDN down 3.4%.
In corporate news, KGN ran hard on a positive trading update, and MIN also had a good day. In other news, IFM has rejected the independent valuation of ALX, with directors urging shareholders to reject the takeover bid.
In economic news, the ANZ-Roy Morgan Consumer Confidence index remained near its historic low last week, slipping 0.3 points to 66.1, as households remained under pressure from weak financial conditions and elevated inflation expectations.
Asian markets were mixed with Japan down 0.2%, Hong Kong up 0.3%, China up 0.2%, and the Kospi up again to a new record. US futures were better, with the Dow up 327 and the Nasdaq up 255.
European futures are opening slightly lower. Brent crude up around 2%.
The US and UK reopen today.
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The ASX 200 kicked off the week up 35 points to 8692 (0.4%) as optimism on a peace deal washed through. Some scepticism remains, so it was a cautious start to the week. US markets are closed tonight. Banks held firm as NAB rose 1.1% and CBA dropped 0.7%. The Big Bank Basket was steady around $275.42. Insurers slid as yields fell, QBE off 2.1% and MQG lost 1.1%. Other financials were mixed, ASX down 1.2% with HUB up 2.4%. REITs were mixed too, GMG down 0.8% but CHC doing well on an upgrade, up 6.7%. Industrials were mixed, with defensives out of favour. TLS fell 0.9% and REA off 0.3%. WOW and COL steady. Retail rose as bond yields slid, WES up 1.5% and JBH up 1.3%. Tech found its feet, WTC up 0.8% and XRO rising 1.0%, with the All-Tech Index down 0.5%.
In resources, RIO and FMG were all up around 1.6% or better. BHP rose 0.6%. Gold miners bounced hard, NST up 5.7% and EVN up 4.2%, with copper stocks also trading higher, SFR up 2.2%. Lithium and rare earths were mildly positive, LYC up 0.7% and MIN rising 2.7%. Oil and gas stocks eased back, WDS down 4.2%, and coal stocks had a great day after issues at one mine in China.
In corporate news, QAN announced the London-Sydney non-stop route would be delayed by a year. It rallied 5.8% on oil falls. CHC rallied on another earnings upgrade. BPT fell 1.3% after selling a 60% stake in its Otway Basin project.
In economic news, nothing today.
Asian markets were better, with Japan up 3.1%, Hong Kong up 0.9%, China up 0.8%, and the Kospi up modestly. US futures were better, with the Dow up 404 and the Nasdaq up 420. Oil down 5.5% The US and UK are closed today.
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Wall St ended a positive week on a steady note, with the S&P 500 finishing up 0.37% to close at 7,473, capping off an eighth straight weekly gain - the longest weekly winning streak since 2023. The index sits just 0.3% below its all-time high. The Dow Jones added 294 points (+0.58%) to close at a record high. The Nasdaq was up 0.19%. The Russell 2000 added 0.91%.
Hawkish comments from Fed Governor Waller and a jump in longer-term inflation expectations saw the market dip in the afternoon with the Dow Jones up 545 at best. Waller said his current position is to hold rates steady in the near term and remove the easing bias from the policy statement - he was careful to say that doesn't mean the Fed should be thinking about rate increases any time soon.
Kevin Warsh was sworn in as the new Fed chair with President Trump saying Warsh will curtail the Fed's practice of forward guidance.
On the data front, the final May University of Michigan consumer sentiment reading came in at 44.8, down from 48.2 - a fresh record low. One-year inflation expectations were marked up to 4.8% and longer-run expectations moved up to 3.9%.
SPI down 58 - Peace hopes rise - Oil down over 5% this morning - AUD rises - CHC Guides higher.
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The ASX 200 rallied another 35 points to 8657 (0.4%) ahead of a US long weekend. Up 27 pts for the week. Banks pushed ahead, led by CBA up 0.9 %, and the Big Bank Basket to $275.57 (0.8%). Insurers slid as yields fell, NWL off 1.0% and GQG falling 2.2% as tech boomed. Industrials were mixed, TLS fell 1.5% as a broker downgraded the stock, REA continued lower, off 4.1%, as did CAR off 2.8%, with tech stocks also continuing to be pressured. XRO down 0.9% and WTC falling 1.4%, with the All-Tech Index up 0.4% Utilities were also weaker, ORG off 1.8% and APA falling 0.3%.
Resources were generally better, BHP rose 1.1% and RIO up another 1.7%, with S32 doing well, up 5.1% and lithium stocks rising, PLS up 2.9% as gold miners found some bargain hunters. NEM up 0.8% and EVN gaining 3.1%. NST continued to suffer, down 0.6%. Oil and gas mixed. In corporate news, uranium stocks were better, PDN up 5.9% and DYL rising on broker upgrades.
In corporate news, ARU entered a trading halt to raise another $350m at 26c. GYG jumped 9.6% as it announced plans to close the US business. APX jumped 9.4% on a trading update. TUA steady as the M1 deal was pronounced DOA. MYX won a small settlement against Cosette for the failed bid.
In economic news, the Japanese CPI came in below expectations.
Asian markets were better, with Japan up 2.8%, Hong Kong up 1.2%, China up 0.6%, and the Kospi up modestly. US futures were better, with the Dow up 155 and the Nasdaq up 150. European futures are opening around 0.5% lower. Oil up 2.0%. The US and UK are closed Monday.
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US stocks finished higher on Thursday after a volatile trading session, as renewed hopes for a potential US-Iran agreement to end the conflict pushed oil prices lower for a third consecutive day. The S&P 500 gained 0.2%, the Nasdaq edged up 0.1%, and the Dow Jones rose 276 points to close at a fresh record high. Reports indicated that Iran said the latest US proposal had partly narrowed the gap between the two sides, while Secretary of State Marco Rubio pointed to “some good signs” that a deal could be reached. The decline in oil prices supported broader market sentiment. Utilities led the gains, followed by consumer discretionary and materials, while consumer staples and energy lagged behind. Investors also digested earnings results from NVIDIA (-1.8%), which failed to impress the market. Meanwhile, Walmart fell more than 7% after warning that persistently higher fuel costs could weigh on its business. In contrast, Apple rose 0.9%, Amazon gained 1.3%, and Eli Lilly advanced 2.2%.
SPI up 35 - Long weekend in US - ARU cap raise
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The ASX 200 bounced back 125 points to 8,622 (1.5%) as the roller coaster continued this week. News from the White House on peace progress was the kicker, together with unemployment numbers coming in worse than expected at 4.5%. Pressure off the RBA. Both banks and resources fired today, with CBA up 0.9% and WBC rising 2.2%, with the Big Bank Basket rising to $273.39 (+1.4%). MQG jumped 1.7% and other financials also did well, with IFT up 4.6% and CGF rallying 1.9%. REITs were also back in demand as yields fell, with GMG up 2.8% and GPT rising 1.5%. Industrials firmed, with WES up 1.4% and CSL rising 1.6%, while RMD was also back in demand, up 1.2%. QAN jumped 3.1% on lower crude prices and VGN took off 9.3%, although volumes were small.
Retailers were better as yields cooled and unemployment may mean the RBA is on hold again. JBH up 3.4% and HVN up 2.1%. GYG had a strong day on a broker upgrade, up 13.0%. Tech stocks were mixed. CAT jumped 10.9% after numbers yesterday, with broker upgrades helping. TNE dipped 2.3%, WTC fell 0.5%, and the All-Tech Index was up 0.3%
In resources, BHP jumped 3.1% on copper exposure, RIO up 3.2%, and gold miners were back in favour. NST fell 2.1% as the CEO stepped down. EVN up 3.8% and GMD rising 0.7%. Lithium stocks were better, with LTR up 4.2% and MIN jumping 2.9%. Oil and gas stocks eased back, as did coal, but uranium stocks rose.
In corporate news, SGH fell 0.8% after a very in-depth investor day. IPX rose 5.2% after commissioning a 300-tonne axis SACMI in US.
On the economic front, unemployment came in worse than economists expected at 4.5%. Morgan Stanley is predicting the largest house price correction in 40 years! The bank is talking a 10% fall.
Asian markets better, Japan up 3.2%, Hong Kong down 0.7%, China down 0.6%. Kospi up 8.2%
US futures ease with Dow down 74, Nasdaq down 6. European futures opening around 1% lower. Oil up 1%.
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SPI Futures up 104 points. ASX to open higher. US Futures lower on Nvidia.
Wall St bounced sharply as oil fell and bond yields retreated from multi-year highs on hopes the Iran war is nearing resolution. S&P 500 up 1.1%. Dow Jones up 645 points (+1.3%), closing back above 50,000. Nasdaq up 1.5%. Volume above average. Every sector higher except Energy, down 2.6% on the oil drop. Consumer Discretionary the standout, up 2.5%. Semis roared back - Philadelphia Semiconductor Index up 4.5%.
Trump reports US-Iran negotiations are in their "final stages", which triggered a sharp drop in oil. WTI down 9.3% to $101.7. Brent down 5.1% to $105.4. Two Chinese oil tankers exited the Strait of Hormuz. Iran is enforcing a multi-tier approval process for passage involving vetting and sometimes fees, so the strait is not fully open, but traffic is improving. The pattern of the last two months holds - hope, then reality. Bond markets took the Iran comments at face value. US 10Y down 8.2bp to 4.59%, US 2Y down 6.3bp. 30Y pulling back from its highest since 2007. Dollar index down 0.2%.
Nvidia delivered Q2 revenue guidance of $91bn beating the $87bn consensus. Below the highest of estimates of $96bn. Stock down after hours on comments that competition is rising. The AI infrastructure demand story remains intact and data centre revenue continued to accelerate. Nvidia also announced an $80bn buyback and raised its quarterly dividend. The market broadly got the reassurance it needed, if not the blowout some had hoped for. Nvidia rose 1.3% in the regular session. Peers AMD up 8.1%, ASML up 6.2%, Intel up 7.4%.
Oil down - Yields fall - Gold up
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The ASX 200 gave up yesterday's gain and more, dropping another 108 points to 8,497 (1.3%) as the rout continues. Resources bore the brunt of the selling as inflation fears stoked higher rates and tore through commodities. BHP fell 2.3% and RIO off 1.5% with gold miners under pressure again, EVN down 4.9% and NEM falling 4.5%. Oil and gas firmed, but uranium stocks eased back, PDN down 4.5%. Lithium stocks found some friends with PLS up 1.9%. Industrials were also weak across the board as TLS fell 1.1% and REA dipped 2.0%. Tech stocks couldn't shrug off the negativity despite good results from CAT and broker upgrades to TNE. Healthcare drifted lower.
Banks were hit hard as one broker said conditions were tough, WBC fell 2.4% with ANZ off 2.1% and the Big Bank Basket falling to $269.72 (0.8%). Other financials also under pressure, MQG fell 2.0% and NWL and HUB dropped. Insurers also saw sellers, QBE off 1.0% and IAG down 0.4%. REITs fell as bond yields rose again. GMG down 2.1% and CHC falling 3.3%.
In corporate news, WJL tumbled 11.2% after earnings came in worse than expected and guidance was moved down. JHX fell 0.9% after lacklustre results too. EOS tumbled 10.3% as it raised funds at 800c and FLT fell 3.6% after a US$5m US strategic acquisition.
On the economic front, total wages and salaries paid by employers rose 1.4% to a record $110.6bn in March. National Australia Bank says weekly consumer spending patterns have stabilised with travel especially weak.
Asian markets fell, Japan down 1.6%, Hong Kong down 0.7%, China flat. Kospi down 2.8%.
US futures mixed with Dow down 31, Nasdaq up 32. European futures opening around 1% lower. Oil down slightly.
Nvidia tonight in the US. European futures opening around 0.6% lower.
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US equities extended their decline on Tuesday as a continued selloff in US Treasuries, driven by inflation concerns tied to the war in the Middle East, pressured investor sentiment. The S&P 500 finished 0.7% lower, the Nasdaq closed down 0.8% while The Dow shed more than 300 points, or 0.6%. AI infrastructure companies continued their correction after soaring this month, previously supported by bumper earnings and ambitious guidance. Speculative long positions propelled AI infrastructure stocks higher in the period, prompting a pullback in risk sentiment and a cautious outlook by Seagate to spark a sharp pullback. Seagate sank 10% so far this week. Hyperscalers also fell with Amazon, Tesla, and Meta dropping up to 2% on Tuesday. Meanwhile, Dominion energy sustained its surge from the previous session and NextEra Energy bounced from sharp losses following NextEra's $67 billion acquisition of the former, the largest ever in the power sector.
SPI down 39 - Resources under pressure - JHX results - Nvidia in focus
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The ASX 200 bounced back 99 points today to 8605 (1.2%) as banks led the recovery. CBA gained % with the Big Bank Basket up to $271.83 (=1.5%%). NAB the standout gaining 2.0%. MQG also had a good day up 1.9% and insurers did well as higher bond yields helped, QBE up 2.9% and MPL rising 2.1%. REITs also had a better day with GMG up 1.8% and CHC up 2.2%.
Industrials were firm, WES finally finding buyers up 2.4% and TLS gained 2.6%. WOW and COL both did very well on some broker upgrades. Healthcare also found support, CSL up 2.6% and RMD gaining 2.0%. BXB fell another 0.6% and TUA up 17.6% after a 68% fall yesterday. Tech slightly better with the All-Tech Index up 0.8%.
Resources eased back, iron ore off in Asia, BHP down 0.1% and FMG down 0.3% with gold miners mixed, NEM up 1.8% and NST falling 0.7%. Lithium and rare earth stocks slid, LYC down 4.3% and PLS falling 1.3%. Oil and gas stocks held, uranium stocks gained, coal better too.
In corporate news, MIN rose 2.6% after it announced a restart at Bald Hill, SLC flagged a 4.5m share purchase for staff. TNE fell 2.9% as FX headwinds hurt.
On the economic front, RBA minutes pointed to a pause perhaps from the RBA.
Asian markets bounced a little, Japan down 0.5%, HK flat, China down 0.4% Kospi down 2.8%.
US futures lower with Dow down 39, Nasdaq down 105. European futures opening around 1% lower. Oil down around 2%.
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The Nasdaq Composite and the S&P 500 fell on Monday, bogged down by declines in technology, as traders monitored oil prices and bond yields while awaiting further developments with the conflict in the Middle East.
The broad market benchmark dropped 0.07% to end at 7,403.05, while the tech-heavy Nasdaq slid 0.51% and closed at 26,090.73. It was the second straight day of declines for both indexes. The Dow Jones Industrial Average closed up 159.95 points, or 0.32%, at 49,686.12.
SPI up 92 - RBA Minutes - TNE Results
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The ASX 200 fell 126 points to 8,505 (-1.5%) today in a dismal start to the week. Thankfully, the banking sector held up relatively well, with CBA posting a 1% rise, while insurers also performed strongly on the back of higher bond yields. The Big Bank Basket rose to $267.83 (+0.3%). Other financials did not fare as well, with MQG falling 2.6%, HUB down 1.1%, and the REIT sector also under pressure, with GMG down 4.0% and CHC off 3.5%.
Industrials were weaker across the board, with the healthcare sector hit again. CSL fell 1.8% and RMD dropped 0.5%. A couple of poor results this morning set the tone for further weakness in industrials, with SGH down 2.9% and BXB falling 20.2% on a downgrade to earnings, as pallet repair apparently became a thing. The tech space was mixed, with XRO falling 2.0%, although WTC rose slightly, helping the All-Tech Index finish marginally lower.
The real damage today came from the resources sector as iron ore stocks reversed and copper prices came under pressure. BHP fell 2.8% and RIO dropped 3.6% as sentiment towards bulk miners deteriorated.
Gold miners were also under pressure as bullion prices eased, even while the oil price rose. NST fell 2.4%, while EVN suffered the double whammy of weaker gold and copper prices. Oil and gas stocks were inevitably firmer as crude prices pushed higher. WDS rose 2.9%, while STO gained a similar amount. Uranium stocks slipped again, with PDN down 2.5% and BOE off 3.8%.
In corporate news, three major stories stood out. TUA dropped an astonishing 62.8% following issues in Singapore relating to its spectrum licences. ELD also came under pressure, down 22.9%, as higher diesel prices and a messy result hurt sentiment. Meanwhile, the downgrade from BXB simply added to today’s misery. Down 20.8%
There was little on the economic front today, although all eyes remain firmly fixed on bond markets as inflation fears continue to build.
Asian markets drop hard, Japan down 0.7%, HK off 1.1%, China down 0.6% Kospi bouncing
US futures lower with Dow down 386 Nasdaq down 192. European futures opening around 1% lower. Oil up over 1.2%.
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Stocks fell sharply on Friday as investors grew increasingly concerned about the impact of the prolonged conflict with Iran, particularly the risk that higher energy prices could further fuel inflation and keep interest rates elevated. The S&P 500 lost 1.2%, the Nasdaq Composite dropped 1.5% and the Dow Jones fell 1.1%. Investors took profits in the technology sector following strong recent gains. Intel declined 5%, while Advanced Micro Devices and Micron Technology fell 3% and 4%, respectively. Nvidia lost 2%, and Cerebras Systems dropped 4% after surging 68% in the previous session following its Nasdaq debut. Microsoft outperformed, rising 4% after Bill Ackman revealed that Pershing Square had built a position in the company. Boeing shares also extended losses, falling 3% after dropping nearly 5% a day earlier, as investors reacted negatively to Trump’s announcement that China agreed to purchase 200 Boeing jets, only modestly above prior expectations.
SPI down 38 - BHP falls hard in US - BXB Downgrades.
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The ASX 200 eased back another 10 points to 8631 (0.1%), capping off a miserable week at the index level. The index fell 1.3% this Budget week, mainly as banks crashed with CBA in focus. Banks made up some lost ground after significant falls this week, with CBA up 1.9%, ANZ up 1.1%, and the Big Bank Basket rising to $266.97 (1.4%). Insurers had a good day, with QBE rising 1.9% and SUN also doing well. REITs strengthened, with VCX up 1.6% and GPT also leading the charge. Industrials were firm too, with stocks like SHG, REH, and WOR all posting solid gains today. Even the supermarkets WOW and COL were firmer despite recent court woes.
Healthcare edged higher, with RMD up 1.2% and CSL finding some friends, up 0.7% , but the real stars of the show today were, surprisingly, the tech space, with XRO bouncing 8.1% following yesterday’s results and WTC also having a strong day, with the All-Tech Index bouncing 2.3%.
Whilst banks, industrials, and technology stocks were firm, resources were well and truly on the nose today as inflation continues to plague the market, or at least traders’ thoughts. Copper and gold both eased back, with BHP down 2.6% and RIO falling 3.2%. The gold stocks were also under pressure, with NEM falling hard, as did EVN, down 5.5%. Lithium stocks also took a breather, and news that Chris Ellison had sold part of his holding in MIN also weighed on the sector, down 7.7%. The oil price continues to bubble higher, with no resolution, it seems, on the blockade in the Gulf. WGS did well, up 2.1%, and STO also had a blinder today, rising 2.7%. In corporate news, EOS shot the lights out as it prepares to take control of MARSS Defence Technology in the coming days, while also securing a $165 million order from an existing Middle Eastern customer. TWE added 1.9% after French billionaire Olivier Goudet lifted his stake in the company.
Nothing on the economic front. Asian markets drop hard, Japan down 2.1%, HK off 1.6%, China down 0.8%, Kospi off 6%.
US futures lower with Dow down 184, Nasdaq down 367. European futures opening around 1% lower.
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Stocks were higher on Thursday, with the Dow Jones Industrial Average retaking 50,000 after strong earnings from Cisco Systems and following a key meeting between U.S. and China.
The 30-stock index popped 370.26 points, or 0.75%, to end at 50,063.46. The S&P 500 climbed 0.77% and closed at 7,501.24, while the Nasdaq Composite gained 0.88% to 26,635.22. Those two indexes scored fresh all-time intraday highs and record closes.
Cisco’s gain gave the Dow a boost, sending it to 50,000 during the session. The Dow also got a lift from Nvidia also advanced more than 4% after Reuters reported that the U.S. has cleared about 10 Chinese firms to purchase Nvidia’s H200 chip, though no deliveries have been made yet.
Retail sales were better than expected. Cerebras IPO was a huge success.
SPI up 50 – Banks in focus – Resources under a little pressure.
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US equities were mixed, with tech outperforming losses in broader sectors as faster inflation weighed against the ongoing AI rally. The S&P 500 and the Nasdaq rose more than 0.5% while the Dow fell 200 points. Producer inflation surged more than expected in April, both for energy-exposed goods and non-energy services, to show that the impact of the war in the Middle East on prices has spread past direct fuel costs onto the broader economy. This coincided with a fresh increase in refined fuel prices this week amid the continued blockade of tankers in the Persian Gulf. Still, strong earnings prospectives from AI software and hardware producers continued to carry stock indices since the Q1 earnings season. Hyperscalers were higher premarket after SoftBank unveiled soaring gains from its private OpenAI stake. Also, Nvidia gained 2.5% as CEO Huang surprisingly joined other tech leaders and the US delegation in their summit with China.
SPI down 22 - Copper in focus - BAP warns- XRO updates
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The ASX 200 fell another 40 points to 8630 (0.5%) as the banks came under intense pressure following the budget last night. Adding to the bank woes was the update from CBA, which shocked the market as bad debts rose and growth was sadly lacking. CBA fell an astonishing 10.4%, with the other three banks also falling hard on changes to housing policy in the budget. The CBA fall accounted for around 85 index points. The Big Bank Basket fell hard to $260.67 (-7.1%) as the Big Resource Basket soared 2.2%, overtaking the banks. BHP led resource stocks higher, hitting another record high, up 2.9%, and claiming the mantle back from CBA as the 'big Australian'. RIO also had a good day on the back of near-record highs in copper, with FMG also putting on the ritz. Given the fall in CBA, the index elsewhere had a good day.
The gold miners were in demand, although bullion was relatively stable. EVN up 0.6%, and NST up 1.0%. Lithium stocks had a small break today, with PLS easing back 0.9%, as did LTR, but rare earth stocks were back in demand, with LYC up a further 2.0%. Energy stocks were mixed, with WDS up 0.4% and STO having a good day, up 1.6%, but uranium stocks eased back, with PDN falling hard on results. Coal stocks firmed.
Industrials generally rose post-budget, with the REITs doing well. GMG up 1.4%, WES finding a base, up 0.4%, and even retail stocks looking a little firmer, JBH up 2.0%. One of the big winners was in the gaming space, with ALL updating the market with some latest numbers and rallying strongly, up 13.3%. Technology stocks were also in demand today. XRO rose after announcing some AI integration progress, although WTC was still on the nose. Healthcare stocks were also slightly better today, with CSL up 0.2% and RMD having a good day for a change, up 2.0%. Financials ex the banking sector were also firm, with AMP up 1.7% and GQG having a very good day, up 4.8%.
In corporate news, CSL signed a flu vaccine deal in South America, PRN also doing well up 8.4%, after being awarded a mining contract, and TPW fell again after guidance was cut. In other news, WTC fell slightly after DSV confirmed it will transition away from cargo-wise and on to an in-house solution. ALL was a huge winner on a first half beat.
Asian markets better with Japan up 1.2%, China up 0.5% and HK down 0.2%; The Kospi back up 2.4%
US futures modestly higher, Dow futures down 2, Nasdaq up 149. European futures opening slightly higher. US PPI tonight.
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US stocks cut losses in the last three hours of trading, with the S&P 500 closing 0.2% lower, the Dow remaining near the flat line, and the Nasdaq falling 0.7%. Hot April CPI report consolidated worries that higher energy prices may dent earnings prospectives backing bets that the Fed will not cut rates this year against recent evidence of a robust labor market. Alphabet, Amazon, Microsoft, Tesla were down more than 1% while Nvidia and Apple turn positive. Chip and memory producers also declined as South Korea mulled establishing a universal dividend for the recent surges in AI infrastructure stocks, pressuring Broadcom and AMD to fall 2%. Meanwhile, telehealth company Hims & Hers plunged 15% after its first-quarter earnings report missed expectations.
SPI down 10 - Oil up - Gold slips - CBA 3Q results - Budget in focus.
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The ASX 200 fell 31 points to 8671 (0.4%), as once again we saw selling in the banking sector weigh on the market. The Big Bank Basket fell to $280.74 (1.6%), with CBA down 1.4%, ANZ falling 2.1%, and MQG also coming off the boil, down 2.2%. Other financials also eased back, NWL dropped 3.0% and XYZ down 3.1%. Once again, we also saw REITs under pressure, with SCG off 1.1% and CHC down 1.2%. Industrials were also weaker across the board, led lower by WES down 1.8%, with two supermarkets falling heavily and the tech sector under renewed pressure, with WTC falling 5.9% and XRO falling 3.5%. The All-Tech Index fell yet again by 2.8%. In the healthcare space, a continuation of the falls, as brokers downgraded CSL and it fell another 2.2%, with RMD also now heading much lower, down 3.4%. Retail stocks also suffering, with JBH off 2.1% and HVN falling 2.5%.
Resource stocks, though, had a good day, with BHP hitting record highs up 2.5%, with RIO leaping 3.1% and FMG also firming. Gold stocks were also doing well today on the back of a higher bullion price, with EVN up 2.8% and NEM also doing well, up 4.4%. S32 had a good day, and lithium stocks also powering ahead, with LTR roaring up 5.3%. Oil and gas stocks were slightly firmer, with coal and uranium stocks both under pressure, with PDN falling 3.9%.
On the corporate front, DRO fell heavily after ASIC announced an investigation into Director Selling. HLO rose slightly after Peter Costello was appointed a director. IAG firmed 1.9% after it unveiled its refreshed ‘Ambition 2030’ strategy.
In economic news, business credit demand flattened in the first quarter. Business conditions fell for the fourth straight month in April, according to the NAB monthly business survey, and we did see the ANZ Roy Morgan survey as well of consumer sentiment hitting lows again. It dropped 3.1% to 64.1%, the fourth lowest reading since the series started in 1973.
Asian markets saw losses today; Japan up 0.5% on the Nikkei, HK flat%, and China down 0.3%. Kospi fell 3.2%
US futures headed lower. Dow down 10, Nasdaq down 130. 10-year yields drifted to 4.99%. European markets are set to open lower. US CPI tonight.
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US stocks rose on Monday, rebounding from a subdued start to the session, as the S&P 500 added 0.2% and the Nasdaq gained 0.1% to reach fresh record highs, supported by a strong rally in chipmakers amid continued optimism over AI-driven demand. The Dow Jones also advanced 95 points. Among the standout performers, Nvidia climbed 2%, Tesla surged 3.9%, Qualcomm jumped 8.4%, and AMD added 0.8%. Micron Technology soared 6.5%, as labour unrest at Samsung Electronics and ongoing supply constraints fuelled expectations of tighter memory-chip markets. Energy, materials and industrial stocks also posted solid gains. The market’s advance came despite another increase in oil prices after US President Donald Trump rejected Iran’s response to his proposal, warning that the ceasefire was on “life support”. Investors were also turning their attention to an expected summit later this week between President Trump and Chinese President Xi Jinping.
SPI up 13 - Gold firms - Oil jumps - Budget in focus.
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The ASX 200 dropped 43 points to 8702 (0.5%) as CSL shocked investors again, with a huge write-off and a downgrade to guidance. CSL accounted for most of the loss today. Elsewhere, banks recovered some from earlier large losses, CBA down 1.1% and ANZ, XD down 2.4%. The Big Bank Basket fell to $285.25 (-1.1%) ANZ XD. MQG flat, well off session lows. Other financials found their feet, NWL up 1.1%, and IFT pushing another 3.7% ahead. REITS eased back except GMG, which was up 2.1%. Industrials mixed, BXB fell 1.4%, QAN dropped 1.8% as oil rose in Asian trade, ALL down 1.0%, and retailers still struggling somewhat. WOW and COL ease, but healthcare was shaken by CSL dropping 16.0% with SIG also slipping slightly. Tech was flat as we await the Xi/Trump meeting and the economic data this week.
Resources were mostly better, BHP up 0.7% and RIO doing well, up another % with gold miners easing on bullion, NST down 1.9% and GGP off 2.6%. Lithium and rare earths rose higher ahead of the summit, WDS rose 1.5%, and uranium stocks recovered from early losses. PDN up 5.8% and DYL rising 4.6%.
In corporate news, ING upgraded enough to not fall foul of investors, CSL was a bloodbath, and OML got another NBIO from PE.
Nothing today locally on the economic front. Chinese CPI came in higher than expected.
Asian markets saw losses today; Japan slipped 0.4% on the Nikkei, HK down 0.2%, and China up 1.4%. Kospi up 4% again.
US futures are mixed. Dow down 88, Nasdaq down 5. 10-year yields drifted to 4.99%. European markets are set to open slightly higher.
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The US markets just keep on keeping on. The S&P 500 ended up 0.84% at 7,398 and the Nasdaq gained 1.71% to 26,247, both hitting record highs. The Dow was little changed, up 12 points to 49,609. The tech sector led with the sector up 1.8%. Both the S&P 500 and Nasdaq logged their sixth straight weekly gain, with the S&P 500 now up +8% year to date and the Nasdaq up +13%.
SPI down 42 - Budget looms - CSL downgrade and impairment - OML bid.
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The ASX 200 we dropped 134 points to 8744 (-1.5%) today as the banking sector came under extreme pressure. We saw CBA down 1.9%, WBC down 4.8% ex-dividend today and the Big Bank Basket falling to $288.50 (-2.3%). Other financials also under pressure today, with the insurers falling as QBE updated the market on their gross written premium expectations and MQG suffering after reporting their second-biggest profit ever, falling 1.1%. Other financials also in trouble today included GQG falling 4.1% and the ASX down 3.2% too, with ZIP giving up some of its gains this week. REITs also under pressure with GMG down 1.9% and SCG down 2.4%. Industrials generally were weaker today, with WES continuing to fall as well, down 2.0% with ALL slipping lower too. Healthcare once again eased back, with CSL falling again and RMD slipping 0.9%. Both COL and WOW slipped today, as well as utilities, where we had ORG down 2.3% and APA down 2.0%.
Resources generally were somewhat better than their banking cousins, with BHP down only 1.0%, RIO off 0.8%, and the gold miners easing back, but generally a little mixed, and we had NST down 2.5%. Lithium stocks slipped, and we saw energy stocks as well under some pressure, with WDS down 1.4% and the coal stocks easing back together with uranium stocks.
In corporate news today, REA rose 1.4% despite lowering its full-year cost growth guidance. QBE reaffirmed its guidance, and TAH continued to fall on analyst downgrades following the investigation launched by AUSTRAC. We also had NWS results today with a stronger-than-expected third quarter.
Nothing on the economic front as we await US NFP numbers for April. Locally, Westpac pushed out its next RBA rate rise to August. UK Council elections see 'Reform' doing well.
Asian markets saw losses today; Japan slipped 0.4% on the Nikkei, HK down 1.1% and China down 0.5%.
US futures slightly higher. Dow up 85, Nasdaq up 137. European markets set to fall around 0.7%.
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The S&P 500 fell on Thursday after hitting a new all-time intraday high as oil prices came back from sizable losses, with traders eyeing more developments between the U.S. and Iran.
The broad market index fell 0.38% to close at 7,337.11, dragged lower by losses in Amazon as well as semiconductor stocks such as Broadcom and Micron Technology. The Nasdaq Composite slid 0.13% and ended at 25,806.20. The tech-heavy index had also scored a fresh all-time high during the session. The Dow Jones Industrial Average shed 313.62 points, or 0.63%, settling at 49,596.97.
Oil prices came off their session lows after trading meaningfully below $100 earlier in the session. U.S. West Texas Intermediate crude futures settled down 0.28% at $94.81 per barrel, while international Brent crude futures fell 1.19%, closing at $100.06 a barrel.
SPI down 159 – MQG results beat – Gold steady – Waiting for Iranian answer and NFP
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1The ASX 200 soared another 85 points to 8878 as US markets hit records. The Japanese market breached 62,000 for the first time ever, and resources rebounded hard on the back of falling oil prices. The banking sector was firm, with the Big Bank Basket rising to $295.43 (+0.5%), despite NAB going ex-dividend today, which wiped around 12 to 14 index points off. Other financials also had a good day, with the likes of HUB doing well, MQG up 0.5% and NWL also doing well. The Macquarie Conference continues, and ZIP rose 4.8% following an update which was pretty well known, given the results have only just come out. Industrials, though, were a little wishy-washy across the board, with healthcare once again under some pressure, as CSL fell another 2.1%, SIG also falling perhaps on its UK expansion plans, and utilities also under some pressure, as ORG fell 2.6% as well. Retail sector was better, with WES rising 1.4%, together with JBH up 2.0% as well. One that did disappoint was SUL, down 2.9%, as it updated the market on disappointing trading conditions. Over in the gaming space, ALL fell slightly, but the big fall of the day was TAH, which was smashed 23.5% after news that AUSTRAC was investigating the bookie. LNW also fell 8.3% on the back of their results today. Technology shares were once again under pressure, with WTC down 0.9% and XRO falling 2.0% and the All -Tech Index down 0.1%.
The stars of the show today, though, were the iron ore majors in the resource sector, together with the gold miners as bullion rallied hard as the oil price has fallen. NST up 4.4%, EVN up 6.3%, and NEM up 2.8%, helping the index. BHP had a great day, up 3.8%, as it looks to rise towards $60. Uranium shares were also flying today, as their international counterparts rallied hard, PDN up 8.5%. In the coal sector, not such a merry old place to be. NHC fell 4.3%. WDS and STO both hit hard today, as the crude price fell. In corporate news today, BFG bounced hard on better profit numbers, A1N dropped and entered a trading halt as the fallout from the Kyle and Jackie ‘O’ show continues. FPR had a strong first half, but SUL struggled on the sales front. In economic news today, we had the international trade in goods numbers, which decreased by $6.867bn in March.
Asian markets saw big gains as they returned from Golden Week holidays and played catch-up. Japan soared 6% on the Nikkei, HK up 1.4% and China up 0.3%. US futures slightly higher. 10-year yields drifted to 4.93%
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The S&P 500 advanced 1.46% to 7,365.12, while the Nasdaq Composite gained 2.02% and ended at 25,838.94. Both indexes touched new highs and closed at records. The Dow Jones Industrial Average added 612.34 points, or 1.24%, to close at 49,910.59.
Axios reported, citing sources, that the U.S. and Iran were getting close to a deal that would bring a resolution to the conflict. According to the report, the agreement would include a moratorium on nuclear enrichment. An Iranian foreign ministry spokesperson also told CNBC that Iran was evaluating a U.S. proposal toward a resolution.
Chipmaker Advanced Micro Devices added to the gains, soaring 18.6% after the company issued a rosy outlook for the second quarter. AMD also beat expectations on the top and bottom lines in the first quarter. The report lifted the broader chipmaker sector. The VanEck Semiconductor ETF (SMH) jumped 5%. Intel climbed 4.5%.
Stocks posted strong gains Tuesday, lifted by solid earnings and the ceasefire between Iran and the U.S. remaining in place.
SPI up 95 – Gold up nearly 3% - ORI results – CCP reaffirms.
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The ASX 200 popped 64 points higher today to 8730, up 0.7%. Ends longest losing streak since 2018. Down 0.7% for the week. Banks were flat following a slightly disappointing outlook from the CEO of ANZ as the first bank to deliver its profit result. The Big Bank Basket closed at $286.93 (-0.6%). The rest of the finance sector did well, though, with MQG pushing up another 1.3% ahead of results next week. Insurers also did better, with QBE rising 0.6% and IAG having a very solid day. Whilst over on the REIT sector, we saw good strength across the board, with GMG up 1.3% and GPT up 1.3%. Industrials were a mixed picture, with WOW still smarting after its comments yesterday on earnings guidance down %, whilst COL rose 3.7% after its own trading update. Tech stocks were once again mixed, with WTC rising 2.4% and XRO also slightly firmer, with the All-Tech Index up 0.8%. Health care once again had another mixed picture, with RMD falling 3.5%. Although CSL managed to hold firm, COH found some friends up 5.1%.
The real action today was in the resource sector, as we saw a bounce back in the iron ore majors, with BHP up 2.3% and RIO doing very well, up 2.7%. Once again, lithium stocks were in demand, with LTR featuring very strongly and PLS also up 2.0%. The gold miners were better, as the bullion price picked up and some end-of-week book squaring with EVN up 2.1%. In the oil and gas space, WDS slipped 1.3% and STO was unchanged, with coal stocks slightly firmer and uranium stocks picking up some ground after a volatile week.
In corporate news today, we had the ANZ result, with COL also delivering an in-line result. Nothing on the economic front, though analysts are falling over themselves to predict that the RBA will raise rates next week.
Asian markets mixed as Japan up 0.6% and China and HK easing back.
US Futures pushed slightly higher with the 10-year yields easing to 5.02%
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Stocks rose on Thursday, with the S&P 500 reaching a fresh all-time high, as investors reacted to upbeat earnings from Caterpillar and Alphabet and moved past fears of a possible escalation between the U.S. and Iran.
The broad market index rose 1.02% to close at 7,209.01, its first close above the 7,200 threshold. The tech-heavy Nasdaq jumped 0.89% to 24,892.31, hitting new intraday and closing records as well. The blue-chip Dow Jones Industrial Average added 790.33 points, or 1.62%, to settle at 49,652.14.
Caterpillar shares popped nearly 10% on Thursday after the company reported better-than-expected quarterly figures, boosting the Dow. The industrial name, which is viewed as a bellwether for the global economy, also upped its annual revenue outlook.
SPI up 127 - ANZ - RMD results - Gold up - Oil down.
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The ASX 200 fell 21 points to 8666 (0.2%). Banks held firm as resources struggled against a sea of oil troubles. As crude rallies, commodities elsewhere are falling. ANZ results kick us off in the morning and the Big Bank Basket firmed to $ 288.69 (+0.9%). Other financials did well too, SOL up 2.6% with AMP better and insurers also doing well, QBE up 0.8% and MPL up 1.7%. REITs better too, GMG up 2.2% and SCG rising 1.6%. Industrials had a green tinge, WES rallied 0.8%, BXB 2.5% better and REA jumped 1.5%. Tech stocks got a boost from US tech, WTC soaring 3.4% with NXT up 1.7%. The All-Tech Index up 0.5%. Healthcare mixed, CSL falling another 1.1% with RMD in trouble, off 1.9%.
Resources bore the brunt of the selling, BHP off 2.2% with FMG down too, gold miners slid, NST off 2.7% and EVN falling 5.3%. Higher oil prices hurting. S32 collapsed 5.4% on an update from a US project, MIN jumped 3% on an update and lithium stocks slipped lower. LTR down 3.3% and IGO off 1.9%. Oil and gas pushed ahead, WDS up 1.5% and STO up 3.0%. Uranium stocks sold down, PDN off 4.7% and LOT fell 34.0% on production issues.
In corporate news, EOS reported a $518m contract backlog. 4DX has a cash balance of $282.7m. Operating revenue rose 12% to $5 million with gross margins above 90%. WOW was smashed 7.8% on an update as higher diesel costs are starting to impact profits. The ASX announced Daniel Yip will take over as interim CEO.
In economic news, prices for imports rose 0.1% in the March quarter 2026 but fell 0.3% over the last 12 months. ECB and BoE tonight.
Asian markets slide, Japan down 1.1%, China down 0.3% and HK off 1.3%.
Dow Futures down 280, Nasdaq down 80. Oil hits wartime high.
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The Dow Jones Industrial Average ended Wednesday lower as oil prices continued their rally amid a U.S. blockade of Iranian ports and after the Federal Reserve left its key interest rate unchanged. Traders also awaited quarterly earnings from four of the “Magnificent Seven.”
The 30-stock index fell 280.12 points, or 0.57%, to close at 48,861.81 and notch a fifth straight losing day. The S&P 500 inched down 0.04% to close at 7,135.95, while the Nasdaq Composite crept up 0.04% to 24,673.24.
Oil prices rose for another day on Wednesday after The Wall Street Journal, citing U.S. officials, reported that President Donald Trump has told aides to prepare for an extended blockade of Iran. Prices then took a leg higher after Axios reported that Trump has rejected Iran’s proposal to reopen the Strait of Hormuz and said that the U.S. naval blockade will stay in effect until a deal addressing concerns about the Middle Eastern country’s nuclear program is reached.
U.S. West Texas Intermediate futures gained 7.17% to settle at $107.16 per barrel. International benchmark Brent crude futures advanced 6.78% to end at $118.80 a barrel.
SPI down 69 - Metals sink - Tech stocks mixed on results - US Futures unchanged.
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The ASX 200 slipped another 24 pts to 8687 (0.3%) as CPI beat expectations. Banks eased back again, the Big Bank Basket fell to $286.25 (-1.1%) with CBA off 1.4% and WBC falling 1.0%. Financials mixed, CGF 1.0% better, MFG finding friends and ZIP up 0.8%. Insurers firmed on bond yields, QBE up 0.5% and MPL up 1.5%. Industrials mixed again, CSL falling around 2.4% and COH dropping 3.2%. TLS fell 0.4%, WOW and COL eased back and SEK dropped 3.0%. Tech stocks were mixed, 360 up 0.9% and WTC falling 2.2%. The All-Tech Index down 0.2%.
In resources, BHP and RIO eased back, rare earths and lithium stocks remain in demand, LYC jumped 5.2% with LTR roaring ahead, up 2.5%. Plenty f quarterlies around too, gold miners mixed, VAU up 1.5% and NEM down 3.2%. Oil and gas stocks better, WDS up 2.0% and STO up 0.4%. Coal stocks pushed back up, NHC up 3.4% but uranium stocks decayed, PDN off 1.2% and DYL down 2.2%.
In corporate news, CDA soared 15.5% on a better-than-expected update, GEM was smashed 31.3% after it suspended operations at around 40 centres. OML jumped 33.0% on a Private Equity NBIO at 140c.
On the economic front, headline inflation picked up to 1.1% in March from a steady reading in February, pushing the consumer price index to 4.6% on an annual basis. RBA meeting next week.
Asian markets firmed, Japan closed for another holiday. China up 0.6% and HK up 1.4%.
US Futures better, Nasdaq up 118. Dow up 75. Europe expected to open slightly higher. Fed meeting in focus. 4 Mag Seven stocks report.
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The ASX 200 finished at a three-week low down 56 pts at 8711 (0.6%). Broad-based losses again, Banks managed to hold firm, the Big Bank Basket flat at $289.43 (). CBA rose 0.9% and ANZ up 0.3%. Insurers eased, QBE dropped 1.2% and REITs also under pressure, GMG off 1.8% and SGP falling 2.2%. Tech and industrials also fell, WTC down 1.9% and XRO off 2.0% with the All-Tech Index down 1.6%. TLS succumbed to some profit taking, off 0.9%, WES continued to fall off another 2.1% with ALL falling hard. Healthcare remains in ICU with CSL dropping again, down 2.2% and COH falling 2.4%.4DX continued to unwind its gains, PME also fell. In resources, BHP fell 1.3% and gold miners were under pressure as bullion fell, EVN down 3.0% and NST off 2.9%. Lithium and rare earths found friends, LYC up 3.5% and PLS rising 3.0% as UBS upgraded the sector. Oil and gas also in demand, WDS up 0.8% and coal stock better together with uranium stocks better. PDN up 0.6% and WHC rising 3.9%.
In corporate news, RWC reaffirmed guidance rising 3.6% and DMP stuffed again off 10.7%, after the US parent dropped nearly 9% on disappointing numbers. ORG fell 3.9%, again after a downgrade following yesterday's numbers.
On the economic front, the BoJ held rates at 0.75% with the Fed Meeting kicking off today.
Asian markets ease, Japan down 1.3%, China off 0.3% and HK off 1%.
US Futures ease, Nasdaq down 74. Dow up 2. Europe expected to open slightly higher.
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The S&P 500 and the Nasdaq Composite rose to new record highs on Monday, but gains were limited as stalled Iran peace talks and a fresh escalation in the Strait of Hormuz pushed oil prices higher.
The broad market index added 0.12% and closed at a record level of 7,173.91. The Nasdaq Composite gained 0.20% and notched a closing record of 24,887.10. Both indexes also reached new all-time highs in the session. The Dow Jones Industrial Average fell 62.92 points, or 0.13%, to settle at 49,167.79.
SPI down 61 - Commodities slip - Oil up - Quarterlies continue
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The S&P 500 and Nasdaq Composite both finished Friday at record highs, buoyed by optimism that US–Iran peace talks may soon occur in Pakistan. Since quashed. The S&P 500 rose 0.8% to 7,1658, while the Nasdaq climbed 1.6% to 24,837. In contrast, the Dow Jones slipped 0.2%, closing at 49,231. Intel surged 23% to a new record after posting strong results and sharply beating sales for profits this year. Nvidia rose more than 4%, Amazon added over 3%, and Palantir gained 1.1%. Also, P&G added 1.6% after topping sales forecasts and reiterating its full-year forecast. For the week, the S&P 500 rose 0.6%, the Nasdaq added 1.5%, while the Dow fell 0.4%.
SPI down 3 - Gold up slightly - Oil drifted lower.
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The ASX 200 fell 7 points to 8786 for the fourth straight day. It fought back from earlier losses, as banks steadied and traders squared up before another crucial weekend. The Big Bank Basket back up to $289.81 (+0.3%). Other financials saw some buyers return, SUN up 4.5% as it reaffirmed guidance, MQG jumped 0.7% and MPL also fighting back, up 1.8%. REITs were mixed, GMG fell 0.6% with healthcare finding some buyers to square up after a torrid week. CSL rose 0.8% and COH turned around early losses to close up 2.5%. Still a week to forget. Tech mixed, XRO up 0.3% and REA down 1.5%. Utilities firmed, ORG up 2.6% and APA doing well. Retail fell, APE off 2.5% and TPW falling 3.3%.
Resources were patchy. BHP flat, RIO dropped 0.2% and FMG disappointed falling 5.7% on quarterly. Gold miners too under pressure as oil trundles higher. EVN down 2.2% and NST off 3.5%. Oil and gas stocks pushed ahead, WDS up 2.6% and STO up 1.0%. Uranium stocks saw profit-taking. PDN down 2.6% and BMN falling back a little.
In corporate news, plenty of quarterlies, IGO smacked 17.9% on disappointment on spodumene production at Greenbushes. NXL jumped 15.0% on a court ruling with ASIC’s case dismissed, PLS up 1.6% after a good quarterly number. VUL jumped 3.1% after construction kicked off at Lionheart.
Nothing on the economic front. Oil up for five days in a row. 10-year yields ease to 4.98%
Asian markets mixed, Japan up 0.1%, China down 0.2% and HK up 0.2%. Oil up 1.3% in Asian trade
US Futures ease, Nasdaq up 157 (Intel), Dow down 67. Europe is opening down again, off around 2% this week. Similar to ASX 200, down 1.8% this week.
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US stocks pulled back on Thursday, led by a drop in software and higher oil prices, as investor uncertainty toward the trajectory of the Iran war hovered over the market.
The S&P 500 traded down 0.41% to close at 7,108.40, after earlier hitting a new all-time intraday high. The tech-heavy Nasdaq Composite declined 0.89% to finish at 24,438.50. It had also scored a new all-time high in the session. The Dow Jones Industrial Average lost 179.71 points, or 0.36%, to finish at 49,310.32.
Shares of IBM and ServiceNow tumbled more than 8% and almost 18%, respectively, after the companies posted their latest quarterly results. While IBM beat on the top and bottom lines, the company maintained its full-year guidance, disappointing investors. For ServiceNow, the company’s subscription revenue growth was hindered by the Middle East conflict.
SPI down 4 – Gold down – Oil up – PLS FMG Quarterlies.
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The ASX 200 fell 50 pts to 8793 (0.6%) again today, with most sectors heading lower. Banks were weak again as the Big Bank Basket fell to $288.80 (-0.8%). WBC dropped 0.7% and NAB off 0.2%. Financials generally were weak across the spectrum, insurers fell, QBE down 0.8%, MQG falling 0.6% off its recent highs. ZIP managed to hold fast, GQG fell 3.0% as tech continues higher. REITS slid, GMG down 1.1% and CHC off 2.5%. Retail fell too, JBH off 1.2% and KGN falling 2.2%. WES continued lower again. In the healthcare space, CSL steadied but COH ditched again, off 4.6% with RMD finding some buyers. PME also good, up 0.8%. Tech stocks eased again, WTC down 3.1% and REA off 1.4% with the All-Tech Index down 0.3%.
Resources tried to hold the line, oil and gas stocks were better, WDS up 3.2% and STO rising 3.7%. Uranium stocks doing ok, BMN screaming ahead, up 11.5% and NXG also doing well. Coal stocks flat.
In corporate news, TPW founder stepped back, it fell 8.2% LNW hit with a fresh lawsuit. The mistitled ‘Future Fund’ announced a new CIO. Plenty of quarterlies dropping, SFR production declined with the stock down 3.6% and MGR reported weakening residential demand.
Nothing on the economic front locally. 10-year yields back up to 5.0% Asian markets flopped lower, Japan down 0.9%, China off 0.8% and HK down 1.1%. Oil up 1.3% in Asian trade
US Futures ease, Nasdaq down 128, Dow down 322. Europe is opening down.
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The S&P 500 and Nasdaq Composite finished at record levels on Wednesday after President Donald Trump extended the U.S. ceasefire with Iran, while upbeat earnings reports also lifted sentiment.
The broad market index added 1.05% to finish at 7,137.90, while the tech-heavy Nasdaq added 1.64% to settle at 24,657.57. The latter had hit a new all-time intraday high in the session. The S&P 500 had erased all of its Iran war losses last week. Meanwhile, the Dow Jones Industrial Average advanced 340.65 points, or 0.69%, to end the day at 49,490.03.
SPI down 23 - Quarterlies drop - Gold up - Oil up
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The ASX 200 took a dive today driven down 106 pts to 8844 (-1.2%) as the healthcare sector cratered following a massive downgrade and fall from COH. CSL followed COH down around 5.7% with RMD and 4DX also feeling very unloved. Banks were also sold down heavily with CBA off 2.5% and the Big Bank Basket falling to $291.07 (-2.4%). MQG saw profit taking after near record highs, and other financials slid too. HUB dropped 2.0% and AMP off 2.0%. Retail stocks were also weaker, WES resumed the downtrend off another 0.9% and NCK sofa down 3.6%. Travel stocks eased back as CTD revealed a massive refund due to the UK government. Still not trading. Tech stocks held up, the damage has already been done with COL and WOW better again. In resources, a good quarterly from BHP saw the stock rise 1.2% and lithium stocks held, S32 up 2.0% after its quarterly, as oil and gas stocks drifted lower, WDS down 1.4%. Gold miners eased, but still some patches of green, VAU up 3.0% and OBM doing well following quarterly. EVN fell 2.9%.
In corporate news, COH’s downgrade fell on deaf ears dropping 40.7%, GDG tumbled 22% on its update and TWE was popping corks as it updated China sales and jumped 16.5%. BOQ disappointed again on headline earnings. BHP looks like it has settled its dispute in China on pricing.
In economic news, nothing locally. Oil easing slightly in Asia.
Asian markets saw modest gains - Japan down 0.6%, HK down 1.4% and China up 0.3%. 10-year yields rises to 4.96%
US Futures ease, Nasdaq up 177, Dow up 237. Europe is opening mixed. UK CPI in focus.
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Stocks dropped on Tuesday as investors grew concerned that a peace deal between the U.S. and Iran would not be struck ahead of a ceasefire that’s set to expire Wednesday.
The S&P 500 closed down 0.63% at 7,064.01, while the Nasdaq Composite settled 0.59% lower at 24,259.96. The Dow Jones Industrial Average shed 293.18 points, or 0.59%, to finish at 49,149.38.
SPI down 63 - Commodities fall as oil rises - BHP quarterly
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The ASX 200 drifted 4 points lower to 8949 as the countdown continues on the ceasefire. Banks eased back, CBA down 0.3% and ANZ off 1.7% with MQG hitting record highs up 0.7% and other financials doing well. The Big Bank Basket fell to $298.32 (-0.3%). ASX up 1.4% and ZIP continuing to push higher up 2.8%. HUB was a casualty falling 8.3% on FUA news. REITs firmed slightly, GMG up 0.7% and VCX rising 1.2%. Tech slightly firmer, WTC up 0.2% and the All-Tech Index up 0.3%. WOW and COL rallied, retail firmed, with healthcare mixed. In resources, BHP eased 0.3% with RIO up 0.8% after good quarterly numbers, lithium stocks eased back, PLS down 2.5% and LYC fell 2.1% after solid quarterly numbers. Gold miners were mixed, EVN down 1.6% but WGX up 1.3%. Oil and gas stocks slid, WDS down 1.8% and STO falling 1.5% with coal stocks up slightly, NHC up 2.2%. Uranium stocks were mildly positive, DYL up 2.5% and NXG rising 2.0%.
In corporate news, MIN priced a $1.8bn debt note, CGF unchanged after its guidance narrowed. MAF rose 3.7% after a 44% increase for YoY AUM growth.
Nothing substantial on the economic front.
Asian markets saw modest gains - Japan up 1.2%, HK up 0.5% and China up 0.2%. 10-year yields fall to 4.9%.
US Futures ease, Nasdaq up 98, Dow up 85. Europe is opening up around 1%.
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Stocks slipped on Monday after tensions between the U.S. and Iran escalated over the weekend.
The S&P 500 shed 0.24% to close at 7,109.14, while the Nasdaq Composite declined 0.26% to finish at 24,404.39, with the latter snapping its 13-day winning streak — its longest positive streak since 1992. The Dow Jones Industrial Average lost 4.87 points, or 0.01%, settling at 49,442.56. On the flip side, the small-cap Russell 2000 rose 0.58% to 2,792.96, scoring a new closing record. The index also hit a new all-time intraday high during the session.
SPI up 48 - RIO Q1 - Deadline approaches.
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The ASX 200 fought back from early losses to close up just 6 points to 8953. US futures were negative all day, some defensive buying and CBA helping keep the market flat. CBA rose % with the Big Bank Basket rising to $299.12 (0.2%) as NAB fell 3.6% as it ramped up provisions for a weakening local economy. Other financials drifted lower, REITs were firm, GMG up 1.5% and VCX rising 0.8%. Retailers were better, WES showing a rare 2.4% gain, LOV up 4.4% and HVN rallying 0.9%. Tech was drifting lower, WTC off 1.5% and the All-Tech Index flat. WOW and COL rose as did TLS rising 0.2%. Healthcare mixed, SIG down 0.7% and PME easing 2.7%.
Resources were mixed, oil and gas fell, WDS down 2.9% and STO off 1.3% with uranium stocks slipping, PDN down 5.4% on research comments. Iron ore miners drifted lower despite higher IO prices in Singapore. Lithium flat after a strong start, gold miners surprising to the upside, EVN up 1.8% and NEM up 2.1%.
In corporate news, 4DX fell 2.6% after a GSK contract win. KAR had its credit rating reaffirmed. WOR warned of an earnings hit due to the Iranian conflict.
Asian markets saw modest gains - Japan up 0.5%, HK up 0.7% and China up 0.5%. 10-year yields rise to 5.0%.
US Futures ease, Nasdaq down 180, Dow down 370. Europe is opening down around 1-1.5%.
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The S&P 500 jumped 1.2% to close at 7,126.06, crossing the 7,100 threshold for the first time. The Nasdaq Composite gained 1.52% and settled at 24,468.48 for its 13th consecutive winning day and its longest positive streak since 1992. Both indexes posted fresh intraday and closing records. The Dow Jones Industrial Average jumped 868.71 points, or 1.79%, to end at 49,447.43. The Russell 2000 also reached a fresh high. The small-cap index rose more than 2%.
All that changed over the weekend. SPI was up 82 on Saturday - US Futures doen 0.8% on news from the Gulf. Oil jumps back 6%.
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The ASX 200 limped lower by 8 points to 8937 (0.1%) for a flat week. Banks continued to be weaker, NAB falling another 2.0% and WBC off 0.7%. The Big Bank Basket fell to $298.43 (-0.3%). Financials mixed, HUB rose 2.8% and PNI rose 3.8%. ZIP had a great day up 13.7%. REITs slipped slightly with CHC down 0.6% and GMG falling 0.5%. Healthcare under pressure still, RMD down 1.6% and CSL off 0.3% with SIG 2.2% better on broker research. Tech managed small gains, WTC up 2.9% and XRO rising 0.2% with REA better. Resources were mixed, BHP unchanged with RIO and FMG doing slightly better. Gold miners mixed despite bullion drifting higher. EVN down 2.0% and GGP off 1.5%. Lithium stocks soared, LTR up 6.3% and MIN rising 7.1%. Oil and gas eased, coal stocks fell and uranium firmed, PDN up 2.8% and BOE up another 4.6%.
In corporate news, ZIP soared 13.7% on better numbers on bad debts, PDN rose on production numbers and AAI fell % after results fell short of expectations. NEM also flagged no production issues following the earthquake this week.
Asian markets saw modest gains - Japan down 0.9%, HK down 1.3% and China off 0.3%. 10-year yields rise to 5.0%.
US Futures jump, Nasdaq down 38, Dow up 77. Europe is opening flat and quiet.
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The S&P 500 and Nasdaq Composite rose to fresh all-time highs on Thursday, adding to their strong gains this week on optimism for a possible resolution to the Iran war.
The broad market index gained 0.26% to close at 7,041.28, while the Nasdaq gained 0.36% to settle at 24,102.70. The tech-heavy index posted its 12th consecutive positive session, notching its longest winning run since 2009. Both averages logged intraday and closing records. The Dow Jones Industrial Average added 115 points, or 0.24%, and ended at 48,578.72.
This week, the S&P 500 and Nasdaq have risen 3.3% and 5.2%, respectively, while the Dow has advanced more than 1%.
SPI down 11 – Quarterlies continue – Gold flat – Oil up.
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The S&P 500 and Nasdaq Composite rose to new all-time highs on Wednesday, building on the week’s strong gains as investors remained hopeful about the Iran war potentially ending soon.
The broad market index gained 0.80%, ending at 7,022.95. The Nasdaq Composite advanced 1.59% to 24,016.02, while the Dow Jones Industrial Average shed 72.27 points, or 0.15%, to close at 48,463.72. Both the Nasdaq and the S&P 500 closed at records, with the tech-heavy index posting an 11th day win streak and the broad market benchmark notching its 10th positive session out of 11.
SPI down 3 - Quarterlies in focus - Gold eases - Give peace a chance!
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The ASX 200 closed up a mere 8 points to 8979 (0.1%) after an enthusiastic start petered out. Banks went all soggy on some broker doubts, WBC dropped another % and the Big Bank Basket fell to $306.62 (%). Other financials fared ok, MQG continued higher, up 1.4% and insurers better too, IAG up 1.5%. REITs were solid with GMG up 1.3% and GPT up 0.7%. Industrials a mixed bag, WES fell yet again, down 0.9% with BXB off 0.8%, not so palatable, and WOW and COL were not such super markets. Utilities also under pressure. Tech modestly higher but not running away. Questions till remain. WTC up 3.6% and XRO gaining 2.6% with the All-Tech Index up 1.8%.
Resources were a mixed box of chocolates, gold miners firmed, EVN soared 9.6% on a positive quarterly, NEM was shaken, but not stirred at Cadia up 0.5% and GMD rose 5.0%. Rare earth stocks slid as too did lithium plays, PLS down 0.2% and LTR off 0.3%. In oil and gas stocks, more easing back but off lows. WDS down 2.4% and STO falling 2.9%. Uranium stocks mixed as BOE rained on the sector falling 9.3%. PDN kept moving higher by 4.5% and coal stocks fell slightly.
In corporate news, VGN talked fuel hedges and reaffirmed guidance, up 7.2%. NUF jumped 11.3% after it forecast a 17% increase in first-half underlying EBITDA amid plans to cut a further $50m in costs. MSB firmed on a CAR licence acquisition.
Nothing on the economic front. Asian markets saw modest gains - Japan up 0.4%, HK up 0.5% and China down 0.1%. 10-year yields fall to 4.93%.
US Futures jump, Nasdaq down 20, Dow down 30. Europe is opening unchanged.
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US stocks rose on Tuesday following a strong session in which traders shrugged off a breakdown in peace talks between the U.S. and Iran, yet were optimistic that a deal between the two countries was still possible.
The S&P 500 gained 1.18% and closed at 6,967.38. The broad market index now stands less than 1% below its 52-week high. The Dow Jones Industrial Average added 317.74 points, or 0.66%, to close at 48,535.99. The Nasdaq Composite advanced 1.96% and ended at 23,639.08.
Technology stocks supported the broader market for another day. Oracle, for example, rose 4.7%, building on the more than 12% gain it saw in the prior trading day. Nvidia and Palantir Technologies also notched a winning session.
SPI up 34 - Gold up 2% - Oil drops - EVN quarterly.
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The ASX 200 jumped 45 points to finish at 8971 (0.5%). Despite banks under pressure, the index made good solid gains. The Big Bank Basket fell to $308.15 (0.5%) with WBC down 2.6% on an outlook statement for HY results. ANZ fell 1.0% with other financials doing better, MQG up 3.7% on a broker upgrade, NWL rising 2.7% and XYZ up 5.5%. Insurers were better with QBE gaining %. REITs saw buyers emerge, GMG up 1.6% and SCG rallying 1.4%. Tech was a winner today, WTC up 3.8% and XRO up 3.9% a day after MS downgraded, the All -Tech Index up 2.1%. Retail drifted lower, healthcare better but muted.
Resources were mixed, BHP soared 3.2% on copper exposure, RIO and FMG bumped higher and lithium stocks slightly better. Gold miners recovered but only modest gains, GGP up 1.3% and WAF up 1.8%. SFR also doing well on copper exposure, up 3.3%. Oil and gas stocks slipped, WDS down 0.6% and uranium stocks soared as long term prices increased, PDN up 6.3% and LOT up 9.7%.
In corporate news, CU6 signed a commercial manufacturing agreement with Nucleus RadioPharma, UNI fell 1.5% after its CEO announced retirement plans. QAN also landing softly after warning on higher jet fuel costs.
In economic news, Consumer confidence was heading lower according to Melbourne Institute.
Asian markets soar, Japan up 2.4%, HK up 0.1% and China up 0.3%. 10-year yields fall to 4.94%.
US Futures jump, Nasdaq up 35, Dow down 5. Europe is opening higher.
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The ASX 200 finished down 35 points to 8926 in a quiet, cautious start to the week. The focus was on weekend events with the market taking its lead from US futures which stabilised after a bump down. Losses pretty much across the board, banks eased back with the Big Bank Basket down to $309.58 (0.24%). Other financials also sold down, MQG down 0.6% and NWL falling 2.1%. Insurers steady with REITs easing back again, GMG down 1.3% and CHC off 1.1%. Technology stocks were weaker but not aggressively. WTC down 1.3% and XRO off 1.5% with the All-Tech Index off 0.9%. Industrials eased, WES down 0.9%, QAN fell 2.0% and retail stocks eased slightly. JBH down 0.5% and NCK down 2.2%. Healthcare also under pressure with CSL slipping yet again down another 1.4%. PME and TLX both had good runs on the back of news.
In resources, iron ore miners stable with gold miners off slightly, NST down 2.0% and EVN off 2.4% as bullion slipped. Lithium modestly lower, with oil and gas better, WDS up 2.6% and STO rising 1.7%. Coal stocks also better, NHC up 4.6% and uranium drifting lower.
In corporate news, A2M soured 13% on China supply chain issues, MVF received another NBIO from the previous consortium at 90c. TLX announced a strategic collaboration and PME signed a five-year contract renewal. GQG fell 0.6% on its latest FUM update showing outflows continue.
Nothing on the economic front.
Asian markets soar, Japan down 0.8%, HK down 1.1% and China up 0.3%. 10-year yields rise to 5.01%.
US Futures jump Nasdaq down 201, Dow down 302. Europe opening lower.
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US equities finished mostly lower in Friday trading. S&P snapped a seven-day string of gains. Software was a notable decliner again (IGV was down more than 7% this week); other laggards included insurers, banks (particularly regionals), PE, exchanges, payments, retail/apparel, pharma/biotech, hospitals, and staples. Semis were a standout with NVDA, AVGO and AMD leading the way. AMZN extended its recent rally in a mixed big tech space. Other relative outperformers included chemicals, industrial/precious metals, entertainment, building products, E&Cs, and REITs. Treasuries were weaker across the curve; yields were up 2-3 bp. Dollar index was off 0.2%. Gold finished down 0.6%. Silver was little changed. Bitcoin futures were up 1.3%. WTI crude settled down 1.3% in choppy trading.
Quiet finish to a noisy week. Peace talks broke down - US Futures down 1.1% Oil Jumps 8% - Gold falls
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The ASX 200 finished a very strong week down 13 points to 8961 as we await further Iranian negotiations. For the week, we were up over 4.4%, the best week since October 2022. Banks were steady despite some issues with mortgages on the AFR front page, the Big Bank Basket $310.35 (+0.3%). Other financials were mixed, ZIP up 2.1% and GQG up 0.9%. NWL rose 2.3% with ASX also better. REITs better, GMG up 0.5% and SGP rising 1.2%. Industrials and healthcare fell, CSL down another 0.7% with RMD off again and WOW falling 0.9%. TCL fell 1.9% on traffic numbers. Tech smashed again, WTC down 2.6% and XRO off 2.7%. The All-Tech Index fell 0.8%. Resources were a little mixed, BHP fell 1.1% on iron ore negotiations perhaps, FMG off 1.3% as it unveiled more green and renewable plans for the Pilbara. Gold miners drifted a little lower, EVN off 2.7% and NEM falling 0.6%. Lithium stocks better, LTR up 2.4% and PLS rising another 1.1%. Oil and gas stocks fell again, WDS off 0.2% and STO falling 0.6%. Coal under pressure and uranium slightly firmer, PDN up 2.0%.
In corporate news, TLX rose 7.3% on some good news from the FDA, MFG flat after shareholders vote for the merger, AMP rose 4.2% as new CEO laid out his plan.
On the economic front, nothing locally, but Chinese PPI rose. Asian markets firmed, Japan Nikkei up 1.9% but TOPIX flat, HK up 0.6% and China up 0.7%. 10-year yields rise to 4.97%.
US Futures near flat. Nasdaq down 10, Dow down 76. Europe is opening modestly better.
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Stocks extended their rally Thursday, even as oil prices gained, amid continued optimism among traders that the fragile two-week ceasefire between the U.S. and Iran could be sustained.
The S&P 500 added 0.62% and ended at 6,824.66, while the Nasdaq Composite climbed 0.83% to 22,822.42. The Dow Jones Industrial Average rose 275.88 points, or 0.58%, and settled at 48,185.80. The 30-stock index turned positive for the year, up 0.25%.
Crude prices advanced again on Thursday. West Texas Intermediate futures rose more than 3% to settle at $97.87 per barrel after earlier rising above $100. International Brent crude futures added more than 1% to close at $95.92.
SPI down 8 - Wait mode ahead - Weekend Talks Crucial - Still no Ships.
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Stocks soared Wednesday after President Donald Trump suspended attacks on Iran for two weeks, pausing a five-week conflict that closed a crucial waterway for global energy supplies.
The Dow Jones Industrial Average ripped 1,325.46 points higher, or 2.85%, to 47,909.92. That was the benchmark’s best day since April 2025, when Trump first backed down from the severity of his initial tariff announcement.
The S&P 500 popped 2.51% to 6,782.81, and the Nasdaq Composite surged 2.80% to 22,635.00. West Texas Intermediate crude futures tumbled more than 16% to close at $94.41 per barrel, its biggest daily drop since April 2020. International benchmark Brent for June delivery lost about 13% to settle at $94.75
SPI down 22 - US Futures ease after hours. Gold slips back - Copper soars.
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The ASX 200 jumped out of the blocks again on the ceasefire. The ASX 200 jumped 223 points to 8952 (2.6%). Interestingly, not much intraday volatility. Everything was risk on as peace breaks out. Long term or short term is yet to be seen. Oil prices fell hard, and equities rallied across the board. Banks rallied again with CBA up 1.9% and the Big Bank Basket jumped to $305.03 (2.4%). MQG had a great day up 5.6% with other financials doing great. ZIP up 19.5% and NWL up 10.0%. REITS soared as yields dropped, GMG up 7.1% and CHC up 4.0% with industrials doing well too. QAN up 9.4% and VGN up 11.7% with WES rallying 3.3% and CSL even up 1.3%. REA and tech stock jumped, WTC up 10.7% and XRO up 6.5% with the All-Tech Index up 6.6%. Defensives slipped, TLS down slightly, ORG and AGL fell with retail jumping on hopes for lower petrol prices.
Resources on fire, BHP up 3.0% and RIO rallying another 4.4%. Gold miners jumped as bullion took up the baton, NST up 7.1% and EVN up 10.0% with RMS rallying 9.6%. Lithium not left out, PLS up 1.7%, LTR roaring 8.4% ahead. Rare earths up strongly, LYC up %. Oil and gas stocks fell, WDS down 10.5% and STO falling again. Coal stocks also smacked down with uranium stocks back in focus, PDN up 8.5% and LOT up 11.7%.
In corporate news, DRO dropped 13.5% on news that the CEO and chair will be stepping down. BGL raced up 18.9% on production numbers as did RRL. PME also doing well following a five-year $23m contract with the University of Maryland Medical System. FLT also doing well on a deal to sell Pedal.
On the economic front, dwelling commencements rose 8%.
Asian markets soar, Japan up 5.4%, HK up 3.1% and China up 3.4%. Korean KOSPI up 6.9%
10-year yields fall to 4.87%.
US Futures jump Nasdaq up 812, Dow up 1110. Europe opening significantly better.
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U.S. stock futures jumped after President Donald Trump said he was suspending Iran attacks for two weeks just ahead of his 8 p.m. ET deadline, pausing a five-week conflict that has closed a crucial waterway for global energy supply and sent equity prices reeling.
Futures tied to the Dow Jones Industrial Average rose by 718 points, or 1.5%. S&P 500 futures added 1.6%, and Nasdaq 100 futures climbed 1.7%.
During the regular session, the S&P 500 eked out a gain of 0.08% as traders bet that a ceasefire could be achieved. The Nasdaq Composite inched 0.10% higher on Tuesday, while the Dow lost 85.42 points.
The S&P 500 was 5.5% off its all-time high reached earlier this year through Tuesday’s close. At one point last month, the benchmark neared a 10% correction before rebounding on optimism Trump would find some kind of off-ramp to the conflict.
Gold rose and SPI up 13 but that was before Trump TACOed.
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The ASX 200 jumped out of the blocks, but was well off highs of 8804, closing up 149 points at 8729 (1.7%). A serious bout of optimism as the Trump deadline approaches. Banks firmed with the Big Bank Basket up to $297.88 (2.3%). CBA up 2.4% and MQG charging 3.2% ahead. Other financials were mixed, HUB up 3.3% and ZIP gaining 6.0%. REITs mixed too, GMG up 0.7% with industrials firming, WES up 1.3% and ALL rising 1.3% with tech doing better, WTC up 3.4% and XRO rallying 1.7%. Healthcare mixed, CSL up 1.0% and retail flat. GYG had a good day as shorts covered on a trading update, TLS fell 0.4% and supermarkets mixed. In resources, BHP, RIO and FMG all did well, the big Australian leading the charge, up 3.3%. Gold miners pushed ahead, NST up 2.0% and GGP rising 4.0%. Rare earths did better, LYC up 4.6% and lithium stocks also pushing ahead. Uranium stocks mixed, LOT fell 2.2% on production issues and PDN squeezed 0.8% higher. Oil and gas stocks generally better, WDS up 2.5%.
In corporate news, CSL said most of its products would be exempt from the 100% tariffs, RCE appointed Tim Ford (Ex-TWE CEO) to the board.
On the economic front, household spending rose 0.3% month-on-month on a current price, seasonally adjusted basis.
Asian markets steadied, Japan unchanged, HK down 0.7% and China down 0.2%. 10-year yields 4.99%.
US Futures ease ahead of deadline, Nasdaq down 139, Dow down 122. Europe opening slightly better.
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Markets are at something of a standstill again. We know why. We have another potential deal/timeline on the table from President Trump. The deadline is 8pm Tuesday night, US time. That would be Wednesday morning for us here in Australia. If Tehran doesn't accept a deal, the US could “rain hell” on the country. Iran rejected a ceasefire and proposed 10 clauses they want to see. Trump rejected those too. It's unlikely we will see much happen while this looms over the world.
Overnight, seven out of the 10 sectors were positive for the S&P 500. Energy led the way, followed by Financials and Industrials. Defensive components Healthcare and Utilities were slightly weaker.
Most Material stocks were flat to down. Gold was slightly lower, so gold stocks drifted lower. Copper and uranium were neither here nor there. You could say the same about Big Tech. The Chip stocks showed more life. Latest figures suggest the semiconductor sector is well-positioned to reach US$1 trillion in annual revenue this year. US financials continue to show resilience.
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The S&P 500 advanced 0.72% and closed at 6,575.32, and the Nasdaq Composite gained 1.16% and settled at 21,840.95. The Dow Jones Industrial Average added 224.23 points, or 0.48%, to end at 46,565.74.
President Donald Trump said in a post on Truth Social Wednesday morning that Iran’s president has asked the U.S. for a ceasefire. However, the U.S. will consider the offer when the Strait of Hormuz is “open, free, and clear,” Trump added, writing that “until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!”
This comes after the president told reporters at the White House late Tuesday that he expects the U.S. military forces will leave Iran in “two or three weeks.”
Oil prices eased following that comment. West Texas Intermediate futures settled down 1.24% to close at $100.12 per barrel and Brent crude futures lost 2.7% to settle at $101.16 a barrel.
SPI up 19 - Gold higher - POTUS Speech at Noon.
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The ASX 200 jumped 190 points to 8672 (2.2%) on US/Iranian news and a spectacularly strong US bounce. End of month and short covering helping lead us in. Confidence built throughout the day. Resources roared back to life as the USD fell slightly, and oil prices steadied. BHP up 4.3% and RIO up 3.5% with FMG joining in up 3.8%. Lithium stocks raced ahead, PLS up 3.5% and MIN rising 5.2% with the gold sector rebounding hard. NEM up 4.5% and EVN jumping 8.2% on gold and copper rises. S32 jumped on aluminium exposure, rare earths also doing well, ARU up 8.9%. Uranium stocks rallied hard, PDN up 6.9% and NXG jumped 6.7%. Oil and gas stocks took a pause, STO up 0.1%. Coal stocks steady.
In the banks, a decent rise with the Big Bank Basket at $290.26 (+2.0%).MQG soared 3.3% and other financials also did well, ZIP up 10.7%. REITs mixed, GMG rising 2.3%. Tech stocks gained, XRO up 2.5% and REA up 2.5%. Retail better, JBH up 1.4% and travel stocks jumped, FLT up 4.8% and QAN taking off. The All-Tech Index up 3.3%.
In corporate news, APE rose after entering into agreements to acquire two Audi dealers in Melbourne. PRN rose 4.1% on a new CEO. SGR blipped 8.7% higher after Chow Tai Fook Enterprises and Far East Consortium took full control of Brisbane’s Queen’s Wharf precinct.
In economic news, dwelling approvals rose 29.7% in February to 19,022, driven by a surge in private apartments.
Asian markets eased, Japan rose 4.5%, HK up 2.0%, and China up 1.4%.
10 -year yields fell to 4.91% on peace hopes.
US futures: Dow up 76, Nasdaq up 113
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US stocks rose on Tuesday following new reports that gave investors hope that the Iran war could soon come to an end. The Dow Jones Industrial Average was up 1,125.37 points, or 2.49%, and closed at 46,341.51. The move came after an unconfirmed report said Iranian President Masoud Pezeshkian is open to ending the war with guarantees. The S&P 500 gained 2.91% to end at 6,528.52, and the Nasdaq Composite advanced 3.83% to 21,590.63. Each of the three indexes posted their best day since May.
It was end of month and quarter too.
SPI jumped 130 pts – Gold up – Resources to do well.
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The ASX 200 rose 21 points to 8482 in a topsy-turvy day on news from the Gulf and Trump. After an easier start, markets rallied on news that Trump might not need the Strait open to declare an end to the war (See afternoon update). End of month saw a fade at the close. Gold popped higher with gold miners looking firm, NST up 4.4% and NEM up 2.2% with RIO still firing on aluminium exposure, BHP steady. Lithium stocks slipped a little on some oil price weakness. PLS down 2.9% and MIN off 3.7%. Oil and gas stocks eased back, WDS down 0.5% and STO off 1.1%. Coal stocks too under some pressure, NHC ex dividend today. Uranium steady.
Banks recovered from early losses with the Big Bank Basket falls to $284.58 (-0.1%). Other financials also finding friends, MQG up 1.2% and ASX running hot. Insurers were slightly better and a good bounce in REITs with GMG leading the charge. Healthcare improved, COH up 1.3% and SIG falling 0.4%. Retail also getting a slight boost and tech rallying hard. WTC up 4.1% and XRO rallying 6.6% with the All-Tech Index up 2.6%.
In corporate news, KMD grabbed a lifeline with a deeply discounted rights issue, KOA joined the boards, bedding down nicely, up 11.8%. CKF has rung the Taco Bell and is exiting its stores. A1N slumped another 19.0% as Jackie O commenced legal proceedings claiming $82m.
In economic news, RBA minutes, China’s PMI better than expected.
Asian markets eased, Japan fell 0.5%, HK off 0.6% and China off 0.2%.
10 -year yields fell to 4.98% on RBA minutes and Powell comments.
US futures; Dow up 307 Nasdaq up 104.
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The S&P 500 fell on Monday, weighed down by further gains in oil prices and a steep decline in tech, as traders looked past comments from Federal Reserve Chair Jerome Powell on inflation. The broad-based index dipped 0.39%, posting a third straight losing session and settled at 6,343.72. The S&P 500 was just over 9% off its closing high. The move lower was led by declines in the technology sector, which fell more than 1%. On the flip side, sectors such as financials and utilities saw gains. The Nasdaq Composite dropped 0.73% to 20,794.64. The Dow Jones Industrial Average added 49.50 points, or 0.11%, and closed at 45,216.14.
The CBOE Volatility Index topped 30 during the session.
U.S. oil prices also rose to start the week, with West Texas Intermediate futures settling up 3.25% at $102.88 per barrel — its highest close since July 19, 2022. Brent crude futures inched up 0.19% to $112.78 a barrel and were on pace the biggest monthly surge ever with a 55% rise in the period.
SPI up 11 - RBA Minutes - Commodities slightly higher.
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The ASX 200 recovered well, closing down only 55 points at 8461 (0.7%), still looking at the worst month since Covid. Banks and industrials were hit hard with CBA down % and WBC off %. The Big Bank Basket fell to $284.96 (-2.7%). MQG dropped 1.0% and other financials were weaker, SUN finished off 1.8%. REITs too suffered with GMG down 1.4% and SCG falling 1.2%. Healthcare also weaker, RMD down 0.9% and CSL off another 1.7%. Tech smashed again, WTC down 4.8% and XRO falling 3.2%. The All-Tech Index fell 2.8%. Supermarkets closed higher and TLS held firm, although retail stocks weakened. JBH down 3.4% and ALL down 2.6%. Travel stocks also falling QAN off 2.0% and FLT falling 4.4%.
In resources, BHP held firm, RIO rallied 4.9% and FMG up 1.8% with gold miners finding support. Lithium stocks also firm on EV sales picking up, PLS up 2.3%. Oil and gas stocks better, KAR hit highs on a board reshuffle, WDS up 2.2% and coal stocks also rising strongly. Uranium stocks finding friends too. AAI soared 8.6% on news that two producers in the Middle East were hit.
In corporate news, KMD remains suspended, AMP announced a $150m buyback late Friday. WJL saw its CEO resign and DRO announced the opening of a European HQ.
Asian markets slumped then fought back, Japan down 3.0%, HK off 0.9% and China up 0.1%.
10 -year yields fell to 5.06%
US Futures flat.
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The ASX 200 fell only 9 points to 8516 (-0.1%) with a gain this week of 1%. Trump extended the deadline for hitting Iranian energy assets by ten days, helping US futures turn positive. A mixed picture today, the Big Bank Basket $292.85 (%). Other financials slid, MQG off 2.2% and HUB down 2.7% with SOL doing well up 5.0%. REITS down again as bond yields rose, GMG down 1.3% and SCG off 0.3%. Industrials too were weaker, ALL down 1.4% with QAN off 0.7% and REA and CAR both easing. Tech stocks steadied with XRO gaining 0.6% and the All-Tech Index down 1.5%. Retail was mixed, with healthcare down, CSL falling 0.8% and RMD off another 0.5%.
In resources, firm in places, BHP flat, RIO up 1.5% and FMG doing well on higher iron ore prices. Gold miners slipped slightly, NST down 1.1% and EVN off 1.4%. Lithium stocks better, PLS up 3.6% and MIN up 2.4%. Oil and gas stocks better, STO up 1.3% and coal stocks doping ok. YAL up 3.6% and uranium stocks down a tad.
In corporate news, BSL is stepping up efforts to extract value from its land portfolio. SLX announced a $143m incentive package in the US. KMD in a trading halt pending an equity raise and debt refinancing.
On the economic front, nothing locally. Chinese Industrial profits jumped 15.2%.
Asian markets steadied, Japan up 0.1%, HK up 0.8% and China up 0.9%.
US Futures better, Nasdaq up 109, S&P500 up 37.
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The S&P 500 fell on Thursday, weighed by higher oil prices, as traders followed the latest developments out of the Middle East.
The broad market index declined 1.74% to end at 6,477.16, while the Nasdaq Composite shed 2.38% and closed at 21,408.08. The tech-heavy index closed in correction territory, down more than 10% from its high. The Dow Jones Industrial Average dipped 469.38 points, or 1.01%, and settled at 45,960.11.
Crude prices rose on Thursday, putting pressure on equities. Brent futures jumped 5.66% to settle at $108.01 per barrel. West Texas Intermediate futures climbed 4.61% to end at $94.48.
As stocks took a leg lower and oil prices received a boost Thursday, the yields on the 10-year Treasury and 2-year Treasury both spiked.
SPI down 91 - Gold slips - Trump extends deadline on energy attacks.
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The Dow Jones Industrial Average jumped 631 points, or 1.38%, to close at 46,208.47. The S&P 500 rose 1.15%, and ended at 6,581.00, while the Nasdaq Composite
gained 1.38% and settled at 21,946.76. Before Trump’s comments, which he posted on Truth Social early Monday, futures were pointing to more losses for equity markets under siege from skyrocketing oil prices and uncertainty about the duration of the Iran conflict. But after Trump’s comments, Dow futures briefly surged more than 1,000 points.
At their highs of the day, the three leading U.S. indexes were up more than 2%. The Dow saw a peak of more than 1,100 points, or 2.5%. The Nasdaq was also up 2.5%, while the S&P 500 advanced 2.2%.
SPI up 151 - Gold pares losses GDX ETF up 4% - Oil falls - MYR Results
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Stocks tumbled in volatile trading Friday as the U.S.-Israel conflict with Iran showed no sign of abating and oil prices continued their ascent.
The Dow Jones Industrial average shed 443.96 points, or 0.96%, ending at 45,577.47. The
S&P 500 fell 1.51% and closed at 6,506.48, while the Nasdaq Composite lost 2.01% and settled at 21,647.61. The small-cap Russell 2000 declined more than 2% and slipped into correction territory — that is, a 10% decline from its latest high. At their lows of the day, the Dow and Nasdaq traded in correction territory, but ultimately closed shy of the 10% threshold.
SPI down 156 - Gold down - Oil up. Deadline approaches!
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The ASX 200 fell another 69 points to 8428 (0.8%) for a weekly loss of around 2.2%. Today we saw the banking sector come under a little pressure. CBA fell 1.0% and the Big Bank Basket dropped to $298.51 (%). NAB was the biggest loser off 2.3%. Financials were mixed, GQG rose 2.4%, SOL fell 1.0% and HUB dropped 2.4%. REITs were flat lining, industrials mixed, WES slipped another 0.8% with retail under pressure, JBH down 4.1% and WOW dipping 0.9% after defensive buying shifted. TLS off 0.2% and SGH falling 2.4% with QAN still falling 1.1%. Tech was mixed, WTC and TNE better with the All-Tech Index down 0.2%.
Resources were down but not out today. BHP and RIO slid, off 1.8% and 2.9% respectively, lithium stock finding their feet with EV demand expected to grow on oil pressures. Gold miners eased but not dramatically, EVN up 1.6% and GGP off 7.3% with GMD actually 2.2% better. BSL rallied 4.3% with PLS stabilising. Up 2.4%. Coal stocks better again with WHC up %. WDS pushing ahead again, up 1.0% but STO flat. Uranium stocks mixed.
In corporate news, COL rallied another 0.8% on fuel levy news, FLT made a UK acquisition and PMV fell 4.3% after a mixed first half. Smiggle seems to be struggling.
Nothing on the economic front.
10-year yields higher at 5.0%.
Asian markets mixed on higher oil prices, Japan closed. HK down 0.7% and China up 0.8%
US Options and Futures expiry tonight. Dow Futures up 98 Nasdaq futures up 17.
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US equity indices pared significant session losses on Thursday as the S&P 500 and Nasdaq ended down just 0.2% while the Dow Jones declined 0.3% following a recovery from four-month lows. Volatility across asset classes eased as US oil retreated toward $94 per barrel after Israeli Prime Minister Benjamin Netanyahu stated that Israel is assisting the US in reopening the vital Strait of Hormuz. These developments tempered earlier stagflation fears as investors weighed comments from US President Donald Trump and Treasury Secretary Scott Bessent regarding diplomatic efforts to restore global energy supply chains. In corporate news Micron Technology shares fell 3.8% despite a strong revenue forecast as investors focused on high production spending plans while other tech heavyweights like Meta (-1.4%) and Nvidia (-1%) also faced pressure. Treasury yields rebounded from their worst point of the session as bonds bounced from lows following these geopolitical updates.
SPI down 5 - Oil slips - Gold and commodities fall
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Principles – How We Think About Investing
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http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 fell 143 points to 8498 (1.7%), its lowest level in four months. $265bn has now been wiped off the index since the halcyon days of February. It is all about the oil price and the realisation that this war could really drag on longer, and Trump seems to have lost control of the narrative, even to the point of distancing himself from Israeli actions. Oil heads high, equities head lower. Resources bore the brunt of the selling as gold miners were thrown out with the bathwater, NST fell 9.5% and NEM off 5.8%. All sectors in metals under pressure. The big three iron ore stocks fell hard, with BHP down 3.5% and FMG falling 3.4%. Lithium stocks and rare earths also collapsed with only oil and gas doing ok. WDS up 7.2% and STO rising 3.4%. Even BPT was better. Uranium stocks slid, coal stocks better, NHC up 5.3% and WHC up 2.3%.
Banks held the line, the Big Bank Basket down to $302.13 (-0.2%). Supermarkets too showed their defensive qualities, though retail fell hard. JBH down 2.4% and WES falling another 2.1%. Healthcare also sold off, CSL down again and RMD fell 1.8%. Tech crumbled again, WTC off 7.0% and the All-Tech Index down 2.6%.
In corporate news, LYC lost 2.1% despite reporting the first production of samarium oxide at its Malaysian processing facility. BOE dropped 6.8% even as it increased the uranium resource at its Gould’s Dam and Jason’s satellite deposits in South Australia.
And ORA dropped 2.5% as it appointed Paul Victor as CFO.
In economic news, jobs data showed a solid 48,000 gain in employment, but the unemployment rate rising to 4.3%. The gain in employment during the month was part-time, which rose by 79,000 jobs, while full-time employment fell by 30,000.
10-year yields higher at 4.97%.
Asian markets fell on higher oil prices, Japan off 3.2%, HK down 1.7% and China down 1.0%.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
If you'd like to go further:
Start a free 14-day trial of Marcus Today
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Join Marcus Today
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http://bit.ly/mt-join-podcast-offer
MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 rose 26 points to 8641 (0.3%) as confidence increased for an end to the war as oil prices fell slightly in Asia. A mixed session with the banks steady as CBA rose 0.6% with the Big Bank Basket steady at $302.98 (+0.1%). MQG jumped 0.9% on news of a Kuwait pipeline deal not proceeding. Other financials slightly firmer, MFG up 1.9% and GQG up 1.8%. Healthcare was slightly better with SIG up 0.8% and RMD gaining 0.8%. CSL still struggling down 2.2%. Tech mixed, XRO up 2.3% with WTC falling 1.3% and the All-Tech Index up 0.7%. Utilities were firm.
In resources, BHP rose 0.7% on its succession plan, rare earths stocks mixed, LYC up 1.9% and ARU up 1.9%. Lithium stocks slid, CXO announced a funding package to allow its project to reopen. Gold miners were mixed, BGL up 1.3% and NST gaining 1.4% with WGX falling 1.1%. Coal miners found some friends, NHC up 5.9% and uranium stocks pushing a little higher. PDN up 1.2% and BMN rising 2.2%.
In corporate news, SGM rallied 9.9% on a positive trading update, NVX fell 3.6% after a Nasdaq warning on closing price requirements. WDS has a new boss, same as the old boss.
Nothing on the economic front as banks, and other raised rates in unison today.
10-year yields lower at 4.89%.
Asian market better on oil prices, Japan up 2.6%, HK down 0.2% and China down 0.3%. Oil slightly lower in Asian trade.
US Futures: Dow up 225 Nasdaq up 130
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Marcus Today – Daily Market Insights
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
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Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
A positive night on Wall Street even though Brent oil rose 3% as the Iranian conflict drags on indefinitely. Sentiment around travel and consumer spending got a boost after airline stocks Delta and American Airlines raised revenue guidance for the current quarter. The S&P500 rose 0.2% and the Nasdaq 0.4%. The Dow lifted 47 points. The VIX fell back 4.8% to 22.3.
Gold was steady, around US$5011. The fact that it’s not spiking suggest the market is not panicking around the Iranian situation. Bitcoin was steady too. Will they move together or keep to their historical zig and zag?
SPI Futures up 11 points. ASX set to open higher.
—
Marcus Today – Daily Market Insights
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 rose 31 points to 8614 (0.4%) despite the RBA raising rates as expected. The vote was close though, 5-4, a dovish hike. Banks were firm on the rate hike, CBA up 0.3% and the Big Bank Basket up to $302.60 (0.5%). Insurers better, even REITs firmed with GMG up 1.2% and SCG rising 1.1%. Healthcare under pressure, RMD falling another 0.6% and SIG down 1.1%. Industrials mixed, WES down 1.6% and ALL off 2.0% with REA and CAR falling again. Tech remains on the nose, WTC down 3.0% and XRO off 1.7%. The All -Tech Index down 1.4%.
In resources, iron ore stocks steadied, BHP up % and gold miners showing gains with bargain hunters emerging. EVN up 3.7% and GGP up 3.9%. Lithium and rare earths slid slightly, PLS down 1.9% and LYC off 4.6% on profit taking. Oil and gas mixed, STO up WDS down. Coal stocks under pressure with uranium stocks slightly firmer.
In corporate news, PPM fell 14.9% as CGF amended its NBIO downwards. PXA also slightly firmer on a deal to divest ‘Informed Decisions’. WAF rose 5.8% after stronger results and OBM gained on a broker upgrade.
On the economic front, the RBA increased rates by 25bps as anticipated. Close call though. Consumer confidence has fallen to the lowest since March 2020. The ACCC is talking to fuel companies too.
10-year yields steady at 4.98%.
Asian market weaker on oil prices, Japan up 0.5%, HK up 1.0% and China up 0.3%. Oil slightly higher in Asian trade.
US Futures: Dow down 95 Nasdaq down 57
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Marcus Today – Daily Market Insights
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
Stocks rose on Monday, while oil prices pulled back as Wall Street tried to recover from another losing week, with investors monitoring the latest developments of the Iran war.
The Dow Jones Industrial Average added 387.94 points, or 0.83%, closing at 46,946.41. The S&P 500 rose 1.01% to end at 6,699.38, and the Nasdaq Composite gained 1.22% and settled at 22,374.18.
Meta shares gained more than 2% on a report — which the company has called “speculative” — that it is planning to lay off more than 20% of its workforce. Additionally, Nvidia shares rose more than 1% as its GTC conference kicked off Monday.
SPI up 66 – RBA in focus – Gold flat – Oil falls
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 fell 34 points to 8583 (0.4%) as US futures stabilised and oil failed to kick despite weekend moves against Kharg Island. Banks held firm with CBA up 1.0% ahead of RBA. The Big Bank Basket rose to $300.96 (0.6%). Other financials also found some buyers with SOL up 1.1% and insurers slightly better. REITs were firm with GMG the exception as tech stocks remain as unloved as Khomeini. Industrials were mixed, WES recovered another 1.0% with TLS firming 1% and supermarkets stronger. Tech selling saw WTC down another 2.0% with XRO off 1.9% and the All-Tech Index down 1.3%. Retail drifted lower, JBH down 0.6% and PMV falling 1.3% with NCK falling another 0.5%.
In resources, the stronger USD and commodity price falls brought out the sellers. Gold hovered around $5000 with miners under pressure, NST falling % on broker downgrades, RRL ditched 8.3% with NEM off 4.2%. Lithium stocks eased too despite higher underlying prices, PLS down 2.7% and MIN fell 4.8%. Copper stocks and rare earths also down. LYC bucked the trend on a new deal with the US DoW. BHP, RIO and FMG all under pressure as the iron ore price flip flopped to losses in Asian trade. Oil and gas stocks firmed, WDS up 1.9% and STO 2.1% better.
In corporate news, S32 put its Mozambique aluminium smelter on care and maintenance. PPT sold its wealth business to Bain Capital for $500m. ORI settled long running litigation and KMD dumped 10.5% on news of another review of strategic funding options.
Nothing locally on the economic front, Chinese data better than expected as Trump talks a possible postponement of summit, unless China does not do its bit to get oil flowing. Day Two of Trade talks in Paris.
10-year yields steady at 4.98%.
Asian market weaker on oil prices, Japan down 0.3%, HK up 1.1% and China down 0.6%. Oil steady in Asian trade.
US Futures: Dow up 183 Nasdaq up 135
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
US stocks finished down for the last session of the previous week. The S&P500 dropped 0.6%, the Nasdaq 0.9% and the Dow 119 points. Brent oil went up again to US$103 a barrel. Almost everything else, commodity wise, was down. Industrial metals in London were all red. Gold slipped again, threatening now to fall below US$5000 an ounce. Gold stocks fell in North America, and copper shares did just the same. There was no shelter in uranium and lithium either. Energy was the second best performer in the S&P500 but again the shares are more subdued than you’d think considering the rise in cashflow.
SPI down 61 - Oil the focus - RBA and Fed this week.
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Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 lost a mere 12 points to 8617to finish the week down 2.6%. Banks pushed higher led by NAB with the Big Bank Basket back up to $299.06 (+1.1%). Insurers also better as rate rose, SOL up 1.5% and MFG continuing to find friends on the merger deal, up another 3.4%. PNI dropped 4.3% and RPL down 5.2% on another biotech investment blowing up. Industrials were a little better, WES managed a 0.8% rise, ALL up 1.2% and TLS rose 1.4%. Healthcare mixed, RMD falling 0.5% and RHC up 1.0%. Tech was mixed too, WTC eased 0.8% but XRO rose 2.6% and the All-Tech Index unchanged.
In resources, BHP fell 2.3% as its standoff in China continues, RIO and FMG doing well on the back of higher iron ore prices, gold miners slipped, not helped by NST crashing 18.8% on production woes. Oil and gas stocks muted with coal slightly firmer and uranium generally a little better, DYL up 1.0%.
In corporate news, IMM fell 88.6% after its Phase III trial was abandoned. QAN reached a settlement for $105m for CV19 related cases. WGX announced the completion of its sale of two projects. NST fell hard on a production downgrade due to milling issues at the Super Pit. LIC rallied as US-based prefab giant Hometown America bought a stake at 490c. EOS up 18.4% after it revealed $US45m ($64 million) in new defence orders, including a major Middle East contract for its Slinger weapon system.
Nothing on the economic front. US PCE index tonight. 10-year yields steady at 4.95%. Asian market weaker on oil prices, Japan down 0.8%, HK down 0.4% and China flat. Korea KOSPI down 1.9%. WTI Oil down 0.4% in Asia.
US Futures: DJ up 128, Nasdaq down 1.
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A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
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Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The Dow Jones Industrial Average fell 739.42 points, or 1.56%, closing at 46,677.85. The S&P 500 lost 1.52% and settled at 6,672.62, while the Nasdaq Composite shed 1.78% to end at 22,311.98. All three indexes posted closing lows for 2026, and the 30-stock Dow ended the session below the 47,000 threshold for the first time this year.
Crude prices continued to climb after Iran’s new supreme leader, Mojtaba Khamenei, who was appointed on March 9, said that the Strait of Hormuz should remain closed as a “tool to pressure the enemy.” West Texas Intermediate futures rose 9.72% to settle at $95.73 per barrel. Brent crude futures settled up 9.22% to $100.46 per barrel — its first close above $100 since August 2022.
SPI down 28 - Gold eases - Adobe falls after hours - Not much corporate news around - Iron better.
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Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 fell 115 points to 8629 (1.3%) as oil prices spiked higher on tankers hit in the Gulf. Another $50bn in value knocked off the ASX 200. Broad based losses with the banks falling, ANZ leading the big four down off 2.5% with the Big Bank Basket down to $295.56 (-1.2%). MQG dipped 2.7% as financials falling across the sector. SOL down 1.1% with NWL off 5.5% and CGF down 2.8%. Industrials sagged, WES off another 0.7%, retail falling on potential rate rises next week. JBH down 0.5% and LOV crashing 7.0%. MYR also under pressure, down 10.6% and NCK down 4.6%. Travel stocks fell again, FLT down 2.8%. Tech resumed the position of weakness, WTC down 2.6% and XRO off 4.2%. NXT fell 2.3% and 360 dropped 4.8%. REITs eased back, GMG down 3.3% and healthcare under pressure, RMD down again, off 3.1%. CSL falling 1.1%.
In resources, BHP fell 1.9% and RIO off 1.4%. Gold miners eased back, EVN down 1.3% and GMD falling 2.1%. Lithium eased, PLS off 2.5% and profit taking in rare earths after a strong run yesterday. AAI was a winner on higher aluminium prices, up 4.4%. Oil and gas stocks better, STO up 1.5% and WDS gaining 2.1% with uranium stocks slipping and coal stocks firming, YAL up 10.5% and WHC rallying 6.7%.
In corporate news, ALX fell after toll news in the US. LTR fell 0.6% after reporting a loss of $184m. CKF delivered with a 5.2% rise on German store openings.
On the economic front, everyone seems to be in lockstep now on a rate rise next week. Household spending has fallen for the first time since September 2024
10-year yields push to 4.95%.
Asian market weaker on oil prices, Japan down 1.5%, HK down 1.4% and China down 1.1%. Korea KOSPI down 1.3%
US Futures: DJ down 502, Nasdaq off 210.
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Marcus Today – Daily Market Insights
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
Marcus Today – Daily Market Insights
Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.
If you'd like to go further:
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 rallied another 51 points in quiet trade. Jumped 17 points at the close on ETF rebalancing. Waiting for more news. Banks and resources led the gains, the Big Bank Basket up to $299.01 (0.8%) with ANZ the standout, up 1.8%. MQG up 1.3% with financials mixed. GQG dropped 5.5% on latest FUM numbers. Insurers better as yields rose on Andrew Hauser’s (RBA deputy) comments on inflation. QBE up 1.6%. Retail dropped after bank after bank forecast a rate rise next week to counter the oil price rise. JBH down 1.5% and NCK off 2.9%. Travel stocks failing to find buyers, WEB off 1.8%. Utilities fell with AGL bombing 5.6% with ORG down 1.4%. Healthcare stocks also in ICU today, CSL falling another 1.4% with RMD unwinding 3.4%. Tech lower as sellers took profits after recent rallies. WTC down 3.6% and XRO falling 2.2% with the All-Tech Index down 1.3%.
Resources did well, BHP, RIO and FMG pushed higher on IO price rises, rare earth stocks took off on LYC news of a JARE deal and floor price, up 16.2%. ARU jumping 16.0% with ILU also doing well. Gold miners were slightly positive, OBM jumped 21.5% on a big resource upgrade. Oil and gas stocks flat, coal eased and Uranium stocks better in places. It is 15 years since the Fukushima disaster. Japan now keen to embrace nuclear again as oil prices rise.
In corporate news, DRO announced a new manufacturing push in Europe. MAQ jumped 7.0% on a $200m hybrid investment.
On the economic front, money markets are now pricing in a 77% chance of a rate rise next week. Economists falling over themselves to warn on rises.
10-year yields steady at 4.85%.
Asian market recover, Japan up 2.6%, HK up 0.1% and China up 0.5%. Korea KOSPI up 3.5%
US Futures down DJ up 165 Nasdaq up 112.
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A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
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Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The S&P 500 fell slightly on Tuesday in choppy trading as oil prices pulled back and traders kept an eye on the Iran war.
The broad market index dropped 0.21% to end at 6,781.48. The Dow Jones Industrial Average dipped 34.29 points, or 0.07%, and closed at 47,706.51. The Nasdaq Composite inched up 0.01% to settle at 22,697.10. The Dow had lost as much as 296.57 points earlier in the day. The S&P 500 and Nasdaq were down 0.5% and 0.4%, respectively, at their lows.
Oil prices, which spiked to nearly $120 a barrel Monday at height of fear around the Iran conflict, dropped as traders believed a group of countries would tap emergency crude reserves to mitigate disruption caused by the conflict.
SPI up 24points - Commodities slightly firmer. No corporate or economic data due - US CPI tonight.
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast
Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast
—
Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
The ASX 200 rallied 94 points to 8693 (1.1%) well off its highs as caution crept back in. Banks were muted in the recovery with the Big Bank Basket up to $296.78 (1.5%). CBA up 1.4% and NAB up 1.7%. MQG bounced 1.6% and other financials also firmed but not getting too carried away. SUN up 2.8% with HUB gaining 0.4%. REITs firmed GMG up 0.9% and SCG up 1.1% with VCX falling 0.4%. Industrials firm without conviction, CSL up 1.7% and WES rebounding 1.5%. SGH rallied 1.1% and QAN gained 0.5%. Tech was slightly better, WTC up 0.8% and REA up 1.4% with the All-Tech Index up 1.9%.
In resources, BHP rallied 2.3% with RIO up only 0.6% as Mongolia questioning Oyu Tolgoi deal. Lithium stocks marched higher, PLS up 5.2% and LTR rising 5.4%. Gold miners rallied but muted, EVN up 1.7% and NEM up 2.0%. Copper stocks rallied, SFR up 5.8% and CSC rising 2.2%. Oil and gas stocks fell hard as crude dropped, WDS down 3.8% and STO off 3.5%. Coal stocks also feeling unloved, NHC down 2.7% and WHC off 1.2%. Uranium stocks bounced hard, PDN up 6.7%.
In corporate news, ORI dipped 3.4% on a $100m cost reduction program, TLX rose 7.8% on promising TLX591 news. CSL announced it was expanding its US manufacturing capacity.
In economic news, the Westpac–Melbourne Institute consumer sentiment index rose 1.2% to 91.6 in March, from 90.5 in February, whilst the ANZ Roy Morgan consumer numbers showed a drop of 3.7pts to 73.4.
10-year yields drop to 4.85%.
Asian market recover, Japan up 2.1%, HK up 1.7% and China up 0.4%. Korea KOSPI up 4.4%
US Futures down, DJ down 106, Nasdaq down 53.
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The S&P 500 made a comeback from earlier losses on Monday after President Donald Trump said the war against Iran could be reaching its end.
The broad market index rose 0.83% to close at 6,795.99, while the Dow Jones Industrial Average added 239.25 points, or 0.5%, and ended at 47,740.80. The blue-chip index is coming off its biggest weekly slide in nearly a year. The Nasdaq Composite jumped 1.38% and settled at 22,695.95. Those moves mark an impressive turnaround from the losses seen earlier in the day. The Dow was down nearly 900 points at its session low, and the S&P 500 and Nasdaq fell as much as 1.5% each.
SPI Futures up 184 points. ASX to open 2% higher.
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The ASX 200 cratered another 252 points to 8599 (2.9%), as buyers stepped in as the afternoon wore on. Well off lows, but unconvincing. Oil prices in Asia soared with regional markets falling hard. Across the board losses led by BHP down 5.1% and RIO off 3.8%. Gold miners sold down despite bullion holding up relatively well. NST down 6.2% and EVN off 5.9% with WGX falling 5.7%. Lithium stocks under siege, PLS down 6.7% and MIN off 1.6%. Copper stocks walloped, SFR down 8.2% and other base metal stocks falling. BSL dropped 4.4%. Oil and gas stocks better, but not racing away. WDS up 2.0% and STO up 2.4% with coal stocks better. Uranium stocks dropped, PDN down 7.9% and BOE falling 6.5%. Banks were hit too but off lows, ANZ dropped 2.3% with CBA down 1.8% and the Big Bank Basket falling to $292.41 (-1.9%). MQG fell 2.4% (off lows) with insurers and other financials easier. XYZ fell 4.5% and HUB down 5.4%. REITs fell, GMG off 2.0% and SCG down 3.6%. Industrials were also hit in the Monday flush. BXB down 4.8%, QAN fell 4.5% on higher jet fuel prices, TLS eased 1.3% and healthcare stocks dropped. CSL down 2.8% and RMD off 3.2%. Tech stocks back under pressure again, XRO down 4.8% and TNE off 3.7%. The All-Tech Index fell 3.7%.
In corporate news, DNL fell 9.7% on the sale of its fertiliser business. DGT fell 7.4% as its CEO stepped back for a time. PME fell 0.9% despite a renewal of a $40m contract. NAN gained 3.8% on FDA clearance for an expanded range of indications.
In economic news, nothing on the local front. 10-year yields jumped to 4.94%. Asian market flushed, Japan down 6.8% (Nikkei), Topix down 4.5%, HK down 2.4% and China down 0.9%. Korea KOSPI down 8.8%.
US Futures down. DJ down 831. Nasdaq down 480.
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The Dow dropped 453 points, the Nasdaq fell 1.5% and the S&P 500 lost 1.3%. The VIX rose 26% to 29. European markets were down again. Bitcoin dropped 4.5%.Overall resources held up. Gold rose 1.8%, silver 2.4% and even industrial metals in London held the line. It didn’t help the related shares though. All were down, some quite sharply, with the exception of energy firms – the only sector in the S&P 500 to stay positive. Also important was the latest US jobs data. The US unexpectedly lost 92,000 jobs in February. It was supposed to be a 55,000 gain. Retail sales declined 0.2%, slightly better than forecast.
WTI hit its highest level since 2023 and just completed its biggest weekly rise ever. It’s up 36% for the week. US President Trump says there’ll be no deal with Iran except “unconditional surrender”. Qatar’s energy minister warns oil could hit US$150 a barrel. Also of interest is his observation that Qatar’s LNG expansion plans are now postponed. This was supposed to bring down world LNG prices and help sustain the economic expansion. Losing this is not good for the world.
SPI Futures down 156 points. ASX set to open lower on Monday.
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The ASX 200 smashed lower from the start. Red lights out and down we went. At the chequered flag, the index was down 89 points to 8851 (1.0%). Off lows. Narrow range trading again. Down around 3.8% for the week. Worse week since April. In the pits today was ‘Team iron Ore’, BHP down 4.2% being a big drag on racing. RIO falling 3.6% and FMG slipping 0.7%. BHP having issues with the stewards in China again on products. Gold miners also feeling tired today as the sell-off continues, despite the bullion price relatively steady. Those on the podium recently have been hit, whilst the losers are being bought up. The tech sector is doing well on its one-stop strategy, with the All-Tech Index up 3.9%. WTC racing ahead up 10.8% and XRO rallying 4.5% as it sees a push! Push! Push! Old skool tech also bounced, REA up 4.9% with TLS solid lap times up 1.2%.
Banks skidded with the Big Bank Basket down to $297.93 (-0.4%) as drivers rested. Financials though generally better, MQG up 0.7% and even GQG cutting corners unchanged. Even ZIP managed a lower podium finish, up 3.7%. MFG charging up 9.3% as the Lowy family takes a stake in the new merged business. Energy stocks were mixed, coal stocks eased back on the throttle, WDS and STO better as DRS kicked in and uranium stocks seeing brake failure and suffering losses.
In corporate news, DYL dropped 11.8% on results, Iron ore stocks pulled lower on reports that China’s state backed buyer had found some cargoes had been flouting restrictions.
In economic news, the ACCC warned petrol retailers from price gouging. Good luck with that.
Asian markets firmed, Japan up 0.1%, China up 0.2% and HK up 1.9%. South Korea mixed. KOSDAQ up 2.7% KOSPI down 0.9%
10-year yields jumped to 4.84%
US Futures down DJ up 113 and Nasdaq up 72.
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Stocks resumed their decline Thursday after a one-day respite as concerns over the Iran war flared up again with U.S. crude topping $80 per barrel.
The Dow Jones Industrial Average declined 784.67 points, or 1.61%, to 47,954.74. The
S&P 500 fell 0.56% to 6,830.71, while the Nasdaq Composite dipped 0.26% to 22,748.99. The stock sell-off was led by Boeing, Caterpillar
and other names that stand to lose the most if the global economy slows.
Oil prices jumped, with West Texas Intermediate crude futures surpassing $80 per barrel in the afternoon to hit its highest level since July 2024, after Iran said it hit an oil tanker with a missile. It settled up more than 8% at $81.01 a barrel. International benchmark
Brent crude futures settled nearly 5% higher at $85.41 per barrel.
SPI down 125 - Commodities under pressure.
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The ASX 200 limped around most of the day closing up 39 points to 8940 (0.4%) with a conviction less rally. Banks found their feet with CBA up 0.4% and the Big Bank Basket up to $299.13 (+0.5%). MQG had a rare good day up 3.8% with insurers and other financials better, ZIP rose 9.9%. REITs were mixed, GMG up 2.4% and SCG off 0.5%. In industrials, WES continue to flop, down another 0.7%. Retail was flat, Healthcare better led by CSL up 2.5% and RMD up 0.8%. Tech had a good day too. WTC up 7.1% and XRO up 4.3% with the All-Tech Index up 3.4%.
Resources were a hodge-podge. Gold miners slid again with small across the board losses, EVN down 2.1% and NST down 1.9%. Iron ore majors were mixed, BHP down 1.0% and RIO up 1.2%. Lithium stocks better, higher oil prices push many towards electrification. PLS up 1.5% and LTR rising 2.3%. Copper stocks not doing much. Uranium stocks were better, PDN up 2.2% and NXG rising 3.2%. Both VEA and ALD had solid days on petrol price rises. WDS eased 1.0% and STO up 1.0%. Coal stocks were bid up, WHC up 4.3% but NHC down 1.8%.
In corporate news, SGR unchanged as the Court ruled that ASIC failed to prove its case. TLC down 0.7% after bringing in a new operating model.
On the economic front, China held its Congress with new targets. Iron ore rose as China renewed a pledge to tackle overcapacity and locally household spending was slightly subdued. Annual growth came in at 4.6%.
Asian markets bounce back. Japan up 2.1%, HK up 0.8% and China up 1.3%. Korea up close to 11%!
10-year yields jump to 4.79%
US Futures down DJ off 132pts and Nasdaq down 35
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Stocks rose on Wednesday, building on the momentum seen late in the previous session, as the surge in oil prices pulled back following developments in the U.S.-Israeli war on Iran and fears about a U.S. economic growth scare faded.
The Dow Jones Industrial Average added 238.14 points, or 0.49%, to close at 48,739.41. The 30-stock index snapped a three-day run of losses. The S&P 500 gained 0.78% and ended at 6,869.50, while the Nasdaq Composite moved 1.29% higher and settled at 22,807.48.
Technology stocks supported the broader market, particularly those in the chips space. Micron Technology and Advanced Micro Devices each advanced more than 5%. Broadcom and Nvidia climbed more than 1% apiece.
A couple of strong economic data releases bolstered sentiment among investors Wednesday.
SPI up 95 - Gold recovers - Trade numbers later
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Day 5 - The ASX 200 fell another 176 points to 8901 (1.9%) as resources and banks came under pressure. Asian regional markets went into full panic mode with Korea down 11%, its largest move since the GFC. It had been a tear for some weeks and has now come undone. Resources were under serious pressure from the off. BHP down 3.5% with FMG off 3.0% and the gold miners down but not quite out. NST down 2.5% and EVN off 4.7%. Lithium stocks dropped, LTR down 3.2% and PLS off 1.3%. Copper stocks also falling hard, SFR down 2.9% and CSC down 2.2%. BSL bucked the trend as management said it was happy to chat to SGH! Uranium stocks dipped with PDN down 7.6% and BOE falling 8.4%. Oil and gas stocks were slightly lower, STO down 0.4%, BPT dipping 0.9% and VEA off 1.9%. WDS rose 0.9%.
Banks fell after safe haven status was revoked today. CBA down 1.2% and MQG falling 2.5% as the Big Bank Basket dropped to $ (%). ANZ a big casualty off %. Other financials also eased, with insurers sloppy. QBE down % and MFG seeing profit taking off %. Industrials were generally weaker, WES continued to fall, CSL lost another 1.6% with COH down 3.5%. QAN dipped 2.7% and retail stocks fell. FLT down 1.1% and JBH off 1.7%. Tech managed to hold up with XRO up 2.0% and WTC flat. The All-Tech Index down 0.6%.
In corporate news, EDV results underwhelmed off 3.5% and A1N jumped 4.4% as Kyle and Jackie seem to be heading for an expensive divorce!
On the economic front, GDP came in slightly better than the RBA had forecast at 0.8%. China’s National People’s Congress in focus.
Asian markets crushed, Korea off around 12%, Japan fell 3.9%, HK off 3.0% and China down 1.4%.
10-year yields jump to 4.75%
US Futures down DJ off 216 pts and Nasdaq down 200.
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The Dow Jones Industrial Average lost 403.51 points, or 0.83%, and ended at 48,501.27. The S&P 500 slipped 0.94% to close at 6,816.63, while the Nasdaq Composite shed 1.02% to settle at 22,516.69. At their lows of the day, the S&P 500 lost 2.5%, and the Nasdaq was down about 2.7%. The 30-stock Dow was down more than 1,200 points, or around 2.6%, at its nadir.
SPI down 124 - Commodities sold down hard - Gold down - Oil up but off highs - GDP today - EDV results.
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The ASX 200 fell 124 points to 9077 (1.3%) as events in the Middle East started to catch up. Comments from Michele Bullock on rate rises didn’t help sentiment. Although the RBA is as in the dark as the rest of us in terms of implications. Across the board losses as resources saw profit taking, BHP fell 2.6% and RIO dropped 2.4%. Gold miners eased back after gains yesterday, leverage again being unwound. EVN down 4.5% and NEM off 2.0%. Rare earths and lithium fell hard, PLS dropped 6.8% and MIN off 6.1%. Oil and gas firmed, but not getting carried away. WDS up 0.8% and KAR up another 1.7%. Uranium stocks firmed too, PDN up 0.4% and coal better, WHC up 3.2% as coal prices spiked.
Banks eased back slightly with the Big Bank Basket up modestly to $302.82 (+0.2%). MQG dropped 1.7% but MFG soared 21.9% on the Barrenjoey deal and placement. Insurers slipped but REITs hit hard as bond yields rose. GMG down 2.4% and CHC off 2.2%. Healthcare stocks fell led by CSL down 1.4% and FPH down 1.5%. WES dipped 3.6% with retail stocks falling hard on rate rise fears plus higher petrol prices. JBH down 3.2% and APE fell 5.6%. Travel stocks remain on the nose, FLT down 1.8% and WEB falling 2.0%. Tech held up relatively well, WTC off only 2.3% and XRO down 1.4% with the All-Tech Index down 2.3%.
In corporate news, TWE fell 1.7% despite the French billionaire increasing his stake. CSC fell 8.1% despite record revenue and EBITDA failing to meet expectations. 360 ditched despite a maiden annual profit. NEU sold down 8.8% on news Acadia has requested a re-examination of EU ruling.
On the economic front, consumer confidence fell 3.1pts last week.
Asian markets weaker, Japan fell 2.7%, HK off 0.1% and China up 0.2%. South Korea down 5.7%. It had a holiday yesterday!
10-year yields jump to 4.76%
US Futures down DJ off 317 pts and Nasdaq down 275.
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US equities were mostly higher in Monday trading, ending a bit off best levels. Big tech was mostly higher with NVDA the upside standout. Other outperformers included energy (crude), defense (Iran), software, banks (particularly regionals), PE, insurers, steel, rails, small-caps, and E&Cs. Laggards included airlines (fuel-price concerns), homebuilders (yields), semis, HDDs, managed care (ELV), pharma/biotech, MedTech, building products, travel/tourism, casual diners, apparel, housing-related retail, HPCs, beverages, and China tech. Treasuries came under meaningful pressure with yields up 9-10 bp at the short end of the curve. Dollar index was up 1.0%. Gold finished up 1.2%, though off best levels. Silver was down 4.8%. Bitcoin futures were up 5.8%. WTI crude settled up 6.3% and closed at its highest level since last June (though came off even higher overnight levels).
SPI down 20 - Gold up slightly - Oil up on Strait closure news.
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An interesting day as the ASX 200 closed up 2 points at 9201. A good fight back from early losses as we await the day’s action in Iran. The playbook for a conflict was back in force. Gold miners rose with NST up 4.8% and EVN rising 6.6%, base metal stocks also rose with oil and gas stocks flying high, STO up 6.7% with KAR rallying 15.2% on a broker upgrade too. Uranium stocks firmed. The big miners were solid, BHP and RIO up around 1.4% although FMG fell 3.0% as it went ex-dividend. Travel stocks fell, WEB down % and FLT off 5.7%. QAN down 5.4% although VGN rose 4.5%. Retail stocks eased back as oil price rises will take away some demand. ALL down 1.8% and JBH off 0.7%. Tech stocks were hurt, more on US tech than any war discount. WTC dropped % and XRO fell % with the All-Tech Index down 2.5%. Banks were flat with the Big Bank Basket down to $302.24 (%). Issues more with mortgage fraud and following US banks lower. MQG hit for six on US investment bank woes, Plus MFG announced a merger with Barrenjoey. Other financials also eased back.
In corporate news, LYC jumped 5.4% on a renewal of its Malaysian licence for another ten years. MAF dropped 2.6% after agreeing to sell Infinite Care. MFG in a halt, as it raises $130m to merge with Barrenjoey.
In economic news, Job advertisements in Australia rose back-to-back for the first time in 16 months.
Asian markets weaker, South Korea closed, Japan down 1.3% with airline stocks in Asia under serious pressure. HK down 1.6% and China down 0.1%
10-year yields fall to 4.64%
US Futures obviously weaker but off lows, weaker despite Nvidia results beating forecasts.
DJ down 360 Nasdaq down 180. US crude up 5.7% at US$70.
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The Nasdaq finished down 0.9% on Friday night. The S&P 500 0.4%. The Dow lost 521 points. The VIX rose 6.9%. Bitcoin fell back another 2%. Financials were the worst performing sector in the S&P 500. old rose 1% and US bonds rallied, both on a safe haven bid.
Events over the weekend have overtaken markets. Oil opens in an hour. NZ down 1.6%- SPI down 20 but that was before the attack.
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Principles – How We Think About Investing
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Another day, another record high as the ASX 200 rose 47 points to 9174 (0.5%). Banks missed the memo today, the Big Bank Basket fell to $309.01 (-0.5%) with ANZ a winner. MQG too rallied a little, up 1.2% and other financials also rallied, AMP up 3.9% and ZIP rallying another 5.4%. GQG also had a better day up 2.3% with PPT up 8.3% on results. Insurers flat. REITs better, GMG up 1.2% and SCG rising 1.9%. Industrials were better with the healthcare sector rising, CSL up 0.6% and COH rising 0.9%. Tech stocks were back in vogue, WTC jumped another 2.6% with XRO up 8.6% and the All-Tech Index flying 3.8% higher. REA and CAR also caught the optimism. WOW and COL pushed ahead, Agri stocks were also firm following RIC results. ELD up 2.8% and A2M up 1.4%.
In resources, BHP hitting fresh records, up 2.2% with RIO playing catch up rallying 3.7%. FMG fell slightly. Gold miners took a breather with lithium stocks roaring on moves from Zimbabwe to limit exports of critical metals. PLS rallied another 8.3% to record highs, MIN up 4.0% and LTR dropping 8.6% on a large block trade indigestion. BSL dropped 2.3% as the board rejected the SGH bid. Energy stocks eased, WDS down 1.1% and PDN fell 4.2% with DYL off 4.4%.
In corporate news, QAN fell on a weaker outlook, LYC rose 1.2% on better than expected results, NEU jumped 5.7% on DAYBUE sales numbers, WOR stumbled 10.2% on worse than expected results. DRO rallied 8.9% on some new orders out of Europe and SUL jumped 8.4% on better numbers. CTT went flat on results falling 25.6%.
On the economic front, Private new capital expenditure (capex) rose 0.4% in the December quarter.
Asian markets came back online with Japan up 0.9%. China down 0.2% and HK down 0.4%.
10-year yields steady at 4.70%
US Futures slightly weaker despite Nvidia results beating forecasts. DJ down 0.2% Nasdaq down 0.3%.
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U.S. equities rose on Wednesday, supported by Nvidia and Oracle, as stocks built on the gains from the prior trading day.
The S&P 500 added 0.81% and closed at 6,946.13, and the Nasdaq Composite advanced 1.26% to 23,152.08. The Dow Jones Industrial Average increased 307.65 points, or 0.63%, and settled at 49,482.15.
Commodities rally. Bitcoin up 8%, Nvidia up 3% on results - Results in focus - QAN, SIG, WGX.
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Principles – How We Think About Investing
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The ASX 200 rose 106 points to 9128 (1.2%). Banks were slightly higher with WBC up % and the Big Bank Basket rose to $310.41 (0.5%). MQG had an anaemic 0.3% rally. Financials were better with GQG up 3.3% and ZIP soaring 9.4%. NWL and HUB also rallied. Insurers flat. REITs mixed, SCG up 0.3% and MGR falling 1.0%. Healthcare mixed, CSL flat, RMD down 2.7%. Tech was the place to be following a US rally and the WTC results and job losses. WTC rose 11.1% kicking the All -Tech Index up 4.0% with XRO up 5.5% and IRE jumping 9.6% on better-than-expected results. MP1 bounced 9.8% as volatility continued. Industrials mixed, WOW soared 13.0% on much better results, JBH rallied 0.9% and WES continued lower. TAH hit the jackpot on results rising 23.5%. REA and CAR both trundled higher.
In resources, BHP hitting record highs again up another 3.2%. FMG jumped 4.7% on results. RIO joined in too. Gold miners were mostly better, NST up 2.1% and EVN up 3.3%. Lithium stocks jumped again, PLS up 2.8% and MIN up 1.5%. LYC jumped 7.9%. Copper stocks also in demand, SFR up 2.2%. Uranium stocks picked up pace, PDN up 4.0% and NXG rising 3.7%.
In corporate news, DMP dumped 11.1% on sales and margin issues. FLT softer on reaffirmed guidance. IRE rallied 9.6% on results and AX1 soared 19.9% after beating H1 and the dividend. DRO also had a good day, up 12.6%, after net profit jumped 367%. Still only $3.5m.
On the economic front, Australian monthly CPI came in a 3.8% as expected. 3.4% on the core CPI. Slightly above forecasts. Rate rises still on the table.
Asian markets came back online with Japan up 2.4%. China up 1.2% and HK rising 0.8%.
US Futures slightly firmer. Dow up 4 and Nasdaq up 29 on SOTU Address.
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U.S. equities rose on Tuesday, led by gains in Advanced Micro Devices and software stocks, as investors’ fears around artificial intelligence disruption to certain industries eased.
The S&P 500 advanced 0.77% to close at 6,890.07, while the Nasdaq Composite rose 1.04% and settled at 22,863.68. The Dow Jones Industrial Average added 370.44 points, or 0.76%, and ended at 49,174.50. The 30-stock index was supported by a nearly 2% rise in Home Depot shares after the company’s earnings beat expectations for the first time in a year. IBM shares, which tumbled in the prior trading day as a result of aforementioned AI fears, also added to the Dow’s gains.
SPI up 61 - Results and CPI in focus.
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The ASX 200 opened firm, slipped then rallied off lows as US futures stayed positive. We closed down only 4 points to 9022. Banks made a comeback, NAB up 1.0% with WBC up 1.5% and the Big Bank Basket up to $309.01 (0.3%). Financials elsewhere were smacked down on private equity fears, AI concerns and bears playing havoc post results. MQG dropped 3.6% on PE concerns, RPL rallied hard on better results, up 4.8% and NGI came under extreme pressure down 5.4%. MAF continued lower. ZIP fell another 6.4%. Insurers also fell, QBE off 1.6%. REITs too under pressure, GMG down 2.6% and SCG falling 1.1%. Industrials were mixed, WES down 1.8% and REA off 3.9% with tech under extreme pressure again, WTC fell 3.7% and XRO down 4.6% with the All-Tech Index down another 3.1%. Retail under pressure too, SUL off 2.5% and PMV falling 1.9%.
Resources were generally firm. BHP hit record highs, up 1.4% with RIO slipping 1.1% on some broker downgrades, FMG up 1.1%. Golds firmed then slid slightly as bullion prices came off the boil, NST up 1.6% and EVN up 0.8%. Lithium stocks went nuts, PLS up 8.0% and LTR rising 8.7%. Oil and gas stocks rose, WDS results cheered, STO up 0.4% and uranium stocks mixed.
In corporate news, MND pushed 5.9% higher on better than expected results, WDS managed a small rise after 24% drop in profits. NEC rallied 0.5% on numbers, VEA rose 8.1% after a stronger number. ARB had a shocker, falling 13.1% after a 17% drop in profits. KLS had a good day, up 7.8%, after announcing the sale of its tourism business.
On the economic front, Australian consumer confidence rose 3.1 points last week to 80.2.
Asian markets came back online with Japan up 0.9%. China up 1.3% and HK falling 1.9%
US Futures slightly firmer. Nasdaq up 120 - S&P 500 up 22.
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Wall Street was down overnight, and sharply too. The Nasdaq and S&P500 both fell over 1%, and the Russell 2000 dropped 1.6%. The VIX rose 10% as AI disruption, tariffs and Iran suck the confidence out of investors and blur the outlook. US financials were hit hard after a report modelled potential AI disruption to the finance industry. The sector was the worst in the S&P500, falling 3.5%. Even the big and prestigious names aren’t immune. JP Morgan dropped 4.2% and Citigroup 4.5%.
The technology sector was mildly better, “only” falling 1.3%. AI fears are likely to roll through every sector and leave havoc in their wake. Even if it doesn’t hit earnings directly, the premium investors will pay for business with exposure could shrink badly here.
SPI futures up 27 points. ASX set to open higher.
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The ASX 200 gave back 55 points to 9026 (0.6%). US futures turned negative early and banks slid, the Big Bank Basket down to $308.21 (-1.0%). MQG also down 2.4% on concerns with private equity and fund managers. Financials generally were weaker across the board, REITs slumped too, GMG down 3.6% and VCX off 3.1% with industrials sliding. WES down 1.7%, REA off 1.8% with retail falling, JBH off 1.9% and LOV down 1.4%. Tech once again on the nose, WTC falling 5.2%, XRO down 2.9% and the All-Tech Index falling another 3.3%. In healthcare, CSL fell 3.8% on tariff news, and COH off 1.7%.
In resources, BHP rose 1.3% as commodity stocks ran hard on falling USD. Lithium stocks picked up, PLS up 4.6% and MIN rising 5.0%. Gold miners powered ahead, NST up 3.4% and GMD up 5.4% with KCN rallying 8.8%. Oil and gas stocks fell, despite tensions in Iran and US snowstorms. Uranium stocks mixed, PDN down 3.8% and BOE off 3.2%.
In corporate news, KGN rose 5.5% on slightly better number and an increased dividend. LLC fell after a surprise loss. PRN tumbled 13.8% after softer numbers, ASB fell 11.0% on accounting qualifications despite record order books. IMD delivered a strong result.
In economic news, mortgage demand rose 12.3% to a four-year high.
Asian markets were better, China still closed, but HK up 2.3% and South Korea hitting new records. Japan closed for Emperor’s Birthday.
European markets opening lower on a resumption of the tariff war.
Dow futures down 311 Nasdaq down 238.
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Wall Street finished higher for the last session as the market received the Supreme Court ruling over Trump’s tariffs and liked it. The Nasdaq rose 0.9% and the S&P500 0.7%, with European stocks positive too. The Financial Times says investors are pouring record sums into the eurozone to diversify away from the USA. Suddenly Europe’s lack of tech titans is looking like a shelter away from the unpredictability of AI.
SPI Futures up 16 points. ASX set to open higher on Monday.
—
Wall Street finished higher for the last session as the market received the Supreme Court ruling over Trump’s tariffs and liked it. The Nasdaq rose 0.9% and the S&P500 0.7%, with European stocks positive too. The Financial Times says investors are pouring record sums into the eurozone to diversify away from the USA. Suddenly Europe’s lack of tech titans is looking like shelter away from the unpredictability of AI.
SPI Futures up 16 points. ASX set to open higher on Monday.
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The ASX 200 lost 5 points to 9081 for its first down day this week. No Freaky Friday drop! For the week, the index is up 1.8%. Banks leading the way again, the Big Bank Basket up to $311.23 (+0.9%). MQG fell 1.6% with other financials slipping again, ZIP eased 3.8% after an early rally. Insurers though firmed on a better set of numbers from QBE, up 7.1% and SUN up 1.8%. REITs were slightly firmer, industrials slipped lower, ALL down 4.6%, WOW and COL slid, TLS off 0.6% and REA dropping 0.6%. Retail also fell led by JBH off 1.2% and GYG crashing 13.9% on results and US update. Healthcare eased back, CSL off 0.6% and COH continuing lower. PME dropped 2.1% and RMD fell 0.6%. Tech was once again back on the noise, WTC off 3.8% and XRO falling 3.7% with the All-Tech Index off %.
Resources were mixed, RIO fell 3.1% on results whilst BHP held firm. Gold miners were mixed with results falling, NEM down 4.9% on numbers, GMD off 3.1% on its numbers. Lithium stocks fell, PLS down 4.6% on results, and LTR off 6.4% with results from MIN failing 5.3% to help sentiment. In the oil and gas space STO dropped 0.9% and uranium stocks were ok, PDN up 5.4% on Canadian approvals.
In corporate news, ING dropped as it cut its poultry forecast. NEM off 4.9% on its results, ASB awarded a $4bn contract from the ADF and TLX jumped 14.5% as it guided higher revenues.
On the economic front, nothing today, in the US, we may get the tariff ruling and we have Core PCE.
In Asia, HK back from holidays, down 0.6% and Japan down 1.3%.
US Futures up. DJ up 62 Nasdaq up 42
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Stocks fell on Thursday, leaving the S&P 500 near the flatline for the year, as investors shifted away from financials and monitored simmering tensions between the U.S. and Iran.
The Dow Jones Industrial Average lost 267.50 points, or 0.54%, settling at 49,395.16. The broad-based S&P 500 slipped 0.28% and ended at 6,861.89. The Nasdaq Composite lost 0.31% and closed at 22,682.73.
With Thursday’s move, the S&P 500 was up 0.2% for the year, while the 30-stock Dow was higher by more than 2%. The tech-heavy Nasdaq, however, is down more than 2% in 2026.
SPI down 44 - RIO results - RHC to sell Sante - ING chickens out!
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The ASX 200 kicked higher again. Four days in a row, up 79 to 9086 (0.9%). Up nearly 2% this week. Off record highs as jobs data provides reasons for the RBA to raise rates again. Super Thursday and results dominated, some good, some terrible. Banks firmed yet again, certainty. The Big Bank Basket rose to $308.43 (+1.4%). NAB up 2.4% and WBC up 2.7%. MQG also had a good day up 1.6% with insurers better and financials generally firming, ZIP came undone on disappointing guidance and bad debts. Down 34.4%. MPL also fell 5.6% on some misses on the numbers. REITs slid with GMG down 4.0% on results, Industrials were patchy, WES fell 5.6% with ALL and JBH falling away. Healthcare was better, CSL up 1.0% and RMD up 1.5%. Tech was better again, WTC up 1.9% and XRO rising 0.8%. HSN kicked again on broker calls. MAQ also firmed on a new debt facility. TNE also a good bounce on broker upgrades. The All-Tech Index continued higher, up 1.1%.
Resources were also firm, BHP and RIO pushing ahead, gold miners better, GMD up 1.9% on results, NEM up 1.4% and oil and gas stocks rallied hard on crude pushing up on Iran fears. STO up 5.6% and WDS up 4.5% with uranium stocks better too. PDN up 5.5% and LOT rising 4.3%.
In corporate news, plenty around. HUB surged 14.2% on good numbers. LIC dropped 7.1% after profits fell, TLS gained 3.6% on better numbers and rise in dividends. SHL and NWH also rising on better numbers.
On the economic front, jobs numbers came in as expected but 4.1% headline rate gives RBA reasons to raise again perhaps.
In Asia, South Korean markets hitting new records. China and HK closed. Japan up 0.9%
US Futures up. DJ down slightly Nasdaq up 2 pts!
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The S&P 500 moved higher on Wednesday, supported by gains in key technology names, as traders weighed the release of the minutes from the Federal Reserve's most recent policy meeting.
The broad-based index climbed 0.56% to end at 6,881.31, while the Nasdaq Composite added 0.78% to close at 22,753.63. The Dow Jones Industrial Average rose 129.47 points, or 0.26%, and settled at 49,662.66.
SPI up 41 – Commodities rally hard – Super Thursday Reporting – WES – TLS – SHL – BXB – PLS
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The ASX 200 kicked higher again. Three days in a row, up 48 to 9007 (0.5%) despite CBA going ex-dividend. Record high back in sight. NAB was the standout today on Q1 results beating expectations, up 4.1%. The Big Bank Basket up to $304.05 (0.2%), financials kicked higher too, MQG up 0.6% and private health insurers roared ahead on government price changes. MPL up 6.0% and NHF up 5.0%. ZIP jumped 8.0% ahead of results, CGF also ran hard on results, up 8.3%. REITs firmed, GMG up 0.9% and SCG rising 1.3%. Industrials were firm too, QAN up 1.0%, TCL up 1.2% and ALL doing well up 2.3%. JBH fell back a little, healthcare still mixed, SIG down 1.0% and COH off 1.0%. In the tech space, some wins starting to hit the screens, TNE up 8.2% on guidance, XRO up 1.8% and HSN soared 16.4% on better-than-expected results.
In resource land, BHP slid 0.9% as copper drifted lower, RIO up 1.3% and FMG up 0.5%. Gold miners eased back as bullion prices fell on Lunar New Year. GMD down 2.9% and NST dropped 0.7%. CSC had a shocker falling 14.0% on very disappointing results and guidance. Lithium stocks bubbled higher, LTR roaring ahead, up 6.2% with PLS up 2.3%. BSL rose 2.6% on an increased bid from SGH. STO fell 0.6% on another disappointment. Uranium stocks bounded ahead, PDN up 5.6% and DYL up 4.4%.
In corporate news, SLC rose 18.2% on an acquisition and better than expected results. AFG rallied off lows after better numbers. Brokers are back. SUN fell 4.4% as profits fell short.
In economic news, the RBNZ left rates unchanged. Locally, the wage price index rose 0.8% in the December quarter and 3.4% annually.
US futures up. Dow Jones up 35 points, Nasdaq up 60.
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Wobbly, uncertain, but they held on. That was the tale of US stocks last night. They opened down but the Nasdaq finished 0.1% higher and S&P 500 much the same. Apple recovered 3% but most of big tech and the chip stocks didn’t do all that much. US financials were positive and mining stocks were mixed. The rotation continues away from AI and tech. Gold and copper were both down, leading their sectors lower. Oil came off the boil as Iranian tensions moderated somewhat but it didn’t seem to hit energy shares as hard as their gold and copper equivalents. The uranium trade seems to have run out of puff. Again, we find the action more likely to be centred on the ASX because it’s such a big week of earnings updates. We’ve seen some big swings both ways, though mostly down it must be said.
SPI Futures up 43 points. ASX set to open higher. NAB and BSL revised bid from SGH.
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The US bond and stock markets were closed Monday for Presidents’ Day. That means we have no Wall Street lead for today’s ASX. SPI futures are up 15 points and suggest the ASX will open modestly higher. The news of the day will be dominated by the release of BHP’s latest results. The market will be looking for further clarity around their current negotiations around iron ore pricing with China. Commodity contracts still changed hands, with oil edging up as the world awaits Iranian developments, while gold slipped back on thin trading. Industrial metals in London were generally lower. China is on Lunar New Year holiday all week so news flow from the biggest consumer will be muted. I wouldn’t expect much from any of them for now.
BHP - SEK - JDO results
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The ASX 200 finished up 20 to 8937 (0.2%) despite the big miners falling on lower iron ore prices. Banks pushed up slightly, NAB down 1.0% and ANZ off 3.1% with the Big Bank Basket up to $304.06 (%). Other financials were mixed, NWL rallied 3.7% and GQG up 5.5% with ZIP forging ahead up 5.5%. MQG rose 0.4%. Insurers better. Industrials were solid, WES up 1.2% with retail better as JBH rose 7.5% on better results, ALL up 2.2% and WOW and COL slightly firmer. ‘Old skool’ platform stocks also doing ok, REA up 2.9% and CAR up 2.7%. Tech stocks were the standouts after a torrid week last week. WTC up 12.9% and XRO rallying 7.6% with the All-Tech Index up 4.0%. 360 rose 6.8% with CAT also doing well, up 5.1%. REITs firmed, GMG up 0.6%.
In resources, the big three iron ore miners sold off as prices dipped below $100. Gold miners were bid up, GMD up 7.4% on a takeover of MAU. NEM gained 2.7% and WGX up 1.4%. Lithium stocks slightly firmer. VUL up 3.1%. Oil and gas stocks rose, uranium stocks glowed hotter, PDN up 1.4% and BMN up 4.6%.
In corporate news, TWE fell 5.2% after a disappointing result and a cut of the dividend. JBH rose 7.5% on a beat. ASB jumped 19.5% after a disastrous day Friday, QUB rose 3.3% after Macquarie went binding on its takeover at 520c. A2M creamed it up 6.8% after a better second half and ANN bounced 3.8% on cost cutting effort paying off.
Nothing on the economic front.
US Futures up slightly in birthday celebrations.
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It was a modest night of action on Friday as far as Wall Street is concerned. The S&P500 and the Nasdaq were essentially flat while the Russell 2000 outperformed, up 1%. Small caps keep showing more life than the big caps. Inflation data for January increased less than expected thanks to cheap “gas” and moderating housing rents. In the 12 months through to January, the CPI increased 2.4%. The reading was 2.7% in December. The market raised the odds of a June rate cut in response. 9 out of 11 S&P500 sectors were positive. Apple slipped again, down 2%, as was Nvidia. US financials, and the wider chip stocks, were solid but little moved. Gold shares rallied in response to a positive session for bullion.
SPI Futures up 51 points. ASX set to open higher.
Gold rallied a solid 2%, and silver did the same. Oil was steady, no doubt bolstered in part by the news a second US aircraft carrier is heading to the Middle East. Trump is flexing American muscle as Iran talks continue. Industrial metals were weak in London and iron ore is fading as Chinese demand still looks tepid. Copper inventories crossed over 1 million tons for the first time in 20 years. Bitcoin rallied 5% as it tries to form a base after the recent price collapse. Lost some of those gains over the weekend. Another big week of earnings for the ASX coming up.
TWE - BEN - JBH out this morning.
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The ASX 200 lived up to its new Friday ‘free fall’ and dropped 126 points to 8925 (1.4%). Friday the 13th. Banks gave back some ground today as WBC delivered numbers in line. The Big Bank Basket drooped to $303.62(-1.0%). ANZ continued 1.3% higher on broker upgrades. Financials were sold down again, HUB off 4.1% and MQG falling 0.9% with GQG bucking the trend on better-than-expected results. ZIP fell hard as a tech stock should, down 8.5%. Insurers eased back. IAG the exception after results, up 1.0%. REITs were slightly firmer, GMG rallied 2.4% and SCG up 1.6%. Healthcare back in A&E with RMD down another % and CSL slipping 1.4%. COH fell 18.9% on results hitting deaf ears, as it downgraded guidance. Industrials were a sea of red, SGH off 2.7%, QAN down 1.2% and ALL down 5.0%. Utilities found friends on defensive buying. Technology stocks once again sold back into the bronze age, WTC down 10.4% and XRO falling 4.5%. The All-Tech Index losing another 4.7%.
Resources were also a sea of red, gold miners slid with NST off 3.5% and EVN giving 3.7% back. BHP down 1.8% on lower copper pricing, RIO holding firm and lithium stocks depressed. Energy stocks needing a boost, WDS down 2.1% and uranium seeing some fallout.
In corporate news, the bid for WJL came undone, the stock dropping 25.2%. NCK punished on LFL sales miss, down 22.2% %, ASB sunk 22.8% after some double counting revealed after the close last night.
In economic news, CBA says the neutral cash rate is now 3.6%. Pretty much the same as inflation, so that is easy to work out then. Australian households were in spending mode over summer. The latest CommBank Household Spending Insights Index shows spending rose 0.5%in January, marking 16 consecutive months of growth.
Standard Chartered warned of further bitcoin weakness and the largest US crypto exchange swung to a loss in the fourth quarter.
US futures Dow down 20 and Nasdaq down 10.
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Stocks dropped on Thursday as investors began to worry about the negative side of the artificial intelligence buildout, which threatens to disrupt the business models of whole industries and raise unemployment.
The Dow Jones Industrial Average shed 669.42 points, or 1.34%, to end at 49,451.98. The index was led lower by Cisco Systems, which slid 12% after the maker of networking hardware such as switches and routers issued disappointing guidance for the current quarter. The S&P 500 dropped 1.57% and closed at 6,832.76, while the Nasdaq Composite lost 2.03% and settled at 22,597.15.
Apple dropped 5% on Siri delays – SPI down 78 – COH and WBC results.
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The ASX 200 missed it by this much. Closed up 29 points to close at 9044 (0.3%). Banks were once again the stars of the show as the ANZ result kicked it higher, up 8.5% with the Big Bank Basket up to $306.63 (+4.8%) a new record close. Other financials were sold down hard as AMP results bombed with investors, the stock falling 26.7%, ZIP dipped 5.8% and CGF fell 6.0%. Insurers also under pressure again, QBE down 2.0% and MPL falling 2.2%. Industrials also fell in a heap, are we really at record highs? ALL down 3.9% and JBH losing another 1.0% with REITs under pressure again, GMG down 1.7% and SCG off 5.3%. ‘Old Skool’ platforms, again in the doghouse, REA down 3.3% and CAR hitting a speed bump off 5.3%. Tech stocks were horrible again. It continues to cascade lower, the All-Tech Index down another 6.7% with WTC falling 6.6%, XRO heading that way, down 8.4% and TNE off 6.9%. Healthcare checked into A&E as CSL fell another 6.9% with RMD dropping 2.6% and PME being sold down 23.9% on disappointing numbers.
In resources, gold miners mixed, lithium stocks better, PLS up 3.8% and MIN pushing 1.4% higher. BHP and RIO doing well on copper prices, uranium struggling, LOT down 7.2% and PDN up 0.7% on better results.
In corporate news, TPW were smashed down 32.6% on disappointing numbers and increased discounting. AMP dropped and ASX fell 1.7% after its better-than-expected revenue, wiped out by expenses. BRG saw record EBITDA and popped 1.7% higher.
On the economic front, Michele Bullock got a grilling from one Senator.
US futures Dow up 157 points and Nasdaq up 46.
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US shares largely trod water, with the S&P 500 not moving either way. Bond yields rose as the US labour market data came out stronger than expected. That might mean the Fed isn’t as quick to cut rates to support jobs. Resources showed some spark, but it’s more consolidating the recent rally than further price appreciation. Perhaps the exception is oil, with energy being the best performer in the S&P500. Oil also helped Euro stocks hit record highs. OPEC released its monthly report this week. The group paused production hikes in the first quarter of 2026 but meets on March 1 to decide whether they should resume in April. OPEC says travel and road transport are helping to drive demand. The weaker US dollar also helps.
We have a multiple of companies releasing their updates today: ANZ, AMP, IAG, TPW, ASX, ORA, ORG, PME, BRG, NST and S32.
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The ASX 200 soared today as CBA delivered in spades, the index rising 147 points to 9015 (+1.7%). How things have changed around since ‘shambolic’ Friday last week. Up over 300 points since then! CBA beat forecasts and drove the banking sector higher. Not often that you see a 6.8% rise in CBA. NAB up 3.4% and the Big Bank Basket up to $292.52 (+5%). Insurers bounced back a little, SUN up 0.6% and MQG jumped 2.7% on broker comments. REITs under a little pressure with GMG down 1.0% and SCG off 0.5%. Healthcare in ICU today as CSL managed to top its shambolic CEO news with a bad set of numbers and dropped 4.6%. Some bargain hunters saving it from a worse fate. RMD dropped 4.7% as it went Ex-Dividend. Industrials were better, retail rose, JBH up 1.3% and WES up 1.0% with SGH also up 3.6% on better than expected numbers. Utilities better and ABB soared 14.8% on its deal with AGL. JHX also beat expectations and rose 10.9%.
In resource land, BHP up 1.6% and FMG doing well, up 2.3%. Gold miners started slow but ended up, EVN produced a good set of numbers and strong cash generation. Up 8.9%. NEM rose 2.4% and SBM up 10.5%. Lithium stocks improved slightly and uranium stocks off the bottom. Rare earths bounced, three-year highs in the underlying starting to feed into the sentiment.
In corporate news, results featured strongly, ASX CEO has quit, DMP has a new pizzaiolo. GQG slipped again on fresh FUM.
On the economic front, all eyes on US NFP, here we saw first home buyers loans jump the most since 2023!
US futures Dow up 141 and Nasdaq up 111.
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The S&P 500 slipped on Tuesday as investors reacted to weaker-than-expected retail sales data and grew concerned about the threat artificial intelligence poses to the financial sector.
The broad-based index lost 0.33% and ended at 6,941.81, while the Nasdaq Composite slipped 0.59% and closed at 23,102.47. The Dow Jones Industrial Average rose 52.27 points, or 0.10%, posting a closing record of 50,188.14. The index had scored its third consecutive intraday record earlier in the day, a move that comes after it surpassed the 50,000 level for the first time ever last week.
SPI up 39 - CSL CBA JHX Results - Gold eases - Copper down.
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The ASX 200 started strongly, but wilted in the summer sun, up only 17 points at 8887 (0.2%). Part of the reason was the banks which fell as ANZ Consumer sentiment slid on rate rises last week. WBC and ANZ in trouble with around 2% falls, CBA down 0.7% with the Big Bank Basket down to $278.71 (-1.0%). MQG gave up early strong gains, up just 0.8% on a solid update. Insurers were bashed as OpenAI released a new insurance app in the US. Much like Compare the Market her. Brokers punished, AUB and SDF down significantly. Other financials solid, SOL up 2.2% and ZIP rallying another 6.1%. REITs solid, GMG up 1.2% and Healthcare was solid with CSL up 1.8% ahead of the results. Retail mixed, JBH down another 1.5% again, tech better and showing some signs of life, WTC up 2.6% on a Macquarie report, XRO up 2.2% and the All- Tech Index up 2.2%. Data centres doing better, NXT up 3.4% and MP1 up 2.6%.
In resources, BHP up 1.1% and RIO doing ok, Gold miners were mixed, NEM up 1.6% and GMD rising 2.8%. Lithium stocks better on a PLS price floor deal. Uranium stocks doing well too today, PDN up 5.5% and BMN up 10.9%. Oil and gas flat.
In corporate news, EOS soared 11.8% on a rebuttal to the Grizzly. NEM has flagged a Barrick IPO and TWE came to an agreement on its US distribution arm. CSL’s head honcho to retire immediately. Results tomorrow!
Asian markets - Japan up 2.2%. New record high. China unchanged and HK up 0.5%
US futures Dow up 19 and Nasdaq down 18. 10-year yields ease to 4.85%.
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The S&P 500 rose on Monday, boosted by technology stocks, while the Dow Jones Industrial Average reached new heights as investors awaited critical economic data and another batch of earnings reports following a volatile week that ended with the 30-stock index reaching a key milestone.
The broad-based index advanced for a second straight day, rising 0.47% and ending at 6,964.82. The blue-chip Dow eked out a 20.20-point gain, or 0.04%, and settled at 50,135.87. The Dow Industrials scored a fresh all-time intraday high and closing record. The Nasdaq Composite jumped 0.9%, closing at 23,238.67.
Nvidia and Broadcom were standouts yet again Monday, extending their gains from the previous session with an advance of 2.5% and 3.3%, respectively.
SPI up 32 – Results in focus. MQG Update. Commodities very firm.
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The ASX200 rose 161 points to 8870 (1.9%) as we wait for the next catalyst. US futures are slightly positive, but it’s a big week for earnings. CBA and CSL Wednesday. Banks were firm with CBA up 0.6% and the Big Bank Basket up to $281.52 (1.0%). MQG rallied 2.4% and other financials also doing well. ZIP up 3.8% and PPM rose % after a NBIO from CGF. Insurers rose too. REITs had a much better day, GMG jumped 6.5% on data centre outlook and SCG rose 1.8%. Industrials were firm, WES up 1.4% with CAR beating expectations, and rising 9.9%. Retail bounced, although JBH failed to get the memo. ALL up 2.4% and FLT bounce 6.2% in sympathy with WEB. Tech bounced but not really that convincing, WTC up 3.6% and XRO steadied up 1.4% with the All-Tech Index up 3.7%.
Resources saw money flood back in, BHP up 2.3% and FMG rallied 2.6% with gold miners better. NEM up 6.5% and NST rallying 3.6%. Lithium becalmed but copper and base metals did ok. SFR up 4.4% with ILU running hot. Uranium too glowing on US AI spend, LOT up 10.6% and DYL rallying 8.2% with coal also a merry old soul.
In corporate news, WEB rallied hard as the company clarified the Spanish Inquisition. Up 18.6%. No one expected that. BVS also doing well on a guidance update, rallying 29.4%. SEK took a $356m impairment against its Zhaopin business in China. ARG slightly higher after a profit of $130.8m in the first half, and lifted its fully franked interim dividend to a record 18.5c.
In economic news, locally Household spending fell by 0.4% in December in nominal terms. The PBoC injected a total of 600bn yuan via a 14-day repurchase agreement late last week, ending a two-month hiatus.
Bitcoin up to $71716.
Asian markets flying on Japanese election result. Japan up 4.3%. New record high. China up 1.4% and HK up 1.6%
US futures - Dow up 60 and Nasdaq up 48. Superbowl dominating.10-year yields firms to 4.86%.
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Wall Street traded higher on Friday, paring losses from earlier in the week, with the Dow Jones index surpassing 50 000 for the first time. Almost all sectors saw gains on the S&P500, with tech stocks leading the index, up +4.1%. Communication Services underperformed, down -1.5%. Amazon declined -5.6% after forecasting a more than 50% increase in capex in 2026 after the bell on Thursday. Chip stocks rallied on expectations for increased AI spend, with Nvidia and Broadcom up +7.8% and +7.1% respectively.
Commodities rally - SPI up 108 - CAR in line - PPM bid from CGF.
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The ASX 200 fell 180points today to 8691 (2.0%). Biggest loss since Liberation Day! Across the board losses and no rally in sight this afternoon. Is this the climax of the selling? No where to run, no where to hide, Materials fell hard led by BHP down 3.1% as copper came under pressure in Asia, RIO held up on news the Glencore deal is off, FMG dipped 1.2%. Gold miners fell, although it could have been worse, NST down 1.7% and NEM off only 4.9% with uranium stocks falling hard too on AI trade impacts, LOT dropped 27.8% as it raised money, PDN fell 10.9% and oil and gas stocks fell, WDS down 1.6% and WHC down 4.1%. BPT continued to fall after the results yesterday. Lithium and other base metal stocks also fell, LYC down 3.2% and PLS off 1.2%.
Banks were holding up for a while, before gravity took over WBC down 1.2% and NAB down 1.6%. The Big Bank Basket fell only 0.8% to $278.71.MQG dropped 2.2% and other financials under pressure, HUB off 6.1% and ZIP down 3.3%. Insurers eased and REITs dropped big time, GMG down 6.1% and SCG off 2.5%. Healthcare fell in a hole, CSL down 0.4% and COH falling 3.3% with RMD a bright spot. Retail on sale, JBH down 3.2% and WES off 1.3% with tech wrecked again, WTC down 4.7% and TNE off 5.0%. XRO trying to find a base. Escaping today. NXT dipped 3.9% and EOS down 16.2% and suspended on a research report from Grizzly.
In corporate news, RIO and Glencore are now just friends. REA dived 7.8% on its results on lower listings, NWS dipped 5.4% too on results, TWE ditched 8.0% after a UBS report, down % and WEB crashed 29.5% on a Spanish audit. HMC did a strategic deal with KKR and still fell 2.7%. The ASX Tech sector is on track for a 13% fall this week! Down 4.4% again today.
Asian markets eased, Japan up 0.8%, China up 0.2%, and HK down 1.3%
US Futures down, Nasdaq down 185, Dow down 136
10-year yields eases to 4.82%
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U.S. equities fell for another session on Thursday as investors took a risk-off stance, leading popular trades in technology and bitcoin to unravel.
The Dow Jones Industrial Average shed about 592.58 points, or 1.20%, ending at 48,908.72. The S&P 500 lost 1.23%, closing at 6,798.40 and landing in negative territory for the year. The Nasdaq Composite declined 1.59% and settled at 22,540.59. The 30-stock Dow was down nearly 700 points, or about 1.4%, at session lows, while the broad market S&P 500 and Nasdaq dropped 1.5% and 1.9%, respectively.
Amazon dropped 9% after hours on results.
Alphabet was the latest of the “Magnificent Seven” companies to report earnings results. The company projected a sharp increase in artificial intelligence spending that spooked some investors, calling for 2026 capital expenditures of up to $185 billion. Shares lost 0.5%. However, shares of Broadcom climbed almost 1% following news of Alphabet’s spending plans, offering some hope for the artificial intelligence trade as the market deciphers its winners and losers.
SPI down 98 – Commodities fall – Bitcoin dumped.
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ASX 200 fell 39 points to 8889 (0.4%) as resources came under pressure again. One day up, one day down. Silver tumbled 15% in Asian trade and dragged gold lower, miners responded with NST down 4.6% and EVN off 3.2%. The big miners eased back, BHP down 3.9% and RIO down 1.4%. Rare earth companies fell, LYC down 7.9% and lithium depressed too, PLS down 3.7% and IGO off 3.2%. Uranium shares were beaten up as the market took AMD forecast as a sign that power requirement would slow. PDN down 9.0% and LOT in a trading halt for a capital raise. Oil and gas stocks eased as tensions with Iran cooled. STO down 0.7% and BPT with its results off 4.4%.
Banks were firm, as CBA wrestled the #1 spot back off BHP, up 1.4%. The Big Bank Basket up to $280.82 (%). Insurers are also in demand, higher rates perhaps, QBE up 2.1% and SUN rising 1.7%. Industrials firmed, WES up 2.1% and a bounce in REA up 2.6% with the tech index showing some signs of stability. WTC still down 2.6% with XRO finding some friends, up 1.6%. The All –Tech Index rose 0.1%. Healthcare better as RMD breathed easy and rose 4.9%.
In corporate news, ELD has announced its succession plan, it fell 4.1% on the news. NEU fell 9.8% on FDA news in the US, RPL rose 5.1% as it announced a buyback.
Asian markets eased, Japan down 1.1%, China up 1.0% and HK down 1.3%
US Futures mixed Nasdaq up 20, Dow down 68
10-year yields steady at 4.85%
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The S&P 500 fell on Wednesday as the sell-off in technology stocks intensified, with losses in Advanced Micro Devices hindering the trade.
The broad market index slid 0.51% and closed at 6,882.72, while the Dow Jones Industrial Average added 260.31 points, or 0.53%, and settled at 49,501.30. The Nasdaq Composite dropped 1.51% to end at 22,904.58. Adding to the risk-off sentiment, bitcoin fell more than 3% after earlier breaking below the $73,000 level.
Meanwhile, ADP on Wednesday released its monthly look at private payroll growth for January, which showed an increase of just 22,000 on the month. That’s below the gain of 45,000 jobs that economists polled by Dow Jones had forecast.
The release generally precedes the Bureau of Labor Statistics report on nonfarm payrolls, but that won’t be out this week due to the partial government shutdown. Due now Feb 11.
SPI down 20 – Gold steady – Copper and uranium slip.
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ASX 200 rallied 71 points to 8928 (0.8%) throughout the day as banks and resources rose in tandem. Tech was shattered again with the All-Tech Index down 7.1%. BHP rose 4.5% to be #1 again as copper bounced back and held gains. RIO up 4.3% and FMG managed a 1.7% rise. Gold miners too bounced back hard as bullion sprinted back over $5000. NST up 6.2% and NEM up 4.3%. Uranium stocks also in demand, NXG up 2.8% and LOT gaining 7.9%. Both STO and WDS rallied hard on crude price rises. Copper stocks were also firm, SFR up 1.2% and CSC rising 3.4%. Lithium a little depressed. PLS down 1.8%.
Banks were hot, CBA jumped 2.6% and WBC up 1.5% with the Big Bank Basket up to $277.95 (%). MQG dipped 1.4% and financials fell, ZIP down 9.0% and NWL falling 7.8%. Industrials fell, JBH dropped 1.9% and ALL off 2.8%. Healthcare fell, RMD off 1.6% and COH down 2.5%. Tech was massacred with WTC down 10.7%, XRO smashed 15.9% after an investor day, TNE off 10.5% and 360 off 5.9%.
In corporate news, YAL jumped 9.0% amidst Chinese coal demand. AMC rose 3.5% after reaffirming guidance. NEU in a trading halt pending an FDA announcement on NNZ-2591.
Nothing on the economic front.
Asian markets eased, Japan down 0.9%, China up 0.1% and HK down 0.2%
US Futures slightly higher, Nasdaq down 20, Dow up 58
10-year yields steady at 4.86%
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USS equities had a soggy Tuesday. Not disaster territory, but definitely a “this could’ve been worse” close after things looked uglier earlier. Tech was the problem child. Again. Software got smacked, dragging down the usual suspects — BDCs, private equity names and financial data plays all caught in the downdraft. The AI trade wasn’t spared either, with semis, Nvidia/OpenAI ecosystem stocks, retail favourites and crypto proxies all leaning the wrong way. Other soft spots: China tech, Payments, Rails, Entertainment. Basically, if it had momentum and a story, it got trimmed.
This wasn’t a full risk-off panic Under the surface, money didn’t leave the market — it just changed seats. Cyclicals actually had a decent day, which is not what you’d expect if recession fear was the driver.
Winners included: Small caps, Homebuilders (helped by the rumoured “Trump homes” affordability push), Industrial metals, Chemical Plus: Staples strong (yes, Walmart now a $1T stock — let that sink in)
This looked more like rotation than “sell everything and hide.”
SPI down 20 - Commodities rally - Gold up over 5%
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US stocks bounced as the world seemed a little less fraught. Boosting by a strong PMI manufacturing number. Oil prices fell sharply as Iran tensions eased. Gold and silver are still cooling, and the USD looks like it will stabilise from here. There’s no big American debt crack up imminent. US President Trump said a trade deal with India would see their tariffs cut from 50% to 18% in exchange, at least in part, for discontinuing to buy Russian oil and ordering American barrels instead. Indian PM Modi will lower Indian tariffs and buy American goods and services too. Details are, as ever, light. The S&P500 and the Nasdaq liked it anyway, and rose 0.5% each.
Disney is likely less enamoured with Trump. International visitors are going to the USA in less numbers (6% less in 2025), and it’s hitting their theme park numbers. It’s TV and film division isn’t running on all cylinders either. The shares dropped 5% after its earnings report came out. Elon Musk's SpaceX and xAI are set to merge for a combined valuation of $1.25T. Trump announced a $12bn strategic minerals stockpile to reduce China reliance. Uranium and nuclear stocks down while copper miners had a tentative bounce. BHP and RIO both up in the US.
SPI up 97 - Commodities steady. Ish!
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ASX 200 down 91 points to 8779 (-1.0%) as losses accelerated across Asia. 30-point rally into the close helped somewhat. South Korea was smashed over 4% on AI spending fears and gold and silver fell hard as did oil, as selling spilled over to other assets. Here the banks held up on defensive buying and CBA regained its crown as Number 1. Up 1.4%. The Big Bank Basket higher at $270.11 (0.7%). Other financials under some pressure, MQG falling 0.2% with QBE down 1.0% and SOL falling 2.6%. REITs dipped, GMG down 0.1% and SCG off 1.0%. Healthcare too under pressure, RMD down 1.3% and CSL dropping 2.4%. Tech once again skewered, WTC down 2.7% and TNE falling 0.9%. The All -Tech Index fell 1.2%.
Resources bore the brunt of the selling, BHP down 2.3% as copper fell in Asia, RIO off 1.0% and the gold miners under serious pressure, although there were some signs of buying. NST dropped 8.1% and EVN down 5.6% with NEM falling 10.0%. Most arrested declines although failed to bounce. Base metals, copper and lithium stocks also under pressure, LYC down 0.9%, LTR falling 4.0% and MIN dropping 1.5%. Oil and gas stocks under pressure too as crude unravelled on more optimistic Trump tweets on Iran. WDS fell 1.8% and STO down 3.3%. Uranium stocks slid too, as shorts stepped back in.
In corporate news, CTD founder and CEO resigned. The stock is still in a trading halt. GNC crashed 14.0% after a guidance update to 30% below consensus on EBITDA. KMD fell 5.2% despite an upbeat sales guidance release.
On the economic front, all eyes on the RBA tomorrow. HSBC says it will be the first G10 country to raise rates. Asian markets fell as risk unwound. South Korea fell 4.3% amidst concerns about the sustainability of AI-related spending. US Futures weaker, Nasdaq down 1.3%, Dow down 347. 10-year yields steady at 4.82%.
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US equities finished down in Friday trading, though ended off worst levels. Big tech was mostly lower; however AAPL was a slight gainer on its report and TSLA fared well. Other underperformers included semis/semicaps , software, precious-metals miners, homebuilders, transports, managed care, hotels, cruise lines, auto suppliers, China tech, nuclear, and quantum computing. High-beta, momentum, small-caps, most-shorted names, and retail-investor favorites lagged as well. Relative outperformers included HPCs, telecom energy, insurers, food/beverage, grocers, media, apparel and off-priced retail. Treasuries were mixed with the curve steepening; yields down 3-4 bp at the short end. Dollar index up 0.8%, though still lower WTD. Gold finished down 11.4%, its largest single-day drop in decades. Silver settled down 31.4%, its worst session since 1980. Bitcoin futures were down 0.2%, but came off worst levels. WTI crude settled down 0.3% in choppy trading.
SPI down 60 - RBA tomorrow.
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The markets are really moving now – both up and down. The Nasdaq was down 0.7% and the S&P500 was off a minor 0.1%. There were bigger moves in individual stocks. Microsoft fell 10% as the market reacted negatively to its release yesterday after the close. Conversely, Meta rallied 10% as the market took a positive view on how AI can help its advertising cash cow. ServiceNow was belted 9.9%. Apple is currently up 1.7% in the aftermarket after its quarterly showed 16% revenue growth and 19% growth in earnings per share. The iPhone had it best ever quarter. Tim Cook called the demand “unprecedented”. US financials also rallied strongly, alongside copper.
Apple up 2% on results - Call to come
SPI Futures up 33 points.
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ASX 200 fell 6 points to 8928 as iron ore stocks rallied into the close. The turn in BHP and RIO helped on a bump higher in iron ore. Gold miners were strong but not getting carried away. NST up 3.1% and NEM up 2.6% which considering the bullion price went nuts again, shows maybe some short-term fatigue. Uranium stocks were patchy too given the big move to US$100lb in spot prices, PDN only up 1.4% and DYL leading the charge, up 12.4%. Critical metal and rare earths stocks were walloped on unconfirmed reports that the US is abandoning its idea of a floor price. LYC fell 3.7% and ILU dropped 14.1% as impairments didn’t help there either. Lithium stocks under pressure too, IGO down 5.8% on production report, LTR fell 4.2% on a bond to equity conversion, MIN dropped 3.8%. Oil and gas doing very little. Meanwhile banks were mixed, CBA off 1.1% and the Big Bank Basket down to $266.66 (-0.7%). Financials were mixed too, ZIP fell 3.8% on the strong AUD, given most of its earnings are in USD now. Healthcare stumbled around in casualty, RMD down 1.1% on USD weakness, CSL the same applies off 0.4% and tech got smashed again. WTC down 2.1% and XRO heading that way, off another 3.1%. The All-Tech Index dropped 1.8%. Industrials slid, BXB down 2.6% and QAN off 2.1%. REITs also under pressure. That kind of day.
In corporate news, APX jumped 30.5% as revenue rose to $73.4m. AMP fell 4.6% after some accountancy tweaking. QUB saw Macquarie extend its DD to Feb 15th. Plenty of quarterlies to keep everyone on their toes. GMD announced some management changes along with production guidance.
Asian markets are mixed, with Japan up 0.4%, HK up 0.3%, China unchanged with Indonesia falling hard again on a GS downgrade.
US Futures firm, Nasdaq up 68, Dow down 42 - Gold hits record.
10-year yields steady at 4.83%
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US markets were braced all day for some important earnings release after the market. Marcus has the initial reactions in the Market Strategy section. It includes Microsoft, Meta, IBM and Tesla. Otherwise, the S&P500 was essentially flat and the Nasdaq up 0.2%. The VIX and bitcoin stayed steady. It’s a calm market considering the Fed meeting (keeping rates on hold), Trump unleashed aggressive rhetoric against Iran and gold/silver kept mooning. That’s not all. Henry said on his podcast yesterday that he expected uranium to hit US$100 per pound. Even he didn’t expect it do it overnight. Uranium stocks rallied strongly in North America as a result, with gold stocks not far behind. I detected some hesitancy in gold stocks earlier in the week. They’ve shrugged it off now! The lithium sector is taking a breather currently, as are US financial and European shares. None of it looks any more than the usual swings of the markets. That should hold the ASX in good stead for now.
SPI Futures down 4 points. ASX to open flat.
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ASX 200 started strong but wobbled ahead of CPI and ended down 8 points to 8934 (0.1%) after CPI nudged higher. Now a 70% chance of a rate rise next week. Most sector of the market slid, Banks off slightly, ANZ down 0.5% and the Big Bank Basket unchanged at $268.50. MQG dropped 1.1% with insurers also weaker, QBE down 1.2% and ZIP came undone, off 4.0%. REITs also under pressure with GMG off 1.1% and SGP falling 0.9%. Industrials pretty weak across the board, WES down 0.7%, ALL off 2.8% and COL and WOW slipped. Tech was again smashed with WTC off 3.8% and XRO falling again. The All-Tech Index dropped 2.8%. Healthcare also saw sellers, RMD down 2.1% and CSL down 1.2%.
It was a different story in resources, BHP up 1.7% again, RIO doing well too and gold miners finding buyers again as bullion pushed above $5200. Silver miners also in demand, uranium glowing red hot, no fall out here with PDN up 5.4% and BMN soaring 17.1%. STO and WDS showed a clean pair of heels as crude rose. STO the standout up 3.0%.
In corporate news, AUB fell 4.7% after its acquisition and capital raise. ASX dipped slightly after raising expense guidance, BOE soared 10% after cutting cost guidance.
In economic news, inflation picked up to 3.8% in December. Blame the Ashes and the Barmy Army. Every economist is now jumping on the rate hike prediction. 70% chance now next week.
Asian markets mixed with Japan down 0.6%, China up 0.7% with Indonesia crashes on MSCI moves, down around 7%.
US Futures firm, Nasdaq up 150, Dow unchanged - Gold hits record.
10-year yields steady at 4.82%
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Another positive session for the US stock market with the S&P 500 trading to a record high of 6988 points. That’s the fifth straight day of gains. All eyes are turning toward the 7000 level to see if it can break sometime soon. US chip makers rallied, with Nvidia +1.1%, Intel bouncing +3.4% and Micron up a very solid +5.4%. Big tech put in some good numbers too with Apple +1.1% and Amazon +2.6%. Tesla slipped 1% again. Resource stocks keep on keeping on. BHP was +4% in American trade. Uranium spot went over $90 per pound, taking up related shares. NexGen Energy was +3.8% and Cameco +3.9%. Like on the ASX yesterday, North American gold stocks were a little muted relative to the move in bullion. A 2% rise in oil lifted energy firms like Exxon Mobil, +1.5%. European stocks wer generally positive. It’s a global bull run happening.
SPI Futures up 38 points. ASX set to open higher.
Here in Australia, all eyes will be on the CPI data release today and what it will mean for the RBA’s next move. The Aussie dollar is now 70 cents to the USD, the highest level since 2023.
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ASX 200 kicked another 82 points higher to 8942 as BHP roared back into #1 spot on the ASX. Up 2.6% today. Fair to say resources were a little mixed, gold miners tried hard to suck the same ‘Koolaid’ as bullion traders, but failed, with EVN down 0.7% and NEM only up 1.4%. Most other were solid but not spectacular. Lithium and rare earth stocks felt a little pain, LYC down 5.0% and PLS off 2.4%. ILU dropped 4.6% with IPX down 3.8%. Copper stocks fared better as RIO jumped 1.7% and even FMG rose 1.7%. Uranium stocks fell with LOTDB falling the hardest down 7.7%. PDN eased 0.6% lower and BOE dropped 3.7%. WDS and STO pushed ahead on LNG pricing with STO up 2.5% as its first Barossa project cargo left port.
Banks were firm, the Big Bank Basket rose to $268.50 (). MQG had a good day in the sun, up 2.3% and insurers did well too, QBE up 1.4% and SUN rising 0.7%. REITs eased back, industrials mixed, WES rose 2.3% and COL and WOW moved higher. BXB fell 1.0% and tech still patchy at best. XRO down 1.4% and WTC up 1.9% with the All-Tech Index up 0.9%.
In corporate news, DRO fell 6.5% on a quarterly update, KAR slightly higher after production report, AUB in a trading halt with a $400m placement pending on a UK acquisition. On the economic front, Australian business sentiment rebounded ahead of the Reserve Bank meeting, with confidence advancing to 3 points in December.
Asian markets firmed, Japan up 0.6% China up 0.3% and HK up 1.1%. Dow futures down 44, Nasdaq up 142.
10-year yields steady at 4.84%.
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The S&P 500 rose on Monday as traders monitored political developments and braced for a big week of key earnings reports as well as the latest Federal Reserve interest rate decision.
The broad market index advanced 0.50% to end at 6,950.23. The Dow Jones Industrial Average gained 313.69 points, or 0.64%, and settled at at 49,412.40. The Nasdaq Composite climbed 0.43% and closed at 23,601.36. The tech-heavy index was supported by jumps of about 3%, 2% and 1% in Apple, Meta Platforms and Microsoft, respectively, ahead of their earnings reports later in the week.
Gold and silver shine - SPI up 37 - Quarterlies continue
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The ASX 200 limped into the Australia Day weekend rising a modest 11 pts to 8860. Down around 44 points for the week. But what a ride! A reverse of yesterday’s moves. Banks eased, CBA down 0.8% and WBC off 0.4%. The Big Bank Basket fell back to $266.78 (-0.6%). Insurers dropped with QBE down 1.8% and SUN off 1.4%. Other financials were mixed, ZIP up 5.2% and XYZ rising 1.0%. GQG drifted 1.0% lower and NWL rallied 4.1% on latest numbers. REITs fell again, SCG down 1.2% and VCX down 1.2% with GMG bucking the trend up 0.9%. Some buyers returned to the tech space as 360 roared 27.4% ahead after posting better than expected numbers. WTC moved 0.3% higher with XRO finding some support, up 3.5%. The All- Tech Index rose 2.2%. Finally, some signs of life. Industrials drifted lower, QAN down 1.5% with RMD falling 2.7% and WOW and COL easing.
In resources, BHP rallied 0.7% on copper price rises, RIO lost 1.5% and FMG was unchanged on broker research. Gold miners soared again, gold bullion the catalyst. NST bounced 5.4% with EVN up 5.3% and GGP soaring 7.6%. Rare earths were slightly better and Greenland exposed stocks did well. EUR up 8.9% and ETM rising 18.8%. Uranium stocks held on to gains, PDN down 0.4% and DYL rising 1.7% with LOTDB doing well, up 13.3%. STO continues its Barossa inspired rally, up 1.3%.
In corporate news, GYG firmed as Uber Eats will now deliver your burrito. AAI fell 0.8% on results. CSC fell 3.4% on a strike at Mantoverde.
Nothing locally on economic news, Japan kept rates unchanged ahead of the snap election.
Asian markets mixed, Japan up 2%, China down 0.5% and HK unchanged. Dow futures up 35 Nasdaq futures up 35 - 10-year yields higher at 4.82%.
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It was a positive night for US stocks with geopolitical risk continuing to moderate. The S&P500 rose 0.5% and the Nasdaq 0.9%. The VIX fell back to 15. The Trump tariff spooks seem to be getting less acute each time. The Russell 2000 went into fresh all time highs. The US small cap sector has now outperformed the S&P500 for the 14th session in a row. That’s the most since 1996. META rallied over 5% after announcing ads on its Threads platform and positive analyst coverage. TSLA bounced 3.8%. Gold rose over 1% to hit another record high above $4,900 per ounce while silver and platinum also achieved records. Good economic news came via the US consumer spending data, which increased in November and October. The Bureau of Economic Analysis said it rose 0.5% in both months. The US economy is growing at its fastest pace in 2 years according to their modelling. The US grew 4.4% in the third quarter.
SPI Futures down 8 points. ASX set to open mildly down. Gold rallies again.
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The ASX 200 rallied 66 points to 8849 (0.8%) on Greenland relief despite firmer than expected jobs data putting a Feb rate rise on the table. The reverse of yesterday’s moves as banks and industrials bounced back with resources sold off. Some disappointing quarterlies in the gold sector plus some overbought saw profit taking. Bullion prices also eased on the TACO man’s latest back flip with pike. Banks were firm, CBA up % and WBC rising % with the Big Bank Basket up to $268.35 (+2.2%). MQG had a good day and other financials also doing well, GDG the exception on quarterly FUM numbers. REITs also doing well despite the unemployment number coming in at 4.1% and the AUD rallying hard. 10-year yields back up to 4.80%. Industrials firmed, retail bounced, WES up 2.5% and CSL rose 1.3% with RMD up 1.9%. Tech still a troubled sector, WTC dropped 0.5% and XRO down 1.2%. The All-Tech Index up 0.6%.
In resources, it was reverse all engines. BHP down 0.8% and FMG dropping 5.1% on production disappointment. The gold miners were savaged today, yesterday they were all the rage. EVN gave 4.6% back and NST had another bad quarterly and downgrade leading to a fiery analyst briefing. Off 8.4%. Oil and gas better as was lithium and rare earths. Uranium stocks eked out gains, PDN managed to hold on to gains. Oil and gas stocks better on crude and natural gas pricing. STO up 5.3% on first shipments from Barossa and WDS up 2.9%.
In corporate news, S32 maintained its guidance, rising 5.3%, NWL down 3.8% despite second consecutive quarter of FUA growth. DYL up 0.9% on a Tumas update.
On the economic front, the jobless rate dropped to 4.1% setting up a rate rise in Feb. Every man and his economist now jumping on the rate rise bandwagon. None got the jobless rate even close.
Asian markets mixed, Japan up 2%, China down 0.5% and HK unchanged. Korea hit a record.
Dow futures up 104, Nasdaq futures up 75 - 10-year yields higher at 4.80%. AUD cracks 68c.
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There was a relief rally in the US markets overnight after Donald Trump moderated his rhetoric against the EU over Greenland and withdrew his tariffs threat, at least for the February deadline originally in place. He also ruled out taking Greenland by force. That said, he still wants it under American ownership. Both the Nasdaq and S&P500 rose over 1%. It was a broad based rally with every sector up except a tiny drop in utilities. The big chip stocks rallied strongly while the bounce in US big tech was slightly more moderate.
Energy led the way as a sector as oil finished up and natural gas rips up. They have risen over 50% over the last 2 sessions. There’s a cold spell hitting America and stoking heating demand.
SPI futures up 47 points. ASX set to open higher. Plenty of quarterlies. Gold hits record.
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It was a difficult night for US stocks with the SP500 down 2% and the Nasdaq down 2.4%. The VIX index hit 20, a 26% rise and gold topped US$4700. President Trump’s aggressive stance against the EU over Greenland plus weakness in Japanese bonds are pressuring the market. Reuters quotes the President as saying, “There is no going back”, when it comes to US control of Greenland. He’s also using the threat of tariffs to bend the EU to his will. They will go into effect on February 1 under the current timeline.
SPI Futures down 50 points. ASX set to open lower. Gold and silver hit records - RIO and EVN quarterly.
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ASX 200 slipped 29 points lower to 8875 today on worries over Trump’s move on Greenland. US futures turned lower, US physical markets closed tonight. Across the board losses led by the banks, CBA down 0.7% and NAB dropping 1.1% with the Big Bank Basket down to $271.82(-0.7%). MQG dropped 0.5% and other financials saw profit taking. Insurers also fell, IAG down 1.2%. REITs were mixed, GMG dropped 1.2% on tech worries. The All-Tech Index continues to be smashed, WTC down 4.4% and XRO heading that way. Off another 2.6%. Retail and industrials sold off too after the run last week. WES down 0.7% with JBH off 0.4% and TLS falling 0.8%. Utilities saw defensive buyers return, ORG up 1.0% and AGL pushing 0.8% better.
In resources, gold hit close to AUD$7000 amidst geo-political risk. NST up 3.2% and EVN rising 3.1% with GMD rising 3.7% on broker upgrades. Rare earth stocks doing well again, MEI up 9.3% and LYC rising 5.2%. Copper stocks eased but found a level, iron ore majors were mixed, BHP down 0.5% and RIO up 0.8%. Uranium stocks were glowing red hot on short covering, PDN up 6.6% and BOE roaring 13.6% ahead.
In corporate news, CCX had a trading update and rose 3.6%, NWH announced new contracts, down 2.7%, PNV reported H1 sales up 26%. A2M in a trading halt after a big move on Chinese birth rate diving. Down 10.6% before halt.
On the economic front, Chinese GDP data came in as expected, 5%. What a surprise. Strong exports helped to compensate for weak consumer spending.
Asian markets ease back, Japan down 0.9%, China off 0.2% and HK down 1%.
Dow futures down 361, Nasdaq futures down 298 10-year yields higher at 4.73%.
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Wall St ran out of steam on Friday night. Losing an opening gain to finish flat as Trump hinted at a new, potentially more Hawkish Fed president. SP500 down 0.06% just off record highs. Volume above average before the Martin Luther King holiday tonight. Small caps outperformed yet again as mega-cap valuation concerns continue. Most FANG stocks down. Dow down 83 points. Market stalling at the ceiling. Bond yields up.
SPI futures down 1 point. ASX to open flat. Greenland and Davos in focus -Quarterlies continue
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ASX 200 had another good day up 42 points to 8904 to a 10-weeek high. For the week we are up around 2.1%. Technology saw buyers return after a period of sub-optimal ‘dogness’. NXT jumped 3.5% and 360 rallied 1.7% with the All-Tech Index up 0.8%. I can’t remember the last time that happened. Banks were firm, CBA up 0.5% and WBC up a massive 1.8% with the Big Bank Basket at $273.68 (+0.7%). Financials generally firm, HUB up 5.3% and PNI raced 5.0% ahead. REITs also firm, GMG up 1.2% and SCG up 1.0%. TLS firmed 0.4%, REA up slightly and healthcare was firm. Supermarkets did well, WOW up 0.5% and COL up 0.7%.
Resources were quieter and a little mixed. Gold miners ran out of puff with NST down 1.0% and GMD off 0.3% but NEM continued 0.7% higher. BHP came off a little, down 0.8% with RIO positive. Lithium stocks came in for some profit taking but uranium was glowing as RBC upgraded the sector. PDN up 4.1% and DYL rising 7.5%.
In corporate news, CYL delivered a record quarterly and a broker upgrade helped. IPX up 2.6% after the US DoW paid a final payment and QUB up 0.4% on news MAM will continue with its exclusivity period. CSC did really well, up 7% on its quarterly production. Many more to come next week.
Nothing significant on the local economic front, international arrivals rose 8.4% on the same month in 2024. Davos next week should be fun! Largest US Delegation in history. Team Trump, Making Davos Great Again.
Asian markets ease back slightly. Dow futures up 108, Nasdaq futures up 100. 10-year yields steady at 4.71%.
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A cracking result and profit beat from AI bellwether stock TSMC overnight sent a buzz of confidence back through the US market, especially around the AI trade. Both the Nasdaq and SP500 were up, 0.18% and 0.26% respectively. The Dow climbed 293 points and the VIX fell back. TSMC released its fourth quarter results, which handily beat expectations. Q4 profit was up 35% to a record high. TSMC is the main global producer of advanced AI chips. They expect 2026 revenue to rise nearly 30%. Its market cap is now around $1.4 trillion. It also plans to invest in the US. Capital spending in 2026 could be as high as $56 billion and increase again in 2028 and 2029.
SPI Futures down 13 points. ASX set to open modestly lower. Oil drops. Gold steady. Silver recovers.
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The S&P 500 dropped 0.53% and closed at 6,926.60. The Dow Jones Industrial Average lost 42.36 points, or 0.09%, and ended at 49,149.63. The Nasdaq Composite shed 1%, settling at 23,471.75. It was the second consecutive day of losses for all three indexes.
Tech bogged down the broader market. Chip stocks in particular suffered losses, as Broadcom fell 4% and Nvidia and Micron Technology slid more than 1% each. On Wednesday, Reuters, citing people briefed on the matter, reported that Chinese customs authorities have advised customs agents that Nvidia’s H200 chips are not permitted to enter the country.
Wells Fargo was among the laggards in the session, falling more than 4% after the company posted weaker-than-expected revenue for the fourth quarter. Bank of America and Citigroup were lower despite their results beating consensus estimates, as traders didn’t view them as strong enough to continue supporting a market trading near record highs.
Oil fell on reduced Iran tension. Gold and silver push higher. SPI up 24.
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It was a mixed session for Wall Street overnight, with the major indices modestly down. The Dow dropped 398 points and the Nasdaq was 0.1% lower. The SP500 was down 0.2%. US earnings season began, injecting some uncertainty as results begin to flow through to the market. Big tech was weaker, likely held back from valuation concerns and investor rotation into sectors with better potential upside. That may be a theme for 2026. US financials were down too as high expectations make further gains harder to achieve after a strong rally in 2025. Indeed, financials were the weakest sector in the SP500 overnight. US inflation data came out and showed a CPI rise of 2.6% over the last 12 months, and cemented Fed rate cuts in for 2026, but largely built into prices now. There was little action in the EU either, at least as far as stocks are concerned.
SPI Futures are down 5 points.
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ASX 200 kicked another 49 points to 8809 (0.6%) as resources continue to soar, banks joined in too with the iron ore majors recovering. Some selling on the close knocked it off highs. CBA was up 0.5% with NAB flying 1.9% higher and the Big Bank Basket up to $272.19 (0.9%). Other financials and insurers also rallying, except GQG which fell 8.6% on latest FUM results. REITS also firm, GMG up 1.1% and SCG rising 1.2%. Industrials and healthcare were a little weaker, retail stocks under pressure, JBH down 3.0%, COL sliding 1.8% and TPW off another 2.7%. MYR dropped 5.1% and BAP continued lower. Tech stocks continued to ease, WTC eased 0.3%, XRO up 0.4%, but TNE down 0.8%. Resources were the drivers again, BHP up 2.3% with RIO bouncing back 2.2%. Gold miners were firm, EVN up 2.0% and NST up 3.6% with lithium stocks also doing well and rare earths in focus. LYC up 1.9% despite news that the popular CEO is retiring. Uranium stocks better and oil and gas weak, WDS down 1.7%.
In corporate news, EDV fell 2.9% as it forecast pre-tax profits of between $400-411m. FBU reported a modest improvement in the outlook and ZIP dropped 7.6% on US credit card moves from Trump. 4DX in a trading halt with a placement at 380c.
On the economic front, the ANZ-Roy Morgan survey on consumer sentiment was the weakest start to the new year in 15 years.
Asian markets firmed, Japan jumped 3.4% on a potential snap election, China up 0.1% and HK up 1.1%. US futures down slightly.
10-year yields steady at 4.70%.
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Stocks rallied off their session lows, with the S&P 500 and Dow Jones Industrial Average hitting new all-time highs as investors shook off the Department of Justice opening a criminal investigation into Federal Reserve Chair Jerome Powell.
The S&P 500 rose 0.16% to end at 6,977.27, while the Dow Jones Industrial Average ticked up 86.13 points, or 0.17%, and settled at 49,590.20. Both indexes touched fresh all-time intraday highs and closed at records. The Nasdaq Composite was up 0.26% and closed at 23,733.90.
The major averages rebounded off their worst levels of the session, helped by gains in Walmart and some technology stocks.
Trump announces new 25% tariffs on any country that does business with Iran SPI up 30 - Rudd resigns as US Ambassador.
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ASX 200 kicked off the week with a 42-point rise to 8759 (0.5%) as banks pushed higher. CBA up 0.6% and the Big Bank Basket up to $269.67 (%). Some flight to safety as the US administration moves against Jerome Powell. Insurers slipped on recent weather events, QBE down 1.4% and IAG off 3.6%. REITs were mixed, GMG up 0.4% and VCX slipping 0.7%. Industrials firm, WOW up 0.8% and COL up 2.4% despite price gouging inquiries in the wind. WES rallied 1.4% and TLS up 0.4%. The tech sector was slightly firmer with TNE up 0.9% and the All-Tech Index rose 0.4%. In resources, the big three iron ore miners slipped with BHP down 2.5% and FMG off 1.4% on some downgrades and fears of another Anglo bid from BHP. Gold miners rallied hard as gold hit record highs, NEM up 5.8% and GMD up 2.6%. Lithium also firm, PLS continuing higher, and uranium stocks slightly better. Oil and gas majors better as crude rises.
In corporate news, DMP rose 3.1% on a new Australian CEO, RPL rose 4.7% on a trading update. CUV also up 1.4% on a new preclinical study. SUL dropped 5.3% On the economic front, November household spending rose 1%. More than expected.
Asian markets firmed, Japan closed for another holiday and US futures down on the Powell news.
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US equities were higher in Friday trading as stocks ended just off best levels. S&P 500 set a fresh record close and Nasdaq a little over 1% off its record, as both indexes capped of third week higher in past four. Big tech all higher with TSLA the standout, while high beta, momentum, retail favorites among better performers. Outperformers included homebuilders (Trump policy proposals), nuclear (Meta agreements), solar, building products, home improvement, E&Cs, copper and aluminum, airlines, parcels and logistics, semicap equipment, and A&D. Laggards included China tech, software, networking/communications equipment, toys, credit cards, rails, entertainment, hospitals, and MCOs. Treasuries mixed with curve flattening; yields up 5 bp at front-end. Dollar index up 0.2%; yen in focus amid latest snap election rumors. Gold finished up 0.9%. back above $4,500/oz. Silver settled up 5.6%, capped off 11.7% weekly gain. Bitcoin futures down 0.5%. WTI crude was up 2.4%.
SPI up 29 ALL has a win against LNW.
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Stocks rose for a fourth straight session on Tuesday, as artificial intelligence names continued to outperform during a holiday-shortened week.
The S&P 500 added 0.46%, closing at a record level of 6,909.79. The broad market index is now just below its intraday all-time high of 6,920.34.
The Nasdaq Composite climbed 0.57% to end at 23,561.84. Gains in tech giants Nvidia and Broadcom, which rose around 3% and more than 2%, respectively, lifted the index. The Dow Jones Industrial Average rose 79.73 points, or 0.16%, and settled at 48,442.41.
SPI down 17 – Gold and Silver hit records – MVF bid withdrawn.
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The ASX 200 jumped 96 points to close at 8796 (1.1%) on a six-week high as Santa seems to have found his plug-in charger. Yesterday was all about the miners, today was all about the banks. CBA rose 2.2% with NAB up 0.9% and the Big Bank Basket back up to $280.18 (1.7%). RBA minutes suggested rate rises and an economy that is doing ok. Maybe too ok. Other financials also did well with MQG up 1.6% and insurers pushing ahead. QBE up 2.0% and SUN up 1.4%. REITs were stars with GMG running hot, up 8.3%, on a $14bn data centre deal, VCX rose 0.8%. Industrials were firm with WES up 1.5% and NCK still feeling loved up 2.8%. ALL rose 1.2% and TAH rallied 1.0% after Macquarie revealed a 5% stake. Tech stocks started to stir at last, WTC up 2.3% and 360 up a modest 2.2%. NXT rose 1.2% and ELS did well up 3.6%.
Resources took a bit of a breather despite gold flying, BHP up 1.1% with FMG down 0.4% and the gold miners mixed. NEM up 1.2% and NST fell 0.6%. Lithium stocks remain in favour, LTR up 3.2%. Uranium stocks steady and oil and gas stocks positive, WDS up 1.2% and STO up 0.7% on higher crude prices.
In corporate news, SWM unchanged as the merger with SXL was approved. CMM fell 1.8% after agreeing to acquire a project from Tempest Minerals. RHC was 2.9% better, on news to acquire National Capital Private Hospitals in Canberra.
On the economic front, RBA Minutes out today. The board has less confidence in its previous assessment that monetary policy is restricting the economy, and that interest rate rises will be considered next year if higher inflation persists. Monthly inflation numbers remain volatile.
Asian markets were firm. Japan up 0.3%, China up 0.3% and HK unchanged.
US futures – DJ down 49 Nasdaq down 8
10-year yields eases to 4.76%.
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The S&P 500 rose on Monday, lifted by strength in artificial intelligence stocks, kicking off a shortened holiday week on a positive note. The index gained 0.64% to 6,878.49, marking its third straight day of gains. The Dow Jones added 0.47%, while the Nasdaq Composite climbed 0.52%.
AI-linked stocks led the rally, with Nvidia up more than 1% on reports it plans to resume shipments of H200 chips to China by mid-February. Micron Technology jumped about 4% and Oracle rose more than 3%.
The move follows a mixed week on Wall Street. A late surge in technology shares helped the S&P 500 and Nasdaq notch their third positive week in four, while the Dow — the month’s outperformer — snapped a three-week winning streak.
SPI up 14 - Gold and silver hit new records.
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The ASX 200 kicked off the short week in fine style up 79 points (0.9%) to 8699 as gold and copper headed for records in Asia. Resource stocks kicked again, BHP up 1.6% with FMG up 1.7%. Gold miners in demand, NST up 4.1% and NEM up 5.2%. BGL was the only loser in the gold sector. Lithium stocks also ran, MIN up 6.2% and LTR pushed 5.5% better as it starts underground mining. Rare earths also doing ok. MEI jumped 32.1% om environmental approvals, LYC up 2.4%. Even uranium stocks glowed today, PDN up 7.0%. Banks were better with CBA up 0.3% and ANZ up 0.7%. The Big Bank Basket up to $275.41 (+0.2%). Healthcare firmed, CSL up 0.7% and PME rallied 2.3%. REITs modestly higher. Industrials mixed, WTC fell 4.2%, XRO flat. REA and CAR slightly better, retail was boosted by NCK up 9.9% on a trading update. APE also rallied hard up 6.3%.
In corporate news, DRO soared 7.9% on new director guidelines on shareholdings. IGO jumped 2.6% on commissioning a new chemical plant at Greenbushes. NXT soared 6.6% on further contract wins.
Nothing on the economic dance card.
Asian markets were firm. Japan's Nikkei up 1.9%, China up 0.8% and HK up 0.2%.
US futures – DJ up 33 Nasdaq up 95
10-year yields steady at 4.80%.
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US stocks were higher Friday. There was a broad based rally across big tech, the chip makers and the financial firms. The Industrial sector was strong too. Nvidia made a big move, +3.9%, notable after its subdued trading lately. There is a chance that Trump may even allow Nvidia’s second most elite chip for sale to China. The S&P500 rose 0.87% and the Nasdaq 1.3%.
SPI futures up 41 points. Resources to shine.
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The ASX 200 finished the week up 40 points to 8628 for a 70-odd point loss for the week. Banks were firm, CBA up 1.8% and WBC up 1.3% as the Big Bank Basket rose to $274.68(+1.3%). MQG rose 1.5% despite a $35m fine for reporting short sellers. Insurers better. Financials generally better too. ZIP up 3.3% and CGF rising 3.1%. REITs gained slightly as CHC jumped 2.3% and GMG up 0.5%. Tech was a winner today, something we haven’t seen for a while. WTC up 3.2% and XRO rising 2.3%. The All -Tech Index rose 1.5%. Industrials generally were firm, JBH up 2.3%, SGH rising 0.9% and SIG having a good day on a broker upgrade.
Resources were mixed, BHP dropped 1.2% with FMG under pressure off 3.2% despite a good week for iron ore. Gold miners found their feet with GMD up 1.6% and VAU rising 1.3%. Base metals stocks also in demand, MLX up 4.4% and DVP rising 4.1%. WDS unchanged and STO off 2.1% with uranium stocks bouncing off lows. LOT up 18.8% and PDN up 9.3%. Even BOE rose 11.4%.
In corporate news, CTD remain suspended and announced a 'skinny' update. 4DX soared 21.5% on a new US contract, WTC rallied after White was cleared of wrong doing by the board. ABB fell 1.4% after warning the competition regulator’s new voice interconnection rates would cut earnings.
In economic news, nothing locally, the BoJ raised rates to the highest in 30 years by 25bps. No surprise as inflation stays elevated.
Japan raises rates as expected. Japan up 1.0% HK up 0.6% and China up 0.5%
US futures – DJ down 93 Nasdaq up 29
10-year yields steady at 4.76%.
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A quiet session on the ASX with the index rising 3 points to 8588. The banks held up with CBA rising 0.7% and the Big Bank Basket rising to $271.08 (0.2%). Insurers better too, other financials drifting lower, REITs better with VCX up 0.8% and SCG up 1.0%. Industrials mixed, ORG fell 2.5% with WOW and COL pushing around 1.0% better, retail was mixed, JBH up 1.6% and APE down 1.4%. Tech stocks making some gains after significant losses, WTC up 1.6% and XRO finding support up 2.5%. REA and CAR also finding support.
Resources were mixed, gold miners gave back some of the gains with EVN down 1.1% and NEM off 1.5% with iron ore miners better, BHP moved 1.1% ahead with RIO doing well too. Lithium stocks gave back some gains and uranium stocks under pressure after BOE fell 24.6% on a Honeymoon update. DYL down 7.8% and PDN down 4.8%. In oil and gas, the big news was the surprise resignation of WDS CEO Meg O'Neill to take up the helm at BP. WDS dropped 2.7% on the news, STO rose 1.0% as crude rose.
In corporate news, BAP rallied 15.5% from lows on the CEO resignation. APA rose 1.2% after selling 20% interest in GDI. BEN fell 1.5% on AUSTRAC news as it continues to investigate.
On the economic front, NZ GDP grew at 1.1% last quarter.
Asian markets weaker again, Japan down 0.2%, HK down 0.3% and China up 0.4%.
US futures: Dow down 23 Nasdaq up 91
10-year yields steady at 4.75%.
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The AI trade certainly has the wobbles right now. The Nasdaq was down 1.8% and the SP500 1.1% overnight. Big tech had a session to forget with only Netflix and ServiceNow eking out a tiny 0.2% gain. Chip stocks were down even more sharply, with not one in the green at all. The action is in the resource sector currently. Silver continues its euphoric run to a record high of over US$65. Gold, copper and oil rallied. The VIX jumped another 8% and bitcoin fell 2% to $85k
SPI futures are down 8 points. ASX to open lower. Gold and silver rise - Resources to continue to rally.
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The Australian sharemarket fell after a weak US lead and oil declined to its lowest level in almost five years. That is good for inflation though.
The S&P/ASX 200 closed down 13.7 points, or 0.2% at 8585.20 as a sell-off in the energy sector on weaker oil prices was offset by a strong rally in mining stocks. The All Ordinaries slipped 0.1%. Industrials were weak and tech once again sold down hard. Banks eased back too.
Lithium stocks soared on JP Morgan upgrades and gold miners flying high. Gold in AUD hits $6550.
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The S&P 500 fell for a third session Tuesday as traders digested the delayed release of the November jobs report. The broad market index dropped 0.24% to settle at 6,800.26, while the Nasdaq Composite gained 0.23% to end at 23,111.46. The Dow Jones Industrial Average declined 302.30 points, or 0.62%, to close at 48,114.26.
U.S. crude oil also came under significant pressure on Tuesday, falling to its lowest level since early 2021.
Earlier Tuesday, November’s jobs report came in better than expected, showing an increase of 64,000 jobs for the month, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones predicted that nonfarm payrolls would grow by 45,000 in the period.
However, the BLS reported that October shed 105,000 jobs. The unemployment rate also increased to 4.6%, which was above the Dow Jones forecast for 4.5%, raising concerns about the state of the U.S. economy.
SPI down 3 - TWE in focus on US and China downgrade.
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The ASX 200 slipped another 36 points to 8598 (0.4%) as we wait for US data and Futures turned negative. Asian markets also under pressure as the AI trade sees air leaving. Banks slipped, CBA steady, WBC down 1.1% with the Big Bank Basket down to $271.96 (), other financials falling, ASX down another 2.9% with GQG off 3.1% and MQG bucking the trend up 0.2%, Insurers were firm, SUN up 0.8% and MPL rising 0.4%. REITs slid lower, GMG down 0.1% and VCX falling 1.6%. Tech stocks in trouble again, WTC down 3.0% and XRO off 2.0% with the All-Tech Index down 1.6%. Retail fell, JBH down 1.0% and healthcare also under pressure. PME down 3.3% and COH falling on deaf ears, off 1.4%.
Resources tried hard to hold up, gold miners saw profit taking again, NST down 2.4% and NEM off 0.6%. BHP and RIO went sideways, FMG dropped 2.8% and oil and gas stocks fell hard on crude prices, WDS down 2.3% and STO off 2.1%. Uranium stocks under pressure again on the AI trade. PDN off 4.8% and WHC falling 1.2%.
In corporate news, REA fell 1.7% on news Google is entering the housing ad space. SXE rose 2.5% on a new order, DRO soared 22.2% on a $50m order from Europe. SGR unchanged after Steve McCann resigned. ORI up 2.8% after its AGM
On the economic front, ANZ- Roy Morgan Consumer sentiment eased and two major banks predicted rate rises for February.
Asian markets fell hard on AI fears, Japan down 1.3%, HK down 1.9% and China off 1.4%.
US futures were down, Dow down 160 and Nasdaq down 168.
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The ASX 200 started off the week down 62 points to 8635 (0.7%). Miners bore the brunt of the selling after a stellar week last week, with BHP down 2.9% and RIO falling 2.4% on lower iron ore and copper prices. Gold miners too in profit taking mode after solid gains on Friday. GMD fell 5.4% and NEM off 0.9%. Lithium miners were also in profit taking mode as PLS fell 3.9% and LTR off 6.4%. Uranium stocks dropped hard as the AI trade in the US was called into question again, and thus the energy trade. NXG fell 4.5% and PDN down 4.7% with BOE off 8.2%. The banks were relatively calm as CBA fell 0.6% with the other three higher. The Big Bank Basket eased to $272.41 (-0.1%). Other financials eased, ASX under pressure following the ASIC reforms, GQG up 1.1% and SOL falling 1.2%. Insurers were generally better. Healthcare mixed as CSL stumbled 2.5% lower, TLX falling another 4.2%. REITs mixed, industrials mixed too. TLS down 0.8% and TPG up 1.8% with tech trying to find a base, WTC down 0.7% and XRO up 0.6%. The All-Tech Index up 0.04%. Retailers also found some bargain hunters, JBH up 2.3% and APE recovering 1.0%.
In corporate news, TWE in a trading halt pending outlook statement. EOS jumped 28.9% on an US$80m order from South Korea. 4DX rose 9.9% on news of approvals in Canada. WGX announced plans to spin off non-core assets and FMG announced plans to buy the remaining shares in Alta Copper.
Nothing locally on the economic front but Japanese factory sentiment improved opening the way to a rate rise this week. China announced its weakest retail numbers since Covid.
Asian markets eased on US falls, Japan down 1.4%, HK down 0.9% and China off 0.2%.
US futures were better, Dow up 160 and Nasdaq up 52.
10-year yields steady at 4.72%.
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Wall St had a nasty fall overnight as Broadcom results drove an uptick in AI ROI concerns and hawkish Fed speak drove up bond yields. S&P 500 down 1.1%. Closing near the low on average volume. Dow down 370. Nasdaq down 1.7%. Its worst session since the Nvidia results drop on 20 November. All about Tech as Broadcom down 11.4% compounded the 10.8% Thursday night fall in Oracle.
- Copper fell 3% on the LME as profit taking crept in after a record breaking week. Supply disruptions, weak USD and strong demand took the metal within touching distance of the $12,000 mark. USD index flat overnight, down 0.6% for the week.
- Gold rose but silver fell after also hitting record highs in the previous session. Silver’s appeal as both a store of wealth and having manufacturing applications has seen it rise 100% this year vs gold up 60%.
SPI down 51 - TWE Trading halt.
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The ASX 200 finished the week on a very firm note up 105 points to 8697(1.2%). Up 0.7% for the week. Across the board gains, with banks surging as CBA rose 2.1% and NAB up 1.8% after its AGM. The Big Bank Basket rose to $272.70 (+1.8%). Other financials also did well, MQG bouncing 2.7% and insurers too better. QBE and SUN up over 1%. REITs bounced, GMG up 0.8% and VCX up 2.4% with healthcare too also doing well, CSL rallying 2.9% with SIG up 1.4%. Industrials better but not flying. Retail saw some shoppers out and about, JBH up 2.7% and MYR up 4.4% with losses in LOV and TPW continuing. Tech remained a sub-optimal place to be, TNE down 1.6% with XRO continuing to fall, down another 0.5% with the All-Tech Index off 0.2%.
Resources again was the place to be. Gold miners soared as brokers started to amend forecasts for metal prices higher as 2026 comes into view. NST up 2.9%, GMD up 7.6% and NEM rising 5.7%. BHP and RIO also strong on copper exposure, and uranium stocks gained ground. PDN up 4.8% and DYL rising 4.9%. Lithium stocks were a little depressed.
In corporate news, former ANZ CEO is suing the bank for his lost $13.5m bonus. ASB dropped 3% on news that Jim Chalmers will allow Hanwha to increase its stake to near 20%. 4DX jumped 8.8% on an options deal and BMC Minerals debuted.
Nothing on the economic front.
Asian markets pushed higher, Japan up 1.7% with HK up 1.4% and China up 0.1%.
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The Dow Jones Industrial Average and S&P 500 reached new heights on Thursday, as a Federal Reserve interest rate cut followed by disappointing Oracle results prompted investors to move out of high-flying tech stocks and into names that can benefit from a growing U.S. economy.
The 30-stock Dow rose 646.26 points, or 1.34%, to finish at 48,704.01, a fresh closing high. The index also scored a new record intraday high, supported by a rise in Visa shares after the name was upgraded at Bank of America. The broad market S&P 500 traded up 0.21% to settle at 6,901.00, which was also a closing record. However, the Nasdaq Composite pulled back 0.25% to finish at 23,593.86.
SPI up 88 – Resources in focus – NAB AGM
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The ASX 200 started in fine form after the Fed rate cut, but finished up only 13 points to 8592 (0.2%) as enthusiasm waned after the jobs data and US futures losses. A mixed picture across the market, CBA fell 0.7% as the other three rose, the Big Bank Basket unchanged at $267.77. MQG bounced 1.4% and other financials mixed. Healthcare stumbled into casualty, CSL dropped 1.6%, RMD down 2.3% and TLX dropped 2.1%. Retails also under pressure again, JBH off 1.5% and APE dipping 3.9%. PMV fell hard too off 5.2%. Tech remained under a cloud, WTC down 2.2% and XRO falling another 1.3% with 360 off 2.2%. The All-Tech Index fell another 1.4%. REITs made up some lost ground as bond yields fell on jobs data.
In resources, iron ore miners pushed higher, FMG up 0.4% and RIO up 1.8%, with BHP up 1.3%. Gold miners were mixed, RMS rose 6.7% on broker comments, NEM also doing well, up 2.1%. Lithium stocks, a little depressed, and rare earths under pressure again. LYC down 0.9% and ARU off 8.2% as a large block trade went through the market. Uranium stocks slightly positive.
In corporate news, IAG fell 1.2% after the ACCC knocked back its RAC QLD acquisition. AMP settled a class action and rose 1.1% with ORG up 0.4% on further expansion at Eraring. On the economic front, the jobs data came in below expectations although the headline rate at 4.3% remained unchanged.
Meanwhile in Asia, Japan down 0.8%, HK flat and China down 0.6%. 10-year yields dropped to 4.72%. Nasdaq futures down 1.2%. Dow down 0.5% on Oracle. European markets set to open weaker.
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The Dow Jones Industrial Average jumped on Wednesday after the Federal Reserve decided to cut interest rates once again this year and as traders bet more easing was ahead next year.
The 30-stock average gained 497.46 points, or 1.1%, to close at 48,057.75. The S&P 500 advanced 0.7% to end the day at 6,886.68 and briefly traded above its previous record closing high of 6,890.89. The Nasdaq Composite increased 0.3% to 23,654.16. The Fed approved another quarter percentage point cut at the conclusion of its two-day policy meeting. The cut, which marks its third in a row, brings the federal funds rate to a range of 3.5%-3.75%.
SPI futures are up 76 points. The ASX to rise strongly.
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The ASX 200 wandered around again today, waiting for the Fed, closing down 7 points to 8579 (0.1%). Banks eased back slightly, CBA down 0.5% and the Big Bank Basket fell to $267.79 (0.4%). MQG sliding another 0.7% again with other financials easier. Insurers came back to earth, with QBE down 0.4% and IAG off 1.0%. Industrials were flat, retailers fell, APE down 2.3% and JBH off 2.3% with TPW continuing to slide, off another 3.0%. WES was a bright spot up 0.7%, maybe lithium exposure! Healthcare eased back too, CSL down 0.1% and COH off 2.5%. Tech fell yet again, WTC down 1.9% and XRO sliding further, TNE off another 1.3%. Interest rate sensitive stocks under pressure. QAN down 0.8% and TCL off 1.3%.
In resources, iron ore stocks picked up, BHP up 0.5% and FMG up another 0.9%. Gold miners up as RMS announced a $250m buyback. NST up 5.1% and EVN up 4.5%. Silver stocks also having a good run. Oil and gas fell and uranium stocks rose slightly.
In corporate news, SBM up 10.9%, it secured a strategic partner and funding for Simberi, DRO popped 16.2% on a LW article. 4DX jumped 6.0% on a new order in the US. GQG unchanged on FUM data.
On the economic front, we had Chinese CPI slightly higher than expected.
Meanwhile in Asia, Japan down 0.1%, HK down 0.5% and China down 0.8%.
10-year yields higher at 4.80%.
US Futures – Dow down 4 and Nasdaq down 28.
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US stocks were middling overnight as the market sweats the Fed tomorrow, US time. The Nasdaq was up 0.13% and the S&P500 down 0.1%.The only notable move from big tech was Tesla stabilising 1.3% after its 4% drop in the previous session. The news about Nvidia selling into China couldn’t keep the stocking firing, with it slipping 0.3%. There’s pushback to the deal from Democrats and China “hawks”. Gold and lithium shares showed strength and silver hit a record high of US$60 an ounce. Bitcoin rallied to $92k. JP Morgan fell 4.7% on CFO comments on costs in 2026 dragging the Dow down.
SPI futures up 24 points. The ASX is set to open higher.
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The ASX 200 fell 39 points to 8586 (0.5%) after the RBA kept rates on hold as forecast. The index was down a similar amount before the 2.30pm announcement. Banks drifted lower, CBA down 0.6% and WBC off 0.6% with insurers staging a modest recovery, QBE up 1.2% and MPL rising 2.7%. MQG dropped another 0.9% with PNI falling 1.1%. REITs mixed, GMG down % with the rest of the sector better. Healthcare eased, CSL down 2.0% and RMD falling 2.3%. Retail stocks fell on the rates news, JBH off 1.9% and APE dropping 2.2% as SUL fell in sympathy with BAP, down 21.3% on another nasty trading update. Telcos slid lower, TLS down 0.6% and TPG with some issues fell 1.6%. Tech once again on the nose, XRO off 0.7% and TNE down 1.6% with 360 falling hard.
In resources, iron ore stocks firmed, FMG up 1.7% and RIO flat. Gold miners drifted lower, PRU off 1.5% and NST falling %. Oil and gas stocks eased, uranium mixed, PDN and DYL to the good, LOT down to the bad. Lithium stocks holding, up but rare earths sliding back to earth.
In corporate news, LTR dropped 2.3% on a new offtake deal, WAF fell 0.7% on drilling results.
On the economic front, the RBA left rates unchanged. The board does not seem to be in a hurry to raise them either.
Meanwhile in Asia, Japan up 0.2%, HK down 0.8% and China down 0.1%.
10-year yields higher at 4.75%.
US Futures – DJ up 9 points and Nasdaq up 10.
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US stocks were down overnight as the market keeps sweating the Fed meeting coming up. All sectors in the red. SP500 down 0.35% and Nasdaq off 0.14%. Bond yields also kept pressing higher. There’s still been plenty of action. The major report is that Nvidia will be allowed to sell its H200 chips to China, sending the stock up 1.7%.
Paramount Skydance is launching a hostile bid for Warner, at $30 per share, all cash. The Netflix bid was at $27.75, split between $23.25 in cash and $4.50 in Netflix common stock. Either bid has to make it past regulators. Trump is critical of Netflix.
SPI futures down 24 points. ASX to open lower. Don’t expect much to happen until the RBA release at 2.30pm.
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The ASX 200 slipped 10 points in quiet trade to 8624 (0.1%). Banks eased slightly with ANZ and NAB down around 0.7%. The Big Bank Basket up to $269.33 (0.3%). Other financials and insurers were firm, QBE up 1.1% and ZIP doing well, up 5.7%. Industrials wafted around, retailers fell with JBH and WES showing modest losses. REITs were slightly better, led by GMG and TLS had a good day as did REA. Technology stocks were mixed, WTC up 0.8% and XRO continuing to fall, off another 0.6%. The All-Tech Index rising 0.1%.
In the miners, iron ore majors came under a little pressure, with RIO off 0.9%. Gold miners too were under some pressure as bullion drifted lower, NST down 1.4% and EVN off 2.1%. Lithium stocks were on a roll. PLS up 6.1% and LTR blasting 14.8% ahead on UBS upgrades and short covering. Uranium stocks down, modest losses only. BOE the exception falling 4.5%.
In corporate news, NSR got an agreed bid from Brookfield-GIC at 286c. S&P have downgraded their credit outlook for ASX Ltd to “negative” from “stable”. TNE have backed the new CFO following his time with CTD.
On the economic front, RBA meeting tomorrow, and almost a shoe-in for no change to rates. The AUD is trading at a 3-month high.
Meanwhile in Asia, Japan up 0.5%, HK down 1.0% and China up 0.7%.
10-year yields steady at 4.70%.
US Futures – DJ up 18 points and Nasdaq up 66.
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Wall St ground higher Friday ‘Expectations for Fed rate cuts’ was the excuse for last week’s market rally and that same narrative supported a more modest rise in the three major indices this week. S&P 500 up 0.3% vs the ASX 200 up 0.2%. Nasdaq up 0.9% and the Dow up 239 points. S&P 500 up 0.2% overnight after PCE inflation and consumer spending prints from September both met expectations. Light volume. Nasdaq up 0.3%. Dow up 104 points. Risk-on Technology and Discretionary stocks leading the pack. Value, Utilities and Resources worst.
SPI down 13 - NSR agreed bid.
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- US markets mixed: S&P 500 and Nasdaq finished narrowly higher for the week, with small caps outperforming; leadership came from AI enablers, banks, brokers, machinery and select retail, while consumer defensives and cyclicals lagged.
- Rates, FX & commodities: US Treasury yields rose 3–5bp with the curve flattening; the US dollar strengthened, gold gained 0.3%, Bitcoin fell 1.1%, and WTI crude rose 1.2%.
- Market tone: Trading lacked clear macro direction as investors focused on company-specific news (Micro > Macro) ahead of key AI earnings events, the final Federal Reserve FOMC meeting, and lighter seasonal volumes.
- Key company moves: Meta surged on reports of 30% metaverse budget cuts; Dollar General beat and raised, while Kroger and Costco disappointed; mixed reactions across tech and retail earnings.
- Economic data & Fed outlook: Jobless claims hit the lowest level since 2022, but annual layoff announcements are the highest since 2020; markets are pricing ~90% chance of a 25bp Fed rate cut at the upcoming meeting.
SPI up 20 - Energy stocks in focus.
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The ASX 200 meandered around waiting for the Test to start. At the close, the index was up 23 points to 8618 (0.3%) in a narrow trading range. Banks found some buyers with the Big Bank Basket rallying to $266.71 (0.8%) as ANZ continued higher, up 1.7%. Financials generally were on hold, REITs slid with GMG down 2.7% as higher bond yields took their toll after household spending showed renewed strength. Industrials too were wishy washy, ALL down 0.7% and COL off 1.7% with retailers falling, JBH down 2.1% and TPW falling another 2.4%. STP fell hard on a trading update. Tech stocks were slightly firmer, WTC did better after the investor day yesterday, up 1.7%, with 360 also better. The All-Tech Index drifted 0.3% lower.
Resources were all about copper. BHP up 3.6% with RIO joining the fun and rising 3.9%. Gold miners slipped as a stronger AUD took its toll. Lithium stocks are also coming off the boil with VUL copping it on the capital raise and ex-entitlement. Oil and gas are modestly higher, with uranium stocks mixed.
In corporate news, BEN is in the frame with job cuts, REG sold some aged care homes, and GEM updated the market on its former employee facing an additional 83 charges.
On the economic front, stronger-than-expected household spending reignited rate rise fears.
Asian markets, Japan recovered 1.8% with HK up 0.2% and China up 0.3%.
10-year yields pushed higher again to 4.69%.
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US stocks were up modestly overnight, with the Nasdaq up 0.17% and the SP500 0.30%. The Dow was up 408 points. Private sector data showed that payrolls declined in November. Government numbers won’t be available until after the Fed meeting. It was enough to support stocks for the day, plus some helpful inflation data. There wasn’t much action in big tech, but the broader chip makers had a strong day and the small cap index the Russell 2000 rose 1.9%. US financials also lifted. The VIX settled lower at a benign reading of 16. Bitcoin is holding the line at US$93k.
SPI futures are up 21 points. ASX to open modestly higher.
We could be in for some action in the miners today. Copper rose 2.9% to hit a record high of US$11540. This good for copper producers on the ASX including SFR and CSC plus BHP and RIO. Copper is now up 31% this year.
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The ASX 200 rose just 16 points to 8595 (0.2%) after slightly disappointing GDP numbers boosted hopes for steady rates at least. Banks were stable, ANZ up % with the Big Bank Basket up to $264.60 (0.3%) with MQG bouncing back 1.0%. Other financials were quiet, REITs rallied on the GDP despite yields rising to 4.64%. Industrials eased back, BXB down 1.1%, healthcare slipped, SIG down 1.4% and retails drifted lower, APE down 0.4% and WEB off 1.0%. Tech was mixed, WTC up 4.5% on its Investor Day, XRO fell 0.2% and the All-Tech Index fell 0.1%. Resources were mixed, iron ore miners saw some profit taking as the first cargo from Simandou set sail. Gold miners also mixed with PRU bidding for PDI in shares. Lithium stocks eased, uranium better with PDN up 5.2% and DYL rising 4.7%. Nothing stirring in oil and gas.
In corporate news, 4DX sprinted 16.0% out of the blocks after securing a US$10m CTVQ order from Philips. VUL in a trading halt with a mammoth capital raise to fund Lionheart. XYZ fell 6.0% on a presentation, and BET jumped 12.9% on a deal with Penn Entertainment.
In economic news, GDP came in slightly below expectations at 0.4%, giving the RBA an excuse to pause. In China, service activity weakened.
Asian markets mixed, Japan recovered 1.6% with HK down 0.9% and China flat.
10-year yields pushed higher again to 4.64%.
US Futures heading higher, Dow futures up 121 with Nasdaq up 50
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US stocks rose on Tuesday, boosted by gains in bitcoin and technology names, as traders recovered some of the ground lost in the previous session. The Dow Jones Industrial Average gained 185.13 points, or 0.39%, to end the day at 47,474.46. The S&P 500 climbed 0.25% to settle at 6,829.37, while the Nasdaq Composite advanced 0.59% to finish at 23,413.67.
Bitcoin rose around 7% Tuesday, recouping some of its losses from the prior day. Tech players linked to the artificial intelligence trade supported the broader market as well. AI chip darling Nvidia increased almost 1%, while AI infrastructure play Credo Technology soared 10% and hit an all-time high on the back of better-than-expected earnings.
SPI up 15 - Gold eases - GDP today at 11.30am
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The ASX 200 pushed 15 points higher to 8580 (0.2%) in another quiet directionless day of trade. Banks were steady with the Big Bank Basket at $263.74 (0.3%), MQG fell 1.2% as the German Cum Div case ramps up. Other financials were mixed with ZIP down 10.6% on some US states querying BNPL fees. REITs rose led by GMG up 0.3% and SCG up 2.2% with industrials mixed, TLS up 0.8% and WOW and COL better. CPU bounced 2.7% with tech stocks easing back again, WTC down 2.3% and TNE continuing to fall. The All-Tech Index dropped 1.2%. In resources, the iron ore miners pushed higher again. BHP up 1.1% and RIO gaining 1.7%. Gold miners were mixed, PRU up 1.4% and VAU doing well. Lithium stocks steady, oil and gas stocks better, WDS up 1.0% and STO rising 0.9%. Uranium sector mildly positive.
In corporate news, CKF fell 3.5% after a trading update, PNR dropped 11.9% as Tulla Resources sold down its stake. MAQ completed its 47MW Sydney AI data centre.
In economic news, the Balance of Payments fell $500m in September quarter. A deficit of $16.6bn.
Asian markets mixed, Japan recovered 0.2% with HK up 0.1% and China down 0.6%.
10-year yields pushed higher again to 4.61%.
US Futures steady.
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Wall Street drifted lower overnight as the recent recovery rally took a pause. The SP500 was down 0.53% and the Nasdaq 0.38%. That was at least slightly better than the futures trading suggested before the regular day session began.
The big action was in bitcoin, which dropped 6.4% for its sharpest daily decline since March, according to The Wall Street Journal. BTC is generally considered a great barometer of risk sentiment, so the recent action suggests any share market rally may struggle to get going. We know the market is sweating the next Fed meeting on December 10.
SPI futures up 6 points. ASX to open modestly higher.
The current FedWatch reading says odds of a rate cut are now 87.6%. Added to this is Trump announcing he’s decided on his pick for next Fed Chair, without yet revealing who. For big tech, Nvidia rose 1.6% after announcing a $2bn investment and partnership with a firm called Synopsys. The two companies say they want to “revolutionise” design and engineering across industries, including semiconductors, aerospace, automotive and robotics. Part of this will be using “digital twins” not available with traditional CPU computing. There were small moves for either way for the rest.
It was a decent session for industrial metals in London, all up except tin which was down a tiny amount. Gold and oil were steady.
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The ASX 200 dropped 49 points to 8565 (0.6%) after a promising start. US futures in the negative hurt sentiment, together with Japanese losses on higher rates coming. Losses pretty much across the board, CSL fell 1.4% on vaccine concerns, the banks wilted with the Big Bank Basket down to $262.95 (0.7%). ANZ falling 1.3% and financials under pressure, HUB down 4.5% and NWL falling 4.0%. MQG dipped 0.4%. REITS slid with SGP down 2.3% and VCX off 1.2%. Industrials also sliding, TLS down 1.2% with CPU falling 3.3% and REA off 0.8%. Tech slipped, WTC down 2.6% and TNE falling 2.1%. Retail also in the doldrums, TPW resumed the dive, off 7.3%, APE similarly off 2.1% and NCK down 3.0%.
In resources, Iron ore majors held firm, gold miners were mixed despite bullion rising, EVN down 1.9% and lithium stocks depressed, PLS off 3.2% and MIN down 3.9%. Oil and gas stocks rose, WDS up 0.9% and uranium stocks mixed.
In corporate news, AUB smashed 17.8% lower as the bid was withdrawn, TWE has cleared the decks for the new CEO with a $687m impairment on US goodwill. PME dipped 1.6% on another order, the ASX itself had issues this morning with its announcement platform falling 2.8% as many stocks were put into a trading halt.
Nothing on the local economic front. Japan opened the door a little further on rate rises.
Asia markets mixed, Japan down 1.8%, China up 0.8% And HK up 0.8%.
10-year yields pushing to 4.56%.
US futures – Dow down 267 Nasdaq down 273. The holiday season is over.
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Wall St had a good short session overnight on thin volume. Path of least resistance in the short-term higher amid a lack of major news. S&P 500 up 0.54%, closing on the high. Nasdaq up 0.65%. Dow up 289 points. Another broad rally, all sectors higher save for Health Care. Energy best despite WTI falling 0.4%. Rubio not planning to attend a NATO foreign ministers meeting regarding the Ukraine/Russia peace deal. A surprise move which signals Washington’s frustration with the lack of progress. Tech only in the mid-pack yet the average FANG move was better (+0.9%). Meta (+2.3%) best. Nvidia (-1.8%) worst.
Most commodities higher overnight save for oil and iron ore.
SPI up 4 - AUB bid pulled - TWE write offs.
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The ASX 200 drifted lower today in listless trade finishing down 3 to 8614. Up 2.4% this week. Banks eased back with the Big Bank Basket down to $264.84 (-1.1%) as CBA dropped 1.3% and ANZ down 1.4%. SUN continued lower on storm damage. Other financials rose with NWL up 0.7% and GQG rising 2.0%. Industrials mostly better, WES up 0.6% with WOW up 3.2% as tech did well today. WTC rallied another 4.7%, though XRO down 0.7%. The All-Tech Index was up.
In resources, gold miners once again the stars of the show. NEM up 2.0% and VAU gaining 2.7% as lithium stocks also did well. PLS up 2.5% and MIN up 2.2% Uranium stocks slightly better, but oil and gas stocks drifted down.
In corporate news, CTD remain in suspension on accounting issues, WBC fell 0.8% on a NZ fine, and SGR unchanged on a cleansing prospectus to allow Bally shares to trade on market.
Nothing on the economic front. Asia markets flat, Japan up 0.3%, China up 0.2% And HK up 0.1%.
10-year yields pushing to 4.53%.
US futures – Dow up 52, Nasdaq up 46.
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US stocks rose overnight, with the SP500 up 0.69% and Nasdaq 0.85%. It was on light volume, with under 15 billion shares traded against the usual 20bn. The markets are closed tomorrow for the Thanksgiving holiday. The VIX fell back further, now under 20. It was a solid session for chip stocks, with Nvidia stabilising 1.3% and even stronger gains in Broadcom, Intel and Advanced Micro Devices. The other big tech stocks were middling, save for Microsoft and Tesla that rose 1.9% and 1.6% respectively.
SPI futures up 20 points. ASX set to open higher. Resources in focus - QBE Update.
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The ASX 200 gave up its strong start to close up 70 points to 8607 as the higher-than-expected CPI number took the top off things. It was a monthly number, so can be more volatile, but 3.8% was above RBA and economist’s expectations. Banks were mixed with CBA steady as NAB and WBC dipped down. The Big Bank Basket rose to $266.89 (+0.1%). MQG had a good day, up 2.8% and wealth managers also pushed ahead, HUB up 1.9% and NWL up 1.3%. Insurers mildly positive, SUN up 0.8% with REITs mixed, GMG up 1.3% but elsewhere losses as bond yields pushed higher. SCG off 0.5% and CHC down 0.4%. Industrials were firm, WES up 1.9% with retail surprisingly strong, JBH up 1.0% and APE rising 1.4% with TPW crashing 32.3% on a trading update. Fast food also better, GYG and DMP doing well, Travel stocks also better, WEB up 3.4% and FLT gaining 2.3%. Tech stocks continue to stumble around, WTC down 1.2% and XRO off 0.1% with TNE falling 2.8%. The All-Tech Index steady.
In resources, iron ore stocks pushed higher, BHP up 2.0% and FMG up 2.4% with gold miners shrugging off early weakness to push higher, VAUDA did well, up 6.5% after the hedge book news, lithium stocks exploded, PLS up 7.2%and MIN up 3.0% with oil and gas better and small gains in uranium.
In corporate news, Brookfield lobbed a bid for NSR at 286c. That is three bids this week. Debutante SEA rose 12.5% after a $20m IPO. EOS jumped 3.6% after a court penalty and DRO was up 8.5% again after its recent order.
On the economic front, as above, the CPI was higher than expected at 3.8%. Chalmers and Bullock not happy.
Asian markets were firm, although Taiwan in focus on fears of further Chinese aggression.
10-year yields rose to 4.53% on CPI. AUD rose too.
UK Budget today. European markets opening higher.
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The Dow jumped 664 points on Tuesday as markets shook off early losses, with traders positioning for a potential Federal Reserve rate cut in December. The S&P 500 and Nasdaq also finished higher after a mid-session dip. Rate-cut expectations strengthened following reports that Kevin Hassett — viewed as dovish and aligned with Trump’s low-rate stance — is the leading candidate for the next Fed chair. The White House may announce the nominee before Christmas, adding to market speculation.
Consumers soured on the current economy and their prospects for the future, with worries growing over the ability to find a job, according to a Conference Board survey released Tuesday.
The board’s Consumer Confidence Index for November slumped to 88.7, a drop of 6.8 points from the prior month for its lowest reading since April. Economists surveyed by Dow Jones were looking for a reading of 93.2.
SPI up 97 - FPH Results - CPI at 11.30am
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A quieter day as the ASX 200 rose 12 points to close at 8537 (0.1%). Banks were in the doldrums, entering official correction territory as BEN AML issues sunk the sector, CBA dropped 1.2% and NAB off 0.1% with the Big Bank Basket down to $266.70 (0.7%). Other financials fell, Insurers eased, QBE off 1.5% and IAG falling 1.7%. REITs drifted lower, GMG down 0.7% and VCX off 1.6%. Industrials were a little weaker, WES fell 0.8% with WOW and COL easing back, tech slid, WTC off 1.5% and TNE showing a modest 1.6% gain. The All-Tech Index up 0.8%. Resources were generally positive. BHP rose 1.0% with RIO doing well, up 2.3% and FMG gaining 2.7%. Gold miners enjoying a big jump in AUD bullion, NST up 2.0% and EVN up 3.5% with the uranium sector slightly better and lithium fighting back to square.
In corporate news, DRO rose 14.6% on a ‘new’ EU order, RHC jumped 12.7% after reported revenue and earnings better than expected. WEB took flight after a 72% jump in TTV and SRG romped 6.4% higher on some new contracts. VAU rose 2.2% as it unwound most of its gold hedges. BEN dropped 7.4% on AML issues.
In economic news, ANZ-Roy Morgan Consumer Confidence rose slightly. Highest reading since early September.
Asian markets: Japan steady China up 1.3% and HK up 0.6%. European markets set to open higher again.
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US markets bounced back strongly ahead of Thanksgiving, with tech leading the charge after recent AI-driven weakness. The S&P 500 rose 1.55%, the Nasdaq jumped 2.69% — its best session since May — and the Dow added 0.44%.
Alphabet surged 6% as investors warmed to Google’s upgraded Gemini 3 AI model, sparking a broader rally across AI-linked stocks. Broadcom leapt 11%, Micron gained 8%, while Palantir and AMD each climbed 6%. Meta, Nvidia and Amazon also moved higher as optimism returned to the sector.
SPI up 35 Gold up 1.8%. BEN has issues with AML.
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A solid start to the week with the ASX 200 up 109 points to 8525 (1.3%). Across the board gains, with US futures pointing slightly higher too. Banks were better led by CBA up 1.2% and the Big Bank Basket up to $268.55 (1.1%). Financials were generally firm, even GQG up 0.6% and SOL rising 1.8% as it joined with Genesis to make a bid for MVF at 80c. Insurers rose, QBE up 1.4% and REITs did well, GMG up 2.1% and SGP rallying 2.3%. Industrials in the green, WES up 0.2% and ALL rising 0.5% with TCL up 2.0% and RMD up 2.2% better in healthcare. CSL too had a good day. PME rose 3.5% on new orders in America. TLS rose1.9 % and REA up 1.9%. Resources were mostly better, BHP up 0.6% with its on/off bid for Anglo, RIO rose 1.1% and FMG up 1.9%. Lithium stocks gave back some recent gains, MIN down 3.2% and PLS down 3.6% with gold miners up, GMD up 1.3% and rare earths also doing better. Oil and gas stocks slid on crude falls, WDS down 1.3% and uranium stocks slightly better.
In corporate news, QUB were approached by Macquarie with a 520c NBIO whilst MVF rose 44.3% on a 80c bid. MYX returned to trade after the Treasurer knocked back the Cossette bid. DRO rose 1.8% after some more news on the recent share sales and a new US MD. IRE soared 8.0% before a trading halt concerning continuous disclosure.
Asian markets weaker with Japan closed for a holiday, China down 0.6% and HK up 1.4%.
European markets set to open higher again.
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The US markets rose after Fed Member John Williams signalled openness to a Fed December cut. All the major SP500 sectors were positive, with healthcare leading the way. Alphabet was the best of the big tech firms, rising 3.5%. Nvidia was down 1%. Dual listed firm Life360 notably rose 4.6%. The VIX retreated to 23 but remains elevated.
SPI futures up 92 points. Macquarie bids for QUB - MVF gets a bid - BHP pulls its bid!
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The ASX 200 dropped another 136 points to finish at 8417, bring total losses for November to 5% so far – placing it on track for the worst month since September 2022. Resources were pummelled, BHP fell 3.2% on Chinese ore embargoes with RIO off 3.2% and FMG tumbling 5.5%. Gold miners were also hit hard despite bullion holding up, NEM down 6.1% and EVN off 4.5%. Lithium stocks saw selling back in aggressively, LTR down 8.4% and PLS off 6.9%. Base metal stocks and rare earths in trouble too, ELV down 11.8% and ILU down 11.6%. Energy stocks also under pressure, WDS down 2.7% and STO falling 3.0%.
Industrials were less affected, TCL down 1.4% and GMG off 3.6% with WES down 1.4% and retail falling after LOV down 13.8% on guidance and AX1 crashing 15.4% on similar negative guidance. Banks saw selling, CBA held firm, the other three off, the Big Bank Basket down to $265.65 (%). Other financial slid, HUB down 3.3% and NWL off 4.5%. Tech was mixed, WTC gained 2.4% on reaffirming guidance at the AGM. The All-Tech index falling 0.8%.
In corporate news, MYX saw its shares halted after a big fall and the Treasurer knocking back the bid. KGN rose slightly on an update, REH better despite a 18% fall in EBIT. WJL got BGH to pay 91c in the takeover battle.
In economic news, nothing locally, Japanese inflation came in stronger than expected.
Asian markets weaker with Japan down 2.5%, China down 1.9% and HK down 2.1%.
European markets set to open weaker again.
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The Nasdaq rallied as much as 2% after the open before reversing to finish the session -2%. That’s the highest daily trading range since April’s “Liberation Day”. Nvidia did an even bigger swing and finished down -3%.
The VIX jumped to as high as 28 at one point. Why the tizz? No one can put a finger on a singular cause. The jobs number looks the obvious culprit. The US added more jobs than expected, and that makes rate cuts less likely.
SPI futures down 142 points. The ASX set to open lower. WTC AGM
HEADLINES
- US posts solid job growth in September, but unemployment rate rises
- ASX to dive, volatility spike triggers Wall St reversal – AFR
- Spanish court orders Meta to pay $550 million to digital media companies
- AI borrowing binge prompts investors to back away from corporate bonds
- Fed officials eye financial stability as they debate next rate move
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The ASX 200 started positively to fade to a loss of 21 points to 8454 (0.3%). Banks showed weakness with more slippage as the Big Bank Basket fell to $264.08 (-1.3%) CBA off 1.3% and ANZ down 2.0%. MQG continues to slide, down 1,4% and HUB off 1.1%. GQG is enjoying a rare moment in the sun, up 9.1% as it is pursuing an anti-AI tilt. Insurers eased, REITs were slightly firmer, GMG bouncing back 1.1% and VCX up 2.0%. Industrials were mixed again, ALL up 0.8% and LNW gaining 4.4%. Retailers fell, TPW down another 2.3%. GYG continues to suffer, off 4.3%, DMP down 0.2% as the shorts move back in. Tech found some bargain hunters, WTC up 0.4% and TNE stumbling around. Unchanged in the end.
In resources, we saw a rebound in BHP and FMG, gold miners were back with bullion up to $6280 and EVN up 2.0% with GMD up 2.9%. Lithium stocks paused, rare earth stocks rose, Oil and gas stocks rose, WDS up 1.2% and uranium stocks modestly better.
In corporate news, DRO, down 19.6%, shot out of the air as its US head left in a hurry. WJL got a 90c NBIO offer from Helloworld, NUF soared 10.8% on stronger guidance and KMD rose 2.1% on Q1 sales.
In economic news, wage growth came in as expected at 3.4%.
Asian markets quietly mixed with Japan up 0.1%, China up 0.2% and HK down 0.5%.
European markets set to open weaker.
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US markets were down again overnight as the market sweats the Nvidia results due tomorrow after the US market close. The SP500 was down 0.8%, down four sessions in a row. The Nasdaq was off 1.2%. The VIX rose 7% to hit its highest level in a month at 24. Technical analysts point out that the Nasdaq and SP500 are now below their 50-day moving averages for the first time since April.
We also saw news around another big AI deal too. Microsoft and Nvidia are going to commit $10bn and $5bn respectively to Anthropic in its next funding around. It will use the money to use Microsoft’s Azure cloud services. Nvidia dropped 2.8%. Amazon was the worst of the big tech names, -4.4%. Apple was flat. News recently suggests they are now actively planning in order to replace CEO Tim Cook as he contemplates stepping down next year.
SPI futures are down 15 points. ASX set to open lower.
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A nasty start to the day accelerated to a loss of 167 points (-1.9%) on the ASX 200 as RBA minutes and US futures took us down. The big three sectors were hit hard with the iron ore miners smacked. BHP off 3.7% on UK court ruling and RIO off 2.7% with FMG falling 2.0%. Energy stocks also slipped, WDS down 1.9% with STO off 0.6% and uranium stocks under pressure. Gold miners too sold off as bullion slipped, NST down 5.6% and EVN down 5.2% with lithium the only sector that saw any green. PLS up 3.3% and LTR up 2.1%. Banks were also sold down hard, WBC fell 3.0% and CBA down 1.7% with the Big Bank Basket falling to $267.54 (-1.8%). Financials also in the seller’s sights, NWL fell 6.2% and MQG off 1.7%. Insurers fell, QBE down 1.4% and REITS under pressure too. GMG off 3.0% as a tech play on data centres.
Industrials saw across the board selling, WES fell 1.2% and REA off 2.4% with CAR falling 3.2% as TLS down 0.2%. Tech stocks were decimated after TNE disappointed, off 17.2% despite a special dividend. WTC fell 4.6% and XRO tumbled 3.3% with the All-Tech Index down 4.3%.
In corporate news, JHX rallied 9.9% on better-than-expected results, AGM’s dominated. BSL fell 1.7% on EBIT to land at the bottom of guidance range. CAT tested a life with a 11.7% fall on a growth rate of 19%. ALQ fell 2.9% on better numbers. PLT was a rare bright spot after a jump in first half profits, up 6.8%.
On the economic front, RBA minutes took rate cuts off the table. Australian consumer confidence rose 0.7% too.
Asian markets weaker with Japan down 2.9%, China down 0.3% and HK off 1.6%.
European markets set to open weaker.
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Not much fun at all for investors in the US overnight. The VIX spiked up 11.6% as the SP500 fell 0.9% to 6672. The Nasdaq was off 0.8% to 22708. The Russell 2000 was worse, down nearly 2%. There was no hiding in Big Tech, with Nvidia off 1.9% as its results on Wednesday loom ever closer over the market. Apple, Meta and Amazon were all down. The only winner was Alphabet, up 3% as news came out that Berkshire Hathaway has been accumulating the stock. Only the Utilities sector across the SP500 was green. Again we saw bitcoin lower, down toward $91,000 as risk sentiment in crypto really comes off the boil.
SPI futures are down 52 points. The ASX set to open lower. JHX ALS Results. RBA Minutes.
Most commodities were down overnight too. Oil was mildly down as supply concerns still weigh on the trading outlook. Gold slipped 1% as it continues to consolidate the recent surge.
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The ASX 200 closed up 2 points to 8636 in a quiet session ahead of a big week in the US. Good comeback after a near 50 point fall this morning. Some signs of confidence returning with banks seeing a resumption of the sell CBA, buy the other three switch. The Big Bank Basket fell to $272.47 (-0.4%) as CBA dropped 1.0%. MQG ex-dividend today, down 2.3% with financials slightly firmer, QBE up 0.5% and HUB up 2.7% with NWL gaining. REITs firmed, GMG up 0.5% and CHC up 1.7% with industrials finding their feet, LNW up 3.3% with WTC up 1.2% although XRO fell another 0.1%. Retailers firmed, UNI up 1.7% and PMV up 2.1% with DMP gaining another 5.1%. GYG continue to fall, down 1.8%. Healthcare eased back, RMD under pressure off 2.1%, CSL down 0.8% and SHL slipping 1.5%. Resources were mixed, BHP fell 0.6% on the UK court ruling, RIO and FMG both better on higher iron ore prices in Asia, lithium staged a comeback, PLS up 3.7% and IGO rising 0.9%. LYC also bounced 5.5% with gold miners mixed. No significant damage done. GMD up 2.5% on a broker upgrade. Energy stocks all better, WDS up 0.9% and ALD rising 3.8%. IPX fell 3.0% after a return to trade following a report from Spruce Capital.
PME jumped 4.2% on another $44m deal with Advanced Radiology. Some management changes, RHC rose 1.8% on a new CFO, MSB rallied 5.0% on a new CFO too with FPR better on an acquisition. ELD gained 6.3% on better than expected results.
Nothing locally on the economic front. RBA board member wrote a column on the RBA mandate. In Japan, GDP came in better than expected.
Asian markets weaker with Japan down 0.4%, China down 0.4% and HK off 0.6%.
European markets set to open slightly weaker.
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Wall St staged a recovery from opening lows to finish near flat in another volatile session. S&P 500 flat on average volume. Nasdaq up 0.13%. Dow underperformed. Down 310 points and down 1100 in two sessions after hitting record highs earlier in the week. Short-term rotation from growth to value didn’t last long. The weak open coming from the same narrative as yesterday – odds of a Fed December rate cut falling due to inflation concerns (no official economic data released). 50% to 45% this time (again, yawn). The drop was attributed to Jeffrey Schmid, saying inflation was too hot and is being driven by broader factors other than tariffs. Schmid was the only Fed member to dissent in favour of no change in October (Miran was the only one to dissent in favour of a 50bp cut). Nasdaq was down 1.9% at worst before the precipitous moment was again avoided and the dip bought. Volatility remains high. Above 20 points.
SPI down 17 - ELD results.
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The ASX is set for a very tough open after Wall Street went down heavily and dragged the ASX futures down with it. It was the biggest one day fall for the SP500 and Nasdaq for over a month. It’s a similar story to the ASX yesterday with the prospect of rate cuts becoming fainter. In the US, the odds of a cut were 70% last week. Their only 47% now. The Nasdaq was down 2.2% and the SP500 1.66%. Volume lifted back to 20.8 bn shares after the recent lull, and the VIX jumped 16% to hit 20 again. Some notable movers were Nvidia, which fell 3.6%, Telsa off 6.6% and Intel down 5.2%. Bitcoin was down 3% too.
SPI futures down 136 points. ASX set to open lower.
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The Dow Jones Industrial Average rose to new heights on Wednesday, extending its gains from the previous session, as Wall Street looked ahead to a potential end to the record-breaking U.S. government shutdown.
The 30-stock Dow was last up 334 points, or 0.7%, and hit a fresh intraday high in the session. The S&P 500 traded around the flatline, while the Nasdaq Composite dropped 0.3%.
SPI up 11 - Australia’s October labour force report is due at 11.30am.
Results expected on Thursday from Graincorp, Orica, Xero, Catapult Sports and Infratil.
Companies scheduled to host annual meetings include Arena REIT, AUB Group, Computershare, Catalyst Metals, Greatland Resources, Guzman Y Gomez, Ingenia Communities Group, Inghams Group, Nextdc, Pexa Group, SGH, Superloop, Servcorp and Strike Energy.
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The ASX 200 slipped again by 19 points to 8800 (0.2%) as CBA continued to weigh, off another 3.1% with the Big Bank Basket down to $279.76 (-1.6%). Joining in the casualty list were 360 off 13.1% on disappointing numbers and ALL down 7.5% as it came up lemons. Our dismal tech sector continues to slide as XRO head lower still, off 2.2% and WTC down 0.8%. REA fell 2.5% and CAR down 1.0%. Industrials were ok, TCL up 0.5% and WES gaining 0.7% with COL and WOW better, TLS gained another 0.4%. GYG continue to be wrapped lower, down 2.0% and TPW also fell hard today, off 4.4%.
In resource land, iron ore improved in Asian trade, BHP up 0.6% and RIO sprinting 2.3% ahead. Gold miners were modestly better, NST up 1.4% and EVN up 2.0%. Lithium stocks better, LTR up 6.1% on its new auction platform, MIN roared 9.2% ahead on selling part of its lithium business to POSCO. LYC slid 2.7% with uranium stocks weaker. Oil and gas stocks better with WDS up 1.4%. Coal stocks weaker.
In corporate news, FLT rose 1% on an earnings update, NWL fell 0.4% after surviving a protest vote at the AGM, MP1 resumed trade after capital raising. A1N dropped 9.7% on much weaker ad revenue. DMP rose 1.8% after an AGM update.
In economic news, investor loan numbers, in Asia hopes for more Chinese stimulus helped iron ore prices higher.
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A quiet session for US markets overnight. The bond market was closed for Veteran’s Day. There was also light volume on the share market, with only 15.3bn shares traded. The average over the last month is 20bn. That said, the Dow Jones index closed at a record high, while the Nasdaq slipped 0.25% with Nivida and other AI related firms closing lower. CoreWeave took a big 16% hit after it lowered its revenue forecast. The VIX continued to moderate down. Positive sentiment continues to flow from a likely resolution to the US government shutdown. US government officials from across the country are heading to Washington to vote in the House of Representatives on Wednesday. A deal will extend funding through to January 30.
SPI futures are up 15 points. ASX set to open higher. FLT update - ALL results
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The ASX 200 fell 17 points to 8824 (0.2%) as CBA stumbled 6.6% lower on trading update. Every 1% is a 10-point fall. This wiped any thoughts of gains off the table. The Big Bank Basket fell to $284.31 (-3.8%). WBC bucked the trend in the banks, up 1.3%. Financial generally flat, MQG up 0.7% and QBE rising 0.6%. Industrials generally firmer, TCL up 1.0%, WES up 0.6% and WOW and COL slightly firmer. REITs firmed, GMG up 1.5% and SGP rising 1.3%. TLS also had a good day up 1.0%. Tech remained becalmed,.XRO flat and WTC off 0.3%. The All -Tech Index flat.
Resources were firm. BHP, RIO and FMG were steady, but gold miners showed strength, NST up 3.2%, NEM up 4.3% and GMD rising 2.8%. Lithium stocks were also very strong, PLS up 7.5% and MIN up 6.0%. Oil and gas better, WDS up 1.6% and uranium stocks steady.
In corporate news, CBA was the focus. Comments from Matt Comyn on competition and a reduction in NIM sent the stock down %. SCG rose 0.7% on a trading update. BEN also falling hard on cash earnings of $120,7m down 8.5%. COL flat on CEO comments at the AGM. EDV announced a new head of Dan Murphy’s.
Westpac-Melbourne Institute Consumer Sentiment Index surged 12.8% to 103.8 points in the past month.
Asian markets easing back slightly.
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A good night for markets in the first session for the week. Both the SP500 (+1.5%) and the Nasdaq (2.4%) rose. Nvidia punched back 6% after its recent wobble. Tesla lifted 3.7%, with investors apparently not concerned about Elon Musk’s new pay deal.
The Dow lifted 389 points. It’s a risk on move. Stronger conviction around the end of the US government shutdown this week helped sentiment as we await the delayed US data due. Bitcoin’s now rallied back to US$106,000 per BTC. Gold lifted a strong 2.7%.
SPI futures are up 43 points. The ASX is set to open higher. Gold and commodities up strongly.
Metals in London were solid too with copper and the rest of the industrial metals all up. Lithium and gold stocks rallied strong. BHP and RIO were up 1.4% respectively. The VIX retreated 7.7%. Volume across the US exchanges was 17.9bn shares, relatively light compared to the average in recent trading.
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The ASX 200 kicked 66 points higher to 8836 (0.8%) as news of a Senate vote to end the shutdown brought risk appetite back. ANZ results helped the banking sector as the market warmed to the transformation story, with the stock hitting record highs, up 3.2%. The Big Bank Basket rose to $295.69 (0.2%) with CBA slipping slightly.
Financials were better, as MQG found some analyst love and ZIP rose 4.5% on Nasdaq listing news. NWL rallied 2.4%, with XYZ bouncing hard, up 6.9%. Insurers firmed; REITs were mixed, with GMG down 1.3% and SCG up 0.7%.
Healthcare was also mixed as CSL fell 0.1% and RMD rose 0.6%. Industrials perked up after a lacklustre start, TLS up 0.6% with QAN rallying 2.3%, and the tech space doing well — WTC gained6.2 % and XRO rose 1.0%, with the All-Tech Index up %.
Resources were also in demand — gold miners kicked higher, NST up 3.5% and EVN up 3.9%. Lithium stocks enjoyed a day out, PLS up 9.2% and MIN gaining 4.0%. Rare earth stocks were back in favour, LYC up 4.8% and ARU rallying 7.8% to its SPP price. Energy stocks were also in demand, WDS up 1.2% and PDN rose 7.9%, with LOT up 5.9% as uranium found favour.
In corporate news, MND rose 11.0% on a trading update, DOW hit a five-year high on a solid opening higher $750m Chevron deal, and DNL exploded 7.8% higher on improved results. AUB flat on news that CVC Asia joined the fray. AGL rose 1.6% after it agreed to divest its stake in Tilt Renewables. MYX fell 5.9% on news Cosette will appeal the court decision.
Asian markets – HK up 0.9%, China off 0.1% and Japan up 1.3%. US futures strong on shutdown hopes. Nasdaq up 307 Dow up 98. European markets set for a strong opening.
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The ASX smashed lower to finish the week off 59 points at 8770 (0.7%), with the week down 1.2%. Felt like a lot more really! Banks came under pressure, coming off all-time highs as MQG was dumped 5.7% and WBC and CBA fell hard. The Big Bank Basket dropped to $295.13 (-1.1%). Financials and wealthmanagers continued to fall, with NWL off 2.6% and AMP down 2.9%. REITs were a mixed bag — GMG steady, while CHC slipped 1.2%. Industrials slid, with SGH down 1.6% and ALL off 2.0%, while the tech sector came under serious pressure — WTC down 2.7% and XRO off 2.5%. The All-Tech Index fell 2.2%.TLS bucked the trend on defensive buying, up 1.2%, while QAN landed 6.6% lower after an update. Resources were weaker too, as the big miners sold off — BHP down 0.8% and RIO off 1.3%. Gold miners were mixed, with NEM up 1.8% and EVN down 0.7%. Some buying appeared in rare earths, but uranium came under a little pressure.
In corporate news, XYZ dropped 15.8% on a Q3 revenue miss, QAN fell again on a tradingupdate, and OML slipped 6.0% after warning of a weaker finish to the year. REA came under pressure on results, but NWS rallied slightly on its own. AQZ crash-landed 42.7% after a voluntary suspension ended with a large profit drop and the MD stepping down. MQG became the latest blue-chip loser to be skewered, on disappointing results.
On the economic front, nothing locally, but Chinese trade numbers disappointed and iron ore dropped again in Singapore trade.
Asian markets - HK down 1.1%, China off 0.2% and Japan down 2%. US Futures off lows, Nasdaq up 40 Dow up 50. European markets set for a slightly lower opening.
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US stocks down overnight, with SP500 down 1.1% and the Nasdaq off 1.85%. The VIX sprang back 11% to close just under 20. Bitcoin can’t lift strongly either. Big Tech under some pressure, with TSLA -3% as shareholders sweat the Musk pay deal. Meta and Amazon were both off over 2%, and Nvidia is now down 9% in 3 sessions. Apple managed to weather the selling and stay flat. Some recent (private) data shows a grim statistic for American workers. October saw the most job cuts for that month in two decades. Technology and warehousing were the leading sectors shedding jobs. The AI impact continues.
SPI futures are down 14 points. ASX set to open lower. MQG results - Gold steady - Bitcoin falls.
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The ASX 200 managed to cling to small gains today, up 26 points to 8828 (0.3%).
NAB fell 3.3% after results saw some profit-taking on low growth, WBC down 1.2% as it went ex-dividend. Insurers were better, with QBE up 1.7% and MPL up 0.8%, while other financials remained sloppy and weak.
Industrials generally mixed — TLS up 0.6%, TCL up 0.8%, and ALL rising 1.3%, with WES slipping 1.2% again, and JBH falling 3.1%. Travel stocks also fell, WEB down 2.7% and FLT losing altitude, off 1.4%.
One bright spot was LNW, up 8.2% on a better-than-expected quarterly. DMP also gained 4.7% as shorts covered, just in case. Tech was slightly firmer as WTC rallied 0.6% and XRO up 0.5%, with the All-Tech Index up %.
Resources firmed — BHP up 1.6% despite iron ore falling again, RIO also doing well. Gold miners were better on a bullion price increase, NST up 2.8% and NEM rising 2.8%. Rare earths were still under some pressure, as was the uranium space, while oil and gas firmed, WDS up 1.6%.
In corporate news, ZIP fell 4.2% after its AGM reaffirmed guidance — perhaps the market was looking for another upgrade. JHX tumbled again, down 12.7%, as it went into a trading halt and blamed index rebalancing for the earlier sell-off. TAH dropped 3.0% as Aware Super sold down, and AMC rallied 5.0% on first-quarter results.
On the economic front, Balance of Payments data was released today, showing the seasonally adjusted balance on goods increased by $2.827bn in September.
Asian markets - HK up 1.6% China up 1.3% and Japan bouncing 1.6% 10-year yields squeezed to 4.36%.
US Futures, Nasdaq down 19. Dow up 13. Tesla vote tonight.
European markets set for a flat opening.
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The Dow Jones Industrial Average gained 225.76 points, or 0.48%, to close at 47,311.00. The S&P 500 rose 0.37% to finish at 6,796.29, while the Nasdaq Composite advanced 0.65% to settle at 23,499.80. Investors were paying attention to the Supreme Court hearing Wednesday regarding President Donald Trump’s tariffs.
Some encouraging data on the economy Wednesday with better-than-expected ADP payrolls data and a stronger-than-expected ISM services economy reading. However, the strong data did give a boost to yields, something that some investors may not like to see with expectations growing for a third Federal Reserve rate cut in December.
COMMODITIES
- Beijing lifts some tariffs on US farm goods but soybeans stay costly
- Unprecedented volume of oil stored on ships due to Western sanctions, Gunvor CEO says
- Gold gains on risk aversion despite strong US payrolls data
- Dalian iron ore extends falls on China demand concerns
- Copper rises after four days of falls, but China demand worries cap gains
SPI up 66 - NAB results and AGM season continues.
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The ASX fell another 12 points to 8802, well off lows, as resources were slammed hard. The market finished well off the lows of the day as US futures recovered from heavy early losses. Banks held up again, CBA up 1.3% and the Big Bank Basket up to $297.93 (+0.9 % ). MQG dropped 0.4%, and financials were mixed — ASX up 1.6% and GQG off 1.7% again. Insurers saw small gains, SUN up 0.6% and MPL up 1.2% on an acquisition. Industrials were mixed, TLS rose 1.5% with BXB recovering slightly, WOW and COL rose, and TCL up 0.8%. Tech stocks fell, XRO off 0.9% and WTC continuing to fall off 1.4%. The All-Tech Index was down 1.7%. Healthcare stocks were mixed — CSL fell 0.4% despite a briefing on vaccines this morning, RMD up 0.6%, and PME slipping 1.4%.
Resources tumbled, BHP off 0.5% with FMG down 2.5%, though well off the lows. Gold miners saw small losses even as bullion pushed higher. Lithium stocks fell hard, PLS down 3.3% and MIN off 3.4%. Rare earths saw heavy losses, LYC off 3.3% and ILU down 3.6%. Second-liners like ARU fell 5.7%, well below the SPP placement price of 28c.
In corporate news, TYR appointed Nigel Lee as new CEO, GMG fell 3.4% on an AGM update. WDS looking to boost cashflow.
Nothing on the economic front here. Asian markets crumbled in places — the Nikkei 225 dropped the most since April, as tech valuations came under scrutiny.
Asian markets - HK up 0.1% China up 0.1% and Japan down 1.5% 10-year yields 4.31%. US Futures off lows, Nasdaq down 52. Dow up 56.
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Stocks fell on Tuesday, pressured by declines in artificial intelligence-related names like Palantir, as investors grew increasingly concerned about valuations in the bull market-leading shares.
The S&P 500 declined 1.17% to close at 6,771.55, while the Nasdaq Composite traded down 2.04% to finish at 23,348.64. The Dow Jones Industrial Average lost 251.44 points, or 0.53%, to 47,085.24.
- Wall St falls as bank CEOs warn of possible pullback, sparking tech bubble jitters
- Norwegian opposition complicates Musk's path to $1 trillion pay deal
- UK's Reeves paves way for tax rises in her next budget
- Wall Street heavyweights flag risk of pullback in equity markets
COMPANIES
- Amazon's $38 billion OpenAI deal shows it is no longer an AI laggard
- Pfizer, Novo Nordisk escalate bidding war for obesity drug developer Metsera
- Starbucks' bet on local expertise could help it regain ground in China
- Uber operating profit hit by legal expenses, shares fall
Commodities slip - Gold sold down again - Bitcoin down below $100k - SPI up 18!
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The ASX 200 dropped another 81 points to 8814 (0.9%) as the RBA kept rates unchanged as expected. Banks and iron ore miners synchronised falls, with the Big Bank Basket down to $295.15 (-0.4%). WBC saw buyers up 1.5% on broker comments post the result. CBA down 0.8%. Insurers and financials slid, MQG down 0.8% and QBE off 0.7%, with SOL continuing to flounder off another 1.7%. REITs under pressure again, GMG off 1.9% and SGP falling 1.1%. Industrials weaker with some exceptions, DMP, LNW and PWH in the green. WES lost another 0.8% with JBH off 1.9% and SUL falling 2.8%. Tech eased back again, XRO down another 1.6% and WTC falling 1.5%.
In resources, iron ore miners under pressure with prices off in Asia. BHP down 1.9% and FMG dropping 2.7%. Lithium and rare earths seeing profit taking, LYC down 1.2% and MIN off 2.3%. Gold miners were generally steady. Oil and gas eased, WDS down 0.7%, and uranium stocks fell back to earth.
In corporate news, GEM fell 13.0% on an earnings update, LNW to delist from Nasdaq, CCX jumped 8.8% on positive momentum in trade. NVX crashed 10.6% as Stellantis pulled out of its agreement.
On the economic front, the RBA left rates unchanged. Capital Economics believes the Reserve Bank will still lower interest rates twice next year, with the first reduction coming in the third quarter.
Asian markets mixed, HK up 0.2%, China down 0.4% and Japan down 0.5%.
10-year yields 4.34%. US Futures easing back, Dow off 189 and Nasdaq falling 218.
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The big deals just keep coming over in the USA. Amazon hit all time highs on the news that OpenAI has signed a seven year deal to buy services from Amazon’s cloud division AWS. It’s worth $38bn. Amazon rose 4%, lifting again after its quarterly report last week. That helped the Nasdaq rise 0.45%. Tesla also rose 2%, momentum starting to form after the wobble around it quarterly update back on October 22. Nvidia also rose 2%. Its most advanced AI chips remain reserved for US companies. That’s not all. The firm behind consumer brands Huggies and Kleenex, Kimberly-Clark, is going to spend $40bn to buy a company called Kenvue, makers of Tylenol. This kind of action tends to come after a strong bull run. The SP500 finished up 0.16%.
SPI futures are down 9 points. The ASX set to open lower. RBA and Cup in focus. Victorian holiday.
Not much fun for resource investors overnight. Spot uranium fell and dragged down the sector, with Cameco off 1.2% and NexGen Energy -6.3%. Copper stocks were weak as the copper bull run takes a breather. Lithium shares were generally down too. US financials and the VIX were flat.
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The ASX 200 started badly down some 40 points but rallied to close up 13 at 8892 (0.2%). Once again it was the banks that led the turnaround with WBC numbers pleasing and the sale of the RAMS Home Loan book also a positive. The bank closed up 2.8% with the Big Bank Basket at $297.33 (+2%). CBA kicked up 2.3% and other financials were mixed. REITs slid with GMG down 0.2% and SGP off 0.8% and insurers also fell, QBE down 1.2%. Industrials ended up mixed, after a sluggish start, WES up 0.3% and REA bouncing 1.1%. Tech stocks did better, WTC up 0.6% and XRO rallying 2.3%. In the healthcare space, RMD fell 4.3% on its results, CSL continued to drag the sector down, off another 1.7%.
Resources were weaker on Chinese data, BHP down 0.2% and rare earths spluttered lower, LYC off 8.1% and lithium depressed, PLS down 5.2% and LTR off 0.4%. Gold miners eased back as bullion tested $4000, NST down 2.0% and EVN off 2.5%. Oil and gas stocks rose as crude pushed ahead, WDS up 1.3% and STO up 1.1%, uranium drifted lower, PDN down 2.0%.
In corporate news, DRO steady on a Latin American order, DMP rose 0.2% after selling its printing business.
Asian markets mixed, HK up 0.1%, China up 0.2% and Japan up 0.9%.
10-year yields 4.35%. US futures slightly higher.
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Wall St ended slightly higher as positive Amazon results outweighed falling odds for a rate cut in December. Tech sector down overall yet the Nasdaq performed best up 0.61%. S&P 500 up 0.27%. Closing off highs on average volume. Dow up 41 points. Amazon up 9.6% (had been +13% after hours) took not just the Cyclicals sector up but the entire S&P by ~0.45%. Apple lost all its after hours gain to finish down 0.4%. Meta continued its slide. Now down nearly 14% since reporting. S&P (ex-Amazon) finishing in the red after Fed heads reinforced Powell’s hawkish commentary. Bostic saying another rate cut not locked in and Hammack saying she opposed Thursday’s cut because inflation is too high. Markets still pricing in a 70% chance of a cut before year’s end. Down from 90% at the start of the week. Bond yields down overnight but recorded a large weekly gain. US10Y up 8bp. 2Y up 9bp. Australian yields with even bigger moves post the Wednesday inflation print. AU10Y up 18bp. 2Y up 20.5bp.
SPI down 5 - WBC Results - RBA in focus tomorrow.
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US shares were down overnight, with the NASDAQ off 1.57% and SP500 (-0.99%) also weakening. Meta fell 11.3% as the market reacted further to their earnings update yesterday. Most of the other big players also down, with Tesla -4.6%, Microsoft -2.9% and Nvidia -2%. Two brighter spots were Amazon, which is up a powerful 11.6% in the after market after its update showed its AWS division had the strongest growth in three years. Apple’s quarterly revenue also came in higher than expectations, with new iPhone models and AI enabled hardware like AirPods giving the sales outlook a strong boost.
Apple and Amazon up substantially after hours on results.
SPI futures up 13 points. The ASX to open higher. EDV update - AGMs and Quarterlies.
Gold lifted 2% after its recent weakness, likely helped from the recent rate cut from the Fed and ongoing demand. Gold stocks responded, with Newmont up 3.3%. Industrial metals in London were generally down.
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The ASX 200 dropped another 41 points to 8886 as interest rate sensitive stocks fell and WES dropped 7.1% on AGM comments. Banks held firm as we await details from APEC on the Trump/Xi Meeting which was all over in 90 minutes. The Big Bank Basket held at $289.37 (+0.1%), with insurers slipping and financials a little wishy washy. REITs tumbled as rates rose, GMG down 1.3% and SCG off 2.9% on rate rethink. Industrials were also weaker, ALL fell 2.2% with WOW gaining 3.3% at the expense COL down 2.6%. REA continued to fall, down 2.6%. TLS off 1.4% and tech stocks fell again, XRO down 2.6% and WTC down another 2.6%. TCL slid 2.4% with JBH under pressure following a trading update. CSL found some friends, up 5.2% but RMD and COH fell.
In resources, a mixed picture, gold miners were spotty. Some ok, some not, NEM gained 1.3% and RRL up 1.2% with uranium stocks still in fashion (for now). PDN up 5.9% and lithium stocks benefitting from broker upgrades to the lithium price. PLS up 5.4% and LTR gaining 11.2%.
In corporate news, MIN soared 13.7% on much better-than-expected results, UNI fell 4.3% after an update and L1G returned to trade after capital raise and soared 11.7%. CIA also doing well on a quarterly in the iron ore space, up 9.9%. JHX fell 3.1% after losing the chair to a vote.
In economic news, the BoJ held rates unchanged, Trump met Xi for 90 minutes to talk trade. Not sure that is long enough to really get into the ‘nitty gritty’, but China seems to be happy to buy soybeans. Tariffs reduced from 57% to 47%. Not a huge deal really.
Asian markets mixed, HK up 0.1% China down 0.3% and Japan up 0.5%
10-year yields 4.23%. US Futures not doing much really. Yet.
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Big night for Wall Street as the SP500 finished flat but the Nasdaq rose 0.5%. Focus on US company earnings and the Fed meeting. Rates cut 0.25% but pushed back against any assumption of another one in December. Bond yields and USD up. US10Y up 10bp. Gold initially up over 1.5% before losing all gains. Equities took an initial hit before recovering. The odds of a December cut dropped from 90% to 71%. The Fed also announced an end to its “QT” policy. Aimed at easing pressure in the short term lending market.
Mega cap tech stocks reported after the bell. Meta down 6.7% after market despite posting record revenue in the third quarter. Net income was below expectations because of a one off, $16bn tax hit. Alphabet rose 5% after posting sales at a record $102 billion. Net income was up 33% on the previous year. Microsoft down 3% despite its Azure cloud division growing by 40% and operating income increasing 24%. Caterpillar shares went up 12% in their steepest rise since 2009, driven from power generator demand from data centres. Nvidia also topped $5 trillion in value – the first company to do so. Other notables included ServiceNow (in FANG) up 3% after hours, UBS down 1%, KLA Corp (Chip stock) up 2.4% and Boeing down 4.4%.
The SPI is down 32 points. ASX set to open lower.
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The ASX 200 dropped 86 points to 8926 (-1.0%) as inflation came in hotter than expected and snuffed out any rate cut hopes for next week. The banks bore the brunt, CBA down 2.1% and WBC falling 3.1% with the Big Bank Basket falling to $289.08 (-2.1%). Insurers fell, QBE down 1.6% and SUN off 2.0%. Other interest rate stocks fell, TCL down 1.9% and REITs under pressure, GMG down 1.4% and SGP off 3.9%. Industrials eased back, WES dropped 1.7% and ALL off 1.6% with WOW up 2.4% as COL fell 1.9%. CSL continued to decline down 4.0% and XRO falling 2.0% with the All-Tech Index off 1.4%. In resources, iron ore rallied, BHP up 1.3% and FMG up 1.0% and the gold sector doing much better, EVN up 2.4% and NST up 2.4%. Rare earths still under some pressure, ARU off 20.0% as the capital raise weighed, lithium stocks trying to push higher, PLS up 1.6% and the uranium sector soaring on a Cameco deal in the US and BOE jumped 19.8% on quarterly numbers, PDN up 11.3% and oil and gas flat.
In corporate news, NCK gained 12.7% on strong Q1 ANZ sales. WOW up 2.4% on quarterly sales, SDR rose 2.5% on a trading update. On the economic front, underlying inflation came in stronger than expected at 3%. Rate cuts are off for 2025. Trimmed mean of 1% QoQ. Well above the forecast 0.6%.
Asian markets generally firm, Nikkei 225 up 1.9%, HK up 0.1% and China up 0.4%.
10-year yields 4.23%. US Futures mixed.
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US stocks finished higher overnight. The Nasdaq rose 0.8% and the SP500 0.2%. US stocks remain in record highs on average volume of 20bn shares. Employment figures released were encouraging, and NVDA made a big 5% move up after announcing a deal to build seven AI supercomputers for the US energy department. CEO Huang also said they had US$500bn in bookings for its AI chips – and that’s even without access to the Chinese market. It's possible NVDA becomes the first public company to hit US$5 trillion in value.
SPI futures are up 11 points. ASX set to open higher. WOW quarterly and CPI
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The ASX 200 fell 43 points to 9012 (0.5%) as resources were sold off heavily. Two blue chip casualties today too in CSL on a downgrade and delays to its demerger plans and WTC on ASIC raid on offices. Both falling heavily, CSL off 15.9% and WTC down 15.9% too. The All-Tech Index fell 1.1%. Gold miners under serious [pressure again today with NEM down 4.1% and NST falling 3.1% as bullion fell below US$4000. The Iron ore majors fared better with small losses, but rare earths dropped in a brutal sell down, LYC fell 13.9% and ILU down 5.2% with lithium stocks back on the chopping board as LTR dropped 12.8% and PLS fell 6.1%. Oil and gas stocks eased, WDS down 1.7% and uranium stocks fell, PDN down 4.4% and DYL off 2.5%. Banks though and other defensives were in demand. CBA up 1.4% and NAB rising 2.5% with the Big Bank Basket back up to $295.24 (+1.4%). Insurers gained too. QBE up1.5 % and SUN up 2.2%. Broker AUB got a NBIO from Swedish private equity, up 5.9% and SDF rose in sympathy. Industrials firmed, WES pushing ahead again, up 2.8% TLS up1.0 % and COL gaining 1.6%. In healthcare CSL weighed and tech stocks fell, WTC being responsible.
In corporate news, media speculation on Bain Capital bidding for all or some of DMP saw the stock rocket before denial and profit taking killed it, still up 7.2%. FLT fell 0.9% as it sold its Cross Hotels business.
On the economic front, Trump was in Japan meeting new PM Takaichi as the Fed kicks off its meeting tonight.
Asian markets mixed ahead of framework trade deal, Japan down 0.8%, with HK and China mildly positive.
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US stocks hit all time highs again overnight. The Nasdaq was up 1.8% and the SP500 1.2%. Company earnings are coming in strong, the Fed is in a rate cutting cycle and optimism around the trade spat is keeping the market buoyant. The VIX is now falling well back from the high it hit earlier in the month and the gold price retreated again (-2%). Bitcoin also seems to be stabilising after its recent drawdown.
The ASX is set to open lower. The SPI is down 39 points.
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The ASX 200 rose 37 points to 9056 (0.4%) after flirting with a new record high. Banks came off the early boil somewhat, CBA up 0.8% and the Big Bank Basket up to $291.17 (+0.7%). Financials generally were firm, ZIP up 3.0% and XYZ 1.8% higher. REITS too were a little better, GMG up 0.9% and SCG up 0.2%. Industrials generally were solid, ALL up 1.8% and QAN took off, up 3.4% with BXB also doing well, up 1.2%. COL and WOW slightly better and tech mixed, WTC down 0.6% and XRO up 0.9% as the All-Tech Index rose 0.4%.
In resources, it was a mixed picture, iron ore majors firmed, BHP up 0.7%, gold miners were mixed on quarterly results, NEM continued to see profit taking post the quarterly, down 3.1% and RMS fell 5.7% on quarterly. Rare earths remain under pressure as the US and China edge closer to a trade deal. LYC down 2.4% and ILU off 6.9%. Oil and gas stocks slightly higher, STO up 1.4% with uranium mixed.
In corporate news, NXL dropped 16.8% on the CEO resigning, PNV bounced 3.9% as the chair fell on his sword and VEA fell 4.3% on cigarette sales drop. AUB jumped 12.1% on takeover rumours from Swedish PE.
On the economic front, Chinese industrial companies saw their earnings surge the most in nearly two years.
Asian markets firmed on trade hopes. Japan up 2.1% China up 1.1% and HK up 1.0%.
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Wall St had a strong session on Friday. Inflation numbers coming in slightly lower than expected and company earnings continuing to beat. The market jumping hurdles of the Government shutdown, trade tensions, regional bank jitters, overvaluation concerns and oil sanctions. S&P 500 up 0.79%, closing near the high on average volume. Dow up 473 points. Nasdaq best up 1.15%. Headline CPI hit 3% vs 3.1% expected. The highest level since January. Energy prices the largest contributor. Transportation services had the biggest decline. Shelter flat. Core inflation slightly fell from 3.1% to 3%. No change was expected. Technology the best performer thanks to Big Chips. Alphabet/Anthropic news boosting sentiment (more below). S&P 500 up 1.9% for the week. Nasdaq up 2.3%. ASX 200 up 0.26%.
ASX set to open 26 points higher. US - China trade talks in focus.
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The ASX 200 drifted 14 points lower to 9019 (0.2%) in cautious trade ahead of the latest US CPI tonight. For the week, we are up around 24 points. Not that exciting, but plenty happening beneath the surface as usual. Banks eased back today with CBA down 0.8% and the Big Bank Basket down to $289.13 (). Other financials also drifted lower, NWL down 2.2% and HUB off 2.1 %. ZIP fell 1.0% and insurers flat too. REITS held firm generally as did industrials. BXB up 0.1% and SGH rising 0.8%. Some buying in tech stocks, WTC up 3.0% and XRO still struggling, up 0.2%. The All-Tech Index up 0.6%. In resources, BHP and RIO rose slightly, FMG down 1.5% and gold miners were generally easier again, NEM quarterly probably not helping, off 4.4%. Lithium had a day out following better than expected quarterly from PLS up 9.1% and LTR up 10.4%. Looks like some more short covering kicking in too. Oil and gas mixed, WDS up 1.0% and STO down 1.2%. Uranium firmed ever so slightly, PDN up 0.1% and DYL off 4%.
In corporate news, CTD released a positive update but still suspended due to past issues. WHC fell 0.4% on its quarterly and CCL gained 1.0% on ACCC approvals with NCK seeing its chair retiring. MGX cratered 26.6% following the recent seismic event on Koolan Island which has now brought forward the closure of the mine. CRN confirmed a roof fall but denied a collapse.
On the economic front, Japanese CPI rose, Trump terminated talks with Canada after an ad and China revealed its cunning plan to revitalise its economy.
Asian markets better Japan up 1.4% China up 1.0% and HK up 0.7%.
10-year yields rise to 4.14%.
European markets opening around 0.1% higher. US CPI in focus.
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US shares were down overnight with the Nasdaq (-0.93%) the worst of the major indices. Both the SP500 (-0.53%) and Dow (-334 points) were lower. The Trump administration floated the idea of placing restrictions on software exports to China. The VIX rose (+4%) on higher volume of 24 billion shares traded. Bitcoin was weak again, suggesting risk sentiment continues to moderate. The market is also waiting for the delayed release of US inflation numbers. Seven of the 11 major sectors were down.
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The ASX opened down, and has stayed down all day (-0.7%). Energy is the clear winner of the major sectors (+1.32%) thanks to a modest rise in oil overnight and a positive update from WDS (+3.5%). Gold stocks opened sharply lower but mostly held the line for the remainder of the day. No doubt gold will be watched closely from here to see if the correction continues. One item of interest today for lithium is PLS CEO Dale Henderson telling Bloomberg that power storage is helping to offset lower EV sales in the US. He said the energy is growing “leaps and bounds”. The sector should keep growing each year for the next decade. That may have helped PLS finish flat today despite lithium shares overseas down overnight. LTR was down -1.4%. Tech shares got a strong bid with XRO (+1.75%), CPU (+0.43%) and XYZ (2.2%) up and about plus smaller names even better NXL (+3.7%) and WBT (+18.8%). US futures have turned positive since midday.
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US stocks were mixed overnight with the Dow up 0.47%, the Nasdaq -0.16% and the SP500 flat. Volume was average, and the VIX continued its retreat back under 20. Netflix was a notable earnings release. Management reported 17% revenue growth for the third quarter, but even that wasn’t enough to hit expectations. The Netflix team said their ad sales division should double revenue over the next year. Seven of the broader US sectors were down, with Consumer Cyclicals (+1.34%) and Industrials (+0.93%) the strongest. Key US companies Coca-Cola, 3M and General Motors all beat expectations.
ASX set to fall. SPI futures down 47 points (0.52%).
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The Aussie market held steady in afternoon trade, with the XJO index closing out the day with a 0.70% gain. Another record high. Gold stocks opened strong, and stayed strong. NST was up 2.87%. One research house today said that the rise in gold is so big that physical bullion is getting close to taking second spot on the ladder of Australia’s biggest exports. Coal and LNG are trending down. Australia is the third largest gold exporter globally, behind China and Russia. The royalty cheques should help sustain our high government spending, believed to be at an elevated 28% of GDP currently. Some of the lustre came out of the rare earth announcement this morning, with early moves in LYC -7.6% and ARU fading. US futures have turned negative as we get closer to the open. That likely moderated some of the early momentum in the Aussie market this afternoon.
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The ASX 200 rallied 37 points after a weaker start to 9032 (0.4%) as banks broke on through. With CBA up 2.6% and NAB rising 1.4% and the Big Bank Basket up to $292.49 (+1.9%). Insurers bounced back from Friday’s heavy losses, QBE up 3.7% and IAG rising 2.2% with financials also doing well, CGF up 1.1% and ZIP up 4.3% on quarterly numbers. REITS back in favour, GMG up 0.7% and SCG rising 1.5%. Industrials too were back in demand, BXB rallied 2.0% with REA up 1.2% and WES rising 1.0%. Tech stocks a little better for a change, WTC up 0.9% and XRO putting on 0.3%. Resources were generally weaker, gold miners under pressure again on profit taking, NST down 3.6% and EVN falling 4.9%. Iron ore miners eased, but rare earths were back in vogue. LYC up 6.6% and ARU leading, UP 18.5%. PLS rose 2.2% with DTR up 7.5% on Colosseum news. A better day for oil and gas, STO up 2.6% and WDS gaining 0.7%. Uranium stocks slipped, PDN down 4.9% and DYL in deep red, off 18.8% as the CEO quit!
In corporate news, DRO lost 2.6% as quarterly showed a big revenue jump as expected, ZIP were better than forecast and extended the buyback, BAP crashed 17.7% on operational issues and impairments and a downgrade.
On the economic front, NZ inflation rose to 3%, Chinese GDP came in a 4.8% as expected.
Asian markets bouncing back hard, Japan up 2.9% on political resolution perhaps, China up 0.7% and HK up 2.2%.
10-year yields rise to 4.14%.
European markets opening around 0.3% higher. Results in focus this week.
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Wall St higher overnight as Trump comments on China placated trade fears and regional banks bounced. S&P 500 and Nasdaq up 0.5% on average volume. Both closing near the high. Dow up 238 points. VIX volatility index down 18%. Still above 20 points. It hit its highest level in six months on Thursday night. Trade news dominating headlines in absence of economic data. Trump saying his earlier tweet of 100% tariffs on China isn’t sustainable and still wants to meet with Xi. TACO trade at play yet again. A slight shift in the Russia/Ukraine narrative after Zelenskyy met with Trump. The President appearing more intent on brokering a peace deal (territory concessions) than upgrading Ukraine’s arsenal with Tomahawks.
SPI down 7 - ZIP and DRO out early...
- Resources mostly lower as commodity traders had a mixed reaction to Trump’s China and Ukraine comments. Precious metals down on ‘easing trade war fears’ yet iron ore, copper and base metals also down (would typically bounce if trade war fears were overdone).
- Gold stocks heavily down as bullion fell 1.5% (still up 5.8% for the week). Platinum and silver even worse.
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ASX 200 fell back to earth, dropping 73 points to 8995 (0.8%). Hot air is escaping from hot sectors today. Banks slid a little with the Big Bank Basket down to $286.96 (-0.2%). ANZ down 0.5% and MQG falling 1.0%. Insurers were smashed on 10-year yields plunging, QBE down 9.3% and IAG off 6.2%. Financials also under some end of week pressure, GMG gave back some gains falling 2.4% and industrials slid. WES down 0.9% and ALL off 1.4%. Tech under pressure again, WTC down 1.8% and XRO off 0.4%. The All-Tech Index off 1.8%. Resources were a mixed bag, gold hit more records, 9 straight weeks of gains! NST up 2.3% and EVN up 1.9% with rare earth companies coming unstuck. LYC fell 5.7%, at least off lows, ILU withdrew guidance, dropping 2.4% and copper stocks fell. BOC having run hard and collapsed today, off 33.8%. Serious profit taking in the hot stocks today, uranium stocks also under some pressure. Oil and gas stocks slipping again, STO off 3.3% and WDS down over 2.6%.
In corporate news, NXG fell 6.1% after raising C$1bn in a global equity offering, VUL dropped 7.7% after a partnership with JordProxa was announced. ERD collapsed 33.6% on an impairment charge related to the US business and guidance downgrade. BHP slipped 0.4% as inventories of Jimblebar fines built up at Chinese ports.
On the economic front, nothing today. Albanese set to meet Trump next week.
Asian markets fall, Japan down 1.3% China down 1.3% and HK down 1.6%.
10-year yields fell to 4.08%.
European markets opening lower.
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Stocks closed lower on Thursday, giving up earlier gains, led by declines in bank stocks on worries about bad loans. Traders also juggled persistent trade tensions and an ongoing U.S. government shutdown. The Dow Jones Industrial Average lost 301.07 points, or nearly 0.7%, to close at 45,952.24. Earlier in the day, the 30-stock index had gained 170 points. The S&P 500 finished 0.6% lower at 6,629.07, giving up a 0.6% gain at the highs of the session. The Nasdaq Composite fell 0.5% to settle at 22,562.54.
Gold soars - SPI down 31
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The ASX 200 hit record highs today, closing at 9068 up 78 points (0.9%) in a very strong session. Today, it was banks and industrials doing much of the heavy lifting — along with a solid contribution from the gold sector. MQG led the charge, jumping over 5% on the back of news it had sold some of its data centre assets — good news all around. The big kicker came at 11:30 am, with jobs data showing an unemployment rate of 4.5%. That gives the RBA plenty of room to cut rates further on Melbourne Cup Day. Across the industrials, gains were broad-based: WES up 1.3%, WOW up 1.9% , GMG up 4.9% and buoyed by enthusiasm for data centre exposure following Macquarie’s sales. CSL added 1.8%. TLS rose 0.4%. The banks were steady if unspectacular, while insurers and wealth managers shone. HUB soared 10.5%. AMP also rallied 8.5% on the back of a positive quarterly update.
The technology sector, however, missed the memo on record highs — WTC and XRO both slipped around 1.4%, continuing their recent stumbles.
The resources sector was busy once again. BHP edged slightly higher, while FMG and RIO eased. The gold miners were the standout as gold hit fresh record highs. NEM up 3.4% and EVN up 3.3%. The rare earths and lithium stocks came under pressure after Scott Bessent talked of an extension of the 100% tariffs deadline if China eased export restrictions. LYC fell 5.7%. Other rare earth names substantially also weakened in sympathy.
In corporate news, MYX rose 11.3% after it received court approval for its takeover by Cosette, with no wriggle room left — though FIRB approval is still required. RIO is searching for strategic partners to develop a huge copper deposit inBougainville. TWE edged 1.8% higher after its AGM, where Chairman John Mullen discussed ongoing challenges and sales developments in China.
On the economic front, the jobs report confirmed unemployment rising to 4.5%, with a steady participation rate. That combination pushed bond yields lower, the Australian dollar weaker, and equity markets higher — a triple treat for investors heading into Friday and more US results.
Asian markets rise, Japan up 0.5% China up 0.1% and HK down 0.4%.
10-year yields fell to 4.17% on jobs data.
European markets slightly lower. UK GDP today.
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Continued good news from Wall Street bank earnings in overnight trade. The SP500 closed up +0.40% and the Nasdaq +0.66%. The VIX moderated down -0.82%. Morgan Stanley (+4.7%) and Bank of America (+4.4%) added to the positive earnings released from Goldman Sachs, Citigroup and JPMorgan Chase yesterday. The six Wall Street banks raked in almost US$41 billion in the past quarter, and up 19% from this time last year, according to the Wall Street Journal. The tech capex boom rolls on, with ASML reporting orders of 5.4 billion euros, up 100% on last year. Macqaurie Asset Management has sold data centre assets in a deal with US$40 billion, the biggest ever for this asset class. The buyers part of the transaction include BlackRock, Nvidia and Microsoft. Yields on 30 year bonds and the ten year note were little changed.
ASX set to open flat. SPI down 5 points.
Gold hit is 47th record close of the year at $4,201 per ounce. Silver hit $51 per ounce and is now up 76% in 2025. US Treasury Secretary said the US may considering extending tariff relief to China if they are willing to get rid of their rare earth controls.
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The ASX 200 soared 92 points to 8991(1.0%), closing on highs, as bank and resources fired together. The Big Bank Basket back up to $285.59 (+1.5%) with CBA signing up Comyn for another three years and rising 1.5%. NAB up 1.9% and MQG rallying another 1.5%. Other financials also doing ok, HUB up 2.0% and PNI up 1.5%. REITs quiet and insurers slipped slightly. Healthcare better as CSL rose 2.6% and TLX sprinted 16.3% higher on a guidance update. Industrials also found some buyers, WES up 0.6% and CPU rose 2.5% with retail flat. Tech better, WTC up 1.7% and XRO rallied 1.7%. TLS rose 0.4% and TPG up 1.0% as ABB rose 5.2% after the update yesterday.
In resources, the big miners gained again, BHP up 1.8% and FMG up 2.1% with gold stocks slightly higher, EVN fell 2.9% after production numbers, GMD rose 1.6% and some rare earths did well whilst others fell hard. Substance over hot air. IPX up 11.0% and ILU up 4.4% with LRV soaring again, up 29.4%. Oil and gas stocks remain under pressure, STO down 2.2% again, uranium stocks firmed, PDN up 3.2% and NXG up 4.4%.
In corporate news, ORA said its Savreglass acquisition is not meeting expectations. No surprise there really. DRO launched a new software platform called DroneSentry -C2, BOQ raised its dividend and rose 1.4%. 29M with a production update fell 20.8%
On the economic front, Chinese inflation numbers out today.
Asian markets rise, Japan up 1.6% China up 0.2%and HK up 1.3%.
10-year yields fell to 4.23%.
European markets slightly higher. ASML results out this morning.
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US stocks were mixed in overnight trade. Both the Nasdaq (-0.76%) and SP500 (-0.16%) declined. That result was better than the initial opening move, which suggested that bigger declines were likely. Argy bargy between the US and China is giving a mixed outlook for the trade war.
ASX set to rise 74 points. BOQ raises dividend. Sarah Hunter (RBA) speaks
Both US indices steadied later in the day. Solid US bank earnings from Wells Fargo and Citigroup no doubt helped sentiment toward both the market and broader US economy. Volume across both markets was average relative to the last month of trading. Oil declined nearly 2% after the International Energy Agency forecast a glut for 2026. Industrial metals in London were down. Gold moved to an all time high of US$4,138.
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The ASX 200 rose only 17 points today to 8899 (0.2%). But that action belies some extraordinary moves in the resources. Rare earths, lithium, critical metals, and strategic metal plays all soared. ARU up 25.4%, ILU up 15.8% and LYC up 5.0% with second liners flying. PLS up 2.7% and LTR rising 6.9%. Gold miners too in demand as bullion hit fresh records, NST up 2.8% and GMD up 5.4%. Big miners also got the memo, BHP up 2.2% and RIO rising 1.8% after production numbers. Uranium too in demand, LOT up 11.4% on a site visit, PDN up 9.6% on production numbers. Oil and gas in the slow lane as usual. The source of funding for all this buying was banks and industrials. CBA down 0.5% with WBC off 1.2% and the Big Bank Basket down to $281.46 (-0.6%). Insurers also fell, although financials tried to garner some support, MQG up 1.2%. Healthcare eased, REITs fell, industrials slid. WES down 1.2% and ALL off 1.2% with retail under pressure following weaker consumer sentiment data. Tech tried hard to hold, TNE up 1.8% and XRO up 0.5%.
In company news, plenty of production and drilling reports to keep things interesting. SRG rose 29.3% on an acquisition of TAMS. ABB fell 3.1% after reporting 22k new subscribers. BRE jumped 6.8% after a cap raise supported by Rinehart. CSC rose 3.4% after a deal to sell a 25% stake in a Cu-Ag project.
On the economic front, RBA minutes together with ANZ Roy Morgan Consumer confidence numbers.
Asian markets fell, Japan back from a holiday off 2.8%, HK down 1.1% and China 0.8%
10-year yields fell to 4.25%. European markets slightly lower
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US markets recovered their composure in the first trading session for the week. The Nasdaq rose 2.2%, the SP500 2.02% and the VIX index dropped 12%. Bitcoin stabilised around US$115,650. US bond markets were closed for Columbus Day. The technology sector performed the strongest, with notable rises in TSLA (+5.4%) and AVGO (+9.9%). The major US banks are also reporting this week and should provide insight into Main Street America.
ASX set to open higher. SPI futures up 27 points.
Both copper (+3.7% in London) and Brent oil (+1%) bounced after taking a hit last week. Iron ore continues to show resilience even in the face of the escalated tensions over global trade. That helps the outlook for RIO, which released its latest quarterly production update this morning. Watch for any market reaction today. There should be no surprises.
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The ASX 200 lost 76 points to 8883 (0.8%) as losses accelerated in the banks as the day wore on. The Big Bank Basket fell to $283.25 (-1.1%). ANZ bucked the trend as it unveiled its new strategy and suspended the buyback. It was up 3.3%. MQG slumped 4.0% and other financials also in the naughty corner, NWL down 4.0% and HUB dropping 5.6%. REITS pretty flat, Insurers slightly lower, SUN down 1.2%. Industrials showed losses with QAN down 1.6%, SGH off 3.1% and ALL falling 2.5%. Retail eased, investors sought refuge in WOW and COL. Tech was hit hard, the All-Tech Index down 2.7% with WTC off another 2.5% and XRO continuing to slide, off 1.5%. REA fell 1.6% and ORG lost 1.6%.
In resources, gold and rare earths were the shining lights, NEM up 2.9% with NST gaining 1.3%. LYC pushed ever higher, ARU gained 18.3% and ILU up 2.3%. Copper stocks slipped, BHP down 0.8% and FMG fell 0.4%. Oil and gas stocks continued to fall, STO down 1.7% and WHC falling 0.9%. Uranium stocks lost a little.
In corporate news, SS1 jumped 18.1% on US news, QAN fell on the leaked data and TWE is having a serious hangover on US and China sales issues, down 15.0%. TOE jumped 38.5% on a takeover from IsoEnergy. For BHP it looks like some progress has been made on the Chinese pricing standoff.
On the economic front, Jim Chalmers made some sensible changes to superannuation. A super-sized backflip with pike!
Asian markets were weaker as expected on Tariff news, Chinese exports though are booming. Japan closed for Sports Day holiday China down 1.7% and HK off 3.0%.
10-year yields fell to 4.29%.
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US stocks accelerated selling into the close after Trump tweeted on new 100% tariffs on China, with the Dow Jones Industrial Average closing down 878.82 points, or 1.9%, at 45,479.60. The S&P 500 lost 2.71% to settle at 6,552.51, while the Nasdaq Composite fell 3.56% to 22,204.43. The broad-based index’s decline was the largest since April 10. Prior to Trump’s comments, stocks were sizably higher, with the Nasdaq hitting a new all-time intraday high.
The VIX spiked above 22 – SPI down 84.
Friday’s declines wiped out the S&P 500′s gain for the week, as the benchmark lost 2.4% for the period. The Nasdaq and the Dow also saw weekly losses of 2.5% and 2.7%, respectively.
- Beijing blames US for raising trade tensions, defends rare earth curbs.
- ASX to follow Wall Street lower as tariff anxiety returns to markets.
- Ukraine hit Russian energy sites with US help.
- Kremlin warns the West over 'dramatic' escalation moment in Ukraine war.
- Rio Tinto poised to shut Australia’s biggest aluminium smelter Tomago.
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The ASX 200 fell 12 points to 8959 (0.1%) in quiet trade again ahead of the US reporting season. Down 29 points for the week. Banks were firm as CBA rose 0.6% and NAB up 0.6% with ANZ being in trouble for its culture again. The Big Bank Basket rose to $286.43 (0.5%). MQG lost 0.8% on a GS downgrade. L1G continued to fly following its FUM and merger with PTM. NWL rose 5.3% as a broker upgraded. ZIP ran 2.1% and PNI rose 3.5%. REITs steady, industrials were better, QAN up 1.9% and JBH rising 2.3% with some tech stocks rallying, TNE up 2.4% and XRO finding some support rising 1.2%. The All-Tech Index up 1.3%. TLS continued to push higher. Resources were under pressure with BHP down 2.1% and RIO off 1.7%. Gold miners suffered as bullion dropped back below $4000. NST down2.1 % and NEM off 2.9%. Most gold miners rallied off earlier lows. Rare earths also came in for some profit taking as its Friday. LYC down 3.8% and ILU off 3.2%. Lithium stocks slipped too. No good news in oil and gas either, WDS down 1.2%. Uranium stocks mixed, DYL up 2.5% and PDN off 1.6%.
In corporate news, MIN saw a new NED, DGT gained 1.3% on the CEO stepping down. MAC to be delisted following the Harmony Gold takeover.
In economic news, Michele Bullock appeared before a Senate Committee.
Asian markets ease, Japan down 1.2%, China down 1.4% and HK down 1.1%.
10-year yields up to 4.36%
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US stocks fell overnight and the Aussie futures market went mildly down in sympathy. The Nasdaq did lift from its intraday low in late trade. Both bitcoin and gold fell too. Most eyes will likely be on rare earth shares today as China adds to its restrictions and conditions around the metals. China controls approximately 80% of the rare earths market and uses it as leverage in trade negotiations. Copper stocks could continue to rally today after another strong session for the metal in London.
ASX set to open lower. SPI down 38 points. Gold slips - Rare earths push higher.
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The ASX 200 closed up 22 points at 8970 (0.3%) in somewhat lacklustre trade. Banks slid led by CBA down 1.3% and the Big Bank Basket down to $284.98 (0.9%). NAB also down 1.4% with other financials firming. REITS slipped slightly, GMG down 0.5% and SCG off 0.3%. Industrials mixed and uninteresting, QAN rose 1.1% and TLS gained 0.8% with REA bouncing 1.2%. WOW and COL also better. Healthcare mixed, SIG up 3.1% and RMD down 1.2%.
In resources, copper stocks on a roll, BHP up 2.9% and RIO up 1.6%. Rare earth stocks also in demand on Chinese moves again, LYC up 5.3% and ILU up 2.5%. S32 continues to power ahead up 5.7% and IGO rose 2.4%. Gold miners were mixed, EVN up 0.8% and CMM rising 0.9%. SFR in the copper space rose 5.3%. Uranium stocks slipped slightly, PDN rose 1.1% as the SPP closes today. Oil and gas flat.
In corporate news, GYG announced a $100m buyback. ELD drooped 1.0% on a downbeat trading update. BRE jumped 8.6% on an agreement to supply specialist Carester. Nothing on the economic front.
Asian markets back in full flight, Japan up 1.4%, China up 1.6% and HK up 0.3%
10-year yields ease to 4.35%
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HEADLINES
- S&P 500, Nasdaq end higher as tech strength outweighs Fed concerns
- ASX to rise, Wall Street renews rally; gold, silver stocks in focus – AFR
- Investors set to reignite yield curve steepening if fiscal worries worsen
- IMF chief says global economy doing 'better than feared,' risks remain
- France's Macron will appoint new prime minister in next 48 hours
- Markets face 'sharp correction' if mood sours on AI or Fed freedom, Bank of England says
- Fed last month saw rising risks to job market, but remained wary on inflation
SPI up 38
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The ASX 200 closed down 9 points at 8948 (-0.1%) in listless trade. Industrials remain under pressure, WES off 2.2% and ALL down 1.3% with retail falling as APE dropped 2.0%. Tech also in the doldrums, WTC falling another 0.4% and XRO off 1.7%. The All-Tech Index down %. TLS slid 1.0% and REA down again. Banks eased slightly with NAB down 0.4% and the Big Bank Basket down to $287.45 (-0.4%). MQG falling again. REITs off, GMG down 0.7% and GPT down %.
Resources holding up, but mixed. BHP down 0.2% with RIO positive. Lithium stocks did ok, PLS up 3.9% and LTR rallying another 6.2%. Gold miners eased despite bullion soaring through US$4000. VAU fell 1.4% and NST down 0.2%. Uranium slightly higher, PDN up 0.9% and oil and gas going nowhere in a hurry. KAR down another 2.9%.
In corporate news, JHX rallied 9.9% on better-than-expected US sales numbers. MFG rallied 0.9% on better FUM news. DRO announced some software improvements, up 7.8%. And NWH rallied 3.0% after it upgraded guidance.
Nothing on the economic front. The RBNZ cut rates 50bps to 2.5% Asian markets quiet Japan down 0.3% HK down 1.1% with China closed. Reopens tomorrow.
10-year yields ease to 4.36%
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The S&P 500 struggled on Tuesday, bogged down by a drop in Oracle shares amid investors’ worries about the profitability of the artificial intelligence rollout. Wall Street also looked for more developments out of Washington with the U.S. government shutdown in its second week.
The broad market index pulled back 0.38% to close at 6,714.59, snapping a 7-day winning streak, while the Nasdaq Composite fell 0.67% to finish at 22,788.36. The Dow Jones Industrial Average fell 91.99 points, or 0.2%, to end at 46,602.98.
SPI down 1.
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The ASX 200 slipped 25 points to 8957 (-0.3%) in a mixed session. Banks clawed back early losses, CBA unchanged and the Big Bank Basket at $287.46 (%). Financials were a little mixed, ASX fell 1.4% and CGF rose 2.4%. GQG fell 6.1% as tech rallied in the US. GQG is not a fan of AI strategy. Industrials eased, ALL down 1.3% and WES falling 1.3% with retailers under a little pressure. MYR unchanged as Lew moved to another 3% of the company. Tech slipping still, XRO down 0.2% and WTC falling 2.8%. The All-Tech Index down 0.7%. Healthcare fell back, SIG down 1.7% and RHC off 0.3%. Resources were mixed too. Gold miners seeing a pause in enthusiasm despite AUD gold prices above $6000. GGP rose 9.7% on a production update. EVN slipped 0.1% and NEM managed only a 0.4% rise. Lithium stocks better, PLS up 0.4% and LTR rising 1.6% with S32 doing well up 4.3% as the US government took a 10% equity position in its partner in Alaska. Uranium stocks pushed higher as oil and gas stocks fell, STO down 0.6% and KAR off 3.7%. Coal stocks lid, WHC down 2.7%.
In corporate news, WEB had a trading update and gained 3.0%, SBM collapsed 11.0% as it raised fresh funds. DRO down 3.7% after it announced a new $13m R&D facility in Adelaide. RIO announced a $1.1bn iron ore mine expansion with its Japanese partners.
Nothing on the economic front. Asian markets better, Japan up 0.5%. HK down 0.7% with China closed.
10-year yields ease to 4.38%
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- S&P 500, Nasdaq reach all-time closing highs on AI dealmaking boost
- ASX to rise, AMD paces tech rally on Wall Street – AFR
- White House says no shutdown-related layoffs yet, but warns they could come
- US unemployment claims rise moderately amid labor market freeze
- Talks begin in Egypt on Trump plan to end Gaza war
- Trump imposing new 25% large truck tariff starting Nov. 1
- Euro zone inflation risk declining but ECB cut still possible, policymakers say
- BOJ keeps cautiously upbeat economic view, warns of wage uncertainty
ASX set to rise. SPI futures up 10 points or 0.1%. - Gold continues higher - Oil up too
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Wall Street had a mixed session on Friday night. Dow Jones up 239 points to a new record high. S&P 500 flat. Nasdaq 0.3%. All three indices losing morning gains to close near the low.The US government shutdown prevented the release of nonfarm payrolls data but a survey by the Institute for Supply Management showed a fourth consecutive month of contraction, keeping hopes of further rate cuts alive.Mixed sector performance. Healthcare led, strong week from the sector, as pharmaceutical companies follow Pfizer’s lead and negotiate tariff exemptions from the Trump administration. Utilities and Financials also in the green. Growth stocks suffered, with Tech and Cyclicals being the only two losers.
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The ASX 200 kicked another 42 points higher at 8987 (0.5%), heading towards records. Banks were solid, CBA up % and ANZ up %. The Big Bank Basket up to $288.49 (+0.4%). Wealth managers kicked too, MQG up 1.8% and NWL rising 1.0%. Insurers slid slightly, QBE down 1.4% and MPL off 0.8%. REITs ok, DGT pushed 11.7% higher on a company upgrade. Healthcare was once again doing ok, CSL up 0.8% and RMD up 3.0%. Tech also rallied, WTC up0.3 % and XRO finding buyers up 1.7%. Retail better too, JBH up 0.8% and APE rose 17.9% after trading resumed on the Canadian acquisition.
Resources were flying in places, LYC up 3.1% and MEI up 14.3% on an announcement, Gold miners took a moment, NST down 1.7% and EVN off 1.5%. The Big Three iron ore miners rose slightly with oil and gas down, STO off 2.2% and uranium taking a pause. Lithium stocks gained again, PLS up 2.4% and IPX up 3.9%.
In corporate news, TLS fell 0.6% on a $18m fine from the regulator. KLS rose 1.4% as some ferry launches were pushed back. MSB surged 8.7% as its Ryoncil got formal recognition.
Nothing on the economic front. Asian markets better, Japan up 1.8%. HK down 1% with China closed.
10-year yields steady at 4.33%
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Wall Street reached record highs with modest Thursday gains despite the US government shutdown, as Tech helped boost US indices. S&P 500 up 0.1%, Nasdaq rose 0.4%. Dow rose at the open but then began to fall, troughing at about 11:15am, steadily rising from there onwards. Closed in upper mid-range, up 79 points. Mixed sector performance. Materials and Tech the primary drivers with Meta rising 1.4% and Intel gaining 3.8%. Energy and Cyclicals the laggards. The former followed oil downward, as oil hit a four-month low over excess supply concerns, while Tesla weighed on Cyclicals, dropping 5.1% as EV credits expired in the US.
ASX to fall. SPI futures down 7 points (-0.08%).
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A very solid day with the ASX 200 up 100 points to 8946 (1.3%). Most sectors firing. Banks on mortgage growth, resources on commodity prices and CSL on pharma tariff news perhaps? CBA rose 1.7% despite some IT issues, the Big Bank Basket rose to $287.36 (+1.5%). Wealth managers also doing well with GQG up 3.8% and PNI rising 2.6%. PPT up 6.9%. Insurers also firm. REITs sprinted away led by GMG up 2.2% and healthcare had a great day with CSL breathing a small sigh of tariff relief perhaps, up 3.%. Industrials were mixed, QAN up 0.7% with WTC falling another 0.9% as XRO found some support. REA dropped 1,9% as it made an acquisition, looking a bit worried about its CoStar.
Resources were strong as BHP bounced 1.1% and RIO and FMG firmed. Gold miners were back in demand with NST up 3.9% and NEM up 1.7%. GMD ran 3.5% higher. Lithium stocks also doing well, MIN up 4.2% and PLS up 5.1%. Uranium too bid up, LOT up 7.1% and PDN up 5.9%. Some notable losers today in DRO, EOS and 4DX after death- defying rally comes to an end.
In corporate news, A1N rose 0.9% on its CEO stepping down. JHX up 1.2% as it defended the indefensible on salaries and incentives. BSL shuffled its board ahead of AGM. On the economic front, the trade balance shrank sharply as gold shipments fell hard. Asian markets muted as China National Day takes precedence. Japan up 1.1%.
10-year yields steady at 4.34%
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Wall Street recorded another positive session despite the US government shutdown and weaker-than-expected private payrolls data. S&P 500 up 0.3%, Nasdaq rose 0.4%. Dow fell at the open but quickly rebounded, occasionally rising but unable to maintain its strength. Closed with modest gains, mid-range, up 43 points. Mixed sector performance. Healthcare the standout again, up over 3.0%. Continued the rally from the previous day after news that Trump and Pfizer had cut a deal, lower prices for the Medicaid program in exchange for tariff relief. Utilities and Cyclicals also contributed positively to gains. Financials and Materials were the laggards, both down over 1.0%.
ASX to rise. SPI futures up 48 points (+0.54%).
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The ASX 200 slid a mere 3 points to 8846 as the US government shutdown weighed on sentiment. BHP under pressure from the off on news of a halt to iron ore sales in China, falling 2.5% with RIO up 0.5% and FMG doing well, up 1.4%. Lithium stocks under pressure on CATL news of a reopening, MIN fell 3.8%, LTR off 10.7% and PLS falling 6.4%. Copper stocks mixed, SFR up 1.6% and gold miners mostly firm, new record highs for bullion. NST up 0.8%, GMD up 0.7% and WGX rising 10.7% on its 3-year plan. Uranium eased and oil and gas mixed, STO up 0.5%.
Banks eased back slightly, CBA up 0.1% with the Big Bank Basket down to $283.09 (-0.1%). Financials found some friends, SOL up 5.4% and MPL rising 0.6%. Healthcare better, CSL up 0.3% and RMD rising 0.8%. Industrials mixed, BXB up 1.3% with TLS rebounding 0.6%. Retail stocks eased a little, tech mixed, WTC up 0.6% and XRO up 0.6%.
In corporate news, BVS soared 18.2% on guidance improving. APE in a trading halt pending a capital raise and a Canadian acquisition. ASB jumped 5.8% on a US Naval agreement.
On the economic front, nothing locally. Asian markets muted as China National Day takes precedence. Japan down 1%.
10-year yields drifted higher to 4.35%. US Futures down 0.5% on shutdown.
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Wall Street recorded another positive session despite markets preparing for a US government shutdown and delays to key economic data releases such as the jobs report on Friday. S&P 500 up 0.4%, Nasdaq rose 0.3%. Dow was choppy from open but found strength in the last hour. Closed near high, up 82 points. Broadly positive sector performance. Healthcare the best performer, boosted by Pfizer rising 6.8% after Trump said he’d cut all prices in Medicaid for lowest-income Americans and expected other pharmaceutical companies to follow suit. Industrials and Materials also contributed positively to gains. Energy followed oil down as +OPEC plans a supply hike, while Financials and Cyclicals rounded out the negative performers.
ASX to open flat. SPI futures down 5 points (-0.06%).
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The ASX 200 gave up early gains to close down 14 points at 8849 (0.2%). Banks eased back with CBA down % and ANZ falling % as the Big Bank Basket dropped to $283.23 (-0.6%). Insurers gave back yesterday’s gains. QBE down 0.7% and SUN off 0.8%. Other financials also eased slightly. REITS rose, GMG though fell 0.8%. In the industrials, TLS dropped another 1.4% and tech was mixed, WTC down another 3.0%. XRO finally finding some friends. Up 0.1%. Healthcare mixed as CSL flat after CFO retired.
In resources, copper and gold continue to dominate, BHP and RIO had good days up 1.5% and 0.6% respectively. Gold once again shone bright, NST up 1.2% and EVN rising %. NEM is in for a C-Suite change and fell 2.3%. Base metal and copper stocks doing well again. Oil and gas falling hard on crude prices, WDS down 1.7% and STO off 2.5%. Nothing much happening in uranium stocks.
In corporate news, SWM and SXL are set to merge. RBD up 59.3% on a takeover approach. And SGR rose 1.1% after it finalised a deal with its lenders.
On the economic front, the RBA left rates unchanged. Bullock said ‘we’re close’ to getting economy back in balance. But we need to be cautious about inflation. Chinese PMI came in below forecasts.
Asian markets mixed, China up 0.3%, HK up 0.3% - Japan down 0.2% on PM uncertainty.
10-year yields steady at 4.34%.
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Wall Street recorded a positive session as markets were unmoved by a potential US government shutdown over funding issues and hawkish commentary by FED officials. S&P 500 up 0.3%, Nasdaq rose 0.5%. Dow dropped at open, was choppy for much of the session, but found strength from about 1:30pm and steadily rose throughout the remainder of the day. Closed near high, up 69 points. Broadly positive sector performance. Energy the only negative performer, followed oil down on reports of +OPEC increasing supply. Cyclicals the best performer, boosted by a 1.1% rise in Amazon after it settled a FTC lawsuit for $2.5Bn over Prime sign-ups and cancellation difficulties, biggest civil penalty in FTC history. Industrials, Materials and Healthcare also contributed to the broad-based positive sector performance.
ASX to rise. SPI futures up 15 points (+0.17%).
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The ASX 200 kickstarted the week in style up 75 points to 8863 (0.9%). Gold was once again leading the charge as it pushed through US$3800, NST up 3.1% and NEM rising 4.0%. EVN also turned in a good day up 4.4%. Iron ore miners were a little floppy on steel demand in China and looming 7 -day holiday. FMG fell 2.1%. Copper and other base metal stock continue to push higher, 29M up 4.8% and MLX up 4.1%. Rare earth stocks saw profit taking, ILU down 3.9% and LYC modestly off. Energy stocks saw sellers, KAR down 1.7% and PDN falling 2.4% with WHC off 3.4%.
Banks were firm today ahead of the RBA. CBA soaring 2.2% with WBC up 2.0%. MQG recovered 1.3% with other wealth managers also better, NWL up 2.1% and insurers rallied, QBE up 1.6% and IAG up 1.3%. Healthcare was firm as CSL traded 2.5% higher on tariff hopes, RMD up 1.2% and MSB up 0.8%. REITs lacklustre, tech eased back in places, WTC down 1.2% and TNE up 1.5%. Retailers were flat, APE off 0.6% and SUL down another 1.0%. ALL a bright spot up 2.0%.
In corporate news, MIN was down 0.8% on haul road news, SM1 up 10.4% on the sale of its North Island assets, and BVS rose 2.5% on a new CEO.
Nothing on the economic front, RBA tomorrow.
Asian markets mixed, China up 2.1% Japan down 1% on PM uncertainty.
10-year yields easing to 4.34%.
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Wall St snapped its three-day losing streak overnight as the PCE price index came bang in line with expectations, quickly reigniting hopes of at least two rate cuts by the end of the year. Consumer spending slightly countered this view, surprising to the upside and reinforcing Thursday’s GDP revision. Bond yields down, USD down, gold up, equities up. S&P 500 up 0.59% on low volume. Dow Jones up 300 points. Nasdaq underperformed. Up 0.44%. The rally initially dented as Consumer Sentiment came in lower than expected before stocks rebounded to close on a high. The inflation print outweighed news of Trump announcing tariffs on pharmaceuticals, heavy trucks and furniture. All three indices logged their first week of losses in a month albeit minimal damage. S&P 500 -0.31% vs the ASX 200 +0.16%. Dow Jones down 68 points. Nasdaq down 0.65%.
SPI up 21 - RBA tomomorrow.
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The ASX 200 finished the week up 15 points to 8788 in range bound trade. Up 15 points for the week! PCE tonight in the US. Banks firmed with the Big Bank Basket up to $279.52(+0.7%). CBA up 0.7% with insurers better too, QBE up 1.2% and SUN rising 1.5%. REITs still under some pressure. GMG down 0.9%. Wealth managers still struggling from recent fund failure pessimism. HUB down 4.2% and NWL off 2.9%. Industrials generally becalmed, TCL down 0.9% with CPU down 1.8% and SGH falling 0.5%. ORG fell 2.7% with tech struggling. The All-Tech Index down 0.6%.
Resources were once again the place to be. Maybe not the leaders, but the second tier was on a tear. DTR up another 17.5% with VUL doing well on a new German geo-thermal deal, up 15.6%. Gold miners rose, WGX up 2.9% and GGP rising 0.4%. NST up 0.4% as Goldfields sold down. Copper stocks were also strong, AIS up 13.1%. Few buyers creeping back in to uranium, NXG up 3.1% and DYL up 1.5%. Oil and gas stocks eased slightly.
In corporate news, CSL fell hard early on tariff news, it did rally from lows, down 1.9% at the close. MSB said no effect from tariffs. Still fell 3.6%. GOR is no longer as Goldfields wraps up its acquisition. IPX rallied hard on a new US government contract. Up 6.1%.
On the economic front, nothing locally. All eyes on the RBA next week. No change expected.
In Asian markets, Japan down 0.6%, China off 0.3% and HK off 0.4%.
10-year yields pushing higher to 4.39%.
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Wall Street recorded a third consecutive day of losses as markets digested mixed economic data, with initial jobless claims rising by 14,000 to 218,000 while other data showed the US economy grew faster than previously estimated in Q2. S&P 500 down 0.5%, Nasdaq fell 0.5%. Dow dropped at open, recovered, and from 11am oversaw a choppy session downward. Closed near middle of range, down 174 points. Primarily negative sector performance. Healthcare, Cyclicals, Utilities and Materials, all recorded losses of over 1.0%. At the opposite end, Energy was once again the biggest gainer, third consecutive day, Russia limited fuel exports and Q2 US GDP revised up. Financials also made modest gains.
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The ASX 200 shrugged off a negative lead and rose 9 points to 8774 (0.1%) as resources kept the dream alive. Copper stocks were the go. BHP and RIO leading the charge, 3.6% higher as Grasberg issues pushed the focus onto supply issues. S32 also ran 2.7% and SFR was a standout up 7.6%. MIN rallied % as lithium stocks found a little love. FMG unchanged. No copper. Gold miners were sold down in some profit taking, GMD off 2.3% and WGX falling 5.4%. EVN unchanged on its copper exposure. Oil and gas better as crude pushed higher on geopolitical issues, WDS up 2.5% and STO rising 2.1%. Uranium stocks took a breath.
Banks were solid with the Big Bank Basket rising to $277.65 (). MQG got a $321m agreed to reimburse customers involved in its Shield Master Trust problems, insurers lid, QBE down 1.2% and SUN off 3.0%. NWL continued to struggle on the Sentier issue. Industrials were easier, BXB fell 1.2%, QAN dropped 0.8% and WOW and COL both fell close to 0.8%. REITs under pressure, GMG down 1.1% as rates rose slightly following the CPI yesterday. Tech mixed, WTC up 0.2% and healthcare sliding, RMD down 2.6% and RHC off 1.8%.
In corporate news, NEC announced its chair will retire after AGM. PMV reported slightly better than expected results, but Smiggle has some issues. WDS signed a deal with the Japanese for liquid hydrogen deliveries.
Nothing on the economic front. Asian markets slightly firmer, China up 0.7%. Japan up 0.2%, HK unchanged.
10-year yields pushed up to 4.33%
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Wall Street recorded a second consecutive day of losses as markets continued to digest Powell’s comments from earlier in the week, that equity valuations seemed slightly stretched and the Fed was walking the tightrope between a weakening labour market and persistent inflation. S&P 500 down 0.3%, Nasdaq fell 0.3%. Dow fell steadily throughout the first hours of trading and found its floor around noon. Closed near low, down 172 points. Mixed sector performance. Materials, REITs and Tech the three worst performers. Materials was dragged down by Freeport-McMoRan which fell 17% after declaring force majeure at its Grasberg mine in Indonesia. At the opposite end, Energy was once again the biggest gainer, followed oil up as US stockpiles tightened, hit 7-week high. Cyclicals and Utilities also did well.
ASX to fall. SPI futures down 45 points (-0.51%).
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The ASX 200 has finished the day down 81 points or 0.9%. Ending on the session low as the midday inflation linked sell-off continued into the close. Financials worst as yesterday’s Big Four rally evaporated. Banks down between 1.4% and 3.2%. MQG down 1.8%. Insurers escaped, most flat. Stock market stocks mixed but mostly down. GQG flat. PTM -2.1%. HUB -3%. Health Care, Discretionary Stocks and Tech stayed under pressure. CSL down 1.3%. PME and TLX reversing strong sessions yesterday. Both down over 3%. No major damage in Discretionary names as the prospect of even one rate cut was slightly dampened. JBH and HVN only down around 1%. GYG worst down 3.1%. WTC worst of the tech names. Failing to recover from its results drop. TNE best up 1.2% on positive broker commentary. CDA also in the green as defence stocks rose. DRO now up over 13% in two days.
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Wall Street recorded a negative session, ending three days of record high closes, following a Powell speech where he left the door open to further rate cuts while emphasising the Fed had to balance inflation concerns with a weakening labour market. S&P 500 down 0.55%, Nasdaq fell 0.95%. Dow jumped in the first fifteen minutes of trading but fell from there. Closed near low, down 89 points. Mixed sector performance. Cyclicals and Tech led the sell off, with Amazon falling 3.0% and Nvidia down 2.8%, the biggest two drops of the major names. Materials also down and every other sector was flat or up. Energy was the biggest gainer, followed oil up on Kurdish supply constraint issues. Rate sensitive sectors also did well with REITs and Utilities making gains.
ASX to fall. SPI futures down 30 points (-0.34%).
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The ASX 200 rallied another 35 points to 8846 (0.4%). Gold once again the star of the show with good gains again in the sector. NST up 3.2% and GGP up 4.4% some of the stand outs. LYC had a great day following an ASA Presentation up 8.0%. Other critical metal and rare earth stocks also finding friends. ILU up 3.4% and VUL up 3.3%. Iron ore stocks mixed, FMG gave back some of the gains from yesterday down 1.1%. Oil and gas stocks slid, STO down 0.9% with uranium stocks doing better again today, PDN up 2.4% and LOT up 2.3%. Banks were back in demand today, CBA up 0.8% and NAB doing well with the Big Bank Basket up to $283.07 (0.8%). SOLDA put on 2.1% with insurers mixed. Industrials mixed too, CPU dropped 2.1% with QAN down 1.1% and supermarkets also seeing selling. Retail was mixed, MYR dropped 25.0% on results, JBH up 1.2%. Tech uninspiring, WTC and XRO going nowhere fast.
In corporate news, CTT founder has been back buying stock. TLX rallied 9.2% on good news on transitional pass-through payment status. AEL in a trading halt raising $150m.
Nothing on the economic front.
Japan closed for a holiday. HK hit 1.3% and a Typhoon. China down 1.1%.
US futures slightly mixed.
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Wall Street recorded a third straight session of record high closes, as AI sentiment boosted the market. Shrugging off Trump’s weekend bombshell of $100,000 fees for future H-1B visas, which much of the sector relies on. Tech instead focused on news of Nvidia’s $100Bn investment into OpenAI, boosting the chipmaker by 3.9%, and Wedbush’s price target rise for Apple (+4.3%) given strong demand signs for the iPhone 17. S&P 500 up 0.4%, Nasdaq rose 0.7%. Dow steadily rose in the first hour of trading and remained stable at that level for the rest of the session. Closed toward high, up 66 points. Mixed sector performance. Utilities the standout, followed by Tech and REITS. At the opposite end, Staples and Cyclicals struggled, the latter weighed down by Amazon’s 1.7% drop.
ASX to rise. SPI futures up 17 points (+0.19%).
Resources mixed. Oil steady as Iraq shipments rise and demand concerns linger. Copper and zinc up, nickel and aluminium down.
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The ASX 200 rose 37 points to 8811 (0.4%) as gold miners and iron ore players rallied hard. BHP up 1.0%, FMG flying up 3.2% with gold miners impressive. NEM up 4.7% and NST rallying hard up 8.2% with EVN up 6.3%. Stand outs GMD up 13.9%. Uranium stocks also firmed, NXG up 5.7% and PDN rising 4.7%. Lithium stocks a little depressed. Oil and gas mixed, VEA fell 8.1% on management changes, STO up 0.4% on a broker upgrade. Industrials were on the sidelines mainly, WES fell 0.2%, ALL up 0.2% and retail eased. TPW down 4.3% and NCK off 2.3%. Tech slightly firmer, WTC up 0.5% and MP1 up 3.4% on a broker upgrade. Banks eased with CBA down 0.4% and NAB off 0.3% with the Big Bank Basket down to $280.80 (%). Wealth managers also saw some selling again. REITs eased. Utilities perked up with ORG up % and APA rising %.
In corporate news, SPL roared 73.1% ahead on a licencing deal with Roche. PYC rehired its MD and rose 16.2%, REH jumped 14.2% on news of a $250m buyback. On the economic front, RBA governor was giving testimony to a Standing committee in Canberra.
Asian markets mixed again, HK down 1.3%, Japan up 1.1% and China down 0.1%.
10-year yields rose to 4.27%.
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Wall St finished last week with another gain in a largely uneventful session. Big Tech leading all three major indices to fresh record highs. S&P 500 up 0.5% on heavy volume. Nasdaq up 0.72%. Dow Jones up 173 points. Traders digesting the monetary policy outlook as Stephen Miran justified his FOMC vote. The lone 50bp dissenter argued a neutral interest rate (neither tight nor loose) is the correct setting for an economy with ‘no inflation risk’ – prompting a debate over relaxation of the Fed’s 2% inflation target. S&P 500 up 1.2% for the week, Nasdaq up 2.2% vs the ASX 200 down 1%. Bond yields on the longer end rose 2-3bp while the USD gained for a third session (AUD down 0.3%). US government shutdown risk back in the headlines after the Senate rejected the latest funding bill. Democrats opposing the bill due to lack of Health Care funding.
SPi up 24 - Gold soars - Bullock speaks today.
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The ASX 200 has finished the day down 73 points or 0.8%. Midday rally fizzling out despite US futures rallying. Weaker than expected jobs number not having any impact. Energy stayed worst with STO down 11.9%, WDS down 6.3% and KAR down 3.5%. STO closing 3% below its pre-bid price from June. Utilities, Industrials and Financials next. ORG down 2.6%. TCL down 2.3%. Banks flat save for the CBA down 2.3%. Asset managers GQG, MFG (broker downgrade) and PTM down while wealth platforms HUB and NWL rose. MQG quiet despite headlines. Tech remained the only sector to eek out a gain. WTC, XRO and CDA failing to rally on strong futures but every other major name finished positive.
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Wall Street recorded a choppy and mixed session as the Fed cut rates by the expected 25bps and Powell signalled a further two rate cuts this year, citing a weakening labour market while acknowledging continued inflation risks. S&P 500 down 0.1%, Nasdaq fell 0.3%. Dow rose at open and began meandering, higher and then lower, following Powell’s speech, returning and stabilising at the level prior to Powell’s comments. Closed mid-range, up 260 points. Mixed sector performance. Financials the standout, followed by Staples and Materials, all rate sensitive sectors that benefitted from the confirmed Fed cut. At the opposite end, growth was the drag, with Tech and Cyclicals recording red returns for the day.
ASX to fall. SPI futures down 13 points (-0.13%).
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The ASX 200 fell 59 points (-0.7%) in quiet pre-Fed trade. Banks eased back with NAB and WBC giving up recent gains with the Big Bank Basket down to $283.10 (-0.4%). Wealth managers also slid, MQG down 1.1% and HUB off 1.3% with SOLDA rising for a second day. Insurers also under pressure, QBE down 0.6% and SUN off 1.5%. REITs fell too led by SCG down 2.2% and GMG off 0.9%. Industrials mixed, WES fell 1.9% and LNW dropping 2.4% as FLT fell 2.7% and CTD announced further delays in the accounts. SUL rallied back 2.7% after the CEO/HR news yesterday. Tech slightly better, WTC up 1.5%. Resources eased back, the big three iron ore miners lost ground, BHP off 1.1% and FMG down 1.3%. Gold miners saw profit taking, NST down 2.1% and NEM off 1.1% with lithium stocks mixed, MIN off 1.7% and PLS up 4.2%. Uranium stocks also under pressure following gains yesterday. PDN fell only 1.5% on its $300m capital raise. WHC gained 5.2% and YAL up 2.4% with WDS also better.
In corporate news, DRO announced it has won two fresh contracts with the US Defence Department. PYC fell 30.0% as the MD stepped down and BHP announced it was cutting 750 jobs in QLD on the coal outlook.
In economic news, consumer sentiment data released by UBS here today indicated that spending intentions over the next 12 months had surged to the highest level since 2019. UK CPI jumps to 3.8% as forecast.
Asian markets better, Japan down 0.3%, China up 0.5% and HK up 1.6%
10-year yields steady at 4.21%.
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Wall Street recorded another quiet session. Down slightly as nerves kicked in ahead of the Fed rate decision tomorrow – widely expected to cut by 25bps. S&P 500 down 0.13%, Nasdaq fell 0.07%. Dow dropped at open, found a little strength from noon onwards. Closed mid-range, down 126 points. Mixed sector performance. Utilities worse performer, down 1.8%, followed by Materials and REITS. Energy was the best performer, following oil upwards as Ukraine hit more Russian supplies. Cyclicals the only other notable performer, a further Tesla gain of 2.8% boosting the sector, after Musk disclosed he bought 1Bn more in company stock earlier in the week.
ASX to fall. SPI futures down 29 points (-0.33%).
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The ASX 200 rose 25 points in quiet trade to 8878 (0.3%) ahead of the Fed. Banks were mixed again, CBA down 0.3% and NAB and WBC up again. The Big Bank Basket flat at $284.23 (-0.1%). Wealth managers bounced slightly, MQG up 1.0% and NWL rising 1.5%. First day of trade for SOLDA the new look SOL/BKW entity. REITS slipped slightly, SCG down 0.5% and VCX off 0.8%. Industrials were mixed, retail better except SUL as its CEO was sacked, down 4.3%. CPU rallied 2.3% and REH rose 2.8%. Tech rose again, although WTC down 1.6% and XRO resumed the downtrend, off 0.6%. A long way down from the recent cap raise price. The All-Tech Index rose 0.7%. Resources remain the place to be. Iron ore miners rose, RIO up 1.9% with gold miners finding support, GMD up 0.7% and NEM up 0.9%. Lithium also in demand, MIN up 1.1% and LTR up 3.0%. Uranium stocks were roaring ahead, DYL up 9.2% and NXG rising 8.7%. PDN in a trading halt as it seeks to raise $300m in a placement and SPP. Oil stocks rose slightly in the second liners. Coal stocks also in demand, NHC rose 5.1% on good results, WHC up 1.9%.
In corporate news, CSL fell another 1.3% as it announced a potential acquisition, SIG rallied 0.3% on Richard Murray’s appointment as CFO.
Nothing on the economic front locally.
Asian markets better, Japan hitting new records up 0.5%, China down 0.4% and HK unchanged.
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Wall Street recorded a positive, quiet session, with the S&P 500 and the Nasdaq reaching intraday highs. Markets in wait and see until the Federal Reserve’s next policy meeting on September 17th. S&P 500 up 0.5%, Nasdaq up 0.9%. Dow rose throughout the first hour, then fell below its opening but recovered by the finish. Closed mid-range, up 49 points. Mixed sector performance. Growth sectors like Tech and Cyclicals led the gains, both rising 1.0% or more, boosted by Tesla and Alphabet rallies. Healthcare, Materials and Staples all showed weakness.
ASX to rise. SPI futures up 43 points (+0.49%). CSL makes a move - Gold up 1%. Uranium in focus.
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The ASX 200 fought back from earlier steeper losses to close down only 12 points at 8853 (0.1%). Banks held firm with ANZ copping a massive $240m fine from ASIC for dodgy conduct over the years. The Big Bank Basket fairly flat at $284.41 (). Wealth managers eased back, HUB fell 2.8% with NWL down 3.1% and SOL falling 5.2% on its last day of trade before merger. REITs generally firm with SGP up 0.6% and BWP up 2.2%. Healthcare remains in ICU with CSL falling another 1.6% and RMD down 1.4%. Industrials showed a tinge of green, SGH up 1.1% and ALL bouncing 2.2% after losses last week. In tech stocks, WTC rose 2.9% after Richard White disclosed a sale of a small parcel! XRO continued to trend lower again, down 0.6% with the All-Tech Index up 0.1%. In resources, Chinese data came in weaker than expected, BHP fell 0.6% with gold miners seeing some profit taking after a huge run in the last few weeks. EVN down 5.3% and NST falling 1.9%. GOR issued a production downgrade and fell 0.3%. Lithium stocks perked up, MIN up 3.2% and PLS being squeezed higher again, up 9.1%. VUL had a great run as shorts covered too, up 11.7%. Mixed in uranium with PDN up 1.8% and BOE flying up 7.9%. Oil and gas stocks showing limited gains, STO up 0.9%.
In corporate news, EHL raced ahead on bid speculation. BUB has a new Chair.
Nothing on the economic front locally. Chinese data came in weaker than expected prompting hopers of more stimulus. Asian markets pushed higher, Japan up 0.9%, China up 0.2% and HK unchanged.
10-year yields at 4.27%.
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Wall St closed mixed Friday as traders digested the week’s economic news. Gains limited by concerns of the market being overstretched and getting ahead of itself on the rate cut front. Focus on next week’s Fed meeting and Powell’s commentary. S&P 500 flat, closing on the low. Nasdaq up 0.44%. Dow down 274 points. Nasdaq outperformed this week. Up 2% vs the S&P 500 up 1.6%. Discretionary Stocks, Utilities and Tech up overnight, everything else down. Nasdaq boosted by Microsoft. Up 1.8% on its OpenAI deal and avoiding an EU anti-trust fine. Apple also bouncing back 1.8%. Tesla up another 7.4% on management shrugging off declining sales and Musk’s political distractions. Bond yields rose after dropping for the last two sessions on labour and producer price data. US2Y up 1.8bp. 10Y up 4.2bp.
On the economic front, consumer sentiment fell for a second consecutive month. Survey cited risks to business conditions, labour market and inflation. Short-term consumer inflation expectations remained unchanged. Long-term they rose. USD slightly up overnight. Slightly down for the week as Forex traders increased the number of rate cuts expected this year. Damage to our Strategy ETFs being done by the USD/AUD exchange rate. AUD up 1.4% this week alone vs the USD. Economists only expecting a 25bp cut from the Fed next week despite the labour market cooling faster than anticipated and signs of tariff induced inflation being (to date) lower than expected.
SPI down 59 - ANZ Fined $240m - GOR Production downgrade.
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The ASX 200 has finished the day down 25 points or 0.3% in a very quiet session. Close to what futures indicated as selling in Health Care increased and Banks failed to bounce. CSL continues to disappoint. Textbook case of bad results setting a new downtrend. PME managed to rally and finish up 0.6%. TLX back down 4.4% after looking encouraging yesterday. NEU worst, down 7.5% off lows. 4DX best. Up 18.9% as volatility returns. Big Four banks mixed but all down. CBA escaped most damage down 0.5%. ANZ worst down 1.6%. SOL down 3.3%. Stock market stocks mixed with GDG the standout again. Tech stayed flat from midday. WTC quiet. XRO and NXT stayed up. 360 down a touch.
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The ASX 200 has finished the day down 22 points or 0.2%, trading in a narrow session as expected after not much of a US lead. Banks down, Resources slightly down. Technology stayed on top from midday. WTC, XRO gaining. 360, DDR and CAT best. Nasdaq futures slightly higher boosting sentiment. Health Care the only other sector to gain. CSL in the early stages of a V-shaped bounce. TLX staying in firm downtrend. The bottom not yet in sight. 4DX closing up 50%. Bringing the weekly move to 200% on more good news. REITs flat on the surface yet GDP and MGR managed modest gains. The sector as a whole not bouncing despite the 4.5bp drop in bond yields since Friday’s close. Citi has said only to expect one more RBA rate cut this year.
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Wall Street recorded a broad and positive session as JOLTS data, weaker than expected, convinced markets that the Fed would likely cut when they meet later this month. Classic case of bad news is good news. S&P 500 up 0.8%, Nasdaq up 1.0%. Dow steadily rose throughout the day. Closed near high, up 350 points. All sectors up. Cyclicals the top performer, boosted by gains of 4.3% in Amazon. Financials, Industrials and Tech followed.
ASX to rise. SPI futures up 52 points (+0.59%).
In corporate news, Broadcom rose 1.2% ahead of earnings as markets bet on its AI edge. Amazon and Meta’s gains of 4.3% and 1.6% added to broader growth momentum, lifting sentiment. Salesforce dropped 4.9% after weak revenue guidance pointed to sluggish AI monetisation. American Eagle Outfitters jumped 37.9% on upbeat sales outlook.
Resources down. Oil down as US crude stockpile rises while OPEC weighs another supply increase. Copper, nickel and aluminium all fell while iron ore rose on fresh hopes for rising Chinese demand.
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The ASX 200 has bounced back 88 points or 1% to 8827. Still down 72 points since the close on Tuesday. Financials stayed on top. ‘Big Three’ plus MQG all up 2%. ANZ up 1.3%. ZIP up 3.6%. Gold the only sector in the red despite bullion maintaining its record high. Discretionary stocks no. 2. Most of the gain driven by WES up 2.5%. Has already recovered all its ex-dividend drop. DMP lost most of its morning gains. Tech no. 3. Not the huge bounce we were expecting following the Nasdaq’s rise. XRO went from worst in the Top 50 to best. Up 4.8%. Good to see it, WES, CBA, MQG, NAB, WBC and PME along with HUB in the top gainers table. WTC lifeless and NXT finally gave it to a bout of profit taking.
Defence stocks mixed as traders digest China’s military show. EOS and ASB jumped while DRO and CDA only recorded small wins. Resources ended flat. Solid day from iron ore (back up to $105 in Singapore) and copper offset by gold. BHP only fell 31c vs its ~92c dividend. Lithium mixed. LTR, MIN and PLS all up over 1% while PMT and WC8 dropped. Excellent day for uranium. DYL up 6%, BOE up 5%, NXG up 4% and PDN up 2%. LOT closed at 18c (-20%) vs the 19c placement. Telecoms flat too. Health Care strong thanks to CSL and PME up 2.1% and 1.9%. 4DX the major mover. Up 13.4%. Backing up its huge 50% rise yesterday on US reimbursement certainty.
Asian markets more converse since midday. Japan up 1%. China down 1.2%. No lead from US futures. Broadcom results early tomorrow morning.
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The ASX 200 has finished the day near flat. Down 7 points or 0.1%. Flat for the week only up 6 points. No major changes from midday. Tech strengthened into the close. Up 3.1%. Led by NXT having its best day on record. DGT taken up 4.7% for the ride. WTC, XRO and TNE all playing catchup after a sluggish week. Energy next best thanks to WDS bouncing back after going ex and Uranium. PDN and BOE up 7.7% Coal stocks mixed. Other resources mixed. BHP up 0.4%. RIO and FMG flat. Good week for the iron ore price. Lithium and gold up. Copper down. Rare earths mixed. BRE up on results. ILU up a touch and LYC down 5.8% as trading resumes.
Defensives all around the flat line. Financials and REITs worst. CBA and WBC sold off the most. NAB and ANZ near flat. MQG not reacting much to the positive Wall St lead. Insurers up. MPL bouncing. Reporting season over. NXT, HVN, ASB the winners. Not many losers in the Top 200. MSB, PXA and CUL worst. APE shot up another 9.5%, closing on the high. Now +26% in three days. Asian markets mixed. China and HK up. Japan down a touch. Not much of a lead from US futures yet. PCE price index main event tonight.
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Wall Street recorded a positive session, boosted by Nvidia and Eli Lilly, despite concerns surrounding Fed independence as Trump fired governor Cook. Trump’s decision comes on the back of allegations made by Bill Pulte, a Trump ally, of the federal housing finance agency, that Cook falsified records to receive favourable mortgage terms.Markets seemed to shrug the news off. S&P 500 up 0.41%, Nasdaq rose 0.44%. Dow rose steadily throughout the day. Closed near high, gained 136 points. Most sectors up. Energy and REITs the exceptions, as the former followed oil down. Industrials, Financials and Healthcare, the main leaders, recording gains of between 0.7%-0.9%.
ASX to rise. SPI futures up 47 points (+0.53%). Results in Focus - WTC _DMP - FLT- NEC.
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The ASX 200 gave back 37 points to 8936 (-0.4%) as most sectors slid. Banks were relatively flat with the Big Bank Basket at $282.39 (-0.5%). Other financials lost ground, NWL down 3.2% and HUB continuing to fall off 5.5%. Insurers were under a little pressure, with REITs lower too. GMG slipped 0.4% and ASK fell 6.2% as the bidder pulled out. Industrials slid, WES off 0.8% and TCL down 1.1% as retail weakened, JBH off 1.1% and PMV down 2.3%. WEB fell 5.7% on results, while COL rallied hard, up 8.5% on an earnings beat, with WOW following suit, up 2.5%. REA and CAR slid lower as tech was generally mixed — WTC up 4.5% and XRO again slipping lower, down 1.1%.
In resources, FMG disappointed the market, sliding 3.9% on the lowest dividend in seven years, BHP fell 1.1%, and MIN dropped 5.2% as profit-taking emerged in lithium stocks. Gold miners were mixed, VAU up 5.% and CYL rallying 7.2%. Uranium stocks performed better, with PDN up 6.5% and DYL rising 6.9%. STO also put on 2.1%.
In corporate news, SCG ran 1.5% on solid earnings, VEA fell 1.9% on weak refining margins, and NAN rose 15.1% after a 59% increase in profits. TYR fell 2.5% on NPAT dropping 30%.
In economic news, RBA minutes were released today. The Board acknowledged risks in both directions. Personal insolvencies climbed 7.9% in the June quarter, with 3,179 Australians entering bankruptcy or debt agreements.
Asian markets were mixed — Japan down 1%, HK down 0.3%, and China unchanged.
European markets are opening flat. US Dow futures down 35, Nasdaq down 30.
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Wall Street closed lower as markets awaited developments on the path of Fed policy and index heavyweight Nvidia’s Wednesday results. Nvidia climbed 1.0% as its earnings loomed while key data releases before the Fed’s next meeting, such as PCE this Friday, the Fed’s preferred inflation gauge, and non-farm payrolls data next week, are seen as crucial as to whether the Fed will cut in September. Market currently pricing in a 84% chance of a cut. S&P 500 down 0.43%, Nasdaq fell 0.22%. Dow fell steadily throughout the day. Closed near low, down 349 points. Most sectors down. Energy and Tech the exceptions, recorded modest gains. Healthcare, Staples and Utilities all recorded losses of over 1.0%, sell-off was focused on Defensive sectors.
Resources mixed despite the dollar strengthening. Oil rose as traders bet on further US sanctions on Russian oil and further Ukrainian attacks on Russian energy infrastructure. Copper and aluminium recorded gains while nickel and zinc both fell.
ASX to fall. SPI futures down 27 points (-0.3%). FMG COL Results - RBA Minutes
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The ASX 200 jumped early, then fell back to close up only 5 points at 8972 as the great rotation continues. Unleash the resource bulls! Banks and industrials sold off as commodity stocks rallied hard.
The Big Bank Basket fell to $283.70 (-1.5%) with insurers also under siege on rate-cut hopes, QBE down 2.1% and SUN off 2.9%. REITs picked up the slack, pushing ahead, GPT up 1.1% and CHC up 1.6%. Financials were also better, AMP up 1.4% and ZIP basking in a warm embrace from broker calls, rallying another 7.5%.
Defensives in consumer land slid, WES down 2.6% with WOW off 1.5% and COL down 0.6%. CPU fell 5.2% on lower rates, and QAN came in for a landing, down 1.3%. Tech also came under a little pressure, XRO continues to slide lower after the U.S. acquisition and cap raise. Retail and travel stocks were slightly better on rate-cut news — TPW rallied 5.4%, and LOV was up 2.9%. GYG found some support, up 7.8%, and FLT rose 1.1%.
In resources, the big iron ore miners had a strong day, BHP, RIO, and FMG all up around 2.6%. Lithium stocks were better — PLS results today were cheered, with the stock rising 2.4%. IGO up 3.7%, and LTR rallying 4.2%. Gold miners were firm, EVN up 3.5% and NST up 2.8%, with copper stocks also in demand, SFR up 5.3%. Uranium stocks are finding new friends, PDN up 5.3% and NXG rising 5.3%.
In corporate news, REH got smashed 16.4% by the Victorian economy, ABB beat forecasts and is going “buddyless.” BEN delivered an FY loss but rallied 1.1%, with STO extending the ADNOC deadline by a month. NHF rose 2.7% on better-than-expected results. ANN bounced 10.3% on upgraded guidance, and SXL surged 26.5% after a good set of numbers.
Nothing much on the economic front.
Asian markets up again, Japan up 0.4%, HK up 1.8% and China up 1.1%
European markets opening flat. US Dow futures down 28 Nasdaq down 9. UK markets closed for bank holiday.
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Wall St rose sharply overnight, boosted by a dovish shift from Powell at Jackson Hole. S&P 500 up 1.52%. Erasing its weekly loss to finish up 0.27%. Nasdaq best. Up 1.88% but still finished down 0.58% for the week. Dow up 846 points to a fresh record high. The best performer this week up 686 points or 1.53%. Small Caps, the most sensitive to rate cuts spiked 3.86%. Having shown no inclination to cut rates until the recent soft jobs data, Powell opened the door overnight, saying "The stability of the unemployment rate and other labour market measures allows us to proceed carefully as we consider changes to our policy stance. Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance." Going on to say the inflation impact from tariffs may be short lived. Odds of September rate cut rose as did the odds for three cuts this year. Bond yields dropped, equities and gold rose. USD surprisingly only down a touch. Adding to positive sentiment – Canada announced it will remove any retaliatory tariffs on the US that were compliant with the USMCA free trade agreement. Carney softening his previous tough stance on trade policy.
SPI up 84 - Results drop - ANN - PLS - REH - NHF - BEN
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The ASX 200 back below 9000 to 8967, down 52 points (0.6%) as results weighed after a long week. Banks remained firm with WBC up 0.7% and NAB slightly firmer, the Big Bank Basket drifting to $288.16 (-0.2%). Other financials also drifted lower, GQG fell 3.0% after early gains. Insurers firmed, ASX fell 2.1%, and ZIP soared 20.2% on better results. REITs were under pressure as GMG fell 4.8% on broker comments, SGP and CHC both better. Industrials slid, BXB saw some profit-taking, QAN dropped 2.1%, and ALL off 1.7%.
Retail stocks also eased back, PMV down 4.0% and JBH falling 1.6%. GYG collapsed 18.2% after the results and a trading update. CTD in a trading halt awaiting some material news. Tech stocks eased back too, WTC down 1.8% and XRO continuing to fade. Down 0.6%. The All-Tech Index up 0.2%. WOW and COL under pressure. CSL resumed the downward momentum, off 4.2% as TLX trundled higher.
In resources, BHP slightly lower, RIO fell 1.1%, and gold miners were mixed. WAF up 3.3% and VAU up again post results. Lithium stocks fell, PLS down 4.5% and MIN off 3.2%. Uranium stocks better, PDN up 4.3% and DYL rising 3.8%. Oil and gas firmed, coal stocks eased.
In corporate news, ING dropped 20.3% as Woolies contract took its toll, HLS rallied 18.6% after results, AX1 dived 17.8% on disappointing sales growth, MVF fell 13.7% on disappointing profits and outlook.
Nothing much on the economic front.
Asian markets mixed again, Japan flat, China up 1.7% and HK up 0.5%
European markets opening flat. US Dow futures down 18 Nasdaq down 32.
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Wall Street recorded a negative night ahead of Powell’s speech at the Jackson Hole Economic Policy Symposium early in the next session. Fear of a hawkish tone being reflected in markets over the past couple of days. S&P 500 down 0.40%, Nasdaq fell 0.34%. Dow recorded another choppy session, finding some strength toward the end. Closed mid-range, down 153 points. Most sectors down. Energy and Materials the exceptions, former followed oil upwards. Staples and Cyclicals the worst performers, defence and growth, showing caution ahead of Jackson Hole was widespread. Staples were dragged lower by Walmart which fell 4.5% despite raising full-year sales and profit guidance, citing strong demand across income groups, as it reported its first earnings miss in three years.
In corporate news, Walmart was the main story after its earnings report with margin pressure from tariffs souring sentiment, weighing on peers like Target and Home Depot, whichfell 1.7% and 1.1%. Similarly, Coty endured a steep 21.6% plunge after forecasting softer sales, underscoring fragility in discretionary spending. Tech weakness persisted, with Nvidia down 0.2%, Meta fell 1.2%, Amazon dropped 0.8%and Advanced Micro Devices retreated 0.9%, extending recent losses in the sector as concerns grow over stretched valuations and political risk.
Resources mixed. Oil rose as Russia-Ukraine peace talks stalled and US demand remained resilient. Copper and aluminium recorded gains while nickel and zinc both fell.
ASX to fall. SPI futures down 12 points (-0.13%). Results in focus.
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The ASX cracked the 9000 mark, up 101 points at 9019 (1.1%) as results buoyed sentiment. Some crackers today and, once again, plenty of volatility — even intraday.
Banks provided the groundwork with CBA up 0.8% and ANZ again doing very well, up 1.5%, with the Big Bank Basket rising to $288.84 (1.0%). MQG had a good day, and financials generally did well. NWL was volatile post-results, down 0.6%, with GQG spurting 4.9% higher. ZIP also did well ahead of results tomorrow, up 2.6%.
Insurers slipped a little, REITs firmed, SGP up 3.6% and SCG rising 1.3%. Industrials were firm too, TLS up 0.8% with WES running 2.5% higher. WOW and COL had good days as well, and BXB shot the lights out with results up 13.2%. CSL found bargain hunters up 2.4%. SHL smashed on results down 12.8%.
Retailers continued to find favour, SUL hit record highs, up 12.3%. NCK gained 2.5%, and MYR rallied 4.0%. BRG also had a solid post-numbers bounce, up 4.9%.
In resource land, BHP was again positive, up 0.7%, with RIO and FMG stronger too. Gold miners enjoyed a bullion rise, and results from NST, VAU, and GMD were somewhat mixed. Lithium stocks were back in favour, PLS up 5.2% with MIN higher 4.5%, and LYC also doing well, up 4.5%. JHX continued to be walloped, down 9.4%.
Oil and gas names were stronger on crude rises, WDS up 1.3% with BPT up 1.2%. Coal stocks improved, and uranium was generally firm.
In corporate news, some cracking results today: SUL, BGA, with IPH falling 19.5% as it warned on US patent impacts. GMG eased 1.4%, with results in line, while QUB fell 0.4% on a large write-down. MP1 fought back from an early drop to close only modestly lower. TLX jumped 7.0% after a wobbly start.
Nothing much on the economic front.
Asian markets mixed again, Japan down 0.6%, China up 0.5% and HK down 0.3%
European markets opening flat. US Dow futures down 44 Nasdaq unchanged.
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Wall Street recorded a negative session as Tech once again acted as a drag to the broader market, as investors rotated into other sectors ahead of the Jackson Hole summit which begins today in the US. S&P 500 down 0.24%, Nasdaq fell 0.67%. Dow recorded a choppy session, closing near the open. Closed mid-range, up 16 points. Primarily strong sector performance with the Growth sectors of Cyclicals and Tech the only two holding the indices back. Apple and Tesla, down 2.0% and 1.6%, led the losses. Energy followed oil up, Staples added to yesterday’s gains and Healthcare climbed upward too.
Resources up. Oil rose US crude inventories dropped by more than expected with a decrease of 6m barrels. Copper, aluminium and zinc all down.
ASX to rise. SPI futures up 20 points (+0.23%). Super Thursday Results - BXB GMG SUL
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Wall Street recorded a negative session as Tech dragged the broader market down, falling ahead of the Jackson Hole summit which begins on Thursday in the US. S&P 500 down 0.59%, Nasdaq fell 1.46%. Dow rose at the open but fell after the first hour, briefly dropping into the red before recovering to finish flat. Closed near the low, up 10 points. Primarily strong sector performance with Tech the main drag. Tech fell a little over 1.5% with Nvidia leading the sell-off, down 3.5%, its biggest drop in nearly four months. Cyclicals also saw some weakness while Energy and Financials were flat. Every other sector up. REITs the biggest beneficiary after showing weakness in the previous session, easing yields a boost, as was better-than-expected housing data. Staples also recorded gains of over 1%.
In corporate news, Home Depot climbed 3.2% despite missing earnings estimates, while rival Lowe’s added 2.2% ahead of its own results. Focus will shift to Walmart and Target, with upcoming reports expected to shed light on consumer resilience. Intel jumped 7.0% after securing a $2Bn capital lifeline from Japanese SoftBank. Palo Alto Networks rose 3.1% on upbeat long-term guidance, while Medtronic fell 3.1% as Elliott Management’s stake prompted board changes.
Resources down. Oil down as Russian sanctions are expected to ease soon after talks. Copper, nickel and aluminium all down.
ASX to rise. SPI futures up 17 points (+0.19%). Results in focus. TCL TLC BRG CWY APA
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The ASX 200 dropped 63 points to close at 8896 (0.7%). CSL falling 16.9% on restructure and disappointing guidance, responsible for most of the loss. Banks edged higher post results, CBA up 0.5% and NAB gaining some broker love, up 0.8% with the Big Bank Basket up to $281.67 (+0.6%). Insurers sold off again, QBE down 1.2% and SUN off 2.1% with other financials flat, CGF doing well up 2.6%. REITs firmed with DGT up 0.4%. Industrials mixed, retail firmed, JBH back up 2.3% with CTD up 0.9%. ARB results today and the market liked them rising 8.6%. QAN dropped 1.2% after the record fine yesterday, TPG fell 2.3% after a cyber incident, tech was mixed, XRO recovered slightly up 1.7% and WTC slid 0.7%. The All -Tech Index up %.
In resources, BHP numbers were solid, the dividend beat forecasts, up 1.6% and some renewed interest in rare earths, LYC up 2.2% and ILU putting on another 1.9%. Gold miners drifted lower and BSL results failed to impress off 1.9%. SGM was another casualty on results falling 5.7% on Chinese scrap issues. Oil and gas stocks fell, STO revealed that DD had failed to come up with a definitive offer, WDS dropped 2.8% on its results and uranium stocks flat.
In other corporate news, JDO rose 0.3% on better numbers led by cost cutting. RWC fell 6.7% despite a 13.5% rise in FY net profits. SEK jumped 8.0% after an increase in revenue beating expectations.
On the economic front, Australian consumer sentiment jumped 5.7% in August to 98.5, the highest level since February 2022, according to the Westpac-Melbourne Institute survey.
Asian markets mixed, Japan down 0.2%, HK up 0.1% and China unchanged.
10-year yields better at 4.32%
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Wall Street recorded a rather flat session as markets await the Jackson Hole summit and retailers’ earnings. S&P 500 flat, Nasdaq flat. Dow was choppy in early trading and fell from about 1pm onwards but recovered some strength before the close. Closed mid-range, down 34 points. Mixed sector performance. Cyclicals best performer, 1.4% rise in Tesla a primary driver as the car company promised the launch of its Model Y L in China "soon". Industrials and Financials also did well. REITs struggled at the opposite end, while Materials and Energy also recorded losses.
In corporate news, Intel dropped 3.7% after reports surfaced that the Trump administration is considering a 10% stake in the chipmaker. Dayforce rocketed 26% on speculation of a takeover by private equity firm Thoma Bravo. Solar names gained, with SunRun up 11.4% and First Solar up 9.7%, after the US Treasury released looser-than-expected subsidy rules for renewable projects.
Resources down, stronger dollar a headwind. Oil up as investors focus on Trump and Zelensky met. Copper, aluminium and zinc are all down.
ASX to fall. SPI futures down 23 points (-0.26%). BHP CSL MND RWC results out. Busy Day.
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The ASX 200 hit a new record high at 8959 (+0.2%) as banks gathered strength. NAB results were in line, with the CEO sounding a little contrite — unlike QAN, which was hit with a record fine for “not being sorry enough.” QAN fell % while NAB rose 2.7%. The Big Bank Basket climbed to $280.06 (%).
Insurers were firmer, with IAG up 0.8%. Other financials were less enthusiastic. REITs gained ground with MGR up 3.5% and GPT up 1.9%, while DGT fell sharply after missing expectations. Down 14.1%.
Industrials firmed, with SGH up 2.6% on bargain hunting. REA rallied 4.5% on news of a new CEO, while CAR lost its CEO. Tech was flat, while retail was mixed: WES rose 1.1%, CTD did well rallying 3.9%, TPW continued to crater, down another 5.3%, and KGN fell 2.5% on write-offs at Mighty Ape.
Resources were mixed. Gold miners slipped on fading hopes of a US rate cut, with EVN down 1.5% and CMM off 1.6%. Iron ore miners also weakened, with BHP down 1.2% ahead of results tomorrow. Lithium and rare earths were in demand, with PLS up 3.2% and LTR gaining 6.5%, while ARU raised capital at 19c. Oil and gas edged lower, as did uranium and coal stocks.
In corporate news, A2M rose 3.1% on better results, ADB crashed 20.8% after lifting capex guidance by 25%, BSL fell 3.1% on US write-offs, while LLC climbed 6.7% on stronger-than-expected results.
Nothing notable on the economic front.
Asian markets mixed, Japan up 0.9%, HK up 0.6% and China up 1.3%
10-year yields steady at 4.27%
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Wall St finished the week mostly down as economic data reduced odds for a Fed rate cut in September. S&P 500 down 0.29%. Nasdaq down 0.4%. Dow near flat. Up 35 points. Retail sales met expectations. Up 0.5% in July led by auto sales and online shopping. June reading revised up. Somewhat easing concerns about a stalling US economy post the recent labour data prints. On the downside, the outlook for consumer spending deteriorated as rising costs from tariffs are expected to impact demand. Import prices (+0.4%) rose more than expected to a 15-month high. Indicating export nations have not been cutting prices in contrast to the Trump administration’s prediction. Forcing either US business to absorb the costs or pass it on to customers. Consumer confidence unexpectedly declined and inflation expectations rose, slightly raising the odds for no cut in September to 15%.
SPI down 53 - Results in focus - BSL ALD GPT LLC A2M
- Commodities mostly lower.
- WTI down 1.9% as odds of an end to the war in Ukraine rose.
- Base metals mixed. Copper flat overnight and for the week as a small drop in the USD was outweighed by weak China manufacturing data.
- Iron ore flat for the week as early gains were lost on Chinese property concerns. BHP still managed to gain 4.35%. RIO up 1.3%.
- Gold flat with most global miners higher. Down 1.9% for the week. Most of that move after yesterday’s strong PPI numbers.
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Wall Street recorded a rather flat session as a better than expected producer prices report cooled expectations of the speed of potential interest-rate cuts. S&P 500 inched up 0.03%, Nasdaq inched down 0.01%. Dow fell slowly from the open, troughing at around noon, before recovering to previous levels. Closed near high, down 11 points. Mixed sector performance. Healthcare best performer, was second in the previous session, regaining some strength after being one of the weaker performers this year due to Trump’s threat of a tariff which may raise to 250%. Financials, Cyclicals and Tech also recorded positive gains. Defensive sectors tended to struggle – Industrials, Utilities and Materials all down.
In corporate news, Intel jumped 7.4% after reports the Trump administration is exploring a government stake in the chipmaker. Cisco slipped 1.6% as a steady forecast failed to spark enthusiasm. Deere dropped 6.8% on weaker quarterly earnings and a narrowed yearly outlook while Tapestry plunged 15.7% after issuing a profit forecast that missed expectations.
Resources mixed despite some dollar strength. Oil gained on Trump’s threat of “severe consequences” if his talks with Putin failed. Copper flat, nickel down while zinc gained.
ASX to rise. SPI futures up 8 points (+0.09%).
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The ASX 200 touched 8900 (nearly) before profit-taking crept in as jobs data was better than expected. The index closed up 47 points at 8874 (0.5%). ‘Super Thursday’ with results dominating. Banks were mixed as CBA continued to struggle, down % with the Big Bank Basket at $274.63 (+0.6%). WBC results were solid and, given its relative value to CBA, rose 6.3%. Other financials firmed, MQG up 1.7% and insurers doing well, SUN up 3.6% on better-than-expected results. GQG rallied 3.2% with XYZ up 2.4%. REITs firmed, GMG up 1.4% and MGR rising 1.8%. Industrials mixed, CPU rose 1.7% on broker comments, WOW and COL firm, WES up 0.8% and JBH rallying another 1.8%. JHX had a good session, up 4.0%, and REH jumped 4.3%. ORG also did well on better-than-expected results and a guidance upgrade, up 6.3%.
Resources mixed as iron ore players folded, RIO crashed 3.7% with BHP down 0.5% and FMG losing 1.7%. Gold miners were mixed, NST up 1.2% and EVN falling 0.6%. Some buyers appeared in lithium stocks, although LTR were clawed 9.1% lower as the SPP letter was sent out. PLS up 0.9% and MIN up 0.7%. Uranium mixed, PDN up 1.7% and BMN down 1.6%. Coal stocks fell and oil and gas stocks were becalmed.
In corporate news, TPW was a stand-out on the numbers and growth projections, up 8.8%. WBC had its best day in five years, S32 dropped 5.2% on issues with power in Mozambique and a write-off, and PME rose 6.2% after profits came in line with expectations.
On the economic front, unemployment eased slightly and RBA maybe on hold for longer.
Asian markets mixed, Japan saw some profit taking down 1.3%, HK down 0.4% and China up 0.2%.
10-year yields steady at 4.21%
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Wall Street recorded another positive session with the S&P500and the Nasdaq closing at new record highs for the second consecutive day after yesterday’s inflation came in broadly as expected, bolstering the case for the Fed to resume easing. S&P 500 up 0.32%, Nasdaq up 0.14%. Dow jumped at the open, weakened a little as the day progressed, but found renewed strength toward the end to finish near a fresh high. Up 464 points. Mainly broad and strong sector performance. Materials best performer, one of the top three yesterday too. Healthcare also did well, one of the weaker performers this year due to Trump’s threat of a tariff which may rise to 250%. Cyclicals and Energy the next best performers. Tech and Utilities the only negatively performing sectors from the overnight session.
In corporate news, Nvidia slipped 0.9%, Alphabet fell 0.7% and Microsoft dipped 1.6% as the market looked beyond some of the Magnificent Seven for growth momentum. Apple advanced 1.6% on reports of AI-powered robotics and smart home ambitions. CoreWeave, backed by Nvidia, plunged 20.8% after posting a larger-than-expected quarterly loss, underscoring the earnings pressure weighing on some high-profile AI plays.
Resources down despite dollar weakness. Oil hit a two-month low as the IEA reported that US crude stocks rose by 3m when expectations were for a 275k increase. Copper, nickel and zinc all down.
ASX to rise. SPI futures up 32 points (+0.36%). TLS WBC SUN Results - Super Thursday.
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The ASX 200 fell 54 points to 8,827 (-0.6%). Not a bad day considering, CBA was smacked 5.4% on a solid but uninspiring result, with valuations already too stretched to be just “in line.” The fall; accounted for around 50 index points. The Big Bank Basket fell to $273.05 (-4.0%) with ANZ outperforming on catch-up. Other financials slid, QBE down 1.5% as IAG dipped 0.1% on a slight beat on results, ASX down 2.4% and GQG slipping 2.3% lower again.
REITs rose slightly, SCG up 0.3% and SGP up 0.5%. Healthcare was better with CSL up 2%, seeing inflows as CBA fell. TLX rose 2.7% in a rare up day recently. Industrials were flat, dominated by results — CPU hit 3.8% on broker downgrades post-results. BXB bounced slightly, SGH held after the rout yesterday.
Retailers were in the green, APE up 3.1% and TPW rising 1.5%. LNW had a good day, up 3.0%, and FLT up 1.2%. GYG came under some pressure, currently down another 3.7%.
In resources, lithium stocks saw the shorts return, LTR down 4.4% and PLS off 6.6%. Iron ore stocks firmed again — BHP up 1.1% and FMG up 1.4%. LYC rose 3.2% and EVN up 3.9% on better-than-expected results and an increase in dividend. Other golds did OK too, NST up 1.1% and GMD rising 3.2%. Oil and gas stocks slipped, BPT down 7.6% and KAR off 3.8%. Uranium drifted lower and coal off slightly.
In corporate news, BVS missed expectations losing 16.5%, TWE firmed despite some concerns, AGL ran out of power, down 13.1% on bad numbers, guidance underwhelms. TYR boomed 11.4% on takeover talk and ANG disclosed an accounting error.
On the economic front, wage increase and lending data. Looks like wage pressure has stabilised. Asian markets continued to march to records, Japan up 1.3%, HK up 2% and China up 0.9%.
10-year yields steady at 4.23%.
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Wall Street recorded a positive session with the S&P500and the Nasdaq closing at new record highs as inflation came in broadly as expected with CPI rising 0.2% on a monthly basis in July. S&P 500 up 1.1%, Nasdaq up 1.4%. Dow rose at the open following the inflation news, and remained steady at that level for the rest of the session. Closed near high, up 484 points. Broad sector performance. Financials best performer on rate cut expectations. Tech followed closely behind. Materials and Industrials also did well as the inflation figure somewhat eased concerns about the US economy.
In corporate news, Alphabet rose 1.2% as AI company Perplexity made a $34.5Bn cash offer to buy Chrome. Intel also rose 5.6% after CEO met Trump, only after Trump demanded his resignation last week, this time describing the meeting as “very interesting” while praising the CEO Lip-Bu Tan. Nvidia rose less than other big Tech names, gaining 0.6%, as China warned caution to its tech firms over purchases from the chipmaker.
Resources mainlyup. Oil fell as markets await the EIA’s inventory report. Copper, aluminium and zinc all rose over 1.0%.
ASX to rise. SPI futures up 19 points (+0.21%). CBA IAG TWE EVN Results.
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The ASX 200 hit a new record high, up 36 points to 8881(0.4%) as the RBA cut rates as expected. Banks pushed higher with the Big Bank Basket at $284.55 (+0.6%), CBA on pause ahead of results tomorrow. ANZ the standout up 2.2% with other financials firm. ASX up 0.9% and insurers fighting back, QBE up 2.1% and SUN bouncing 2.9%. REITs were mixed but generally up, CHC up 0.8% and SGP up 0.2%. Industrials mixed, JBH bounced well on analyst reports, SGH fell hard on a disappointing outlook. XRO dropped 2.2% as tech went now here with the All-Tech Index up 0.2%. REA fell 0.5% with CAR up 5.0% on broker comments post results. BXB under a little pressure down 1.5%. Resources were mixed, lithium stocks gave back some of the gains from yesterday, LTR down 8.0% and PLS down 0.9%. Iron ore stocks better, BHP up 1.0% as futures in Asia remained firm, FMG up 1.2%. Gold miners mixed as the tariff chaos works through the market. Oil and gas stocks mildly higher, Uranium stocks fell again, DYL in deep red down 3.8%. Coal stocks better, WHC up 2.8%.
In corporate news, SGH disappointed, SWM down 6.7% on results, 360 did well on results and a C-Suite change, SGR announced a new deal for Queen Street and rose 23.6%. OML appointed a new CEO from SBS. On the economic front, the RBA cut rates and remains cautious.
Asia markets heading higher, Japan at record, up 2.2%, China up 0.5% and HK flat.
10-year yields steady at 4.25%
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Wall Street recorded a negative session as markets await tonight’s inflation release to gauge the path of rates and the inflationary effects of tariffs. S&P 500 down 0.25%, Nasdaq down 0.30%. Dow dropped at the open, almost fully recovered by noon, but then continued to fall. Closed near low, down 201 points. Mixed sector performance. Energy, REITs and Industrials all down despite oil rising and yields being rather flat. At the opposite end, Cyclicals was up, benefitting from Tesla’s 2.8% rise, while Healthcare and Staples also recorded slim gains.
In corporate news, Nvidia and Advanced Micro Devices slipped 0.35% and 0.28% after agreeing to hand 15% of China chip sales revenue to the US government, a move seen pressuring margins. Micron jumped 4% on upgraded Q4 revenue and profit guidance, while Intel rose 3.5% as its CEO visited the White House. TKO leapt 10% after Paramount bought the exclusive rights to UFC distribution in a $7.7Bn deal.
Resources mixed. Oil rose on US-Russia talks. Copper, aluminium and zinc all fell while nickel rose, as did iron ore on Chinese steel mill demand.
ASX to fall. SPI futures down 13 points (-0.15%).
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The ASX 200 marched another 38 points higher to 8845 (0.4%) led by the banks and resources. CBA up % leading the charge and the Big Bank Basket to $282.97 (+1.2%). WBC up 1.9% with MQG down 0.3% and insurers still suffering from post QBE fall out. Financials a little lacklustre, PNI down 2.8% and XYZ giving back Friday’s gains. ZIP down 2.7%. AMP smacked 7.2% lower on broker downgrades. REITs firmed, DGT up 9.1% on certification news, with CMW up 2.3%. Industrials becalmed, ALL down 1.1%, WES fell 1.8% and retail under pressure following JBH off 8.4%. Slightly disappointing numbers and CEO to retire. WEB fell 4.3% and LNW bounced 3.6%. Tech mixed, XRO continue to drift lower, off 1.3% and WTC up 0.7%. The All-Tech Index down 0.6%.
In resources, it was all about a lithium renaissance following news that CATL is closing a large mine for three months, LTR rallied 18.3% despite recent cap raise, PLS boomed up 19.7% and MIN up 12.2% as shorts were forced to cover. Gold miners under a little pressure on the switch to lithium, NST down 1.8% and NEM off 1.1%. Uranium stocks showing little interest and WDS up 0.7% with STO extending DD to ADNOC and fell 0.1%.
In corporate news, CAR held steady after in line results. Not even a special dividend could save JBH as valuations look toppy, IRE disappointed on results, falling 7.2%, iron ore futures in Asia jumped 1.4% as several steel mills in China will be forced to close next month on pollution concerns. BHP up 1.2% and FMG up 3.0%.
Nothing on the economic front as we await the RBA tomorrow and US CPI this week.
Asian markets better, Japan up 1.9%, HK up 0.1% and China up 0.6%.
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An excellent night on Wall St to cap off a positive week. Nasdaq up 0.98% to a record high. S&P 500 up 0.78%, driven by gains in the Technology sector. 0.5% off its record high. Dow Jones lagged, only up 207 points. Closing near the high. No major news during the session. Tech stocks were boosted by ‘Fed rate cut enthusiasm’and Apple rising another 4.2%. Up 13.3% for the week, its largest gain since covid. This week saw several Fed officials soften their policy stances after last Friday’s weak jobs number. The official rate cut odds haven’t moved much since the labour print. Increasing from 80% to 90%.
SPI up 5 - JBH - CAR - PXA Results
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ASX 200 fell 24 points to 8807 (0.3%) to be up 1.7% for the week. Not too shabby. As usual it was the perennial war between banks and resources. Banks down with CBA slipping %, results next week and the Big Bank Basket down to $279.64 (-0.8%). Insurers walloped, QBE down 8.8% on poor results. SUN off 3.2% and IAG sliding 2.7%. Other financials falling hard too GQG down 14.6% on FUM levels falling and performance lagging, HUB dropped 2.0% and PNI took a break, down 5.3%. REITs flat, healthcare slid, CSL running into reality, down 1.8% and PME falling 3.6% as TLX continued to drift lower. Industrials too fell, REA down 1.1% and ALL off 1.8% with LNW falling 11.2% on plans to delist from Nasdaq. Tech fell, XRO down 1.4% and 360 dropping 4.2% with the All Tech Index down 0.7%.
Resources were bid, Iron ore a lithium together with gold miners in the green. BHP up 0.9% with FMG rising 1.8%. NST bounced another 4.0% with NEM cruising 2.2% higher, LYC jumped 3.8% and PLS up 9.0%, buyers cover shorts as lithium pricing recovered. LTR returned from a mega upsized raise of $316m with the Chinese taking a slice and the Australian government, the stock unchanged. Coal stocks better, NHC up 2.5% and WHC rising 3.1%. Uranium stocks slightly firmer. PBH up 4.6% as its board recommended Mixi’s offer.
In corporate news, IRE bounced 12.2% on takeover approach from Blackstone at 1050c, QBE massacred, XYZ showed a clean pair of heels on a good result, NCK too better by 6.9% on numbers.
Nothing on the economic front locally. Asian markets mixed, Japan up 1.7% to new highs. China modestly lower and HK falling 1.0%.
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Wall Street recorded a mixed session. Earnings by Eli Lilly disappointed and Trump said he’ll nominate Council of Economic Advisors Chairman Stephen Miran to serve out the remaining term of Federal Reserve Governor Adriana Kugler, while searching for a longer term replacement. S&P 500 down 0.08%, Nasdaq up 0.35%. Dow dropped at the open, and maintained that level throughout the day. Closed near low, down 224 points. Mixed sector performance. Utilities, Materials and REITs all rose despite bond yields ticking up, rotation into defensives. Healthcare worst performer again, Eli Lilly’s disappointing results didn’t help, Trump’s threats to hike tariffs on pharmaceuticals to 250% within 18 months also a continued headwind. Financials and Energy rounded out the bottom three performing sectors.
ASX to fall. SPI futures down 25 points (-0.28%).
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ASX 200 fell slightly off record highs to 8831 off 12 (0.2%). A mixed session with banks slipping a little, CBA down 0.5% and the Big Bank Basket at $281.90 (). Financials dragged lower, MQG down 0.8% and ASX falling hard, off 8.6%, on cost blow outs on CHESS and other issues, AMP rose 4.8% after a broker call rethink on results. REITs firm, SCG up 0.8% and SGP up 0.9% with industrials mixed, BXB down 3.3% and QAN off 1.1% as retail stocks firmed, JBH up 1.8% and ALL up 1.5%. Travel stocks better, FLT up 3.1% and WEB rising 2.3%. LNW fell 2.0% on plans to end Nasdaq listing. Tech better, WTC up 0.9% and TNE pushing on another 0.8%. Resources were a mixed lolly bag, iron ore weaker, gold miners better on a post Diggers glow. NST up 1.5% and NEM up 1.0% with WGX raising guidance and rising 5.1%. Lithium major PLS up 3.8% with LTR in a halt as it raises around $266m at 73c. Rare earth stocks still in demand. Oil and gas, becalmed, uranium stocks firmed with BOE starting to recover. PDN up 3.4% and coal stocks moving higher. In corporate news, the government has invested $50m in LTR, NEU hitting highs on Daybue sales in the US.
On the economic front, reciprocal tariffs are now in. Local BoP figures showed a rebound to a $5.4bn surplus on stronger coal and gold exports.
Asian markets firmed, Japan up 0.6%, HK up 0.6% and China unchanged. 10-year yields steady at 4.24%
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Wall Street recorded a positive session as Apple jumped 5.1% after pledging to invest $100Bn in domestic manufacturing while positive earning beats boosted risk-on sentiment. S&P 500 up 0.73%, Nasdaq up 1.21%. Dow dropped at the open, but recovered within the first hour and remained steady, falling a little just before the close. Closed mid-range, up 81 points. Mixed sector performance. Cyclicals the top performer, Amazon gaining 4.0% and Tesla rising 3.6% boosted the sector. Staples and Tech also saw gains of over 1.0%. Healthcare worst performer. Uncertainty of tariffs continues to weigh heavily on sector, not helped by Trump’s latest threats to hike tariffs on pharmaceuticals to 250% within 18 months. Energy followed oil down, and REITS dipped as yields inched up following a weaker than expected 10Y auction.
Resources up. Weakening dollar a boost. Oil fell to 8-week low as Trump’s talks with Putin raised doubts about US sanctions on Russia. Copper, nickel, aluminium and zinc all gained.
ASX to fall. SPI futures down 24 points (-0.27%). AMP and LNW results.
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The ASX 200 stormed higher to finish up 73 points or 0.8%. New record high. Up 2% in the last two sessions as every major sector save for Utilities finished in the green. Resources and Energy led thanks to a broad-based rally across all major commodities. Iron ore, copper, gold, uranium, oil stocks all running hot. Gold best despite bullion falling 0.4%. Stronger USD to blame. Lithium mixed as some profit taking crept in.
Discretionary Stocks followed. Resuming their recent uptrend. Two big up days now on the trot. WES and ALL up 1.6% and 1.9%. JBH down 1.3%. Breaking its six-day win streak. REITs strong as CWL, CIP and BWP all reported. CIP best up 3.4%. Banks in the mid-pack thanks to the CBA up 1%. ANZ missed out only rising 0.1%. MQG (+0.5%) still going sideways. Tech similar despite the weak Nasdaq lead. Health Care up 0.55%. CSL (+0.9%) and PME (+1.1%) both up while RMD (-1.5%) took a break. NAN rose 4.6% on FDA approval news while TLX (+0.3%) failed to bounce despite brokers saying enough is enough.
REA finished up 6.9% on full year results. Best in the Top 100 with NWS (+5.1%) close behind. Reporting earnings up 14%. PNI shot up 9.5% on excellent FUM numbers. Best in the Top 200. Dow futures up 0.4%. Nasdaq up 0.3%. Bond yields up since the open. China slightly higher while Japan is up 1%.
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Wall Street recorded a negative session as the impact of tariffs came back into focus with US Services PMI flatlining, with businesses citing new import taxes, and corporate earnings and forecasts of Caterpillar and Yum Brands underwhelming due to tariffs. S&P 500 down 0.49%. Nasdaq down 0.65%. Dow dropped at the open, troughing in the first hour of trading, and then found strength throughout the rest of the session. Closed mid-range, down 62 points. Defensives tended to do best. Materials, REITs and Staples the top three performers. Utilities the weakest performer after consecutive days of outperformance, followed by more Growth sectors like Tech and Healthcare.
ASX to rise. SPI futures up 14 points (+0.16%). Gold firm - REA NWS Results
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Cracking day with the ASX 200 up 107 points to 8770 (1.2%) as banks, tech and resources fired simultaneously. US markets were the catalyst, but local enthusiasm was the fuel. The banks roared ahead with CBA up 1.4% and the Big Bank Basket up to $280.63 (+1.0%). Financials generally firm, QBE up 2.4% and MPL rising 1.6% with XYZ up 3.0%. REITs too firm, GMG up 1.5% and SCG rising 0.8%, rate cut hopes helping the whole sector. Industrials also finding buyers, retail firmed, JBH up 1.8% and WES up 2.8% with SGH up 1.3% and FLT bouncing 1.5%. Tech stocks better too, WTC up 0.8% and XRO rallying 0.7%. Utilities were also form, ORG up 1.4%. In resource land, gold miners popped some corks, NST up 1.0% and NEM rising 4.1%. Rare earth stocks got a boost from media reports that a floor price would be put in place for product, LYC up 5.2% and ILU charging 8.7% ahead. MIN had a good day too. The iron ore sector was modestly higher, FMG up 0.5%. Oil and gas saw some buyers, BPT up 3.0% and WDS up 1.4% with uranium stocks slightly firmer.
In corporate news, EOS went crazy on a big EU laser order, up 43.4% CCP defied the gloom and knocked the lights out, up 16.2% and ASB got a government tick pushing 7.9% higher. TPG announced that shareholders will be given cash back following the recent sale of its fibre business. TLX smashed 8.5% on higher operating costs.
On the economic front, ANZ– Roy Morgan consumer numbers were very positive. Asian markets firmed, 10-year yields fell to 4.22%.
US futures slightly firmer.
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Wall Street jumped, recording its best day since May 27, as investors bought into the opportunities from Friday’s sell-off following weak US jobs numbers and Trump’s firing of the Bureau of Labor Statistics Commissioner for producing “rigged” numbers. Shows investor appetite for risk is still there, just looking for reasons or opportunities. S&P 500 up 1.47%. Nasdaq up 1.95%. Dow jumped at the open, and remained steady throughout the day. Closed near high, up 585 points. Broad sector performance. Tech the best performer, up over 2%. Meta, Alphabet, Nvidia all gained over 3% without major news – just strong appetite to enter these names at slight discounts. Utilities and Materials also did well, easing yields helping the former, and stellar conviction in the US economy helping the latter. Healthy to see top performing sectors being a mixture of growth and defensives. At the opposite end, Energy followed oil down and Staples recorded minor losses.
SPI up 88 - Gold steady - CCP Results
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The ASX 200 fell hard down 81 points to 8663 (-0.9%) to close the week, pretty much where it started. Banks which had been holding their end up, succumbed to gravity with CBA down 1.6% and NAB falling 1.2% as the Big Bank Basket dropped to $277.82 (-1.3%). MQG fell hard down 1.7% with insurers also under pressure, QBE down 1.3% and SUN off 1.5%. REITs eased back, GMG down 1.5% and SCG off 0.5% with industrials weak across the board. WES fell 0.9% and ALL down 1.2% with patches of green in retail, JBH up 0.8%. FLT bounced back a little up % and QAN up 0.3%. Tech stocks smacked hard, WTC down 2.6% and XRO falling 3.5% with the All-Tech Index down 1.8%. Healthcare hit with CSL down 2.5% on tariff news.
Resources which have been hurtie all week saw some buyers return. Iron ore picked up in Asia, BHP unchanged and FMG up 1.1%. Rare earths saw some buying LYC up 3.3% and MIN up 4.4% in the lithium space. PLS too rallied 4.1%. Gold miners fell, EVN down 0.8% and NEM off 0.5%. Uranium stocks tried to find some support after the fallout of the BOE downgrade this week. PDN up 0.5% BOE down another 2.0%. Oil and gas flat. In corporate news, SGR dimmed 16.5% on news that the Brisbane deal was off. RMD up 1.0% on better-than-expected quarterly. SOL and BKW reported with decent dividends and a step closer to a marriage. DOW unchanged despite a new contract and BGL fell 4.3% on production worse than expected.
In economic news, local PPI rose 0.7%. NFP tonight from US. 147k is the number.
European futures down 0.6%. US Futures Dow down 166 and Nasdaq down 100
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Wall Street fell from early highs as earnings enthusiasm from Microsoft and Meta waned and Trump’s August 1st tariff deadline loomed. S&P 500 down 0.37%, Nasdaq flat. Dow fell steadily throughout the day like the other indices, closing near low. Down 330 points. Most sectors down. Utilities best performer again while Tech was slightly positive. Divergence here – Meta (+11.3%) and Microsoft (+3.9%) rose following their results, Amazon (+1.7%) rose ahead of its, Apple (-0.7%) fell ahead of its, and semiconductors struggled. Healthcare once again struggled, down nearly 3.0%, as Trump sent a letter to the CEOs of 17 major pharmaceutical companies, demanding they lower their prices. Swift and strong reaction – Merck down 4.4%, Pfizer slid 2.3%, AstraZeneca dropped 1.4%, Novo Nordisk fell 3.2%, and GSK dipped 3.0%. REITs and Materials round out the bottom three for the second consecutive day.
ASX to fall. SPI futures down 64 points (-0.74%). RMD Results.
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The ASX 200 fought back from early losses to close down only 14 points to 8743 (0.2%). Banks back with CBA up 0.5% and NAB rising 1.1% with the Big Bank Basket up to $281.36 (+0.5%). Financials firmed, HUB up 1.6% and QBE firing 0.5% ahead. REITS better, GMG rising 0.6% in better data centre hopes, Industrials firmed again, BXB up 0.6% and retail doing well, JBH pushing another 1.3% ahead, ALL bounced 2.4% with travel stocks under pressure as FLT downgraded guidance, off 7.3%. WEB fell 2.2% in sympathy. Tech rose as US tech led the way, WTC up 1.0% and TNE ahead by 1.9%. The All-Tech Index up 1.2%. Resources under pressure again as iron ore slid under $100 in Asian trade on Chinese PMI. BHP down 2.4% and RIO copping a drubbing down 3.6% as FMG fell 2.3%. Gold miners were also under pressure, NST down another 2.2% with EVN off 3.0% and NEM falling 1.6%. Lithium too unwinding in a hurry, PLS down 7.0% and LTR falling 4.9%. IGO continued to drop off 4.5% and LYC succumbed off 2.5%. Uranium shorts got stuck in again, BOE falling another 6.7% with PDN off 2.7% and oil and gas flat, BPT whacked on a quarterly update, off 9.3%.
In corporate news, plenty of quarterlies out, AGL rose 0.1% on its grid battery project, CTT smashed 23.5% on tax changes on small parcels in the US, MIN crashed 7.1% on broker downgrades.
In economic news, building approvals and retail sales. In China PMI came in below forecasts. 10-year yields steady at 4.27%
Asian markets mixed again, Japan up 1.1%, China down 1.6% and HK down 1.5%.
European futures up slightly. US Futures Dow up 141 and Nasdaq up 315.
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Wall Street recorded a primarily negative session despite US GDP of 3% in Q2 as Fed Chair Jerome Powell cooled hopes of a rate cut in September, after holding them steady in July. Powell argued rates have not held back the economy and inflation remains elevated and a threat as tariffs work their way through the economy. S&P 500 down 0.12%, Nasdaq up 0.15%. Dow was flat and steady for most of the day but dropped following Powell’s comments and then partially recovered. Finished middle of its range, down 172 points. Most sectors down. Utilities gained again despite rising yields while Tech also saw modest gains ahead of Meta and Microsoft’s earning releases – very positive market reaction to both, up 11% and 7% in after-hours trading as of the time of writing. Materials worst performing sector as Trump’s copper restrictions were not as sweeping as anticipated. REITs also struggled following Powell’s comments and rising yields. Energy gave up some of its recent gains despite oil rising. All three sectors down over 1%.
ASX to fall. SPI futures down 24 points (-0.28%). Meta and Microsft good results - After hours - US copper falls 19% - Gold down - Oil up.
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The ASX 200 rose 52 points to near record highs of 8756 (0.6%) after a benign CPI ensured we should get a rate cut in August. Familiar story, Banks firm with CBA up 1.6% and the Big Bank Basket up to $279.88 (+1.4%). MQG rose0.8 % with financials firm, as insurers rose surprisingly as yields slipped. QBE up 0.8% and SUN up 0.8%. GQG still feeling unloved. REIT boosted by lower rates with SGP up 2.2% and VCX rising 1.7%. Industrials too firm, BXB up 1.9% with JBH doing well as retail firmed, WOW and COL also better by around 2%. Tech mixed. In resources, gold miners were a mixed bag, EVN up 1.4% with PNR rising 1.9% and GMD up 0.8%. Iron ore stocks mixed, FMG better. RIO results after hours, down 1%. Lithium mixed as PLS had a good quarterly up 3.0% but IGO punished on a negative update, down 7.2%. Oil and gas stocks eased, uranium stocks mixed, BOE recovering 3.6%.
In corporate news today, plenty of quarterlies, APX crushed on AI uncertainty, MIN rose 2.3% as it met its FY guidance. PNV rose 7.8% after earnings report.
In economic news, CPI came in benign at 2.7% for core, hopes rose for a rate cut on 12th August.
Asian markets mixed, Japan down 0.1%, China up 0.4% and HK down 0.6%.
European market opening slightly higher. Waiting for Fed, tariff news and tech results. US futures slightly higher.
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Wall Street recorded a negative session as disappointing earnings weighed on markets and investors awaited the Fed’s rate decision (tomorrow morning Australian time). Meta, Microsoft, Amazon and Apple all report later in the week and their results will largely dictate market direction. S&P 500 down 0.3%, Nasdaq down 0.38%. Dow fell steadily until noon, where it plateaued, despite a brief spike, closing near the low. Down 205 points. Mixed sector performance. Rate-sensitive sectors such as REITS, Utilities and Defensives all did well as yields fell following a strong seven-year note auction ahead of the Fed’s rate decision. Industrials was the worst performer, followed by Healthcare, with disappointing earnings within the sectors being the primary drivers of weakness.
ASX to fall. SPI futures down 13 points (-0.15%). RIO this afternoon. MIN PLS ALX APX reports.
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The ASX 200 fought back from early losses to close up 7 points at 8705 (0.1%). Healthcare and industrials firmed, CSL up 0.5% and ALL up 0.5% with the banks slightly weaker. CBA down 0.4% and NAB up 1.2%. The Big Bank Basket down to $276.00 (-0.1%). Financials slid with GQG off 3.3% and ASX down 0.6%. ZIP fell 1.3% and REITS drifted lower. VCX off 1.6% and GMG mixed 0.4%.
Resources once again weaker, iron ore bucked the trend with BHP up 0.3% and RIO unchanged. Gold miners eased, NEM off 1.3% and EVN down 0.6%. Some wins on quarterlies, OBM up 2.2% on results. Lithium stocks down slightly, LTR off 4.1% as it reported its quarterly. Uranium stocks continued to fallout, BOE down another 5.5% and PDN off 5.8%. Oil and gas better with WDS up 1.6% and STO up 2.1%. Coal stocks eased.
In corporate news, VEA tumbled 6.4 as convenience revenue dropped. SFR up 1.6% a better than expected quarterly, LTR fell 4.1% on its report and TAH saw Aware Super exit its stake a few days ago.
Asian markets: Japan down 0.9%, HK down 0.9% and China up 0.2%.
The ASX 200 10-year yields steady at 4.33%. European markets set to open up 0.3%. US futures slightly higher.
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Wall Street recorded another modestly positive session as the S&P 500 and Nasdaq closed at fresh highs, boosted by US-EU trade deal, and excitement over some major corporate earnings this week including Meta, Microsoft, Amazon and Apple. S&P 500 up 0.02%, Nasdaq up 0.33%. Dow dropped at open, recovered partially, then fell steadily from noon until the final half hour of trading when it regained some strength. Finished mid-range, closed down 64 points. Narrow sector performance. Energy the best performer, followed oil up which rose following US-EU trade deal and Trump’s announcement he would shorten time given to Russia to end Ukraine war. Cyclicals and Tech also did well as risk appetite was reignited. Other sectors down. Yields up on US-EU trade deal, hurting rate sensitive sectors and boosting the outlook for global growth. REITS, Materials, Utilities all down.
ASX to fall. SPI futures down 61 points (-0.7%). Resources to be pressured - Quarterlies abound.
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The ASX 200 closed up 31 points to 8698 (0.4%) as banks were back in the driving seat. CBA up 1.2% with the Big Bank Basket up to $276.18 (+0.9%). MQG rallied 1.0% as financials generally found some love. XYZ up 2.8% and MFG doing well, up 4.6%. RPL up 4.1% too. REITs doing well, GMG up 0.5% and SCG rising 0.8%. Industrials also firm, SGH up 2.2% with retail better, WES up 0.6 % and WOW up 0.8%. Tech better, WTC up 0.3% and the All-Tech Index up 1.0%. Healthcare too in demand, CSL up 1.0% on trade deal, RMD rising 1.0%. Old Skool platforms better too, CAR up1.7 % and REA rising 1.3%. Resources were mixed, the shocker from BOE falling 44.0% as it warned on future production. Shorts had a ball in PDN, DYL and lithium stocks tumbled as Asian prices dropped hard. LTR down 8.0% and PLS off 11.7%. Gold miners were mixed, NEM up 4.5% on broker upgrades, the rest in the doldrums, GMD down 1.8% and RMS off 4.4%. Coal stocks also smacked down, WHC and YAL hit hard on a court ruling.
In corporate news, WTC has a new CEO, HLO rose 14.1% after an earnings upgrade. BUB too has a new CEO. Nothing on the economic front.
Asian markets mixed, Japan down 1%, HK up 0.4% and China up 0.1%.
10-year yields steady at 4.34%.
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Wall St managed a broad rally on Friday night as optimism over a US/EU trade deal boosted the S&P 500 (+0.4%) to a fresh record high. That deal has now been done - described as the "Least worst" deal for the EU. Devil in the detail.
112 S&P 500 companies reported results last week - average earnings growth was better-than-expected at 6.4% compared to 4.9% expected. Google was up 4.4%, Tesla down 4.1%, Intel down 10.4% and Texas Instruments down 14.6%.
US Futures this morning are higher with the S&P 500 futures up 0.37% and the NASDAQ futures up 0.19%.
ASX set to open near flat. SPI futures down 5 points. Quarterlies in focus. WTC has a new CEO.
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The ASX dropped another 43 points to 8667 (0.5%) in a quiet trading day. Down 1% for the week. Not much fresh news around. Both banks and resources slipped. Iron ore miners under a little pressure after gains this week, BHP down 1,9% with RIO off 0.8% and FMG back down 3.4%. Gold miners fell too as quarterlies dropped. Diggers and Dealers kicks off 4th August. NST fell another 2.8% and EVN down 3.2% with a good quarterly from NEM kicking it 3.8% higher. Copper and lithium stocks lid, LTR down 2.1% and SFR down 1.6%. Oil and gas better, WDS up 3.7% and uranium mixed. Banks continue to suffer, CBA down 0.4% with the Big Bank Basket down to $273.63 (-0,4%) Financials eased, AMP down 4.8% with RPL posting good FUM and rose 9.0%. Industrials flat, tech flat too with the All-Tech Index down 0.1%.
In corporate news, KMD up 4.4% on a new CFO, SDF down 1.5% as it lost its CFO! Nothing on the economic front.
Asian markets eased. 10-year yields steady at 4.35%.
European markets open unchanged. Results in focus. Trump heading to Scotland.
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Wall Street recorded a modestly positive session as the S&P 500 and Nasdaq closed at fresh highs, boosted by positive Alphabet results which fuelled continued AI optimism. S&P 500 up 0.07%, Nasdaq up 0.18%. Dow dropped at open, recovered partially, and subsequently slowly fell throughout the day. Finished near low, down 316 points. Mixed sector performance. Energy the best performer, followed oil up which rose following US crude supply concerns. Tech second best performer, Alphabet results a boost, rose 1.0%, positive contagion. Industrials and Financials also recorded modest gains. At the opposite end, Tesla results caused the EV maker to dive 8.2%, dragging Cyclicals down. Materials and Staples saw more modest losses.
In corporate news, still dominated by earnings reports, yesterday’s reports were primarily weak outside of AI and tech related news. UnitedHealth sank 4.8% after disclosing cooperation with a DOJ probe into its Medicare business, with both civil and criminal investigations in play. IBM plunged 7.6% as weak software sales dragged down second-quarter results. Honeywell slipped 6.2% despite beating estimates and lifting guidance. And American Airlines dropped 9.6% after flagging a sharp third-quarter loss, blaming soft domestic travel.
Resources up again, strong week, even a rising dollar couldn’t stop them. Oil up on US supply worries. Iron ore up another 0.5%, sustained enthusiasm from the news of China's mega-dam project. Copper, nickel, tin all recorded modest gains too.
ASX to fall. SPI futures down 37 points (-0.43%).
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The ASX 200 drifted 28 points lower to 8709 (-0.3%) as Michele Bullock’s lunch time speech partly dashed rate cut hopes for August. Banks flat with CBA unchanged and the Big Bank Basket at $274.86 (+0.2%). MQG had a nasty day as its AGM saw selling down 5.1% as the CFO retired and earnings softened. Other financials also under a little pressure, CGF down 2.9% and QBE off 1.2%. ZIP had a good day up 4.7%. REITs slid on higher rates, GMG down 0.8% and GPT off 1.2%. Industrials pretty flat too. Tech eased back, XRO down 1.2% and TNE off 2.3%. CPU dropped 3.3% with BXB falling 1.5%. TLS also slipping away with healthcare stocks remaining firm, CSL up 1.5% again.
Resources mixed, LYC up 5.0% on a JV as MIN gained 4.7% on lithium buying and LTR turned from early losses to close up 3.2%. FMG production numbers were solid, pulling out of hydrogen also a positive up 4.3%. Gold miners lid, NST down 2.4% and EVN off 2.7%. Uranium mixed, BOE fell 6.4% on resignation of CEO, PDN recovered slightly. Coal saw sellers back.
In corporate news, BAP was punished for a triple whammy of director resignations, bad debts and earnings downgrade, finishing down 28.4%. DRO fell 5.9% after another order win, CMM off 3.4% as it bid for WA8. In economic news, Bullock’s speech trimmed rate cut hopes. Asian markets solid. Japan up 1.9% on trade deal relief. HK up 0.4%. China up 0.4%. 10-year yields up to 4.37%. US futures mixed.
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Wall Street recorded a positive session as the EU and the US appeared to edge closer to a trade deal – believed to be similar to the deal penned with Japan. 15% broad tariff which could extend to cars. S&P 500 up 0.78%, Nasdaq up 0.61%. Dow steadily rose throughout the day. Closed near high, up 508 points. Strong and broad sector strength. REITS flat, otherwise all positive. Healthcare once again led the charge upwards, 4% in two days, tariff optimism a boost – pharmaceutical tariffs still yet to be announced but EU developments an indirect benefit. Energy also did well despite oil falling. Similarly, Utilities and Financials rose despite yields ticking up. Whole market enthused by EU-US developments.
ASX to rise. SPI futures up 18 points (+0.21%). Quarterlies in Focus. FMG, MQG AGM.
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The ASX 200 closes up 60points at a record high of 8737 (0.7%). Resources firm but not charging, iron ore coming off the boil slightly, BHP up 0.8% with FMG up 2.3%. Gold miners were better, NEM up 1.9% and EVN rising a more modest 0.9%. S32 rallied 3.0% with ILU also doing well on production numbers, up 4.1%. Lithium stocks slipped with PLS down 2.4% and LTR off 3.6%. Oil and gas mixed, WDS up 1.5% on production numbers, STO down 0.8% and coal stocks soaring, WHC up 6.5% and NHC up 2.1%. Uranium under pressure with PDN down 11.3% on production report. Banks found buyers, CBA up 0.5% and ANZ outperforming again up 2.5% with the Big Bank Basket up to $274.18 (+0.8%). Financials firmed, ASX up 1.3% and insurers better, AMP saw profit taking off 1.8%. REITs firmed, healthcare better, CSL back in the green up 0.6% and RHC rising 3.2% with TLX getting whacked 15.1% on SEC inquiry. Industrials firm across the board, REH up 3.8% and JBH up 1.8% with retailers better, tech mixed, WTC up 0.8% and the All-Tech Index rose 0.3%.
In corporate news, VUL rallied 3.7% on funding news, ALD rose 3.3% on resilient NZ earnings. Nothing on the economic front locally. Japanese trade deal in focus.
Asian markets mixed. Japan up 3.9% on trade deal. HK up 1.4%. China up 0.6%.
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Wall Street mixed overnight as markets digested earnings reports, anticipates further reports, and watched for signs of progress in trade talks. S&P 500 up 0.06%, Nasdaq down 0.39%. Dow was choppy in the early session but found strength from about noon to consistently rise. Closed near high, up 179 points. Broad sector strength, only Tech was down, Texas Instruments cautious earnings forecasts sent chip sector tumbling after hours, market seemed to anticipate the disappointing results, Nvidia down 2.5%. Healthcare led the charge upwards after recent weakness, up almost 2%. REITS, Utilities and Financials all did well as yields eased again, Trump’s continued attacks on the Fed having their impact. Cyclicals also boosted by a 1.1% rise for Tesla ahead of its earnings today (tomorrow morning our time).
ASX to rise. SPI futures up 40 points (+0.46%). Gold up 1% - Resources to continue to outperform. BHP has now outperformed CBA by +25% in less than a month.
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The ASX 200 finished up 9 points to 8677 as the initial rally fizzled out. More the sellers turned up in spades for the banking sector again. CBA crushed 3.1% with the Big Bank Basket down to $272.11 (-2.6%), under serious pressure again as the money flowed to resources. BHP up 2.6% and RIO charging ahead up 3.4%. Gold miners also back in demand, NST up 1.3% and NEM rising 2.8%. Lithium stocks on pause as were rare earths, LYC down 0.1% and graphite stocks taking a breather. SYR fell 9.3% and NVX off 0.8%. Oil flat and uranium falling a little. The industrials were flat, WES off 0.8% and BXB down 0.9% with SGH putting on the Ritz up 1.3%. Healthcare doing well as CSL hit a 4-month high, up 3.4% with PME up 2.1%. REITs firmed, tech better, XRO up 0.6% after SPP pricing period finishes, WTC up 1.4% and the All-Tech Index up 0.2%. In corporate news, IFL rose 12.2% as CC Capital agreed a 480c cash scheme. PPT up 0.7% on restructure plans.
In economic news, RBA minutes continued to show caution and gradual moves. Consumer confidence fell 0.2% last week to 86.3 points, according to the ANZ-Roy Morgan Consumer Confidence index, as households were less optimistic about financial conditions.
Asian markets mixed, Japan down 0.3% after holiday. HK up 0.5%. China up 0.8%.
10-year yield eases to 4.30%
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Wall Street recorded a positive session, although it couldn’t maintain its early highs, with the S&P 500 and Nasdaq closing at new highs, ahead of Big Tech earnings kicking off this Wednesday with Alphabet and Tesla reporting. S&P 500 up 0.14%, Nasdaq rose 0.38%. Dow rose at open, peaked and plateaued from midday to 2pm, and fell for the rest of the session, closing near the low. Down 19 points. Tech led the way upward. Optimism ahead of earnings, demonstrated by Alphabet rising 2.7% before Wednesday. Materials also did well, following resources upwards. Cyclicals another strong performer, Amazon rising 1.4% helped to boost the sector. At the opposite end of the ladder, Energy slipped and followed oil downward. Healthcare also continued its recent struggles, uncertainty around Trump’s tariffs on sector a persistent drag.
Resources up, weaker dollar a boost. Oil down, modest reaction to EU’s latest sanctions against Russia, viewed as having little impact. Iron ore up 3%, hitting 5 month high, boosted by news of China's mega-dam project and stronger steel margins. Copper, nickel, tin all recorded gains of over or close to 1%.
ASX to rise. SPI futures up 14 points (+0.16%).
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The ASX 200 dropped 89 points to 8668 (-1.0%) giving back Friday’s gains as banks came under intense pressure. The Big Bank Basket dropped to $279.24 (2.6%). CBA and WBC leading the sector down with other financials also in the spotlight. MQG fell 1.4% with ASX of 2.1% and IFL down 5.8% as the company updated the CC Capital bid. Insurers fell hard too, QBE down 1.9% and IAG off 1.4% with the REIT sector falling hard, GMG down 0.8% and CHC down 2.3%. Industrials also under the knife, WES off 1.0% with CPU down 1.2% and retail falling, JBH off 1.5% and APE down 3.6%. Travel stocks falling to earth, FLT down 3.0% and WEB off 2.5% with ALL down 1.4%. Tech stocks mixed, WTC up 1.9% and XRO off 0.7% on last day for SPP.
Resources were better again, BHP, RIO and FMG did well as China announced a new dam and iron ore continued higher in Asian trade. Lithium stocks squeezed higher, LTR up 11.4% and PLS rising 4.1%. Graphite and rare earths also still in demand, SYR up 17.8% and LYC up 1.4%. Gold miners saw selling, NEM up 0.5%, NST down 1.5% and EVN off 1.2%. Oil and gas slightly firmer, WDS up 1.4% with uranium stocks also doing well, PDN up 2.3% and coal up too.
In corporate news, AMP jumped 9.8% on update, XYZ rose 11.2% on US Index inclusion. S32 rose 4.5% on FY production guidance. Nothing on the economic front, China left rates unchanged.
Asian markets modestly higher. Japan closed for Marine Day.
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Wall Street recorded a rather flat session after briefly dipping following Trump’s updated threats to the EU regarding tariffs – the Financial Times reported that Trump wants a minimum tariff between 15-20%. Markets tiring of having to read between tariff headlines. S&P 500 flat, up 0.3% for the week. Nasdaq also flat, but up 1.4% for the week. Dow fell at open and was subdued for much of the session. Down 142 points, down 487 for the week. Mixed sector performance. Energy followed oil down while Healthcare also flat – renewed focus on tariffs a drag, US imports much of its pharmaceutical products from the EU. Utilities the best performer, strong recent run. Easing yields a boost to rate sensitive sector, REITS also in the top three performers. Cyclicals was the second best performer – strength of largest names pushed sector upwards, Amazon up 1.0%, Tesla up 3.2%.
ASX SPI down 49 - AMP - S32 in focus.
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The ASX 200 exploded 118 points higher to 8757 (1.4%) as banks and resources caught a wave of buying. BHP production numbers, coupled with iron ore gains in Asia, helped the Big Australian up 3.0%. RIO up 1.8% with FMG lagging only up 0.5%. Lithium and graphite stocks flew, LTR up 10.1% and PLS rallying another 8.6%, with MIN up 4.8% and ILU rising 5.0%. Graphite stocks were in demand, SYR up 25.9%, and TLG up 10.0%. Gold miners found some love late in the day, NST up% % with EVN rising % but uranium stocks dipping slightly. Industrials firmed across the board, WES up 1.4% with TCL up 0.9% and SGH rising 3.0%. Healthcare is too in demand, CSL rallying 3.6% on a broker report, and MSB is living up to its name on revenue, up 34.6%. Tech stocks are better, WTC up 1.2%, and XRO rising 1.0%. Banks, as usual, didn’t want to miss out. CBA up 0.9% with WBC rising 1.8% and MQG up 1.3%. The Big Bank Basket up to $286.78 (+1.1%). Financials are also in demand, IFL is better by 5.8% on reports that a deal is close. Insurers rose, REITS better, GMG up 1.5%, and SGP up 0.9%.
In corporate news, ALX fell 0.4% on US supreme court news, FBU rose 3.0% on a business update. Nothing on the economic front local.
Asian markets mixed, Japan down 0.2% ahead of weekend election, HK up 0.8% and China up 0.4%. 10-year yields steady at 4.33%
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Wall Street recorded a positive session against a backdrop of positive economic surprises. Retail sales rising more than expected and jobless claims falling, while major AI company Taiwan Semiconductors beat earnings expectations. S&P 500 up 0.54%, hitting new highs. Nasdaq up 0.75%. Dow started volatile, seesawing up and down, but found consistent strength from about 1pm onwards. Ended near high, up 230 points. Strong sector breadth. REITS flat and Healthcare dropped after being top performer yesterday, otherwise all sectors up. Financials the best performer, boosted by strong earnings this week. Industrials and Cyclicals followed, both economically sensitive, earnings and retail sales both pointing to the resilience and strength of the US consumer.
ASX to rise. SPI futures up 32 points (+0.37%). BHP Production report - Graphite to shine.
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The ASX 200 marched back 77 points to 8639 (0.9%), new highs as jobs numbers opened the doors to an August rate cut. Banks led the charge, nothing new there, with CBA up % and the Big Bank Basket up to $283.65 (+1.5%). MQG rallied 0.9% with other financials doing well, GQG bouncing back 1.8% with IFL up 2.3% and XYZ gaining 5.1%. REITs firmed too on lower rates, GMG up 0.8% and SCG up 1.9%. Healthcare better too, COH up 2.3% and RHC rising 1.7%. Industrials firmed, CPU up 3.0% with ALL rallying 0.6% and the tech stocks better, XRO up 1.7% and WTC rising 0.4%. Retailers better too, HVN up 2.4% and LOV up 1.7%.
In resources, FMG rose 0.3% with RIO up 0.5% as iron ore hit a two-month high. A little bounce in lithium, PLS up 1.9% and LTR rising 1.8% after early losses. Gold miners weakened despite a bullion rise. NEM up 1.6% and NST off 0.5%. Rare earths took a breather. Uranium stocks flat, as was oil and gas.
In corporate news, CAR had a trading update, and the CEO resigned, falling 2.9%. PBH saw another bid from BBT. Some quarterlies in GMD and STO.
In economic news, Jobs numbers worse that forecasts with only 2k new jobs instead of 20k and unemployment rose to 4.3%.
Asian markets firmed as 10-year yields dipped to 4.35%. Asian markets mixed. Japan up 0.2%, HK up 0.2%, China up 0.4%.
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Wall Street recorded a modestly positive session despite major indices such as the S&P500 and the Nasdaq falling over 1% after Bloomberg reported that Trump would fire Fed chair Jerome Powell – Trump quickly denied the rumours, settling markets. S&P 500 up 0.32%, Nasdaq up 0.25%. Dow started flat, sharply dived on the Powell rumours, and recovered after Trump denied them, steadily rising from there. Closed near high, up 231 points. Strong sector breadth. Cyclicals flat and Energy followed oil down, otherwise all sectors up. Healthcare the best performer. Boosted by Johnson & Johnson, which rose 6.2% after its strong earnings guidance which halved expectations for tariff-related costs. REITS and Financials next best performers, yields fell, and multiple earnings beating expectations, although the individual companies had mixed responses – Goldman Sachs (+0.9%), Bank of America (-0.3%), Morgan Stanley (-1.3%).
Resources down, weaker dollar couldn’t boost them. Oil down again, US inventory build increasing supply without rise in demand. Copper modestly down 0.2%, nickel and lead down over 1%.
ASX to rise. SPI futures up 54 points (+0.63%).
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The ASX 200 fell 69 points to 8562 after a record yesterday. Banks were weak on proposed RBA charges changes, CBA off % with the Big Bank Basket down to $279.26 (-1.5%) NAB under extra pressure on CEO issues, down 3.4%. Financials generally eased back, MQG off 0.8% and insurers down, QBE off 1.0%. REITs too under pressure with GMG down 0.2% and SCG falling 0.5%. Healthcare mixed, CSL fell 1.3% on US tariff issues on pharmas, PME up 1.7% and FPH slightly firmer. Industrials mostly lower, TCL off 0.7%, ALL down 1.7% and WOW and COL easing back as did TLS. Utilities pulled back as ORG fell 1.1% and AGL down 0.8%. Tech gained, WTC up 0.6%.
In resources, it was all about rare and critical metals. News of Apple’s investment rocked the sector to the core, with good gains across the board. ILU rose 4.3% with LYC flat, even ARU rose 4.9% with MEI up 14.3%. Gold miners fell on NEM news, quarterlies doing nothing to help on profit taking after rises yesterday. NST falling 2.2% EVN down 2.3% on quarterly and WAF down 3.4%. Lithium stocks held up relatively well. BHP down 0.7% despite iron ore hitting $100 in Singapore. Uranium stocks up again, PDN up 3.3% and BOE up 3.3%. Oil and gas flat.
In corporate news, LLC fell 1.7% on a luxury development news. RIO up 0.2% on quarterly and CEO change.
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Wall Street recorded a mixed session as most sectors fell although news of Nvidia’s planned resumption of sales of its H20 AI chip to China boosted the stock, helping to lift the Nasdaq. In broader economic news, tariff uncertainty continued to weigh on stocks and the latest US CPI reading showed tariff-induced price increases starting to appear, rising 0.3% in June, up from 0.1% in May, as expected. July and August will show further tariff-related figures begin to appear in hard economic data as many businesses were previously selling pre-tariff bought stock. S&P 500 down 0.4%, Nasdaq up 0.18%. Dow steadily fell from the open, ended near the low. Down 436 points. Narrow sector performance with only Tech recording gains. Nvidia news boosted stock 4.0% and helped other Tech stocks with Broadcom rising 1.9% and Microsoft gaining 0.6%. Inflation data ticked up which hurt rate-sensitive sectors. Economically sensitive sectors and indices also fell as tariff uncertainty continues, Materials down over 2% and the Russell 2000 fell 2.0% too.
Resources mixed, stronger dollar after the CPI reading a drag. Oil dropped as Trump ‘s 50 day deadline to Russia to agree a peace deal with Ukraine or face new sanctions eased any immediate supply concerns. Copper made modest gains, nickel rose 1% while zinc fell by 1%.
ASX to rise. SPI futures down 68 points (-0.79%).
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The ASX 200 drove 60 points higher at a new record of 8630 (+0.7%). Banks rallied with the Big Bank Basket up to $283.45 (+0.5%). Other financials also in demand, MQG up 1.4% and ASX up 0.9% with insurers rising, QBE up 1.2% and MPL rallying 1.0%. REITs back in demand, GMG up 1.1% with SCG rising 0.5%. Healthcare too doing well, CSL leading the charge, up 3.8% with RMD up 0.7% and PME putting on 2.4%. Industrials firmed reversing yesterday’s losses, BXB up 0.9% and QAN rising 1.6%. Retail mixed, LOV up 2.0% but other slipping. Gaming stocks better, ALL up 1.2%. Tech sector a standout with WTC up 1.8% and XRO bouncing 1.1%. The All Tech Index up 1.8%.
Defence stocks continue to soar, DRO up 14.8%. In resources, a mixed picture BHP, RIO and FMG all falling around 1% on iron ore slipping. Gold miners were better with NEM up 1.1% and NST up 1.5%. Lithium stocks depressed, PLS down 4.6% and MIN falling 1.0%. Uranium stocks doing well, PDN up 7.9% on a broker upgrade. Rare earth stocks also in demand. In corporate news, HUB rose to record highs on new FUM inflows. TYR fell 2.7% on RBA moves to cancel fees for consumers.
In economic news, Chinese GDP rose to 5.2% higher than expected and local consumer confidence rose. US CPI data tonight. Asian markets mixed with Japan up 0.3%, HK up 0.5% and China down 0.2%. 10-year yields at 4.38%.
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Wall Street recorded a modestly positive session against a backdrop of continued tariff uncertainty and threats and renewed Trump pressure on Powell to cut rates and/or step down. S&P 500 up 0.14%, Nasdaq up 0.27%. Dow steadily rose from the open, in a choppy morning session but found consistency toward the end of the day. Finished near the high, up 88 points. Financials best performing sector, Q2 earnings seasons kicks off tomorrow Australian time, expected to be positive. REITS, a correlated sector and once part of Financials in GICS classification, was the second best performer, followed then by Industrials and Utilities. Energy the worst, followed oil down lower.
Resources down. Oil dropped as Trump gave Russia 50 days to agree a peace deal or face new sanctions. Stronger dollar did not help resources. Copper, nickel and tin all fell.
ASX to rise. SPI futures up 51 points (+0.6%). Bitcoin hit new highs at over $120k, up 2.2%.
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The ASX 200 ended down 10 points at 8570 as the move out of banks to resources continued. Banks eased slightly with the Big Bank Basket down to $282.02 (-0.4%). ANZ the worst of the four with MQG up 0.2% and AMP rising 1.4%. BNPL XYZ and ZIP fell 2.8% on JP Morgan moves on charges, REITs firmed ever so slightly, GMG up 0.3% and industrials eased, CPU down 3.0% with QAN off 0.9%, SGH down 0.8% and ORG falling 0.9%. Retailer flat and tech slipping, XRO continuing to fall, WTC down 1.3%. Resources saw buyers again, BHP up 0.9% as iron ore closed on US$100 in Singapore. Lithium stocks rallied from a lacklustre open as shorts covered again. PLS up 6.5% and LTR rising 3.1%. MIN up 1.5% with feet in both camps. Gold miners too back in demand, NST rallied 1.7% with NEM up 1.7% and EVN rising 1.9%. Oil and gas firmed, and uranium powered ahead as shorts covered. BOE up 2.0% and PDN up 2.9%.
In corporate news, ASK on the end of a 165c bid. CCX fell 1.2% on a trading update, issues in US hurting. DRO jumped 17.0% on increased R&D spending, HSN rallied 10.9% on business update.
Nothing on the economic front locally but Chinese exports showed promise.
Asian markets firm but not spectacular. HK up 0.4%.
10-year yields up to 4.36%
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Wall St drifted down on Friday night. Tariff talk dampening sentiment but no major damage. S&P 500 down 0.33%, closing near the high. Nasdaq down 0.22%. Dow off 279 points. Small Caps underperformed. Off 1.03%. Stocks held up surprisingly well considering the 35% tariff threat on Canada and 15%-20% blanket tariffs which came in addition to Brazil’s 50% hit, 50% on copper and uncertainty over what will happen with the EU.
The bloc received its letter from Trump on Saturday night. 30% tariffs to be imposed on most imports. Mexico receiving the same treatment. EU leaders said they will suspend any immediate retaliation and extend existing countermeasures until early August in a desire to avoid tit-for-tat escalation. Countermeasures against steel, aluminium and blanket tariffs had been set to expire today. The EU is facing conflicting interest as some members (like Germany) want a quick deal to safeguard its industries while others (like France) don’t want to give in to cheap concessions. This was evident over the weekend in commentary from the two heads. Merz saying he was ‘really committed’ to finding a trade solution with the US, Marcon saying the EU needs to ‘assert the Union's determination to defend European interests resolutely’, pointing to anti-coercion trade production measures.
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The ASX 200 drifted 9 points lower to 8580 (0.1%) as we wait and see what the weekend brings on tariff news. Banks eased back with CBA down 0.5% with the Big Bank Basket down to $283.17 (). MQG fell 1.5% and insurers also under pressure. REITS slipped, GMG down 1.8% with SCG off 1.3% as yields rose to 4.33%. Healthcare eased, CSL down another 0.6% with FPH falling 1.7%. Industrials also on the wane with WES down 0.7% and ALL down 1.1% with the techs under pressure too. XRO falling again by 1.5%. Retailers in trouble too, JBH down 2.1% and LOV down 2.5%. The bright spot was resources. Iron ore and rare earths. BHP up 2.8% as iron ore prices rose again, RIO up 2.3% with LYC up 16.7% and ILU flying 22.9% on US Pentagon news on MP Materials. Lithium stocks also doing well, LTR up 1.3% and PLS rising 1.6% with MIN storming 7.8% ahead. Gold miners sagged, NST continued its drop, down 2.2% and EVN off 1.5%. STO fell 0.9% on broker research on bid, coal better, WHC up 2.7% and uranium flat.
In corporate news, JLG rallied 22.6% on news that PE is bidding 400c in a scheme. VNT fell 1.9% on a new fibre upgrade contract. ASM jumped 8.4% on a scoping study for Dubbo project.
Nothing on the economic front.
Asian markets were mixed, with Japan up 0.1%, HK up 1.5% and China up 0.7%.
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The ASX 200 rose 51 points to 8589 (+0.6%). Banks were strong again with CBA up 0.8%, the Big Bank Basket up to $284.27 (+0.8%). Financials were firm with MQG up 0.4% and PNI up 1.8%. Insurers were mixed with MPL up 1.2% and NHF better. REITs firmed with GMG up 0.9% and VCX up 1.2%. Industrials better as BXB rallied 1.5% with TCL up 1.0% as CPU up 2.1%. Tech was mixed, with the All -Tech Index unchanged. Retail better too, JBH up 1.4% and LOV up 5.1% TPW up 1.8%. Resources better, led by BHP up 1.2% and FMG up 1.9%. Gold miners bounced back with NEM up 1.5% and PRU up 3.2%. Lithium stocks were also better with LTR up 6.7% and MIN up 3.7%. Uranium stocks eased again, BOE down 3% with PDN down 2.0%. In corporate news, IMR down 15.1% as approvals had fallen behind, AEL with board appointments.
On the economic front, building approvals out today.
Asian markets were mixed, with Japan down 0.7%, HK up 0.4% and China up 0.7%.
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The ASX 200 fell 52 points to 8539 (0.6%) as losses accelerated in the afternoon. Banks helped relatively firm with CBA losing only % with the Big Bank Basket down to $281.96 (-0.1%). MQG dropped 2.5% and insurers losing steam, SUN down 0.8% and IAG off 1.2%. Healthcare under pressure, CSL down 0.9% on US tariff moves, SIG fell 3.3% and TLX bucked the trend rising 5.6% on good US code news. REITS stumbled lower as yields rose, GMG down 2.6% and SGP off 1.5%. Industrials also eased back, TCL down 0.9% with BXB off 0.6% and SGH falling 1.1%. Retail a little better and tech easing back. In resources, gold miners got walloped as AUD bullion prices staggered lower, NST fell 3.4% with EVN off 7.0% and GMD down 5.6%. The big iron ore miners slipped, BHP down 1.0% and RIO down 0.6%. Lithium stocks better, PLS up 1.7% and LTR rising 5.6%. Oil and gas stocks a little better, coal too and uranium falling hard, PDN down 8.3% and BOE off 7.6%.
In corporate news, LIC crashed 37.3% on the recent court ruling. TLX jumped on Gozellix news.
Nothing locally on the economic front. In China, PPI fell more than forecast. Asian markets mixed with five new IPOs listing today in HK. 10-year yields jumped to 4.34%.
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Wall Street was mixed and choppy as markets awaited further clarity on US trade policy and country specific tariffs. Trump also announced he would place a 50% tariff on imported copper. S&P 500 down 0.07%, Nasdaq up 0.03%. Dow seesawed throughout the early hours of the open but settled from about 1pm toward the low. Finished down 166 points. Mixed sector performance. Energy and Materials the best two performers after being amongst the three worst yesterday – correction after sell-off. Healthcare also did well despite Trump stating that pharmaceutical tariffs could reach 200%. Tech was rather flat. Financials sold off, with Utilities behind them after being the best performer in the previous session.
Another slow day regarding major corporate news. Will pick up during earnings season. Tesla rose 1.3% after seeing its single steepest daily fall in a month on Monday. Moderna jumped 8.8% as leading medical organisations filed a lawsuit that Robert F Kennedy and the Department of Health’s Covid-19 vaccine policies pose a threat to public health. Wendy’s (-0.1%) CEO Kirk Tanner left his post to join Hershey’s (-3.2%).
Resources mostlyup. Oil hit two-week high after EIA announces US is to produce less oil this year than expected. US Copper shot up 10% after Trump announced his intention to tax imported copper 50%. News boosted base metal generally, zinc and aluminium both rose.
ASX to fall. SPI futures down 9 points (-0.1%).
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ASX 200 rose 1 point to 8591 as the RBA kept rates on hold. Bullock's press conference calmed nerves and prompted a late recovery from small losses. The AUD jumped and yields pushed higher on the news, but the reaction was relatively muted. Banks were steady with CBA up 0.8% and the Big Bank Basket up to $282.25 (+0.6%). Insurers were weaker, QBE down 0.6% and SUN off 0.6% as financials drifted lower. Industrials too drifted lower, SGH down 1.5% with PMV off 2.3% as WOW and COL slumped around 1.3%. REITs too fell as yields rose. SCG down 1.3% with GPT off 1.2%. Tech stocks slightly better, WTC up 0.4% and TNE up 1.1% with the All-Tech Index up 0.6%. Resources were mixed with BHP leading the iron ore miners down, off 0.9% with lithium slightly firmer, PLS up 2.1% and gold miners in demand again, NEM up 2.4% and GMD up 2.9% with OBM bouncing hard, up 8% after a huge sell-off. Oil and gas fell, uranium producers firmed, PDN up 0.8% and DYL up 2.6%. In corporate news, PTM rose 3.0% after agreeing to a merger with L1 Capital. On the economic front, the NAB business survey was better than expected. RBA on hold again. Timing, not direction the issue. 10-year yields 4.26%
Asian markets better with Japan up 0.3%, China up 0.7% and HK up 0.6%.
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Wall Street stumbled as Trump announced new tariff rates on Japan and South Korea of 25%, effective from August 1st, as tariffs return to the forefront of investors’ minds. S&P 500 down 0.79%, Nasdaq down 0.92%. Dow fell at open, and continued to fall until about 1pm, remaining steady from there. Finished toward lows, down 422 points. All sectors excluding Utilities in the red. Cyclicals the worst performer, Tesla dragging it down after dropping 6.8%. Musk said he was stepping away from politics earlier this year to focus on a struggling Tesla and his recent U-turn, launching a new political party, has not been taken well. Energy and Materials second and third worst performer, economically sensitive sectors, global slowdown fears reignited by latest tariffs.
Resources mostlydown. Oil jumped after the announcement of US tariffs on Japan and South Korea. Dollar strengthened after announcement of tariffs which weighed down other resources. Nickel, aluminium, zinc and tin all shed over 1%.
ASX to fall. SPI futured down 44 points (-0.51%).
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ASX 200 drifted 14 points lower to 8589 (0.1%). CBA held up with the banks drifting slightly lower. The Big Bank Basket is down to $280.46 (-0.2%). Financials firmed in places, IFT up 3.1% and NWL rising 1.5%. REITS soft with GMG down 0.5% and SCG off 0.8 %. Industrials mixed, SGH up 1.0% with QAN rising 1.0% with retails slightly firmer as RBA looks to cut tomorrow. ORG was a standout up 6.8% on an Octopus update from the UK. In resources, Gold miners took a hit with production and costs weighing on NST, off 8.7%. Other golds follow lower with the bullion price off too. EVN down 2.2% and OBM falling 6.8%. Lithium once again depressed, PLS off 4.3% and LTR falling 5.3%, shorts back and selling. Uranium stocks mixed, BOE down 2.4% and DYL up 0.9% with coal better, Oil and gas mixed, WDS off 0.8% and STO up 0.4%. In corporate news, S32 down 0.6% on news of the sale of its Cerro Matso nickel project. MIN fell 2.0% as it named two new independent directors.
Nothing on the economic front. Asian markets eased with Japan down 0.6%, China down 0.5% and HK off 0.3%.
10-year yields rising to 4.19%.
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European markets finished mixed Friday. Wall Street shut for the Independence Day Holiday. STOXX 600 down 0.48%. FTSE flat and Germany down 0.61% as EU envoys failed to reach a breakthrough on US trade negotiations. Banks and mining stocks the worst performers. Nasdaq up 1.6%. S&P 500 up 1.7% as the ‘buy everything’ narrative continued this week which saw Trump’s Bill signed into law, the US labour market show unexpected strength, and the financial year wrap up.
- Commodities mixed Friday. US copper shut but LME finished down 0.8%. Flat over the week, global copper stocks holding onto last week’s huge gains (WIRE was up 8%).
- Brent down 0.5% as OPEC raised production. Middle East conflict all but forgotten.
- Iron ore gained for the 2nd week in a row on improved Chinese sentiment. BHP up 3.2% while RIO finished the week flat.
SPI up 9 - US Futures ease Sunday night.
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ASX 200 rose 7 points to close near to a record of 8603. Once again, we saw the sell-off in CBA down 0.9% with ANZ the main beneficiary up 0.8%. The Big Bank Basket fell to $281.10 (-0.3%). Financial services back in favour, NWL up 0.6% and PNI flying up 3.4%. HUB also doing well, insurers bouncing back slightly, REITs better with GMG up 0.9% and SCG up 1.1%. Healthcare also better, CSL up 0.7% and RMD up 1.4% with tech better, WTC up 1.1% and the All-Tech Index up 0.3%. Retail rose, AX1 up 2.8% and PMV rising 1.4%. Travel stocks better too. Resources were back on the nose. One day wonder? BHP down 1.4% with RIO off 1.3% and lithium stocks drooping, PLS off 0.7%. Gold miners were mixed, NEM up 0.4% and GMD down 1.2%. Oil and gas flat with profit taking in coal miners and uranium stalling.
In corporate news, SLH up 23.3% as ACCC gives it the green light. MND up 0.7% on contract news, and RUL up 14.0%, doing well on an update. Nothing on the economic front.
US Markets closed tonight. Futures off slightly.
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Wall Street continued to reach new heights as a stronger-than-expected nonfarm payrolls report reinforced the strength of the US economy and Nvidia approached a valuation of $4T, coming close to breaking Apple’s record as the most valuable company ever. S&P 500 up 0.83%, Nasdaq up 1.02%. Dow rose early in the day and steadied from about 11am onwards, ending the session near its high. Up 344 points. All sectors up with the worst performing sector, Materials, remaining flat after a positive Wednesday. Financials the best performer, positive reaction to nonfarm payrolls and underlying strength of US economy. Tech a close second. ServiceNow and Crowdstrike both recorded gains of around 3.5%. Nvidia gained 1.3% as it comes close to becoming the most valuable company ever. Utilities was the third best performing sector, demonstrating the breadth of the previous session’s euphoria – yields ticked up after nonfarm payrolls dashed hopes of a July cut, should have dampened Utilities performance.
ASX to rise. SPI futures up 26 points (+0.3%).
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ASX 200 down 2 to 8596 on a volatile day as banks saw selling and money move to BHP and other resources. CBA was down for another day, as its now four out of five down days closing off % with the Big Bank Basket down to $282.16% (-1.6%). ANZ outperformed up 0.5%. Financials under pressure across the board, MQG down 0.8% and insurers falling hard. QBE off 2.2% and SUN down 3.4%. Defensives generally on the nose, TLS down 1.2% and REA off 3.4% with WES falling 2.0% together with WOW and COL. Tech mixed as XRO fell again and WTC up 1.2% despite more front-page news! Healthcare mixed, CSL up 0.5% and PME racing 7.8% ahead on news of two contract wins. Resources were the stars today, at least BHP up 5.6% with RIO and FMG also up but more modestly, around 1.8%. Gold miners finding some friends, NEM up 1.4% and WAF up 1.3%. Lithium stocks better, PLS up 11.3% with LTR rising 5.0%, MIN up 7.8% with coal stocks also back in favour, WHC up 8.2%. Uranium stocks eased back. WDS and STO slightly better.
In corporate news, GLF rose 4.1% on its debit. VGN sinking 1.9% towards issue price. RPL ran 9.3% on $35m performance fee. On the economic front we had the trade balance numbers. Asian markets mixed, Japan unchanged, China up 0.6% and HK down 0.8%.
10-year yields rising to 4.18%
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Wall Street reached new highs as Tech stocks rallied and a trade agreement with Vietnam helped to calm nerves about a prolonged trade war. S&P 500 up 0.47%, Nasdaq up 0.94%. Dow fell at open, recovered and rose further, peaking at midday, and finished the session in the middle of its range. Down 11 points. Most sectors up. Energy led the charge, following oil up which rose 3% as Iran suspended cooperation with the UN nuclear watchdog. Materials also up, rising as the Vietnam trade deal eased global trade concerns – economically sensitive sector. Tech and Cyclicals also did well. Chip stocks bounced, Nvidia rising 2.6%, while Apple continued its good week, up 2.2% without major news. Tesla also rallied 5%, a partial recovery from yesterday’s losses, despite the headlines surrounding the EV maker continuing to be negative with focus on how this year will be the second year of shrinking sales. Healthcare, Utilities and Cyclicals were all in the red. Uptick in yields hurt the latter two.
SPI down 17 - Iron ore up 2.5% on Chinese moves - Resources to shine
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ASX 200 rose 57 points to 8598 (0.7%) to a fresh record high as retail sales opened the door to a rate cut next week. Resources leading the way higher with BHP, RIO and FMG all doing well, FMG the best up 3.8%. Some movement in base metal stocks too on Chinese economic hopes, S32 up 5.1% with gold miners flat. Oil and gas firmed, WDS up 1.1% and STO up 0.5%. Lithium stocks eked out some gains with uranium miners flat. Industrials were the real winners today, WES up 0.8% as retail stocks gained on rate cut hopes. DMP crashed 15.8% as its new CEO went ex. WOW and COL firmed with ALL up 1.9% and TLS gaining 1.0%. REITs firm on cut hopes, GMG up 2.1% and SCG gaining 2.7%. Tech stocks mixed, WTC up 1.4% and XRO off 2.1%. Banks were early losers but found favour and pushed slightly higher as CBA rose 0.6% and the Big Bank Basket up to $286.64 (+0.2%). In corporate news, HLI fell 21.4% as it lost the ING contract. QAN dropped 2.2% as it got hit with a cyberattack. On the economic front, Retail sales came in at 0.2% higher, slightly below forecast.
Asian markets mixed again, Japan down 0.4% on Trump tariff threats, HK up 0.5% and China flat.
10-year yields rose to 4.14%. Dow futures up 120, and Nasdaq futures up 70.
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Wall Street began the quarter with a mixed session as Trump’s tax and spending bill passed the US Senate and Tesla hit a 3-week low. Trump and Musk’s feud was reignited by some social media posts in which Musk criticised the bill and Trump threatened to cut various government subsidies. S&P 500 fell 0.11%, Nasdaq down 0.82%. Volume was low in the holiday shortened week. Dow steadily rose throughout the day, finishing near the high. Up 400 points. Most sectors up. Tech the major drag, Utilities the only other sector to record a loss. No major reason for the pullback in Tech – some profit taking, jitters over concentration. Nothing concerning yet. Materials by far the best performing sector. Economically sensitive, boosted by positive economic news, as US job openings increased unexpectedly in May while ISM manufacturing PMI came in at 49, beating forecasts of 48.8. Expectations of stimulus also a tailwind.
ASX to rise. SPI futures up 19 points (+0.22%). Gold and copper up.
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ASX 200 fell just 1 point to 8541 in quiet trade as banks came under some pressure. CBA sold down 1.2% as money flowed to other three, ANZ up 2.5% the big winner. The Big Bank Basket flat at $286.04 (0.4%). MQG drifted 1.0% lower, and financials steady, GQG up 2.2% and IFL up 5.2% on news CC Capital was still actively trying to stitch the takeover together. Insurers mixed, REITs better, SCG up 2.8% and VCX up 1.6% with industrials drifting around. SGH fell 2.9% on Boral CEOs retirement. JHX fell 2.2% and tech eased, WTC down 1.0% but XRO rallying 1.2%. Retail flat. In resources, the iron ore majors steadied, FMG up 0.7% and gold miners rallied, NEM up 2.0% and BGL up 3.9%. Oil and gas stocks becalmed with uranium mixed, PDN down 1.4% and DYL recovering some poise up 5.4%.
In corporate news, FND were suspended for not filing reports on time. MSB jumped 11.2% after progress made on FDA. HMC fell 17.3% as energy transition head, Angela Karl stepped down.
Nothing on the economic front today. Chinese Caixin PMI rose, and EU CPI tonight.
Asian markets mixed, Japan down 1.4%, HK closed and China up 0.2%.
10-Year Yield falling to 4.11%.
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Wall Street ended the quarter on a high as both the S&P 500 and the Nasdaq reached record levels. Putting the bow on their best quarter in over a year, buoyed by possible trade deals and rate cuts. S&P 500 up 0.52%, Nasdaq up 0.47%. Dow was choppy in the early stages of the session, falling and rising intermittently, but found strength to finish near the high. Up 276 points. Most sectors up, Energy and Cyclicals the exception. The former is deflating from the recent, sharp drop in oil while the latter was weighed down by Tesla and Amazon, the two largest companies, falling 1.8% each. REITS was the best performing sector, falling yields and expectations of rate cuts benefitting the sector. Financials gained, additionally boosted by their victory in the Fed’s annual health check which prepared the stage for stock buybacks and dividends.
Resources mixed. Oil mixed as Brent and WTI diverged. Weakening dollar offered some support but there were little major gains. Nickel, zinc, iron ore all fell.
ASX to open flat. SPI futures down 3 points (-0.0%).
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ASX 200 marched 28 points higher to 8561 (0.3%). After a tepid start, US futures kicked higher on trade deal hopes, dragging the ASX with it. Small closing sell-off from highs. Banks steady after early losses, the basket up to $287.13 (%). MQG up 3.9% on a broker upgrade, financials and insurers better too. NWL up 2.4% and IAG rising 1.7%. Healthcare got a kick, CSL up 2.2% and PME rallying 1.6%. Industrials generally firmed, WES up 0.7% and ALL rallying 1.3% with QAN up 1.8%. VGN dropped 2.8%. Retail stocks higher with JBH up % on EOFY activity. Tech firmed, WTC up % and TNE rising 1.2% as the ALL-Tech Index rose 0.7%. Resources were mired in losses for iron ore miners, BHP, RIO both copping a 1.5%+ loss. Rare earths eased and lithium off too with MIN up 1.6% on sale of its Yilgarn hub. Oil and gas stocks flat with KAR up 1.1% with coal stocks flat and uranium mixed. DYL fell 5.7% with PDN up 0.8%.
In corporate news, JHX rose 7.1% after the Azek vote. DRO fell 4.2% after early gains on a Latam order. Nothing locally on the economic front, China’s factory activity improved for a second month but remained in contraction.
Asian markets mixed, Japan up 0.6%, HK off 0.3% and China up 0.3%
10-Year Yield rising to 4.16%.
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Wall St rose Friday to reclaim record highs in a volatile session. S&P 500 and Nasdaq up 0.52%. Dow up 432. Small caps up 0.24%. Stocks initially rose as the PCE price index came in line with expectations and US/China announced progress on their trade deal framework – fell after Trump cut off trade negotiations with Canada – then reversed to rally into the close. S&P 500 up 3.4% for the week. Nasdaq up 4.25%, its best in two months.
- Bond yields rose despite another gain on Wall St. US10Y and 2Y up 3bp. The weekly moves tell the real tale. US10Y down 10bp, 2Y down 16bp. Another sign of the markets risk appetite came from corporate junk bonds falling on average to 6.8%. The lowest level since December.
ASX SPI up 5 - BKW update - Quiet end to the financial year.
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The ASX 200 fell 37 points to 8514 (-0.4%) as banks saw profit taking as EOFY approaches. The Big Bank Basket down to $287.72 (-2.4) with CBA down 2.8%. Industrials were also weaker across the board with resources taking the crown today. BHP, RIO, and FMG all putting on the ritz following a 1.9% gain in Iron ore prices in Singapore. Early gains of 50 plus were eradicated as banks fell. Gold miners also slipped as copper stocks took the stage, CSC up 6.7% and SFR rising 3.2%. Lithium in demand as PLS rose 4.6% and even MIN up 1.5% with uranium stocks doing ok, following gains overnight. PDN up 3.2% and BOE up 2.4%.
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Wall Street continued forward with the S&P 500 and the Nasdaq just shy of all-time closing highs. The major US indices benefitted from the continued ceasefire in the Middle East and weakening economic data which supports rate cuts. Fed will cut at the September meeting, not the July one. S&P 500 up 0.8%, Nasdaq up 0.97%. Dow rose steadily throughout the day, ended near high. Up 404 points. Most sectors up. REITS and Staples the exceptions, the former suffering after US new home sales fell to seven-month lows. Energy leading the charge, recovering from some of its recent drop following the Israel-Iran ceasefire. Financials also a big winner. Fed unveiled a proposal which would allow them to increase their leverage against low risk assets. Tech and Cyclicals also did well as risk-on sentiment dominates the market mood.
Resources gained. Oil rose after recent declines, US demand. Dollar weakness benefited most commodities. Copper, zinc and tin all jumped over 1%.
ASX to rise. SPI futures up 52 points (+0.61%). Resources to shine.
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The ASX 200 fell 8 points to 8551 in quiet trade. Banks fell slightly with the Big Bank Basket at $294.91 (0.1%). ANZ the star playing some catch-up up rising 2.2%. Insurers slid, QBE off 0.6% and financial services continued to push higher. PNI up 1.5% and HUB putting on 1.6%. REITs slipped, GMG off 1.3% and SCG down 0.6%. Industrials generally weaker, TCL down 0.6%, BXB off 0.5% and tech under pressure as XRO resumed trade after placement. Off lows but still down 5.3%. The All-Tech Index dropped 1.0%. Retail and travel stocks mixed, LOV down 1.1% with FLT up 0.8%. Pizza and burritos down, KFC up, LNW pushing ahead again, up %. Resources were mixed. Lithium showed signs of life with Vanguard taking a stake in PLS, up 5.6% and MIN rallying 3.6%. The iron ore miners were flat, gold miners fell, NST down 2.3% and EVN off 0.9%. Uranium stocks slightly better, BOE up 2.0% though BMN dropped 9.9% after a cap raise. Oil and gas mixed, WDS off 0.6% with STO up 0.8%.
In corporate news, XRO returned to trade, NEU ran hard up 6.1% on US news. AZJ fell 0.3% on an earnings update.
Nothing on the economic front. Asian markets mixed, Japan up 1.7%, HK down 0.9%, China down 0.4%. 10-year yields steady at 4.11%.
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Wall Street recorded a mixed session asthe initial euphoria of the Israel-Iran deal wore off and investors weighed Powell’s second day of congressional testimony – it was nothing we had not heard before or weren’t expecting, hardly market moving. S&P 500 flat, Nasdaq up 0.31%. Dow fell steadily throughout the day, but recovered somewhat during the final hour of trading. Ended mid-range, down 107 points. Most sectors negative. Tech the lone major positive standout, after Loop Capital raised Nvidia’s price target to $250, lifting Nvidia 4.3% to record highs while other AI plays, such as Alphabet, also benefited, rising 2.3%. Healthcare and Financials also recorded more modest gains of 0.1%. Defensives struggled. REITS, Utilities and Staples all fell over 1%. No major corporate news to report, market in limbo at the moment.
Resources gained. Oil steadied after sharp declines following the ceasefire. Dollar rather steady, commodity demand the key driver. Nickel, zinc and tin all rose over 1%.
ASX to fall. SPI futures down 37 points (-0.43%). Gold and oil steady. Jobs data today.
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The ASX 200 trod water rising 4 points to 8559 as CPI numbers came in below forecast. Narrow trading range. Banks were firm again, CBA up another 1.7% with the Big Bank Basket at $295.09 (+1.5%). Financials also doing well, GQG up 9.1% and XYZ up 1.0% with REITs better on rate cut hopes. GMG up 0.4% and CHC rising 1.2%. Industrials were mixed, retail better on rates, LOV up 1.9% and NCK rallying 3.3%. Travel stocks better too, CTD up 2.2% with LNW soaring as ALL fell 0.9%. SGH continue to push to new highs, QAN up 0.8% with VGN up 3.4% on day two.
Resources were once again under pressure. The big three are getting smaller, BHP down 1.0% and FMG off 2.3%. Lithium stocks fell, MIN off 6.0% and PLS falling 3.1%. Gold miners too slipping again as bullion eases back. NST down 2.6% and GMD down 4.0%. Oil and gas stocks continue to suffer despite crude finding buyers, STO down another 1.2% with uranium steady and coal down, WHC off 2.2%.
In corporate news, HUM got a NBIO from its chair, DRO soared 19.9% on a new EU contract, PNI down 3.7% as founder sold a parcel, PBH shareholders turned Japanese, SGR got shareholder approval for Bally and Mathieson to take the stakes. XRO in a trading halt with big capital raising and US acquisition worth $4bn.
On the economic front, the local monthly CPI came in below forecasts and rate cut hopes emerged.
Asian markets better Japan up 0.3%, China up 0.6% and HK up 0.8%. 10-year yields falling to 4.12%.
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Wall Street rose for the second consecutive session as a ceasefire between Israel-Iran was declared by Trump and seemingly accepted by both parties - markets ran bullish with the narrative. Elsewhere, Jerome Powell appeared before the House Financial Services Committee and insisted he was not in a rush to cut interest rates as the effects from tariffs were yet to fully appear in the data, his stance contrasting against recent comments from other Fed officials which raised the possibility of a July cut. S&P 500 up 1.11%, Nasdaq up 1.43%. Dow rose steadily throughout the day, ending near the high. Up 507 points. Most sectors positive, Energy the exception, followed oil down, second consecutive day as worst performer. Tech was the best performer, chip stocks rose as risk-on sentiment was reignited, Nvidia (+2.6%) and Broadcom (+3.9%) up. Financials also did well with the Fed’s annual health and stress checks looming - the major banks are expected to easily clear these. Healthcare also jumped above 1%. Defensives like Staples and Utilities recorded positive gains but were the laggards of the S&P 500 as a risk-on sentiment reigned.
ASX to rise. SPI futures up 5 points (+0.06%). XRO cap raise and acquisition. Monthly CPI at 11.30am
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ASX 200 jumps 81points to 8556 (1.0%) on peace deal in Iran/ Israel conflict. Oil tumbles, gold slips, CBA rockets. Across the board gains, with the Banks leading the way, CBA up 2.1% and WBC up 2.6% with the Big Bank Basket up to $290.77 (+2.0%). MQG jumped 2.4% with fund managers also in demand, GQG up 6.9%. Industrials firmed, QAN up 2.4% as VGN relisted today up 11.4%, Tech better, WTC up 2.5% and the All-Tech Index up 1.2%. Resources were firm with BHP rallying 2.4% and FMG up 4.8% with the gold sector finding bargain hunters. EVN up 0.8% and GMD rising 2.0%. NEM eased 0.4%. Lithium stocks finding short sellers covering, MIN up 4.8% and LTR rising 5.3%. Oil and gas stocks collapsed, WDS down 2.5% and STO off 1.5% as the bid kept losses in check. KAR dropped 6.5% with the uranium sector flat. Coal too steady as she goes. In corporate news, CKF rose 17.4% on increased sales from young people. GGP debuted up 10.6%, TWE fell 0.9% on a trading update on Penfolds. Nothing on the economic front today.
Asian markets jumped on peace deal, Japan up 1.1%, HK up 1.8% and China up 1.1%.10-year yields 4.15%.
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Wall Street rose last night despite continued tension in the Middle East as Fed Vice Chair Bowman sparked hopes of a July rate cut and Chicago Fed President Goolsbee noted tariffs are having a more modest inflationary impact than expected. S&P 500 up 0.96%, Nasdaq up 0.94%. Dow rose at open, fell into negative territory around midday, but rose steadily from then to end near the high. Up 375 points. All sectors positive except for Energy which followed oil down after Iran retaliatory attacks focused on US bases and avoided oil and gas tankers. Cyclicals was the best performer, led by Tesla (+8.2%), which rose after trials for its self-driving taxis began in Austin, Texas. REITS and Utilities also did well as yields eased.
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ASX 200 fought back to close down only 31 points at 8475 (0.4%). Banks once again the swing factor as , with gold miners sold off despite geopolitical rose 1.0% and the Big Bank Basket better at $284.86 (). Insurers better, QBE up 0.3% with REITs easing, VCX down 0.8% with other financials easing. MFG off 3.8% and ASX down 0.8%. Industrials weaker across the board. BXB off % with QAN falling 1.9% as oil rose, TLS fell 0.2% with ALL down 2.6% and retail under a little pressure. ADH fell 20.5% on disappointing sales, MTS rose 2.7% on better than expected food sales. Tech stocks eased but off lows, WTC down 1.0% and XRO down 0.2% with the All-Tech Index down 0.5%. Resources were weaker, the three iron ore miners slid, BHP down 1.6% and FMG off 1.0% with gold miners sold off despite geo polictical tensions. NST and EVN continuing to be rerate downwards. Oil and gas stocks muted, uranium stocks fell, BOE off 1.8% and coal stocks down, WHC off 3.5%. In corporate news, WDS agreed to supply Japan with winter LNG. SMP agreed to a scheme with Shift4 from the US. Nothing on the economic front today.
Asian markets muted on war worries. Japan down 0.2%, HK up 0.6% and China up 0.4%.10-year yields rising to 4.21%.
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Wall Street edged down as the Israel-Iran conflict continued to weigh on markets. Iran said it would not discuss the future of its nuclear program while under attack by Israel. Will be the headlines for the foreseeable future. S&P 500 down 0.22%, down 0.15% this week. Nasdaq down 0.51%, up 0.21% this week. Dow rose at open, but fell throughout the day in a choppy session. Ended up 35 points, modest gains, closer to low than high. Mixed sector performance. Energy up despite oil paring its recent gains from Israel-Iran conflict. Defensives like Financials, Staples, Industrials and Utilities all saw gains as yields eased a little and the mood remained cautious. Tech worst performer, down just under 1%. Dragged down by Alphabet which fell 3.9% after a EU antitrust ruling said it subdued competition with its Android mobile operating system, fined $4.7Bn. Alphabet have appealed the decision. Nvidia alsodown 1.1%despite announcing talks with Foxconn to deploy humanoid robots at Houston factory.
SPI down 20 - US futures off around 0.3% this morning - Oil and Gold better.
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The ASX 200 falls another 18 points to 8506 (0.2%) in quiet trade. Banks eased back after a stellar run, CBA down 0.2% with ANZ off 2.5% and MQG falling 1.9%. Financials steady, ASX up 0.6%, must be the new logo, Insurers slightly better. REITs too turned up, DXS up 1.0% and CHC up 0.5%. Defensives slipped, WES off 1.6% and WOW and COL eased with TLS down 0.6%. Retailers also fell slightly, JBH off 1.2% and TPW falling 2.6%. Tech eased with the All-Tech Index unchanged.
Resources were mixed, iron ore whipped throughout the day but finished off, RIO down 1.3% and BHP up 0.2%. Gold miners rose after losses this week, NEM up 0.3% and EVN up 0.5% with lithium stocks falling as PLS dropped 5.0%. Uranium stocks stalled, BOE down 4.7% and DYL down 0.6%. Oil and gas mixed, WDS up 0.9%.
In corporate news, PBH in a halt as BBT announced an off-market takeover. BCB crashed % after it announced a possible pause in operations due to prices and royalties.
Nothing on the economic front locally. Japanese inflation rose more than anticipated. Asian markets better, Japan unchanged. China up 0.3% and HK up 1.0% 10-year yields 4.18%.
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European markets fell overnight as the BoE held rates at 4.25% on persistent inflation concerns. The headline level not expected to fall below 3% for the rest of the year. The Middle East conflict was highlighted as new uncertainty with potential to raise energy prices and inflation in turn. The decision was expected. Not the hawkish commentary.
ASX set to fall. SPI futures down 23 points.
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The ASX 200 claws back early falls to close down just 8 points to 8524 as CBA hits a new record, up 1.5%. The Big Bank Basket continues higher, sucking in money, WBC up 0.7% and NAB up 0.3% with the Basket up to $284.69 (+1.3). Other financials lacklustre, GQG falling -4.4% on low volumes. REITs better, GMG flat and SCG up 1.1% with industrials mostly weaker, CPU down 1.5%, REA off 0.4% and retail squirming after KMD warning. LOV off 2.8% with PMV down 1.7% and travel stocks also suffering, CTD down 2.3%. Tech stocks eased, WTC off 1.9% despite two new NEDs. The All-Tech Index fell 1.1%. Defensives back in fashion, COL, WOW and WES all better.
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Wall Street oversaw a mixed, flat and choppy session as the Fed kept rates the same, as expected. Markets still expect two rate cuts this year but now only expect one in 2026 and a further cut in 2027 after Powell made clear the importance of waiting and seeing the effects of tariffs on inflation. S&P 500 flat, Nasdaq up 0.13%. Dow rose at open, fell a little throughout the day, and dropped after Powell’s comments. Ended near low, down 44 points. Mixed sector performance. Financials best performer, Wells Fargo leading the charge with a gain of 3.1% without major news. Utilities and REITS also up despite yields remaining rather unchanged, while defensives such as Staples got a minor boost from stable yields.
Energy worst performer, shedding some of its gains from the last three sessions. Materials, Industrials, Tech all gave up 0.3%, but no major movements. No significant company news. Microsoft (+0.5%) is prepared to abandon its negotiations with OpenAI as tensions rise between the two companies. Yesterday, we noted OpenAI was considering accusing Microsoft of monopolistic practices within their agreement. Intel (+3.3%) appointed three chip industry executives to its engineering and networking department.
Resources mixed. Oil steady after recent double digit jumps following Israel-Iran conflict. Copper and iron ore down while nickel, zinc and lead all found strength.
ASX to fall. SPI futures down 31 points (-0.36%).
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The ASX 200 has finished the day near unchanged. Down 10 points as the market stays on hold ahead of more news in the Middle East and tonight’s Fed meeting. No late rescue for iron ore stocks or gold. Stayed worst sectors. BHP and RIO down 1%. FMG worst in the top 100. -4%. EVN and NST down 3.6% and 2% despite bullion staying flat overnight and during our session. Oil price also flat all day which took the interest out of WDS and STO. Rare earths took a break. LYC no change.
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Wall Street recorded a night of losses as the US moved fighter jets to the Middle East and Trump called for Iran’s “unconditional surrender”. US retail sales data also came in lower than expected, dropping 0.9% against a forecasted rise of 0.1-0.2%. S&P 500 fell 0.84%, Nasdaq down 0.91%. Dow dropped at open, recovered by midday, but fell throughout the rest of the session. Ended near low, down 299 points. Nearly all sectors in the red. Energy the exception, followed oil up which rose on escalation of US involvement in Israel-Iran conflict.
ASX to fall. SPI futures down 20 points (-0.23%). Oil up - Gold flat - No corporate news so far
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The ASX 200 dropped 7 points to 8541 (0.2%) as nerves crept back in on Iran/Israel issues. Trump flew back to Washington to handle the situation. G-7 now G-6. Banks slipped slightly, CBA down 0.2% and ANZ off 0.5%. The BIg Bank Basket down to $280.41(-0.2%). MQG slid 0.4% with REITs also lower except GMG up 1.1% and other financials mixed too. Industrials pretty much lower across the board, drifting rather than sold off, TCL off 0.8%, REA down 0.5% and TLS falling 0.2%. Retailers mixed, as were travel stocks. Tech wafting around too with the All-Tech Index up 0.2%. In resources, uranium and rare earths stocks back in the spotlight or should it be SPUT light, DYL up 5.7% and LOT up 11.4% with physical buying of spot and short covering still dominating. Gold miners recovered some of the losses yesterday on the Iranian uncertainty as bullion rose, NEM up 2.5% and NST recovered 1.5% after the UBS inspired sell off. Iron ore majors eased back as iron ore fell in Singapore trade again. Oil and gas stocks weakened slightly, STO up 0.5%.
In corporate news, it was quiet, too quiet. Asian markets drifted around, Japan up 0.5%. HK off 0.5% and China unchanged.10-year yields steady at 4.25%.
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Wall Street recovered from Friday losses and then some as Israel-Iran’s feud left crude production and exports unaffected while hopes of a truce between the countries increased. S&P 500 up 0.94%, NASDAQ up 1.5%. Dow finished middle of the range, up 317 points. Most sectors up. Tech, Cyclicals and Financials best performers as risk-on sentiment reignited and the outlook for the global economy improved. Meta led the gains from the major players, up 2.9%. Announced WhatsApp is getting ads and a collaboration with Oakley for new smart glasses. Amazon and Nvidia also strong, up 1.9%.
ASX to rise. SPI futures up 11 points (+0.13%). Gold and oil fall - Uranium soars on physical buying.
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Wall Street dropped sharply as Iran launched missiles at Israel, responding to Israeli strikes aimed at reducing Iran’s nuclear capabilities, sending oil up 7%. S&P 500 down 1.13%, down 0.39% for the week. NASDAQ down 1.3%, down 0.63%. Dow dropped at the open, steadily recovered, but fell again from midday onwards. Finished near low, down 770 points, down 565 points for the week. All sectors red except for energy which followed oil up. Financials worst performer, with Visa (-5.0%) and Mastercard (-4.6%) dragging sector down after reports that major retailers are considering cryptocurrencies to avoid the need for payment intermediaries. Tech was second worst. Apple (-1.4%), Meta (-1.5%) and Nvidia (-2.1%) weighed on sector as risk-on sentiment was reversed. Oracle (+7.7%) continued to rise following Wednesday’s after-market close earnings call beat expectations on the strength of demand for its AI services.
SPI down 20 - Oil and Gold up - STO gets a $30bn from Abu Dhabi - FIRB will be a big issue.
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The ASX 200 started strong but as news of the Israeli attack came through, we turned negative. The index fell 18 points to 8547 (0.2%) for a gain of only 31 points this shortened week. Performing much better than the US which had futures off between 1.5-1.8%. Stand-out sectors were not unexpectedly gold miners and oil and gas stocks. Crude and bullion jumping on the Iranian news. NST up 5.1% and EVN rising 5.5% with BGL up 4.3%. Resources generally were flat, BHP down 2.6% with FMG slightly firmer. MIN took a breather and PLS rose 0.4%. LYC rallied 3.8% on rare earth promise, WDS showed a clean pair of heels up 7.4% with STO up 3.7% and KAR the real star up 10.9%. Uranium stocks fell on attack news. Industrials slid, banks off slightly, CBA down 0.7% with the Big Bank Basket down to $281.21 (-0.5%). Other financials slipped, GQG down 1.4% and XYZ down 2.4%. Insurers gained a little, REITs fell, GMG bucked the trend up 0.2%. Tech stocks fell in sympathy with Nasdaq futures. XRO down 0.4% and WTC falling 2,4% with the index down 1.7%. Retail stocks dropped 24.7% on AX1 earnings warning, JBH fell 1.8% and travel stocks down, QAN off 4.9%. In corporate news, Brookfield sold a large parcel of its DBI holding, the stock falling 6.2%. Nothing on the economic front.
Asian markets down on war worries. Japan down 0.9%, HK off 0.7% and China down 0.6%.
10-year yields falling to 4.16%.
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Wall Street up overnight. A strong outlook by Oracle refuelled AI optimism, countering the negativity weighing on the indices by tensions in the Middle East and a sharp drop in Boeing shares. S&P 500 up 0.38%, NASDAQ up 0.24%. Dow dropped at the open but recovered steadily throughout the day to end three points off the high. Finished up 102 points. Most sectors positive. Cyclicals and Industrials the exceptions, the former dragged down by Tesla (-2.2%), as rival BYD launched cheapest UK model, vying for dominance in another of Tesla’s regions. Utilities up over 1%, benefitting from bond yields easing, while REITS was up over 0.5%. Healthcare and Materials also demonstrated strength.
ASX to rise. SPI futures up 48 points (+0.56%). DBI sell down - Gold up - NEM up 4.9%
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The ASX 200 gave up strong early gains closing down 27 at 8565 (0.3%). US futures and lack of detail weighing on sentiment as Asian markets generally weaker. Banks slid slightly, CBA down 0.5% with NAB down 0.2% and the Big Bank Basket down to $262.66 (-0.5%). MQG whacked 1.6% with insurers also under pressure. REITs mixed, GMG off 1.2%. Industrials generally lower, ALL off 1.6% with retail down, led by SUL off 1.6% and BAP falling 2.7%. Travel stocks also under pressure, CTD down 3.1% and WEB off 2.8%. Fast food falling, DMP down 4.9%. REA fell 1.1% and TWE down 1.3% with TLS up 1.0% as defensives back in focus. In resources, gold miners back in demand, GMD up 6.0% and NEM up 3.0%. The Three Iron Ore amigos all down, BHP off 1.8% with FMG off 3.4%. Lithium stocks back under pressure, MIN off 7.6% and PLS falling 6.0%. Rare earth giant LYC rose 0.8%. Oil and gas stocks gave up strong early gains as the crude price fell back, KAR up 2.0% and BPT bouncing 2.4%. Uranium ok, nothing spectacular, DYL up 1.1% and PDN up 0.8%. In corporate news, CTT fell 31.2% on a trading update and a large line of stock going through. MVF rose 9.1% as its CEO resigned. COH up 0.7% after downgrading its earnings outlook.
Nothing on the economic front today. Asian markets weaker, Japan off 0.6% and HK off 0.9. China unchanged.
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Wall Street was in the red last night as initial optimism following positive developments in the US-China trade deal faded during the session as Middle Eastern tensions came into focus. Reports suggested the US would partially evacuate its Iraqi embassy as Iran threatened to strike US bases if nuclear negotiations failed. S&P 500 down 0.27%, NASDAQ down 0.50%. Dow rose steadily throughout the day, but fell with the other indices as the Middle Eastern developments unfolded.
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ASX 200 jumps to a record high before seeing profit taking creep in and close up only 5 to 8592 (0.1%). News from the UK on the trade talks were lacking in detail, US futures weaker before the CPI number tonight. Banks eased back with CBA off 0.3% and the Big Bank Basket down to $284.04 (0.2%). MQG fell 0.6% with insurers slightly weaker. REITs were firm, GMG up 0.2% and VCX up 2.4%. Industrials mixed, WES fell 0.6% with QAN falling 1.3% in news it was closing Jetstar Asia. Tech steady with REA up 0.6% and XRO falling 2.3%. Resources were interesting again, BHP rallied 1.5% with FMG up 3.5%, gold miners fell again despite bullion rising, lithium stocks squeezed higher, PLS upgraded its MRE, up 5.6% and MIN rallying again up 3.2%. Uranium stocks fell, PDN was off 2.7% and LOT was down 8.6%. WDS and STO better, with BPT down 7.5% on a broker downgrade. In corporate news, ZIP raced 15.5% ahead on another guidance upgrade, JLG revealed a NBIO with no price tag attached. MVF bounced after the drubbing yesterday and FBU rose 10.0% on M&A talk. Nothing on the economic front. Asian markets better on trade talk, Japan up 0.4%, HK up 1.1% and China up 0.9%.10-year yields steady at 4.29%.
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ASX 200 kicks off the week in style, up 72 points to 8587, a new record. Banks kicked again with CBA up 1.2% and NAB running 1.5% higher. The Big Bank Basket up to $284.50 (1.2%). MQG kicked 1.1% with financials generally doing well, IFL up 0.9% and ZIP up 6.4% on BNPL reforms. REITs also in demand, GMG up 2.1% and MGR better by 2.2% with healthcare better too, CSL up 0.9%. Retail stocks rallied as JBH gained 2.1% and ALL up 3.6% and tech stocks in demand, WTC up 2.4% and XRO rising 1.8% with the all-tech index up 1.6%. In resources, iron ore miners mixed, gold miners sold down aggressively, GMD off 1.3% with EVN down 3.8% and shorts in the lithium space gaining momentum. PLS up 5.5% and LTR up 4.8% with MIN gaining 5.1%. Rare earth stocks remain in favour and oil and gas stocks better. Uranium stocks tried to put in another stellar day but off the highs, PDN up 3.6% and BOE up 2.1%. In corporate news, ASB rallied another 7.3% as the US approved Hanwha holding. NXT up 5.2% on Malaysian expansion plans. MVF cratered 26.9% on another clinical issue. JLG in a trading halt pending a change of control announcement. Nothing on the economic front, Asian markets slightly higher, Japan up 0.2% and HK down 0.5% and China down 0.6%. 10-year yields at 4.26%, steady.
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Wall Street recorded modest gains session on cautious hopes of US-China trade deal. S&P 500 up 0.09%, NASDAQ up 0.31%. Dow dropped at open, recovered into positive territory but dropped to its starting level before the close. Down 1 point, middle of the range. Mixed sector performance. Cyclicals best performer, Amazon (+1.6%) and Tesla (+4.6%) boosting sector. Materials also up while Energy followed oil higher. Tech made some gains with Alphabet up 1.5% as it announced it will invest $20Bn into data centre infrastructure in Pennsylvania. Apple slid 1.2% after its annual software developer conference had a lacklustre start. Utilities and Financials worst performing sectors despite yields falling slightly. Warners Brothers Discovery dipped 3% after announcing it would split its streaming and cable TV segments into separate companies. Qualcomm rose 4.1% after announcing it would acquire Alphawave for $2.4Bn as it strengthens its AI portfolio.
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The ASX 200 drifted 23 points lower to 8516 (0.3%) ahead of the long weekend. Broad based losses with some of the stars yesterday giving back gains today. Lithium stocks dropped back, PLS dropped 5.2% and IGO down 3.5% with rare earth stock also falling back, LYC down 1.2% and ILU off 3.8%. Gold miners were slippy today, GMD off 3.4% and EVN down 2.0% and RRL dropping 5.8%. Uranium stock easing back, oil stock better and coal doing better. Banks suffered slightly, CBA down 0.8% and ANZ off 0.4% with the Big Bank Basket down to $281.16 (0.2%). Financials also eased back, GQG off 1.9% and IFL down 3.6%. REITS slightly lower, Industrials also flat, WES down 0.5% and ALL off 1.1% with the tech sector slipping, XRO off 0.7% and WTC down 1.0% with the All-Tech Index off 0.9%. In corporate news, OBM dumped 14.1% on a production downgrade, QAN up 3.5% as Virgin confirmed strong demand for the upcoming IPO. Nothing on the economic front local, the AUD near a six-month high. Asian markets mixed again, Japan up 0.4% and HK off 0.4% with China flat. 10-year yields steady at 4.27%.
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Wall Street recorded a negative session as news of talks between Trump and Xi Jinping were overshadowed by the escalating feud between Trump and Musk. Musk has criticised Trump’s “big, beautiful bill” for failing to slash enough government expenditure while Trump has threatened to cut many of Musk’s government contracts. S&P 500 down 0.53%, NASDAQ down 0.83%. Dow dropped at open, recovered throughout the day, but dropped again an hour or so before the market closed. Ended 108 points down.
Cyclicals (discretionary stocks) worst performer by a mile. Down 2.5% vs Non-Cyclicals down 0.8% in second. Tesla weighed on sector, down 14.3% as Musk and Trump battled on their respective social media platforms.
ASX to fall slightly on open. SPI futures down 5 points (-0.06%).
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The ASX 200 tried hard to attack and sustain the all-time high but failed, dropping 3 points to 8539 (0.1%). Banks were flat as some profit taking crept in, CBA up 0.1% with the Big Bank Basket up to $282.74 (0.1%) insurers down slightly, QBE off 1.4% and financials finding sellers here. REITs mixed, GMG up 1.1% with GPT also firming. Industrials generally lower, CPU fell 1.2% with retailers giving back some of the gains, JBH down 2.0% and CTD off 1.1%. Tech better, the index up % with TNE and XRO making modest gains. In resources, the iron ore miners rose slightly, FMG the best up 1.5%, but the real action was in critical metals either rare earths, or lithium. LYC jumped 12.5% and ILU up 7.1% with MIN rallying 14.8%. PLS too doing well, up 12.5% as shorts moved to cover on Chinese reluctance to make a deal and rare earth exports not forthcoming. IPX soared 28.8% on a DoD deal for US$99m. Gold miners fell, GMD down 2.5% with EVN off 1.6% and CYL falling 3.5%. Uranium stocks flat, coal firmed, WHC up 1.8%. In corporate news, TYR fell 10.4% on news its CEO was leaving. CAT dropped 1.0% on an acquisition and PAC fell 5.0% on a media report on overvaluations. In economic news, Household spending rose 0.1% in April, the seasonally adjusted balance on goods decreased $1,479m in April.
Asian market mixed, Japan down 0.4% and HK up 0.6% China flat. 10-year yields lower at 4.24%.
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Wall Street recorded a mixed, choppy session amid the release of weak economic data. The services sector contracted in May for the first time in almost a year while businesses paid higher input prices, demonstrating the effects of Trump’s trade policies, slower growth and higher inflation. S&P 500 flat, NASDAQ up 0.32%. Dow rose at open but gradually fell as the day went on, particularly after the economic data releases. Ended at low, down 92 points. Mixed sector performance – 5 sectors up, 5 sectors down. Energy was the worst performing sector, following oil down which dropped after US data showed large builds in fuel stocks. Utilities also down, surprisingly, as yields dropped sharply. Financials third-worst performer on growth fears spurned by data. Tech best performer, with Materials and REITS trailing. Meta (+3.2%) buoyed further after its deal for nuclear energy to fund AI investments yesterday. Nvidia (+0.5%) benefitted from its chips making gains in training large AI systems as the AI hype train continues. Wells Fargo (-0.4%) fell despite regulators lifting asset cap on bank. Moderna (-1.9%) slipped despite news that the US appeals court siding with it in case which claimed it undercut patent infringement for its Covid vaccine.
Resources mixed. Oil fell as US fuel stockpiles rose. US Copper and Platinum found some strength. Base metals modestly down despite weakening dollar. Rumoured Canadian retaliation against Trump’s steel and metal tariffs a drag. Iron ore rose on short covering. Uranium fell despite recent tailwinds between Trump’s executive order for strengthening US nuclear capabilities and continued AI demand.
ASX to open flat. SPI futures down 3 points (-0.04%).
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ASX 200 finished up 75 points at 8542 (0.9%) close but no cigar. CBA became the first $300bn market cap stock on the ASX. Not surprisingly a new record, the Big Bank Basket up another 1.3% to $282.44. WBC the best of the bunch, up 1.5% with MQG up 1.5% and GQG lifting 4.3%. REITs also firmed GMG up 0.7% on data centre demand. Retail stocks also in demand following lacklustre GDP numbers and hopes fro more rate cuts. LOV romped 9.1% higher as Mark McInnes joined as deputy chair. JBH up 2.1% and HVN up 3.0% with travel and fast-food stocks rallying too. Defensives sold down as WOL, COL and TLS fell slightly, tech gained a little, WTC up 1.1% and TNE up 1.4% with the All-Tech Index up 0.9%. In resources BHP up 1.0% with FMG rising 1.6% as iron ore found some strength in Singapore. Gold miners sold down, EVN down 2.7% with GMD off 2.8% and SPR losing 0.9%. Uranium stocks spurted higher on Meta moves in US to shore up nuclear power deals, Lithium also saw buyers return, PLS up 5.7% and LTR rising 6.1% with MIN doing well, up 9.2%. Oil and gas better with CRN sorting some liquidity issues out, up 38.1%. In corporate news, MYX was issued with the scheme termination notice falling 5.3%, IEL fell another 2.6% after the 48% loss yesterday, and PBH had an upgraded bid of 120c. On the economic front, GDP came in below expectation at 0.2%. Asian markets firmed, Japan up 0.8%, HK up 0.6% and China up 0.5% 10-year yields steady at 4.25%.
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Wall Street up again amid trade deal optimism and rallying chipmaker stocks. Despite recent tensions, Trump and Xi Jinping are expected to talk this week. S&P 500 up 0.58%, NASDAQ up 0.81%. Dow fell at open but rose steadily throughout the day. Ended near high, up 214 points. Mainly positive sector performance. REITS and Staples showed a little weakness, all other sectors were up. Energy once again the best performer, as global refining margins hit a 14-month high in May. Materials and Industrials also did well.
Tech had another positive session as chipmakers rallied. Nvidia up 2.8%, Broadcom rose 3.3%. Benefited from news stories focusing on coding startups use of AI and their high valuations, adding further fuel to the AI hype train. Alphabet only one of Mag7 materially down, shedding 1.7% as anti-trust cases weighed on it.
US job openings increased in April and layoffs posted biggest rise in nine months. Indicative of a weakening labour market. Yields fell on news, boosting Financials and Utilities. Resources were mixed. Dollar strengthening hurt some. Oil rose on continued tensions between Ukraine and Russia, the US and Iran. Conflicts which suggest supply may remain tight. Some base metals like Copper and Zinc recorded modest gains while Tin was up nearly 3%.
ASX to rise. SPI futures up 24 points (+0.28%).
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ASX 200 up 53 points to 8647 (0.6%). A solid rally driven by bullion and banks. The Big Bank Basket rallied to $278.81 (+1.2%). CBA up another 1.3%, with ANZ doing well up 1.3%. MQG rose 0.9% and IFL up 2.7% on a broker upgrade, Insurers better, SUN was out and up 2.4% with IAG doing well, rising 2.9%. REITs rallied too, GMG up 1.1% and CHC rising 3.1%. Industrials in demand across the board, JBH up 1.9% with WOW and COL better, TLS continuing to push ahead up 1.0% with QAN up another 2.0%. Healthcare mixed, SIG up 2.3% and CSL off 1.0%. Tech stocks rose, with the All-Tech Index up 0.3%. In resources, iron ore stocks drifted lower as iron ore fell on Chinese PMI. Gold miners off highs, but still strong, NEM up 4.3% with GMD gaining 4.6% and OBM up 5.9%. Lithium stocks falling again, PLS down 0.4% and MIN hit 5.5%. Oil and gas stocks rose with crude, uranium still under pressure again. DYL down 1.9% and PDN off 1.3%. In corporate news, IEL fell 48.1% on a massive downgrade and nasty outlook statement, TEA ran 8.6% on a special dividend, DMP fell 2.2% after a raft of executive changes. In economic news, the RBA minutes helped sentiment, Chinese PMI dropped to 48.3. Asian markets slightly higher, Japan up 0.1%, HK up 1.1% and China up 0.5%. 10-year yields steady at 4.26%.
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Wall Street recorded a positive, choppy session despite a backdrop of rising trade tensions between the US and China and important economic data releases such as US employment data and an ECB rate decision where it’s expected to cut. S&P 500 up 0.41%, NASDAQ up 0.67%. Dow fell at open but found strength throughout the day to end up 35 points, near high. Mainly positive sector performance. Industrials and Staples showed a little weakness but all other sectors were up. Energy best performer, followed oil up which rose after Canadian wildfires threaten supply. Materials and Utilities also did well, as did Tech. All major Tech companies were up excluding Alphabet and Tesla. Alphabet (-1.6%) will spend $500m over ten years to overhaul compliance in a shareholder settlement which highlighted internal issues. Tesla (-1.1%) continued to see EU sales plummet in May. Meta and Nvidia led the gains for Tech. Meta (+3.6%) boosted by news it will help advertisers to fully create and target campaigns using AI by the year end. Meta news took Nvidia (+1.7%) with it, another further positive update on AI developments. Resources nearly all up. US Copper jumped as Trump’s tariffs on steel and aluminium is feared to potentially extend to copper. Iron ore sole loser. China’s manufacturing activity contracted in May for second consecutive month.
ASX to rise. SPI futures up 68 points (+0.81%).
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ASX 200 fell 21 points in quiet trade to 8415 (0.1%). Most sectors showing losses as nerves crept back in on Trump and Chinese negotiations. Banks slipped with WBC off 1.2% and the Big Bank Basket down to $275.32 (-0.1%). MQG fell 1.0% with insurers better, QBE up 1.3% and MPL rising 2.1%. REITs slid, GMD down 0.9% and VCX off 0.4%. Industrials were mostly flat, WOW and COL better, WES up 0.5% and SGH doing well, up 0.7% with BXB rallying 1.0%. TLS continued to push higher, tech was mixed as WTC fell 2.3% and XRO rose 1.5% with the All-Tech Index down 0.5%. Healthcare under a little pressure, SIG off 3.2% following the sell-down last week.
In resources, iron ore down in Singapore, BHP off 1.2% and FMG sliding 2.5%. Lithium stocks under pressure following the UBS downgrade last week, MIN off 11.8% and PLS falling 8.1%. Gold miners were better as bullion pushed higher on steel tariff issues, EVN up 3.1% and NEM up 1.2%. Oil and gas stocks eased slightly and uranium stocks fell. In corporate news, SOL announced a merger with BKW to create a new $15bn top 50 stock. Both stocks rallied hard on the news, a $500m zero discount capital raising also helped sentiment. BSL jumped 4.4% on US tariff moves, APE extended the buyback, JHX rose 1.4% on securing a new debt facility. Nothing on the economic front locally, China and US ratchet up war of words. Asian markets fell, Japan down 1.3%, HK off 1.9% and China down 0.5%. 10-year yields steady at 4.26%.
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Wall Street recorded a mixed session after recovering from midday lows as it weighed Trump’s critical comments of China which were also optimistic about a trade deal. S&P 500 flat, up 1.88% for the week. NASDAQ down 0.32%, up 2.01% for the week. Dow was flat until midday where it dropped but it recovered by the end of the session. Up 54 points, near high, up 667 points for the week. Mixed sector performance. Defensives did well for the second consecutive day. Utilities up as yields eased. Non-Cyclicals and Healthcare also did well. Energy followed oil lower. Growth sectors like Cyclicals and Tech continued to show weakness, shedding a few of the week’s gains.
- Gold down 0.8%, back below $3300. US dollar up 0.2%. Bitcoin down 1.3%.
- European markets modestly up in muted session. STOXX 600 up 0.1%, FTSE up 0.6%. Asian markets all down. Japan down 0.4%, HK down 1.2%.
- Bond yields fell as risk sentiment worsened following Trump’s China comments. US 10Y down 2.8bps, US 2Y down 3.9bps.
ASX SPI up 8 - SOL/BKW merger - Quiet start to week.
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The ASX 200 had a late surge to finish the month with a gain today of 25 points to 8435. ASX records best month since January. Up 3.8%. Banks yet again showed the strength as CBA rose 0.9% with the Big Bank Basket up to $275.55 (1.1%). WBC surged 2.7% and NAB up 1.3% with some month end window dressing. Insurers slid slightly, QBE down 1.3% with REITS up. GMG up 1.3% and VCX rising 1.2%. Industrials found a footing, BXB up 1.0%, WOW and COL firmed, and ORG up 2.1%. Tech slipped slightly with WTC down 1.5% and XRO off 0.8%. Healthcare mixed, In resources, mixed in the majors, BHP up 0.3% and FMG down 1.9%. Gold miners were better, NST up 3.2% with GMD up 4.4%, VAU up 3.5% as some window dressing helped. Lithium stocks slid on a broker downgrade to carbonate prices, PLS down 5.7% and IGO off 5.4%. WDS fell 2.1% and STO off 0.9%. Uranium stock eased back, coal miners fell, WHC off 1.8%. In corporate news, HCW leapt on rent relief for Healthscope, NWH up on a RIO contract and FND down nearly 9% on results. In economic news, retail sales slipped. Asian markets fell with Japan down 0.9%, China down 0.3%, and HK down 1.5%. 10-year yields at 4.28%.
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Wall Street recorded a positive session following Nvidia’s strong after-market results Wednesday. Markets had a lot to digest as a US trade court challenged Trump’s ability to impose tariffs, a move later overruled for the time being by the appeals court. Biggest legal challenge to Trump yet and will escalate. S&P 500 up 0.40%, NASDAQ up 0.39%. Dow rose at open, continually dropped until midday, and found strength to rise and end near high. Up 117 points. All sectors saw green. REITS biggest beneficiaries as yields fell following appeals court reinstatement of tariffs. Financials also benefitted. Energy up despite oil falling. Defensives in general were the best performing sectors. Growth sectors like Cyclicals and Tech, while positive, were the biggest laggards. Nvidia the biggest gainer following earnings, up 3.2%. Despite US curbs on chips to China, positive sentiment from Nvidia boosted other chips. Dell (-0.1%) also raised full year profit forecast on strong AI server demand, adding further fuel to the AI train. Netflix down 2.0% on no major news. Mixed performance from the other large Tech names, either modest gains or losses. Costco (-0.4%) missed earning expectations as consumer discretionary spending fell amidst economic uncertainty. Tariffs will be felt more by companies come Q2 earnings – Gap (-1.0%) flagged as much in their earnings report. Resources struggled. Despite the dollar slipping further, base metals fell. Nickel and tin both down over 2.5% as economic uncertainty once again came to the forefront following the various legal challenges, and then supports, on Trump’s tariff policy.
ASX to fall. SPI futures down 22 points (-0.26%). Gold back up - Oil down. Quiet session in store.
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The ASX 200 limped to a 13-point rise at 8410 (0.2%) missing out on the US fun as the tariffs got knocked back and Nvidia ran on results. Banks were slightly better with NAB and WBC doing ok, CBA unchanged and the Big Bank Basket up to $272.57 (+0.4%). Financials were strong, MQG up 1.7% and XYZ rising 3.0%. REITs fell, GMG down 1.4% and SCG off 1.1%. Industrials firmed, TCL up 0.4%, WES up 0.2% and TLS pushing ahead up 0.8%. Tech was better but not stunning, WTC up 1.2% and the All-Tech Index up 0.6%. Retail better, TPW up 1.9% and BRG rising 0.4%. Resources were weighed down by BHP and RIO, the ugly sisters, LYC fell 2.1% and S32 off 1.0%. Gold miners were mixed, NST down 0.7% and EVN up 0.8% after a rocky start. Bullion fell on trade news, GMD rose 0.9% as broker upgrades came through. WDS kicked 2.8% on broker optimism on NW shelf deal and oil prices kicking up. Uranium back in the doghouse with DYL off 3.2% and PDN down 5.0%. In corporate news, CIA up 0.5% on record results, RSG fell another 2.4% despite seeking further information from Guinea government. ELD up 1.1% as the ACCC voiced concerns on its acquisition of Delta. Nothing on the economic front, Asian market rallied on the US news. 10-year yields steady at 4.37%.
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Wall Street recorded a negative session, dropping late on, as markets chewed on Fed meeting minutes from early May and awaited Nvidia earnings results after market close. Nvidia beat expectations although guidance was lower than expected due to anticipated lost revenue from China. Up over 4% in after hours trading, Wall Street will follow. S&P 500 down 0.56%, NASDAQ down 0.46%. Dow slowly fell throughout the day and dropped before the close. Down 245 points, near low. All sectors saw red. Materials and Energy joint worst. Global growth fears for Materials, Energy harder to understand, oil rose on supply concerns ahead of July OPEC+ call. Utilities also eased as yield resumed their rise. REITS held steady though, only shed 3bps. Cyclicals down, Tesla worst performer, down 1.6% despite targeting June 12th launch for Robotaxi Service in Austin. Tech second best relative performer. Chips sold off late as market got jitters before Nvidia earnings. Amazon down 0.6% as in-car software plans with Stellantis stall. Stellantis (-2.2%) also named company veteran Antonio Filose as new CEO. Resources mixed. Oil up on supply concerns. Stronger dollar weighed on others. Copper down over 1%, iron ore the same, weak China demand. Tin, Aluminium managed modest gains.
ASX to open flat. SPI futures down 4 points (-0.05%).
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The ASX 200 limped along to close down 11 points at 8397 as a Japanese bond auction underwhelmed, and CPI came in a little hotter than expected. Blame eggs. Banks went a little squishy, with CBA falling 0.9% and the Big Bank Basket down to $271.48 (-0.9%). Insurers also fell with QBE off 1.6%. Other financials were mixed, XYZ rose 4.9% on better US consumer sentiment and bitcoin. REITs are better today, GMG is up 0.9%, and SCG is rising, Industrials started well but fizzled, WES is down 0.1%, and retail is falling slightly. Tech was better following US tech, and the All-Tech Index was up 1.3% with WTC up 0.4%. REA bounced 1.9% after its fall yesterday on ACCC News, and TLS slid 0.2% on some broker downgrades. Resources are under a little pressure, RIO off 0.9% and lithium stocks down, MIN downgraded guidance again, down 5.5% with gold miners a little mixed, NST off 0.8% and RMS up 1.1%. MAC rose 20.4% as it got the Harmony bid, uranium was a little mixed, BOE was off %, and LOT was up 5.1%. WDS jumped 3.2% on NW Shelf news, and finally, STO is up 1.9%. Coal stocks also rallied, WHC up 2.7%. In corporate news, WEB jumped 12.4% on much better than expected results, ALQ fell 7.6% after completing its capital raise, IFT disappointed, and FPH fell 4.8% despite a 43% jump in revenues. On the economic front, CPI was unchanged at 2.4%, the RBNZ cut rates again by 25bps. 10-year yields rose to 4.33%. Asian markets, as usual, mixed, Japan up 0.3%, China up 0.1% and HK down 0.8%
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Wall Street recorded a strong session, the first since Trump extended his 50% tariff on the EU from June 1st to July 9th.US consumer confidence also broke a 5 month decline, improving on the back of tariff reprieves between the US and China. S&P 500 up 2.05%, NASDAQ up 2.47%. Dow rose steadily throughout session to end near high. Up 741 points. All sectors up. Growth sectors best performers. News of tariff reprieve outweighed company specific news. Cyclicals were the top performer, boosted by Tesla (+6.9%) despite news the carmakers sales in Europe fell 49% in April from the previous year. Tech followed Cyclicals on the leaderboard. Nvidia up 3.2% ahead of earnings tomorrow Australian time. Alphabet (+2.6%) and Apple (+2.5%) shrugged off Texas law which will enforce age verification on their app stores. Financials also showed further strength as economic outlook improved. All major US banks up over 1.5%. Even Energy stocks were up despite oil falling. Weakest performing sector. Resources down. Dollar strengthening after recent weakness a drag. Oil down as US-Iran talks and OPEC+ plans spark supply concerns. Copper, nickel, iron ore all down.
ASX to rise. SPI futures up 49 points (+0.58%) - CPI today - MIN downgrades
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The ASX 200 finished up 47 points to 8408 (0.6%) ahead of US and UK reopening tonight. The banks led the market higher after a lacklustre session earlier, CBA up 0.8% and ANZ rising 1.4% with the Big Bank Basket up to $273.93 (+1.0%). MQG kicked 1.4% with other financials doing well too, NWL up 1.4% and CGF up 1.1%. REITs are flat, GMG is down 0.5%, with industrials doing better, and BXB is up 3.0% with ALL up 1.9%. TLS rallied another 0.4% on its investor day comments; Retail also improved, JBH was up 1.0%, and LOV was up 4.2%. Tech is better, WTC is continuing to push ahead after its large acquisition, XRO is up 1.5%, and the All-Tech Index is up 0.5%. In resources, iron ore stocks cheered up, BHP up 0.2% and RIO unchanged after earlier bigger falls. Gold miners eased back, EVN down 3.1% with VAU off 2.2% and GMD down 0.2%. LYC fell 2.5% with PLS off again. Uranium stocks took a break, shorts licking their wounds, Oil and gas flat, coal slightly better. In corporate news, REA fell 3.5% on ACCC inquiry, VUL down 0.5% as it commenced drilling. On the economic front, Chinese Industrial profits climbed 3% last month from a year earlier, beating forecasts of 2.6%. Asian markets mixed again, with Japan up 0.4%, China down 0.5%, and HK up 0.3%. 10-year yields falling to 4.31%.
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US markets were closed yesterday for Memorial Day.
European stocks were up following first session since Trump’s tariff extension.
ASX to rise. SPI futures up 20 points (+0.24%). TLS Investor Day - ALS placement - Iron ore at two week low
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The ASX 200 finished unchanged at 8361, as US futures improved on the Latest Trump backflip. Gold and uranium are the stand-out sectors, with BOE up 7.3% and PDN rising 8.8%. NST and EVN are both doing well, and Cu pricing is helping, too. Iron ore missed, oil and gas flat, interest stirring in base metals, S32 up % and NIC up %. Banks drifted slightly lower, ANZ down 1.4% and NAB off 0.8%. The Big Bank Basket eased to $271.19 (-0.3%) MQG gained 0.5% with insurers slightly better. Industrials were uninspiring, ORG fell 4.9% on an Octopus downgrade, in the tech space, WTC announced its biggest acquisition to date, debt funded, up 4.7% with the All-Tech Index up 0.4%. In corporate news, ELD dropped 6.7% on more underwhelming results., AX1 announced its chair would retire and GMD bought a gold project from FML. Nothing exciting on the economic front. Asian markets mixed, Japan up 0.9%, China down 0.7% and HK off 1.1%. 10-year yields falling to 4.39%.
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Global stocks fell Friday as Trump reignited trade war fears. S&P 500 down 0.67%. Nasdaq down 1%. Dow down 256 points. Indices opened at the low, rising for most the session. VIX up 10%. The main headline: ‘here we go again’. Trump threatened 50% tariffs on EU goods after Bessent said the current deals weren’t good enough. He had been quiet since returning from the Middle-East…too quiet. Does support the narrative this new administration wants volatility. The EU exports ~€500bn to the US each year. Mostly pharmaceuticals, autos, chemicals and aircraft.
Tech and discretionary spending stocks were the biggest losers. Defensives the best. Bond yields mixed. Both the US30Y and 10Y fell while the 2Y was unchanged.
SPI down 30 - Gold and Oil up - WTC makes big acquisition. US Markets closed tonight.
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The ASX 200 limped 12 points higher to 8361 (+0.2%) ahead of a long weekend in the US. For the week, we are up 17 points. Banks once again firm, CBA up another 0.7% with the Big Bank Basket up to $271.95 (+0.6%). ANZ outperforming. Insurers rose slightly, and financial services better, with XYZ up 5.5% and GQG bouncing 2.4%. REITs were firm, GMG up 2.2% and SGP rising 0.2% as 10-year yields steadied to 4.45%. Healthcare is flat, tech stocks are slightly better, XRO is up 0.7%, and the Index is up 0.9%. ‘Old Skool’ platforms are doing ok, REA up 0.5% and CAR up 1.3%. TLS continues to push ahead. Retail better, JBH up 1.6% and MYR up 5.4% following a sales update. Utilities are under a little pressure on an ORG downgrade, off 1.1%. Resources were mainly weaker; iron ore stocks eased back, FMG was down 2.4%, with gold miners drifting slightly lower. Uranium stocks are on fire as Reuters reported that Trump will sign an order to benefit the uranium and nuclear industry. BOE up 12.1%, PDN up 6.7% and SLX up a huge 15.3%. Oil and gas are moving a smidge higher.
In corporate news, BEN results out this morning, up 0.8%, and NUF continued to fall as one broker lost faith in the stock. Nothing locally on the economic front, Japanese CPI picked up more than anticipated, 3.5% excluding fresh food. Asian markets firmed, Japan up 0.6%, and HK up 0.3%. Dow futures flat, Nasdaq futures down 0.3%.
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The S&P 500 ended Thursday near flat, as investors grappled with fears of rising rates and worries about a ballooning U.S. deficit. The 30-year Treasury yield hit its highest since October 2023 as lawmakers passed a bill that investors fear could worsen the U.S. deficit.
The Dow Jones Industrial Average slipped 1.35 points, closing at 41,859.09. The S&P 500 lost 0.04% and ended at 5,842.01, while the Nasdaq Composite advanced 0.28% and settled at 18,925.73.
In a party line vote early Thursday, House members approved the bill that includes lower taxes and additional military spending.
SPI up 22 - Gold eases - Bitcoin hits new record - Yields fall - MYR sales update.
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ASX to fall. SPI futures down 82 points (-0.98%).
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The ASX 200 rallied another 44 points to 8387 (+0.5%). Off its highs but still looking ok. Once again, the banks led us up, CBA hitting a record high, up 1.5%, with the Big Bank Basket up to $273.04 (+1.2%). MQG is up 1.0% with insurers flat. 10-year yields at 4.48%. Other financials eased, and REITs drifted slightly higher. Industrials mixed, TLS continuing higher up 0.6% and ALL down 1.5% with retail taking a break. Tech stocks saw selling in WTC and XRO, but TNE was up 5.9% again as retail eased back. Healthcare stocks resumed the uptrend, with RMD bouncing back 4.0% and FPH up 3.1%, too. In resources, BHP and RIO rose, but FMG drifted 0.1% lower. Gold miners were better, bullion and geo-political risks helping here, NEM up 3.6% and NST rallying 3.2%, with PRU doing very well, up 9.7%. Lithium stocks slipped lower, and oil and gas stocks were pushed higher on rumours that Israel would attack Iranian nuclear facilities. Uranium stocks are rallying slightly.
In corporate news, JHX fell 6.2% on disappointing numbers, and MYX dropped 29.8% as the bidder is trying to wriggle out of the deal with private equity. NUF collapsed 30.1% after downgrading guidance. CAT jumped 13.7% on a 19% increase in revenues. Gold and silver are pushing ahead again in Asian trade. On the economic front, Commonwealth Bank expects the Reserve Bank to cut interest rates earlier than expected. Asian markets saw Japan fall 0.2% with HK up 0.4% and China up 0.1%.
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Wall Street recorded a negative session as markets contemplated US fiscal concerns while Congress debated a bill for tax cut. Ended a streak of six consecutive gains for the S&P 500. S&P 500 down 0.39%, NASDAQ down 0.38%. Dow down 115 points. Dropped at open and maintained level for most of session. Ended mid range. Mostly negative sector performance. Energy once again worst sector. Long-term global growth concerns. Growth sectors performed poorly. Tech down. Alphabet down 1.5% despite pushing AI at its Input/Output annual conference. Cyclicals also down. Tesla (+0.5%) rare positive as Musk stated its ready to trial robotaxi in Austin this June. Financials also eased as growth and fiscal concerns came into spotlight. JP Morgan (+0.3%) exception as shareholders approved executive pay packages and appointment of new directors. Utilities and Healthcare only two sectors up. Utilities benefitted from shift into defensives. Healthcare regained some of recent losses after Trump stated tariffs on sector on the way – no update as of yet. Home Depot down 0.6% despite beating estimates. Stated it would swallow tariffs rather than pass on to consumers. Resources up. Weaker dollar a boost. Aluminium, zinc, lead all up over 1%.
ASX to rise. SPI futures up 48 points (+0.62%).
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ASX 200 rallies 48 points to 8343 (0.6%), regaining yesterday’s loss as the RBA cuts rates by 25bps, as expected. Banks better, led by NAB up 1% with the Big Bank Basket up to $269.90 (+0.7%). MQG rallied 2.0% with other financials better, too, ZIP up 3.1% and PNI up 1.7%. Insurers firmed, and REITS pushed higher as rates fell. 10-year yields fell to 4.44%. Industrials are also doing well, with WES up 0.8% and TLS rising 2.2% as it pushed up phone plans. SGH is up 1.4%, and retail is doing better as rates fall. JBH is up 1.3% with TPW rising 2.9% and travel stocks also in demand, CTD up 1.9% and FLT up 1.5%. KGN fell on disappointing results, off 8.9%. Tech stocks rose, with TNE the standout, up 11.3%, beating expectations and hitting new records. The All-Tech Index is up %. Resources mixed, iron ore miners gave up early gains, and gold miners too started well but wilted with NST down 1.4% and NEM off 11.4%. Coal stocks are flat, oil and gas mixed, and uranium slightly weaker. In corporate news, OFX crashed 34.6% after a huge run yesterday and a trading halt. On the economic front, the RBA cut rates to 3.85% lowest in two years. China eased rates back too. Asian markets were positive with CATL listing in HK today. European futures pointing to a solid opening.
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Wall Street recorded a flat session following Moody’s downgrade of the US’s credit rating after market close on Friday. US indices dropped at open but recovered by the end of session. S&P 500 up 0.09%, NASDAQ up 0.02%. Dow up 137 points. Ended near high. Mostly positive sector performance. Healthcare best performing sector. Novarax (+15%) boosted sector as received FDA approval for Covid vaccine. Utilities second best performer. Other defensives did well too. Materials and Industrials both up. Energy worst performing sector by over 1%. Moody’s downgrade renewed global growth concerns. Cyclicals also showing weakness. Tesla (-2.3%) dragged sector down. Barron’s report from over weekend showed Chinese sales fell about 25% in April and first half of May. Market reacted negatively to AMD (-2.1%) selling recently acquired ZT Systems’ server-manufacturing business to Sanmina for $3Bn. Microsoft up 1.0% after offering its data centres to various AI companies while announcing new AI tool for coding. Resources mixed. Weaker dollar benefitted oil, copper, tin. But many base metals fell on weak Chinese data. Iron ore, Aluminium both down.
ASX to rise. SPI futures up 73 points (+0.88%).
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ASX 200 followed US futures down on Moody’s downgrade, off 49 points at 8295 (0.6%). Banks tried to hold off the selling, but the Big Bank Basket rose to $267.97 (+0.3%). MQG fell 3.4% as it went Ex-dividend. Financials slid, ZIP off 6.2% and PPT down 2.9% with PNI off 2.4%. Insurers unchanged, REITs fell as bond yields pushed up a little to 4.51%. GMG down 0.6% and SCG off 0.3%. Industrials eased back too, CPU down 1.0% and WTC falling 2.1% with retail and travel stocks down. DMP fell 2.6% as CEO ANZ resigned. Resources pounded by lower commodity prices, BHP off 2.4%, RIO down 1.3% and FMG being crunched 4.9%. Lithium stocks depressed, PLS off 10.0% as the shorts came roaring back in LTR too off 16.6%. MIN fell 8.8% after announcing a new chair. Gold miners were better on haven buying, NST up 1.9% and NEM bouncing 2.5%. Coal stocks hit hard as NHC downgraded guidance, off 7.1% with WHC down 3.4%. Uranium stocks also seeing fallout, PDN down 4.1% and the oil and gas sector easing back too. In corporate news, MYX in a trading halt pending more information on the Cosette bid, EOS jumped 14.7% on a Euro contract, LLC down 0.4% after signing JV with the King. On the economic front, Chinese data mixed. Asian markets eased back in line with US futures.
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Another good night on Wall St despite bearish headlines. S&P 500 up 0.7%. Nasdaq up 0.52% and the Dow up 332 points. Closing on the high. Michigan consumer sentiment dropped on Friday for the 5th month in a row to a 10Y low. Inflation expectations hit 4.6%. The highest reading since the measure began in 2008. Sounds bad but both numbers are sentiment based, not real data. The rise in stocks was attributed to continued momentum and optimism surrounding the US/China trade deal. Pretty much every newswire is saying the rally will soon run out of steam due to ‘future’ economic data turning sour. The market ploughs ahead. The key number quoted is the ‘effective’ US tariff on imports. Following Monday it’s down from 24% to 14% but still well above the pre-Trump level of 2.3%.
SPI down 7 - US Futures fall on Sunday - Dow down 263 - Nasdaq down 143
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The ASX 200 wilted slightly from 8400, to close up only 46 points at 8344, touching a 3-month high. Today, it was all about resources as BHP, RIO, and FMG rallied. The gold sector, too, was back in demand, with GMD up 4.4% and NEM rising 3.6% after a bruising week. LYC bounced too much 2.7% with LTR continuing to find friends and shorts covering. Up another 3.2%. In oil and gas, WDS unchanged and STO rose 0.5%, with uranium stocks giving back some recent gains, PDN down 8.0%, and BOE off 7.2%. Banks took a breather with NAB pushing higher again, CBA off slightly, and MQG fell 1.5% with IAG down 2.8%. The Big Bank Basket $267.18 (+0.1%) Financials were stronger, PNI up 2.8% and IFL rising 1.2%. ZIP is up another 2.4%. REITs also benefitted from lower yields and pushed higher, GMG up 2.9% and SCG rising 2.5%. Healthcare was better as CSL rose 1.4% with industrials a slight green tinge. TCL is up 0.9%, and QAN is doing well, Retail is, too, ahead of RBA next week. Tech slipped, XRO was down 1.1%, and WTC was off 2.2%. The All-Tech Index is down 0.1%. In corporate news, APX jumped 18.7% on an update at the AGM, NWH shrugged off Valhalla news, and DXS went down 1.1% after APAC moved on breach of contracts. Nothing locally on the economic front, Japanese GDP fell slightly, and China and HK went down 0.6%. 10-year yields down to 4.45%.
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Wall Street recorded another mixed day in a choppy session as US data came in weaker than expected. US producer prices unexpectedly dropped and retail sales were mixed. S&P 500 up 0.41%, NASDAQ down 0.18%. Dow up. Dropped at open but steadily rose throughout day. Ended near high, up 272 points. Mostly positive sector performance. Growth sectors returned some recent gains. Tech slightly down, Cyclicals down. Amazon (-2.4%) and Tesla (-1.4%) dragged Cyclicals down. Tesla impacted by news Musk took leased cars back to sell after saying they were taken back to become robotaxis. All other sectors up. Rate-sensitive sectors best performing. Weak data caused yields to fall, boosted REITS and Utilities. Non-Cyclicals also did well despite Walmart (-0.5%) warning of price hikes following Trump’s tariffs. Healthcare also up following recent struggles as Trump demands costs consumers’ face are lowered. UAE to build biggest AI campus outside of US. Priced into Big Chips in the days prior. UnitedHealth dropped 10.9% as DoJ began criminal probe into potential Medicare fraud. Down 28.9% last 5 days, down 53.0% in last month. Meta down 2.3% as it delayed release of flagship AI model due to capability concerns. Resources down. Oil down after Trump claimed US close to Iran nuclear deal. OPEC+ hike also to increase supply faster than expected according to IEA. Base metals down. Fears of longer-term US-China trade. Iron ore still near 5 week high. Zinc, Aluminium, Nickel all down.
ASX to rise. SPI futures up 80 points (+0.96%). Gold up 2% Oil down.
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The ASX 200 rose 18 points to 8298 (+0.2%) as the banks put in another solid day. CBA is up 1.3% with NAB once again slightly outperforming, ANZ up 1.7% with the Big Bank Basket up to $266.85 (+1.3%). MQG rallied 1.2% with other financials mixed. Insurers better, IAG rose 5.7% after signing a deal with RACWA. Up 5.7%. REITs were once again under pressure as yields continued higher as job numbers came in better than expected. SCG down 1.9% and GMG off 1.0%. Industrials rose, WES up 2.2%, and ALL recovered some of the dips yesterday,y up 1.9%, with WOW and COL slightly better. Tech rallied, and XRO released some good numbers, rising 4.7%. Resources failed to launch again, BHP down 0.7% with RIO off 0.4% and gold miners under siege as bullion falls again. GMD down 3.2% and NEM off 4.0%. Base metal and lithium stocks eased, MIN up 1.9%. Oil and gas slid back, WDS down 1.8%, and uranium mixed again.
In corporate news, GNC leaped 8.8% on a positive update, and NWH fell 8.3% after a warning on the Valhalla steelworks sale process. MYX jumped 8.2% after Deloitte reviewed the Cosette $672m deal. TWE fell 5.2% as the CEO stepped down.
On the economic front, the labour market showed strength, with a jump of 89k jobs in April, more than the 20k forecast. Asian markets drifted lower, with Japan down 0.9%, HK down 1.0%, and China down 0.7%. Dow futures down 0.5%, NASDAQ futures down 0.2%.
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Wall Street recorded another mixed session as sectors diverged in their reactions to the US-China trade deal. S&P 500 up 0.10%, NASDAQ up 0.72%. Dow down. Rose at the open and fell throughout the day before recovering somewhat near end. Ended down 89 points. Mid-range. Primarily negative sector performance. Tech only sector up more than 1%, Cyclicals only other sector up, Financials flat. Alphabet Tech leader, up 3.7% without major news, recovering from some recent weakness. Nvidia up 4.2% after reports US close to allowing UAE to import millions of Nvidia chips. Healthcare worst performing sector, continuing recent struggles. Pharma companies have begun considering moving early stage trials outside of US following US layoffs and policy changes. REITS down as yields tick higher. Cisco down 0.8% despite raising annual results forecast on AI demand. Netflix up 1.1% after announcing ad-supported service has 94m subscribers. Ford down 0.6% after recalling 273,000 vehicles in US as break fluid leakage increases risk of accident. Resources up. Oil down after recent rises. Base metals had good night. Iron ore hits 5 week high, up over 2%. Zinc, Aluminium, Nickel all up over 1%.
ASX to fall. SPI futures down 36 points (-0.43%). Gold and oil down - Iron ore up
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The ASX 200 was up 11 at 8280 (0.1%), with some big movers hurting positive sentiments. ALL had an 8.9% fall on an earnings miss, and MQG slid 1.6% as ASIC looks at short selling reports. CBA reported a better-than-expected number and rose 0.8% with the Big Bank Basket up to $263.99 (+0.6%). NAB is rallying hard again. Insurers were better, SUN was up 0.9% with financials mixed, IFL toppled 15.8% as Bain pulled the plug, GQG saw some profit-taking, and XYZ and ZIP both showed a clean pair of heels. REITs remain under some pressure as yields hit 4.47% in the 10s. Healthcare slipped, CSL down 0.4% and SIG falling 2.3% with PME pushing higher again. Retail stocks slipped a little, APE down 2.4% on a broker downgrade, but JBH up 0.6%. ALL weighed on the sector. Tech stocks built on Tuesday’s gains, WTC down 0.6% and the All-Tech Index up 1.5%. Resources were a mixed bag. BHP and RIO were around 0.5% higher, FMG was moving 2.2% higher, gold miners were mixed, GMD up 3.5% and CYL up 6.4% with NEM down 2.0%. MIN rose 4.0%, and LTR continues to roar ahead in the lithium space, up another 6.1%. Oil and gas better, WDS up 3.4% as oil prices rose, and it signed a deal with Aramco in Louisiana. In corporate news, MYX back from a trading pause as the US regulatory deadline draws close. On the economic front, wage growth came in at 3.4%, slightly higher than expected. Asian markets mixed, with Japan down 0.2%, HK up 1.7%, and China up 0.9%.
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Wall Street recorded primarily positive results as US inflation data came in slightly below expectations at 0.2% MoM rather than the 0.3% forecasted. S&P 500 up 0.72%, NASDAQ up 1.61%. Dow down. Fell at the open and dropped again before the close. Ended down 270 points, near low. UnitedHealth major drag on Dow, down 17.8% as the CEO stepped down and it suspended annual forecast. Mixed sector performance. Tech led gains. Chips did well as companies announced AI deals in the Middle East following Trump’s visit.
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The ASX 200 rose 36 points to 8269 (0.4%). 11-week high. Disappointing in some respects as defensive stocks saw sellers move to more leverage assets. Banks slipped with ANZ Ex-dividend, the Big Bank Basket down to $261.90 (-0.5%). MQG pushed another 3.7% ahead, with other financials doing well. HMC is up 3.7%, and RPL is rallying 5.7%. ZIP was the standout, up 8.8%, with XYZ bouncing 5.9%. REITs sold off as rates moved higher, 10-year yields up to 4.43%. Defensive industrials fell, COL and WOW went down hard, TCL fell 2.2%, and TLS dropped 2.6%. Tech did well but off highs. WTC is up 4.9% and XRO modestly higher, up 1.7%, with the All-Tech Index up 3.1%. In resources, iron ore drifted back a little, BHP up 2.1% and FMG up 2.7% with base metal stocks also in demand, MIN up 9.8% and LTR up another 3.5%. S32 had a great day up 5.6%. Gold miners were sold off on bullion weakness. NST was down 4.6%, with NEM down only 1.8% as EVN fell 5.3%. LYC dropped 3.8%on rare earth supply from China resuming. Oil and gas stocks are better, WDS up 3.7%, and STO rallying another 2.9%. Uranium stocks paused. Coal was a happy place, WHC up 3.2%. In corporate news, RIC successfully raised $125m to buy DNL’s fertilizer distribution business. PNV is doing well on diabetes trials, and ALD rose 2.2% as it sold an NZ business. ASK rejected a takeover offer from Ki. On the economic front, consumer sentiment lifted on election results. Asian markets mixed, Japan up 1.7% with China flat and HK sliding back 1.5%.
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Wall Street jumped as the US and China agreed to cut tariffs for 90 days. Chinese imports are cut from 145% to 30%. US imports are cut from 125% to 10%. S&P 500 up 3.26%, NASDAQ up 4.35%. Dow jumped at open at inched upward throughout the session. Closed up 1161 points, just 8 off high. Broad rally. All sectors up except Utilities. Flat. Cyclicals and Tech best performers. Amazon (+8.1%) and Tesla (+6.7%) boosted the former. Defensive sectors were the laggards as risk-on sentiment reigned. Still recorded gains. Healthcare was up despite Trump's executive action to lower drug prices. Seen as vague and difficult to enforce. Pfizer rose 3.6%, Eli Lilly up 2.9%, Moderna jumped 6.0%. Investment banks up as outlook for risk assets improved. Goldman Sachs, Morgan Stanley and Citigroup all recorded gains of over 4%. Apple up 6.3% on tariff news. Same day it announced it would use AI to help preserve iPhone battery life. Resources mixed. Some jumped on news – Aluminium, Iron Ore. Others down. Nickel down 1.4%, Lithium down 1.0%.
ASX to rise. SPI futures up 97 points (+1.17%).
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ASX 200 kicks higher, just up 2 points to 8234 (+0.0%) after losing momentum as the day wore on. US futures are up strongly on hoped-for details on US/China trade negotiations. Dow futures up 1.1%, Nasdaq futures up 2.1%. Gold fell, miners under pressure with GMD down 5.7% and EVN off 3.7%. Base metals and lithium stocks are better, MIN up 8.3% and LTR roaring ahead, up 12.6%. S32 is also having a good day on CEO retirement. The stars were for iron ore stocks on China hopes, BHP up 2.3% and RIO up 2.1%, with FMG only managing half that rise. Oil and gas stocks were also better, with WDS up 2.0% and KAR up 5.1%. Uranium stocks also firmed again. Banks were flat as NAB went Ex-dividend. Down 2.3% and the other three mixed. The Big Bank Basket is down to $263.16 (-0.2%). MQG rose 2.1% as its run continued, GQG had a great day up 8.0%, and REITs were a little underwhelming. GMG rose 1.6% on a broker upgrade. Industrials mixed, WOW fell 1.5% after announcing price cuts. Drug companies fell on news that Trump was going to cut drug prices in the US.
In corporate news, DNL rose 2.0% as it sold the fertiliser distribution business to RIC. Nothing on the economic front. Asian markets were firm again. Japan up 0.3%, HK up 1.4%. 10-year yields rose to 4.37%.
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Stocks ended flat overnight. Profit taking took hold from a strong open ahead of US/China trade talks this weekend. S&P 500 down 0.1%. Nasdaq flat and the Dow Jones 119 points. Closing near the low. Energy the best performing sector as oil rebounded. Healthcare the worst. S&P 500 down 0.5% for the week. Our market flat. Trump news dictated market direction rather than economic updates. 45 tweets in one night. The majority were positive.
SPI up 16 - US futures up 0.9% on US China weekend talks. Gold eases back.
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The ASX 200 rose 40 points (+0.5%) today, led by rebounds in banks and tech stocks. Most sectors in green. Financials lifted following a heavy selloff earlier in the week. MQG up 3.8% after reporting a profit rise. CBA up 0.9% while ANZ (-1.4%) lagged behind. Tech also firmed, riding a positive global lead from Wall Street on easing trade tensions. WTC up 1.1%, XRO up 2.7%.
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No intro music today !
Wall Street rose as the US and the UK announced a trade deal although all three major indices shed some of their gains before market close. S&P 500 up 0.58%, NASDAQ up 1.07%. Dow rose as news of the trade deal was revealed but dropped before the close. Ended in the low-mid range. Up 254 points. Mixed sector performance. Bond yields rose on news of trade deal and sparked rotation out of defensive sectors. Utilities and Consumer Non-Cyclicals down. Industrials best performer. Up on news of trade deal. Boeing (+3.3%) boosted sector as UK announced it would purchase $10Bn worth of planes. Energy up with oil prices. Cyclicals did well as Amazon (+1.8%) and Tesla (+3.1%) were two of three best performers of the Magnificent 7. Alphabet (+1.9%) other after large drop the day before. Apple (+0.6%) rather muted given announcement of new specialised chips for smart glasses, AI and MacBooks. China-US trade uncertainty weighed on Apple. US auto makers up on news of trade deal despite criticising it. Ford (+0.0%), General Motors (+4.1%) and Stellantis (+5.0%) all said it would harm the US auto sector. Resources mixed. Did well considering USD strengthened. Aluminium and Tin up over 1%. Iron ore down over 1%, Lithium down over 2%.
ASX to open flat. SPI futures up 3 points (+0.0%).
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The ASX 200 closed with a gain of 13 points (+0.16%) after clawing back early losses as Trump teased a trade deal. Expected to be with the UK. Sterling and Aussie dollar rose on the news. Futures also jumped. Dow futures up 0.4%, Nasdaq futures up 0.9%. Most sectors in the green for the ASX 200. Financials, Healthcare and Consumer Discretionary exceptions. ANZ fell 1.9% after disappointing earnings. WBC down 4.1% after it went ex-dividend. Fell more than dividend. CBA down 0.3%, results next Tuesday. NAB bucked the trend and rose 1.4%. Gold miners led the rally. NST up 2.4% and EVN up 2.0%. Utilities and Industrials also did well. Defensive stocks popular after Powell’s hawkish tone. Industrials helped by CPU (+3.1%). No clear reason for rise. AGL rose 2.2%, COL gained 1.1%. Resources mixed. Lithium, Copper down, Coal up. Iron ore miners flat to down. BHP flat, RIO up 0.1%, FMG down 0.7%. ORI rose 7.4% after a 40% profit lift to $250.8m and a dividend boost. GYG rose 3.3% after saying it will beat full-year profit forecasts and expand in the US.
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Wall Street ended in the green following a choppy session as the Fed announced rates would remain steady, as expected. Chip stocks boosted the market with a late rally after a report suggested regulations may be eased. S&P 500 up 0.43%, NASDAQ up 0.27%. Dow rose at the open, dropped after the Fed announcement, and then recovered close to earlier highs. Ended 285 points up. Most sectors up. Tech worst performer. Dragged down by Alphabet (-7.3%) after Apple (-1.1%) said it may integrate AI for Safari in the future which would hurt Google searches. Cyclicals best performing. Boosted by Amazon (+2.0%) as it unveiled Vulcan, robotic device with a sense of touch. Healthcare second best performer, recovering some of the previous session’s losses. Chip stocks boosted by easing regulation hopes. Nvidia (+3.1%), ASML (+3.0%), Qualcomm (+3.1%). Disney (+10.9%) jumped on strong earnings growth from Disney+ and theme parks. Ford (-1.5%) down as it announced price increases on Mexico built cars and suspended earnings guidance. Resources down. Stronger USD hurt. Lead and iron ore the exceptions. Iron ore boosted by US-China talks and hopes of Chinese stimulus.
ASX to rise. SPI futures up 8 points (+0.1%).
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Another solid day with the ASX 200 up 27 points to 8178 (+0.3%). NAB (+1.6%) results helped, but the news of Bessent heading for a Swiss showdown with Chinese counterparties on trade, popped US futures higher and commodity stocks were back on. China also cut rates. BHP up 0.9% with RIO up 0.6%. Gold miners were solid on bullion’s rise, SPR up 0.9%, and VAU doing better, up 3.3%. NST fell 2.6% though with WGX up 2.9%. Lithium stocks better, LTR up 7.8% on WA loans, PLS rallied 4.8% and MIN up 2.6%. LYC slipped as US/China relations improved. Oil and gas stocks also bounced. WDS up 1.7% and STO up 2.0%. Uranium stocks were once again in demand as shorts continue to cover, BOE updated the market and ran hard, up 12.4%. PDN up 4.4%. Banks stalled with the Big Bank Basket flat at $263.60. NAB (+1.6%) the standout and CBA (-0.5%) the problem child. Other financials doing well. MQG rose 0.9% despite news from ASIC on serious breaches. ASX up 2.5% and PNI up 4.3%. ZIP presented at the Macquarie conference and rose 13.0%. Industrials were mixed, CSL fell 3.0% with TLX down too but RMD up 0.9%. REITs were positive. Tech slipped, XRO down 0.3% and WTC off 0.4%. The index slipping 0.2%. Retail recovered from early JBH losses, PMV up 2.6% and TPW on an update rose 8.0%.
In corporate news, no real bad news from Macquarie Conference. NXL slammed 16.0% on an uncertain update, KLS ran hard, up 18.3%, on a positive briefing. On the economic front, all eyes on the Fed and China stimulated again with more rate cuts.
Asian markets slightly positive. Japan up 0.5%. 10-year yields steady at 4.29%. Dow futures up 0.5%, NASDAQ futures up 0.6%.
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Wall Street ended in the red as comments by Trump and Bessent were vague about when trade deals will be announced. S&P 500 down 0.77%, NASDAQ down 0.87%. Dow dropped at the open, rose into the green during the day, and slipped again before the close. Ended 390 points down, near low. All sectors red except Utilities and Energy. Utilities benefitted from drop in yields. Energy followed oil up from four year low. Healthcare worst performing sector. Down on tariff fears. Big names like Eli Lilly (-5.6%) and Merck (-4.6%) led losses. AMD down 2.0% ahead of earnings call which it beat. Down 0.7% in after hours trading. Tesla down 1.8% along with rivals Lucid (-1.3%) and Rivian (-0.4%) as the two EV makers flagged rising costs in earnings reports. Resources primarily up. Nickel, Copper, Tin all up. Lithium and Natural Gas down.
ASX to fall. SPI futures down 31 points (-0.38%). US futures up sugnificantly
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The ASX 200 fell for the second straight session, recovering from early lows, dropping 6 points to 8151 (-0.1%). Mixed sector performance. Healthcare worst performing sector. Pulled down by two biggest names. CSL (-2.5%) down as it flagged vaccine scepticism in US as a challenge. SIG (-6.7%) down after it took a $42.4m hit in transaction costs so far in FY25. Disappointment of WBC (-2.0%) earnings continued to weigh on Banks and broader index. CBA flat, Big Bank Basket down to $263.69 (0.6%). Other financials fared better. MQG (+0.8%) up as its conference kicked off. Also up are RPL (+0.9%), XYZ (+0.7%). REITs up as RBA rate decision draws nearer. Two weeks today. GMG up 0.2%, MGR up 0.9%. Tech more mixed. WTC down 2.2% as it stayed quiet on guidance give tariff difficulties. NXT jumped 8.3% as it smashed utilisation record on AI demand. Added to Growth on Friday.
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Wall Street's recent winning streak came to an end withall the major indices were down as optimism on trade negotiations faltered after Trump said he’d lower tariffs on China “at some point” and announced a 100% tariff on movies produced outside the US. Ended nine straight day of gains for S&P 500. Down 0.64%, NASDAQ down 0.74%. Dow dropped at the open, rose into the green during the day, and slipped again before the close. Ended 99 points down, middle of its range. All sectors red. Energy worst performer. Followed oil down as OPEC+ announced plans to hike output while forecasted demand falters. Oil now at four year low. Consumer Cyclicals also one of worst performing sectors. Amazon (-1.9%) and Tesla (-2.4%) drags. Amazon down following slightly disappointing earnings last week. Same with Apple (-3.1%). Tesla’s rally post-earnings slowed as auto industry group in Spain said Tesla sales declined while EV sales rose. AMD (+1.8%) up ahead of their earnings tomorrow morning. Anticipation of good results. Palantir (-0.4%) down 8.6% after hours following a disappointing earnings call. Berkshire Hathway (-5.1%) also down as Buffet announced he will step away from CEO role at the end of the year despite remaining Chairman. LME was closed yesterday.
ASX to fall. SPI futures down 21 points (-0.26%). Gold up 3% - Oil falls
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The ASX 200 started the week giving back 80 points to 8158 (1%) as the bank rally faded post WBC results. Slightly underwhelming and lack of growth to blame. WBC fell 3.0% taking CBA down 1.6% and the Big Bank Basket down to $265.29 (1.7%). MQG followed the other lower down 1.8% ahead of numbers Friday. Other financials gave up early gains, with RPL and XYZ, two of the only winners. REITs also slipped led by GMG down 2.2% and MGR off 0.9% with industrials also weaker. Retail sagged, PMV down 3.4% and APE off 3.1% with MYR down 3.5%. Defensives such as TLS slid 1.1% and REA down 1.8%. Resources held up better with BHP down only 0.9% and RIO off 0.9% despite rising Iron ore prices in Singapore. Gold miners were mixed, GOR jumped 9.4% on the takeover by Goldfields, NST up 0.4% and EVN up 2.1% with BGL rallying 2.2%. Lithium stocks were flat, LYC up 1.8% and oil and gas stocks crumbling in the face of oils fall. WDS down 3.6% and STO off 4.0%. Uranium stocks mixed, NXG down 4.6% and BOE up 0.8%. In corporate news, TYR pulled out of SMP talks, PLY dumped after CEO retires wounded. RWC warned on tariffs and fell 2.4% with EDV forecasting flat to modest retail sales growth. Nothing on the economic front. In Asia, China and Japan closed for a holiday. 10-year yields pushing higher to 4.26%.
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Wall St rose Friday to record its 9th straight positive session. Boosted by US/China trade talk and economic data. Dow up 564 points closing near the high. S&P 500 up 1.47%. Nasdaq up 1.51%. For the week, S&P 500 up 2.9%, Nasdaq up 3.4%. The ASX 200 rose 3.39%, best week since December 2023.
Non-farm payrolls came in at 177k on Friday, lower than 185k in March but well above forecasts for a 130k rise. Eased recession concerns. The survey was taken one week after tariffs were implemented and the market was expecting worse. Wage growth came in slightly below forecasts and factory orders jumped (close to estimates).
Bond yields jumped on the jobs report. US 10Y 9.3bp. 2Y up 12.7bp. AU 10Y up 8.8bp despite no change to the odds of a 20 May RBA rate cut (60%). USD index down a touch. Just after the close on Friday Trump announced plans to cut $163bn from the budget comprising a 23% reduction in non-defence discretionary spending. Education, housing, medical research and environmental protection the losers. Defense and border security the winners.
SPI up 32 - WBC Results - OPEC Plus increases supply
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The ASX 200 kicked another 93 points higher to 8238 (1.1%) as China appears to often its tactics. A big kick in US futures on the news helped. Banks led the way higher for a change. The Big Bank Basket up to $269.96 (+1.6%) ahead of the results kicking off next week. CBA up 1.4% and WBC playing some catch-up up rising 1.9%. MQG finally joined in, and other financials did ok with the exception of XYZ, which cratered 26.7% on a downgrade and disappointing earnings. REITs continued higher led by GMG up 1.4% and SCG up 0.6%. Industrials continued to find strength, WOW up 2.3% and COL up 2.1% with WES up 1.2%. Retail took a breather, but tech was mixed with WTC looking at a potential US acquisition up 0.7%. The All-Tech Index down 0.9% as CPU weighs. Off 4.1%. Travel stocks sold down after CTD issued a warning, off 10.0% dragging WEB down 4.2%. Resources initially languished buy bucked up as China news came through, BHP up 0.7% and FMG rallying 1.1%. Gold miners also picked up with news that GOR had gone into a halt pending a takeover offer potentially, NST finding a base up 0.7% and EVN up 2.9% on copper rallies too. MIN rallied 0.8% with LYC under a little pressure still on Ukraine moves and China holding a olive branch. Oil and gas better, WDS up 2.0% ahead of OPEC+ meeting Monday, uranium stocks continue to push ahead as shorts cover, PDN up 2.8% and BOE up 5.3%. In corporate news, CSC jumped 2.8% on record revenues. On the economic front, retail trade rose 0.3% MoM. Asian markets rose, Japan up 1.2%, HK up 1.6% and China closed for a holiday. 10-year yields steady at 4.22%
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The Dow Jones Industrial Average climbed 83.60 points, or 0.21%, to close at 40,752.96. The S&P 500 gained 0.63% to end at 5,604.14, still slightly below its levels from before President Donald Trump's "Liberation Day" tariffs announcement in early April. The Nasdaq Composite increased 1.52%, to close at 17,710.74 and wipe out the decline it experienced since April 2.
Weekly jobless claims increased 241,000, topping the Dow Jones estimate of 225,000 and keeping Thursday’s bullishness in check. That result stoked economic concerns after a disappointing gross domestic product report for the first quarter. The unemployment data also raises the stakes for April’s nonfarm payrolls reading on Friday.
SPI down 32 - Apple and Amazon down slightly after hours on quarterlies - Block tumbles - Atlassian drops - Gold eases - Oil rises.
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The ASX 200 kicked off May with a 19-point gain to 8146. Some Asian markets closed today as are some European markets. US futures showing a very positive session, given the results from Meta and Microsoft. Banks held firm with CBA up 0.4% and the Big Bank Basket flat at $265.81 (0.2%). Other financials did ok too, PTM rose 11.4% as Kerr Neilsen sold out to LSF. Merger talks are on. HUB rose 2.3% and PNI up 0.9%. MQG continue to miss out closing down 0.3%. REITs were positive, with a focus on data centres, given the Azure results from Microsoft. GMG up 3.4% and DGT up 6.3%. Industrials also in favour, WTC rallied 6.6% and XRO up 3.2% as tech found big buyers. REA up 0.4% and retail stocks continuing to find buyers. JBH up 0.8% and BAP up 2.4% with travel stocks better too. WOW and COL better too as results cheer. Resources were in a world of pain. LYC fell 3.4% on possible moves from China, iron ore stocks dropped, BHP down 0.9% and PLS under pressure. Gold miners were mixed, NST fell another 0.8% with EVN off 1.3% as copper rallied after a sobering day yesterday. OBM bounced 3.0% and SPR rose 2.0%. Uranium stocks back in demand after a day’s rest. DYL up % with BOE up % and PDN up %. Oil and gas stocks fell, WDS down 2.6%. In corporate news, PTM was a focus with JDO chopped down to size on an update. DXB rose 41.9% on a good licensing deal. In economic news, the BoJ kept rates unchanged. Asian markets were disrupted by holidays in China. Japan up 1.1%. 10-year yields at 4.19%.
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Wall Street oversaw a late rally in Wednesday’s session to recover from an initial selloff as markets dealt with the US’s first economic contraction since 2022 and anticipated Big Tech earnings. Seventh straight day of gains for the S&P 500. Up 0.15%, NASDAQ down 0.09%. Dow dropped sharply early on but recovered late to end the day up 142 points (+0.35%). Closed near high. Mixed sector performance. Energy worst performer as oil prices posted steepest monthly decline since 2021. Consumer Cyclicals followed. Dragged down by Amazon (-1.6%) and Tesla (-3.4%). Real Estate best performer. Rate sensitive. GDP contraction increased rate cut probability. Healthcare second best. GSK (+3.5%) and Humana (+1.1%) beat earnings expectations. Helped lift sector. Microsoft (+0.3%) and Meta (-1.0%) had earnings results after market close. Smashed expectations. Microsoft up 8% after hours, Meta 4%. Qualcomm (+1.1%) and Caterpillar (+0.6%) missed estimates. Down 6% and 0.4% after hours. Resources dropped sharply. Oil down on tariff headwinds and US GDP contraction. Reignited fears of global slowdown. Metals down across broad. Chinese PMI released yesterday. Fell more than expected.
ASX to fall. SPI futures down 28 points (-0.34%).
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The ASX 200 finished the month up 56 points to 8126 (+0.7%), giving us a 3.7% rise for the month. Hard to believe really. A 14% rally off the lows. CPI today came in slightly higher than some expected, but clears the way for a rate cut next week. Banks celebrated with CBA pushing 2.2% higher, NAB up 0.5% and the Big Bank Basket up to $265.43 (+1.6%). Other financials were a little mixed. MQG fell 0.5%. Insurers better, SUN up 2.3%. REITs also going well. GMG up 1.9% and SGP up 1.3%. Industrials firmed with retail again doing better, JBH up 0.7% and WES up 1.6%. COL reported today and eased 0.8%. BXB starting to find support. ALL up 1.9% and Tech doing ok, WTC up 1.0% and the Index up 1.2%.
Resources took a breather today as the shorts backed off on the buying. Uranium stocks fell back a little as did gold miners. NST still suffering from soft quarterly, down another 3.5%. FMG gave back some of yesterday’s gains, down 1.1%, and S32 fell 1.1%. BHP and RIO were relatively steady. Lithium stocks slipped a little, PLS down 2.3% and MIN unchanged after the big rally yesterday. JHX finding support, up 1.2%.
In corporate news, plenty of quarterlies. ORG fell 1.4% on its weaker quarterly. SGR unchanged despite news that losses increased.
On the economic front, the local CPI came in at 0.9% and 2.4% for the year, giving the RBA a reason to be cheerful. Meanwhile in China, factory activity fell. No surprise there really. Asian markets were firm. 10 -year yields slipped to 4.13%. Dow futures flat, NASDAQ futures down 0.4%
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Wall Street recorded another set of gains on Tuesday in a choppy session as markets weighed upcoming earnings, economic data and changing trade policy. Sixth straight day of gains for the S&P 500. S&P 500 up 0.58%, NASDAQ up 0.55%. Dow fell early on but recovered to end the day up 300 points (+0.75%). Closed near high. All sectors in green except Energy. Lower oil prices. Materials and Non-Cyclicals top performing sectors. Trump signed an order to reduce the impact of his auto tariffs to positive results. Ford up 1.3%, Tesla up 2.2%, most of the Magnificent Seven. General Motors down 0.6% but it pulled its outlook amid tariff uncertainty. Visa up 1.2% after beating estimates on strong card spending volumes. Coca Cola (+0.8%) also beat estimates but guided tariffs could hurt consumer sentiment. Resources mixed. Oil down to two weak low. OPEC+ boost to output and fears of global economic slowdown. Metals mixed. Aluminium up +1.3%, Nickel down 0.4%.
ASX to rise. SPI futures up 28 points (+0.35%).
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The ASX 200 closed up 74 to 8071 in another strong day pushing to a two-month high. Up 0.9%. All sectors firing, the banks did well with NAB up % and WBC up % as the Big Bank Basket crept to $261.14 (0.4%). Financials also in demand, PNI up 2.3% PPT up 3.1% and MQG up 0.8%. AMP continues to push higher, up another 3.6%. Insurers and REITS firmed, GMG up 1.6% and SCG rising 0.9% with SUN better by 0.7%. Industrials better across the board, BXB bounced back 1.5% with CPU up 1.9% and ORG rising 3.2%. Retail stocks also in demand again, JBH up % and TPW rising %. Travel stocks also better, CTD up 4.3% leading the pack. Healthcare pushed back up too, PME up 2.7% and TLX recovering a little. In resources, iron ore miners gained with FMG quarterly and a broker upgrade helping it rise 5.8% with S32 up 2.6%. The gold sector recovered some of its recent losses with GMD up 5.1% and BGL rising 4.0%. NST quarterly disappointed on production guidance and fell 4.7%. Heavily shorted resource company also squeezed a lot higher, MIN up 13.2% after its quarterly, uranium stocks continue to power ahead, PDN up 8.5% with BOE up 14.3%. Lithium plays also in demand, LTR up 5.6%. WDS rallied 1.5% on its big US LNG project FID. In corporate news, EDV got a new CEO, WHC rose on quarterly production report, AIA fell as it announced it would delay a second runway. Nothing on the economic front. Asian market better, Japan up 0.4%, China down 0.1% and HK up 0.1%. 10-year yields 4.19%.
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Wall Street recorded a flat session on Monday ahead of various economic data and earnings releases this week. S&P 500 up 0.06%, NASDAQ down 0.1%. Dow fell throughout the day but rose in the late afternoon to finish in the green. Up 114 points (+0.28%). Mixed sector performance. Real Estate and Energy best two performers. Tech worst performer after leading gains for three consecutive days. Modest losses. Amazon (-0.7%) down as sellers plan on reducing Prime Day discounts to protect margins amid China tariffs. IBM (+1.6%) up after it pledged $150 billion US investment. Another Tech concession to Trump. Nvidia down 2.1% as rival Huawei announces new chip. Intel (+2.3%) up after it was 6.7% down the previous session. Rebound from a strong sell-off. Resources mixed. Oil down. Weakening demand fears. Nickel up +0.9%. Natural gas up 7.9% on lifted demand forecast and front-month contract’s expiration.
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The ASX 200 jumped out of the box to finish up 29 points to 7997 (0.4%) as some caution crept in as the day wore on. CBA turned negative, not helping as NAB soared 1.7% and the Big Bank Basket fell to $260.16 (-0.2%). Financials were generally firm, AMP finding a few new friends up 2.5% and XYZ bouncing slightly. GQG fell 1.4% and PNI popped 2.7%. REITs were mixed, GMG rose 0.8%. Healthcare stocks back in favour, RMD up 2.4% and even CSL put on 1.0% with PME up 3.7%. TLX fell 6.6% on FDA news. Industrials were positive with WES up 1.4% and the tech space better, XRO up 1.9% and the Index up 1.3%. Retailers getting a boost with JBH up 1.5% and AX1 rising 1.7%. HVN also put on 2.4%. In resources, gold miners continued to see profit taking as bullion slipped further as risks cooled. NEM fell 1.3% with VAU down 2.3% and GMD falling 3.6%. Lithium stocks are under pressure again, with LTR down 4.4% and PLS falling 2.4%. BHP slid 1.1% with RIO unchanged. LYC led rare earth stocks higher on its quarterly, uranium stocks saw modest moves with STO up 2.2% and WDS gaining 1.8%. In corporate news, BVS slid 11.2% on a surprise CEO resignation. AGI rose 31.1% as minority shareholder bid 100c for remaining shares. Nothing on the economic front today. China making some noises about stimulus and protecting jobs. Asian markets firmed, Japan up 0.4%, China unchanged and HK up 0.1%. 10-year yields falling to 4.16%.
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Wall Street recorded a fourth consecutive day of gains on Friday to finish a strong week with Tech leading the way as hopes of a de-escalation in the trade war between the US and China boosted all indices. S&P 500 up 0.74%, NASDAQ up 1.26%. Dow dropped and rose steadily throughout day to finish flat. Ended near high. Up 20 points. Mixed sector performance. Growth outperformed defensive. Rotation to risk-on stocks. Financials and Non-Cyclicals down. Tech and Consumer Cyclicals top two performers for third day running. Alphabet up 1.7%. First session after earnings beat analyst forecasts following market close on Thursday. Intel down 6.7% after disappointing earnings post-market close Thursday. Tesla up 9.8% after Trump administration said it hopes to speed up the development of self-driving cars by easing safety regulations. Up 23.7% last week. Resources down. Stronger dollar weighed on resources. Iron ore (-1.1%), copper (-0.3%) and zinc (-1.9%) all impacted.
ASX SPI up 2 following 81 point rise Friday Morning.
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A strong finish to a short week as the ASX 200 closed up 48 points to 7968 (0.6%). For the week we are up another 1.9%. A solid performance from the banks again with NAB up % and WBC rising %. The Big Bank Basket rose to $260.77 (+0.75%). MQG up another 1.2% as brokers upgraded post the Nomura deal. Fund managers picked up too, PNI up 2.6% and MFG rising 1.2%., GDG failed to touch the wall with its business update falling 14.9%. AMP feeling some love from brokers up 2.5%. ZIP also doing well as shorts covered. REITs better as an RBA rate cut beckons. At least according to WBC. Industrials relatively flat, tech better, WTC up 2.5% and the All-Tech Index up 0.6%. Healthcare saw gains with RMD doing well up 8.5% as it believes it is exempt from tariffs. The action again was in resources, BHP up 0.9% and FMG up 1.0%. Gold miners bounced back as bullion bounced and panic subsided. NEM quarterly helped and were up 3.5%, RRL up 4.1% with NST bouncing slightly. Shorts were being covered in uranium stocks again, PDN roaring ahead, up 12.1%, MIN up 5.9% and ILU up 2.4%. In corporate news, plenty of quarterlies dropping. PWH fell 5.7% as the CEO and founder is stepping back for medical leave. JHX is getting attention from Jim Chalmers on its move to redomicile without shareholder approval. On the economic front, WBC’s economist Luci Ellis says a 25bps cut in May is now on the cards. Asian market mostly better. 10-year yields at 4.24%.
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Wall Street recorded a second day in the green as Trump stated he had “no intention of firing Powell” and Treasury Secretary Bessent renewed hopes of trade war de-escalation with China. S&P 500 up 1.67%, NASDAQ up 2.50%. Dow rose sharply but pared some gains throughout day. Closed near low. Up 420 points. Most sectors up. Growth sectors led rally. Tech and Consumer Cyclicals top two, benefitting from de-escalation. Apple, Microsoft and Alphabet all up >2%. Amazon and Tesla largest Consumer Cyclicals. Up 4.3% and 5.4%, adding to Tuesday’s 3.5% and 4.6%. Tesla up on relief rally that Musk will spend more time with company than Trump. Boeing up 6.1% after posting a better-than-expected loss for Q1. Novarax jumped 19.5% after the FDA asked for more data on its COVID vaccine. Resources mixed. Oil down 1.8% after reports OPEC+ might accelerate output in June. Iron ore up 1.7%, close to three week high Boosted by hopes of smoothing relations between the US and China. Up more than 15% this month after hitting 17-month low at start of April.
ASX to rise. SPI futures up 13 points (+0.16%). Gold sold down - Anzac Ahead
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The ASX 200 was a mirror of yesterday with CBA and gold miners down today and the rest of the market up. The index closed up 104 points at 7920(1.3%). In the banks, CBA fell 2.5% with NAB the standout up 3.2% with the Big Bank Basket down to $258.77 (-0.8%). MQG leapt 5.3% with other financials back in demand, PNI up 6.0% and GQG up 7.1%. REITs also doing well with GMG rallying 3.0% and VCX up 2.7%. Industrials firmed across the board, WES up 1.8%, ALL rising 4.4% and SGH up 3.2%. Healthcare stocks also saw gain, TLX up 12.5% on a sales update. Tech stocks better, WTC put in 5.5% with XRO up 2.9% and the All-Tech Index up 3.5%. Resources were generally firm, BHP up 3.3% with FMG rallying 2.7%, LYC fell 7.6% on possible Chinese de-escalation, gold miners too saw some profit taking across the board, with NST down 9.6% and EVN falling 10.9% as NEM dropped 7.0%. Uranium stocks had a lovely day out, PDN reassured the markets with a production update, up 24.6%, and Spott has been buying the sector; DYL is up 12.0% with oil and gas stocks also doing well, STO is up 6.1% with WDS putting on 3.6%. On the corporate front, IFL revealed FUM and rallied 4.5% with CTT falling 24.4% on reporting weak demand in US on tariff uncertainty. On the economic front, new business activity in Australia’s private sector rose at the fastest pace in three years. Asian markets firmed with Japan up 1.9%, HK up 2.2% and China up 0.3%. 10-year yields eased slightly to 4.26%.
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Wall Street bounced back to end a four-day losing streak as markets responded positively to quarterly earnings reports and hopes of a de-escalation in US-China trade tensions. S&P 500 up 2.51%, NASDAQ up 2.71%. Dow steadily rose throughout day and ended near high. Up 1017 points. All sectors green. Financials led the charge. All major names up 2.9% or more. Followed by Consumer Cyclicals. Amazon (+3.5%) and Tesla (+4.6%) largest names in sector. Tesla was up ahead of earnings release – better than expected, up over 5.5% in after hours trading. 3M Co up 8.3% after beating analyst consensus. Verizon recovered from an initial drop to finish up 0.61% as markets weighed mixed earnings results. Resources mixed. Oil up 1.3% on new US sanctions on Iran. Copper climbed further to hit new two-week high. Iron ore down as India imposed temporary 12% tariff on certain steel imports from China.
ASX to rise. SPI futures up 100 points (+1.28%). Dow futures kick again on Trump's comments on Powell.
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The ASX 200 shook off early losses as banks pushed ahead. The index closed down 2 points at 7800 (0.03%), with CBA hitting a record high! Up 4.2% The strength here has masked underlying index weakness. Other banks trailed in its wake with the Big Bank Basket up to $260.87 (+2.5%). Other financials were mixed, GQG up 2.9% with CGF also doing well, IFL dropped 4.3% on a broker downgrade, PNI fell 2.4% and XYZ off 5.5%. REITs also fell hard, GMG down 1.6% and CHC falling 1.2%. Industrials also fell with tech under serious pressure, WTC down 2.4% and the Index down 2.0%. Retail fell too, LOV off 1.6% and APE down 1.6%. Travel stocks fell, FLT off 4.1% and CTD falling 2.9%. In resources, gold miners were the stars again, NST up 3.0% and EVN pushing 4.9% ahead as copper hit a two-week high. GMD up 1.4% and OBM rose 3.0%. Lithium miners fell as CATL is pushing ahead with sodium-ion technology. Uranium stocks trounced as DYL paused its Namibian operations, falling 8.2% and PDN down 12.5%. Iron ore miners steady, despite the fall in iron ore in Singapore. In corporate news, MQG rose 0.6% as it sold is asset management business to Nomura. BGL fell 7.1% after more detail on its hedge book emerged. ILU and REE joined forces to bid for a Kenyan Rare earth project. Nothing on the economic front. Asian markets were better than expected with 10-year yields at 4.23%.
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Wall Street saw red as Trump continued his attacks on Fed Chairman Powell. Markets feared for the central bank’s independence. S&P 500 down 2.36%, NASDAQ down 2.55%. Dow dropped and stayed near low throughout day. Rose a little before close. Down 972 points. All sectors down. Growth sectors fared worst as risk off sentiment reigned. Consumer Cyclicals and Tech both down. Telsa drove consumer cyclicals sell off. Down 5.7% ahead of earnings later today. NVIDIA was leader of Tech fall. Down 4.5%. Suffered again from US clampdown on China exports. Uber down 3.1% after FTC sues for misleading subscribers. Resources down. Oil down 2% after signs of progress in US-Iran talks.
Waiting for Tesla - MQG sells asset management business.
ASX SPI futures closed over Easter. Expected to fall given drop in US.
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A good end to the week as the ASX 200 rose 60 points to 7808 (0.8%), breaking through as SPI expiry boosted volumes. Positive US futures helping the Easter Bunny remain positive., For the week the ASX 200 is up 2.3%. Today was all about gold and resources, BHP up 1.1% and RIO up 2.9% doing well on broker reactions to production reports. Gold miners better, but looking a little tired short term, EVN up 1.7% and NST up 1.2% with VAU up 3.2%. Lithium saw some gains, PLS up 4.4% and MIN up 2.4% with LTR up 3.9%. ILU doing well on the rare earths play, up 5.6%. Oil and gas stocks rose, WDS up 3.9% with STO up 2.9% with KAR rising 7.6% on Q1 report. Uranium stocks gaining, as shorts covered, PDN up 4.1% and BOE up 4.0%. Banks were solid, the Big Bank Basket up to $254.43 (+0.7%). Financials were better with CGF rising 10.2% on a 3Q update. IFL rose 3.3% as DD was extended another 4 weeks to both bidders. REITs better as rate fell, 10-year yields dropping to 4.28%. Industrials firmed, with CPU up 1.0%, REA up 0.9% and JHX rallying 2.3% on news big investors are lobbying the ASX to scrutinise the takeover. In corporate news, AMP rallied 3.2% after an increase in net cash flows, BHP shipped weaker-than-expected volume of Australian iron ore over the past three months. PLS blamed the cyclone for a production drop, up 4.4%. WTC fell 2.2% as ASIC looking at White’s trades. On the economic front, we got jobs numbers, 4.1% with 32k new jobs slightly below forecasts. Asian Japan up 0.8%, HK up 1.3% and China off 0.2%.
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Wall Street recorded a negative session yesterday as Powell cautioned that larger than expected tariffs would result in slower growth and higher short term inflation. S&P 500 down 2.24%, NASDAQ down 3.07%. Dow began day down and dropped further following Powell’s comments. Closed near low. Down 700 points. All sectors down excluding Energy. Tech suffered heaviest losses, driven by chipmakers as US tightened curbs on exports to China. Nvidia down 6.9%, ASML down 7.1%. Other growth sector, Consumer Cyclicals, second worst performer. Tesla down 4.9%, coincided with 15% sales drop in California in Q1. United Airlines (-0.02%) relatively stable yesterday, guided resilient performance backed by premium travel offerings. Resources mainly up. Oil up just under 2%, 2-week high as US sanctions Iranian oil. Copper and Nickel also gained.
ASX to fall. SPI futures down 26 points (-0.33%). Gold hits records - Quarterlies drop.
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ASX 200 gives up gains to close down 3 points at 7759 as US futures turn down on Nvidia news. Banks as usual a safe place to be, the Big Bank Basket up to $252.55 (1.0%). WBC up 1.5% and MQG unchanged. Financials mixed, ZIP rising 16.2% on a very positive update and upgrades. REITS firmed with SCG up 1.2% and VCX up 0.5% whilst GMG fell 0.5%. Industrials were weaker, SGH down 1.5%, GYG fell 3.5% and FLT off 2.3%. Retail stocks eased back, LOV down 2.5% and AX1 off 6.3%. Tech fell, the All-Tech Index dropped 0.6% as WTC announced Richard White had a new role. Same as the old role really. XRO fell 1.2%. Resources were slipping again, iron ore miners fell, BHP down 1.2% with RIO off 2.7% and FMG falling 2.4%, Gold miners soared as quarterlies are pointing to the cash piling up, GMD up 8.4% and EVN kicking 1.3% higher again. Energy stocks under pressure, WDS down 2.3% and WHC falling 7.4% with uranium stocks once again on the nose, the fallout continues, PDN down 4.6% and BOE off 4.6%. In corporate news, BOQ up 5.5% on higher margins, SGR trading again unchanged as the rescue plan continues to play out. KAR up 1.6% after raising expenditure guidance. In economic news, Chinese GDP beat estimates. Locally building activity fell, the total number of dwelling units commenced fell 4.4% to 41,911 dwellings. Asian markets under pressure, Japan down 1.3%, HK off 2.3% and China off 0.7%. 10-year yields rose to 4.34%.
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Wall Street recorded a negative session overnight as nerves surrounding Trump’s tariffs remained. Second session with tight trading range after volatility of last two weeks. S&P 500 down 0.17%, NASDAQ down 0.05%. Dow initially rose but fell throughout session. Ended near low. Down 178 points. Boeing, one of biggest Dow weights, dropped 2.36% after China ordered airlines to reject further deliveries.
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The ASX 200 consolidated the move yesterday with a gain of 13 points to 7762. Easter is calling it seems. Banks were the key with the Big Bank Basket up to $250.19 (0.6%). CBA up 0.5% and MQG gaining 0.8% too. Other financials were a little soggy, GQG down 1.9% with HUB falling 2.9% despite good FUA numbers. PNI dropped 5.0%. REITs eased back too, GMG down 1.2% and SCG down 0.9%. Healthcare saw CSL better despite threats from Trump to put tariffs on pharma; Industrials drifted lower. WOW down 1.8% with REA off 1.8% and tech under some pressure. WTC down 2.2% with XRO falling 1.5% as the All-Tech index dropped 0.8%. Retail generally slipped with SUL off 2.9% and FLT falling 2.8%. Resources were flat in the main; EVN had a great quarterly and rose 3.9%, whilst other gold miners saw some profit-taking; BHP, RIO, and FMG showed slight gains. LYC and other rare earth stocks in demand, as China blocks exports. Uranium and coal stocks falling away, NXG down 2.6% and NHC off 1.3%. In corporate news, BGL resumed trade down % as it raised $156m to buy back its hedge. CKF fell 7.7% on news it will close Taco Bell. PPT fell 1.4% as money left the building and AX1 up 4.7% on news of Sports Direct launch. On the economic front, The RBA minutes left the door open for a possible May rate cut. Asian markets mixed, Japan up 0.9%, HK down 0.3% and China down 0.3%. 10-year yields falling to 4.35%.
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Wall Street responded positively to Trump’s announcements over the weekend of temporary exemptions for electronics and possibly autos. Muted session, longer-term uncertainty remains. S&P 500 up 0.79%, NASDAQ up 0.64%. Dow recovered from some midday softness to end the session closer to the high, up 312 points. All sectors up. Real Estate was largest winner, rate sensitive sector, benefitted from US yields falling after last week’s rise. Mood was cautious, defensive sectors did well, Utilities and Consumer Non-Cyclicals. Apple (+2.21%)largest winner of Big Tech, most to gain from electronics temporary tariff relief. Amgen (+2.78%)up despite antirust suit over US patient access to Erelzi. Pfizer (+0.96%)stopped development of obesity pill over liver injury risk. Resources mixed, oil flat, copper up amid China stimulus hopes and a declining dollar. Other metals like aluminium and zinc down.
ASX to rise. SPI Futures up 18 points (+0.23%).
- Gold down 0.39%, still near record highs. US dollar (-0.40%) down again, status as safe haven is taken a bruising. Bitcoin up 1.36%.
- European markets up, all major markets recorded gains >2%. Euro Stoxx up2.69%, Germany up 2.85%. More modest gains in Asia. Japan up 0.88%, HK up 2.40%.
- Bond yields gave up some of last week’s gains and stabilised, US 10Y dropped 11.4bps, US 2Y dropped 11.7bps.
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It was a solid start to the week, with the ASX 200 up 102 points to 7749 (1.3%). Strong banks and resources are taking us up. The Big Bank Basket rallied to $248.77 (+1.6%). CBA was up 1.7%, and WBC was up 1.6%. Insurers also better with MQG flat as some downgrades coming through. REITs rallied hard, GMG up 2.4% and SCG up 1.8%. Industrials were better but lagged, WES up 1.1% and SGH up 2.7% with the supermarkets flat, retail rose, LOV up 2.4% and JBH rallying 2.4%. Travel stocks were a little better, tech doing well, WTC up 3.1% and XRO rising 2.3% with the All-Tech Index up 2.1%. TLS slipped a little. In resources, iron ore miners rose, BHP up 2.7%, RIO up 1.4% with the gold miners pushing up although gold saw some profit taking. NEM up 4.5% with EVN up 2.6%. MIN had a good day as some shorts covered again, PLS rallied 3.3% with IGO up 3.2%. Oil stocks inched up WDS up 1.1% and STO up 1.8% with uranium and coal stocks better, WHC up 4.8% and DYL up 3.9%. In corporate news, NEU jumped 21.1% on a positive end point for its Phase III trial. DEG up 1.6% as GOR will vote in favour of the NST deal. Nothing locally on the economic front. Asian markets better, Japan up 1.6%, HK up 2.1% and China 0.3% higher. 10-year yields steady around 4.41%.
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Wall St finished higher after the most volatile week we have seen since covid. Four primary market drivers overnight – China increasing tariffs again, US investment banks kicking off quarterly earnings, calming comments from Fed officials and both consumer sentiment and inflation expectations coming in worse than expected. S&P 500 up 1.8%. Nasdaq up 2.1% and the Dow up 619 points. Closing near the high. VIX down 8%. The headlines weren’t particularly good (see below), but there are signs ‘peak fear’ has been reached.
Main negative driver was China keeping up the tit for tat tariff escalation. Last night it raised tariffs on US products from 84% to 125%. Refusing to back down. On the positive side, Trump has repeatedly said he ‘respects Xi’ and is ‘open to negotiations’. The AFR had some good data yesterday on how dependant China is on the US. A lot would surprise you. Considering China’s reputation as the manufacturing powerhouse of the world, the sector only accounts for 20% of GDP and just 15% of its exports to the US. Australia on the other hand ships a third of all goods to China, less than 5% go to the US.
Investment bank earnings started well. JPMorgan Chase (+4%), Morgan Stanley (+1.4%) and Wells Fargo (-0.95%) all beat estimates. Ted Pick, MS CEO was the most optimistic on the outlook, saying the US economic could avoid a recession. The others more pessimistic, which limited big gains. Wells Fargo couldn’t finish in the green after management said its NIM will fall at the lower end of guidance. BlackRock (+2.6%) rose after its assets hit a fresh record of $11.58T. Larry Fink there hasn’t been a systematic rotation out of US equities into Europe and Asia but didn’t rule anything out.
SPI up 18 - Trump exempts electronics from some tariffs - Lutnick says its temporary.
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The ASX 200 finished down 63 points to 7647 after rallying through the day to close on its highs. European futures expected to open slightly higher. For the week the ASX 200 is down 20 points! Banks slipped slightly with the Big Bank Basket down to $244.92 (-0.6%). MQG slid 0.8% and insurers also turned down, QBE down 0.6% and SUN off 1.5%. PNI continued to fall with GQG up 1.5% and ASX up 2.2%. REITs pulled back, GMG down 1.3% and SCG off 2.6%. Industrials were mixed, WES up 2.0% and TLS a star still up 1.1% with WOW and COL slightly former. Tech eased. WTC down 1.2% and XRO off 0.7%. The All-Tech Index down 1.2%. Resources were easier, BHP off 1.6% with RIO down 1.2%. MIN down 2.0% despite a broker upgrade, gold miners were on fire. NST up 5.5%, EVN up 7.8% and NEM up 5.4%. Bullion pushing higher yet again. JHX resumed its fall down 3.5% with ORI down 3.8%. Oil and gas slipped, WDS down 2.1% and STX off 5.9% with the uranium stocks back under slight pressure again. PDN down 3.0% and BOE flat. Not much on the corporate or the economic front today. Asian markets were mixed, Chinese market seeing support from authorities. Japan down 3.2% with China up 0.5% HK up 1.9%. 10-year yields jumped to 4.39%
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Stocks fell Thursday, giving back some of the gains from the historic rally seen in the previous session after President Donald Trump announced a 90-day reprieve on some of his "reciprocal" tariffs. Investors worried that even with the short pause on some of the duties, economic activity will be slowed by Trump's singling out of China with a much higher rate.
The S&P 500 sold off 3.46% and closed at 5,268.05, while the
Nasdaq Composite slid 4.31% to end at 16,387.31. The Dow Jones Industrial Average dropped 1,014.79 points, or 2.5%, settling at 39,593.66.
Notable decliners included Apple and Tesla, which pulled back 4.2% and 7.3%, respectively. Nvidia lost nearly 6%, while Meta Platforms slipped almost 7%.
US Dollar Index - which measures the USD against a basket of currencies, fell 1.8% Thursday.
SPI down 116 - Gold up 3% - Oil down
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The ASX best day in five years up 335 points to 7710 although off early opening highs. Remarkably stable after the initial surge and fall back. Waiting for more information perhaps. Resources were the big winners today, BHP up 5.4% and RIO and FMG a similar rise, shorts getting hurt in MIN up 18.1% and S32 rising 9.5% with the gold miners also very positive. In AUD terms bullion fell but NEM up 4.0% and NST rising 5.1%. Lithium stocks recovered as shorts covered positions, LTR up 15.1% and PLS rising 12.7%. BSL rallied 8.0% and even JHX up 12.0%. Oil and gas showed strength as crude rallied, WDS up 4.7% and STO gaining 4.1%. Uranium stocks were back in fashion, no fall out today, PDN up 17.4% and DYL rallying a dizzying 15.9%. Banks were firm too although off early highs, CBA up 3.6% and WBC gaining 4.9% with MQG up 5.5%. Insurers and financials were very positive, GQG up 3.4% and XYZ rising 13.3% with ZIP rallying 20.7%. QBE up 4.4% and MPL rising 3.7%. Healthcare stocks were better, CSL recovered 3.5% and PME gained 8.4%. Across the board gains in industrials, WES up 2.6% and GMG rising 6.6%. Tech in demand, WTC rallied another 8.0% with XRO up 6.2% and the All -Tech Index up 6.8%. Retailers did well, JBH up 6.6% and travel stocks in demand. In corporate news, QUB got ACCC approvals, ABB rose 4.9% after announcing plans to expand its mobile network. Nothing on the economic front locally. Deutsche pulled back its call for an emergency 50bps rate cut and in Asia, China saw more evidence of deflation and a weakening yuan. Asian market burst higher, Japan up 8.3% with HK up 2.6% and China up 1.3%. 10-year yields slid to 4.33%.
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The S&P 500 skyrocketed 9.52% to settle at 5,456.90 for its biggest one-day gain since 2008. For the broad market index, it was the third-biggest gain in post-WWII history. The Dow Jones Industrial Average advanced 2,962.86 points, or 7.87%, to close at 40,608.45 for its biggest percentage advance since March 2020. The Nasdaq Composite jumped 12.16% to end at 17,124.97, notching its largest one-day jump since January 2001 and second-best day ever.
SPI up 490 points - Resources rally hard overseas - Gold jumps 3%
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The ASX 200 fell another 135 points to 7375 (-1.8%). At one point the market rallied to a drop of only 75 points as banks found defensive buyers. Resources were the point of pain as commodities fell on global growth and Chinese economic output. BHP fell 3.5% and FMG crashed 4.2% with LYC bucking the trend rising 2.0% as gold miners held relatively steady with bullion pushing higher. MIN fell 12.1% with PLS off 8.4% as NIC fell 14.1%. BSL continues to suffer, down 3.7%. Oil and gas stocks, dropped hard, STO down 5.7% and WDS off 3.7% with uranium under pressure again, PDN down 4.5% and DYL off 7.7%. Coal stocks fell too. Banks held up better, CBA up 0.5% with NAB down 0.7% and the Big Bank Basket down to $237.07 (-0.3%). Healthcare was hit, CSL down 5.0% on pharma taxes to come. COH also falling 2.6% with REITs down too. GMG off 1.6% and VCX falling 1.4%. Industrials were weaker across the board, WES fell 0.6%, WOW and COL eased with QAN down 4.0% and retail trying hard to hold the line. Tech stocks fell back to earth, WTC down 1.8% and XRO off 0.9% and the All-Tech Index down 1.9%.
In corporate news, RPL fessed up to the FUM loss due to OPT and fell hard, down 11.9%. On the economic front the RBNZ cut rates by 25bps. Asian markets were volatile, Japan whacked again down 4.2% with China positive despite the 104% tariffs. HK down 1.6%.
10-year yields pushing up again. Long-dated yields are surging, whilst short-dated yields are falling. US 30-year now at 4.9%. Dow and NASDAQ futures both down 1.8%.
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Wall Street started the previous sessions strongly, S&P 500 and NASDAQ up over 4%, but all major US indices tumbled into red following the White House announcing a 104% duties tax on Chinese imports. S&P 500 down 1.57%, NASDAQ down 2.15%. Dow started strongly, hitting a high of 1461 points, but closed down 320 points, near low. Every sector down. Energy and Materials worse off given fears of global slow down. Growth sectors struggled, Tech and Cyclicals down. Apple (-5.0%) again hit hardest of big Tech given reliance on Chinese assembly plants – down nearly 9.0% this week. Intel (-7.4%) fell on tariff fears, lowest level since July 2009. Resources down, oil down over a $1 a barrel, four-year low, iron ore down 3.3% as Chinese demand weakens.
Another volatile session for Wall Street. S&P 500 had a range of 7%, Dow had a points range of 2,300. Vix closed at 52.33, first time ending above 50 since April 2, 2020. Market is sensitive to all tariff news. Will be choppy as news of negotiations continues to unfold.
ASX to fall. SPI futures down 142 points (-1.89%).
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The ASX 200 rose 167 points to 7510 in a Tuesday turnaround. Buoyed by hopes that the tariffs are still negotiable and the US futures showing a good start at least. The market rallied across the board with a special shout out to resources with BHP up 2.3% and FMG gaining 3.5%. Gold miners were also better despite bullion falling as quarterlies beckon. NST ran 5.0% ahead, EVN bounced 5.0% and NEM up 2.7%. Lithium stocks rallied on hopes for more EV stimulus in China, PLS up 5.4% and LTR up 8.1%, short covering helped. In the uranium space, BOE saw shorts in play up 11.0% and WDS rallied 3.3% with STO up 5.4%. Coal stocks also did well, WHC up 8.7%. Banks were solid with the Big Bank Basket up to $237.69 (+2.2%). CBA up 2.8% and MQG bouncing another 3.8%. Financials generally much stronger, GQG up 6.2% and XYZ up 8.6%. ZIP announced a $50m buyback and rallied 6.7%. RETs firmed, GMG up 0.4%. Industrials were strong across the board, WES up 3.0% with JBH up 3.4% and REA doing well up 4.6%. SGH rallied 4.3% with healthcare stocks also in demand, COH up 1.2% on tariff relief, SIG up 5.3%. Tech also doing well, WTC up another 5.0% with XRO up 4.3% and the All-Tech Index up 4.5%. In corporate news, GYG said it was on track for dividend payment. WPR also better on capex required to convert stores with VEA. In economic news, Consumer sentiment fell, the RBNZ has a temporary governor in Christian Hawkesby. Asian markets recovered along China was muted after talking tough on a fightback. 10 -year yields rallied to 4.23%.
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Wall Street closed flat to slightly down in a volatile session which saw all three major indices touch their lowest levels in over a year. S&P 500 down 0.23%, Dow down 349 points, recovering from low of 1703, unable to hold on to high of 892, ended in middle of range. NASDAQ better off, up 0.10%. Most sectors down, Tech and Financials bucked the trend. Real Estate worst off, rate sensitive sector, US yields rose. Broadcom (+5.4%) jumped on announcement of $10 billion share buyback program. Apple (-3.7%)hardest hit of the Tech giants, most reliant on China as iPhones assembled there. Resources down, oil slides to near 4-year low, iron ore down as escalating US-China trade war weighs on prices.
Trading volume broke US records for the second consecutive session. It was choppy. Markets dropped on open, jumped on rumours of a delay to tariffs. The White House denied the rumour, markets fell but not to opening lows. The market is reacting quickly. It wants certainty, how permanent are these tariffs.
ASX to rise. SPI futures up 55 points (+0.75%).
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The ASX 200 dropped as expected 325 points to 7343 (4.2%). US futures pointing to another realignment of valuation with a big drop in store. Asian markets are playing some catch-up as China comes back from a holiday. Our market bounced off its low this morning of 7169 with the banks recovering some ground. The Big Bank Basket down 5.7% to $232.68, CBA down 6.2% and WBC off 5.6% with MQG turning positive after an 8% fall to close down 0.8%. Financials were squashed, GQG down 1.9% and PPT does 7.3%. QBE were hit hard as bond yields fall down 6.8%. Some winners in finance though with CGF up 8.3% on a strategic stake acquired and ASK also doing well up % on a NBIO. REITS stumbled lower, GMG down 4.3% and SCG off 3.8% despite rate falls. Industrials too under pressure, WES down 4.9% and CPU off 4.4% with QAN falling 3.7%. ALL came up lemons dropping 6.2% and retail in trouble, JBH down 5.9% and LOV off 8.3%. Travel stocks fell, and tech stocks did better than expected, with WTC actually firmer by 2.2%. The All-Tech Index down 3.1%. Resources struggled as global growth expectations were adjusted, BHP down 6.1% with FMG losing only 3.6%. Gold miners saw profit taking but off early lows, NEM down 3.5% after being down twice that. Oil and gas stocks declined as crude fell, WDS off 5.8% despite selling a US LNG business. Uranium under pressure again, PDN down 9.6% and BOE off 8.7%. In corporate news, ASK got a NBIO from Ki Corp at 147c, CGF saw a Japanese buyer take a 15% stake. Nothing on the economic front. Asian markets played catch up, China down 7.1%, HK off 12.2% and Japan down 6.7%.
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Wall St had a second major sell-off overnight as portfolio liquidations increased and China responded to US tariffs. A significant escalation in the trade war. Dow Jones down 2231 points, closing on the low again. S&P 500 down 6% and the Nasdaq down 5.8%. Retaliatory measures from China included 34% of additional tariffs, rare earth export controls and adding 11 US companies to a ‘unreliable entity’ list. Concerns that other countries will follow this precedent soured market sentiment further. All sectors lower, Energy and Financials the worst.
- For the week, Dow Jones down 3269 points. S&P 500 down 9.1% and the Nasdaq down 10%. Biggest falls since Covid for all three major indices. The ASX 200 was down 3.9% for the week.
- The non-farm payroll release was lost in the tariff dominated headlines. 228k jobs added beat estimates of a 135k increase. It’s still a pre-tariff economic number and recession fears outweighed any positive impact.
SPI down 331 - US Futures in Sunday trading down another 5% - Trump administration doubles down
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The ASX 200 tried hard but ultimately failed falling 192 points to 7668 (2.4%) for a 4.0% loss for the week. It feels like a lot more. After the drubbing of the iron ore stocks yesterday, all held up better than the market, BHP down only 0.5% and FMG off 0.6%. Elsewhere copper and base metal stocks were slashed, S32 down 5.4% with NIC off 8.0% and MIN falling 9.9%. Lithium once again under pressure, PLS down 4.9% and LTR off 3.1%. Oil and gas stocks were under serious pressure on OPEC+ moves, WDS fell 9.1% and STO down 9.4%. Uranium stocks found little support, BOE up 2.7% and PDN down only 0.7%. Some big moves in JHX down 7.8% and DNL (IPL in old money) dropping 8.2% Gold miners were mixed. GOR up 2.4% and RMS gaining 2.1% but NEM down 2.5%. Banks gave up the unequal struggle with the Big Bank Basket down to $246.87(-1.9%) and ANZ down 3.7%. MQG fell a huge 9.0% with financials under pressure. A report of hacking of some superfund managers did not help. MPL rose 1.1%. At least it wasn’t them this time. WOW and COL rose on defensive aspects, retail stumbled and REITs falling, GMG down 5.0%, WES fell 2.5% and SGH off 5.3%. Healthcare stocks eased. In corporate news, ANN bounced 3.0% after saying it would fully offset tariff rises. Nothing on the economic front. NFP in the US tonight. Asian markets muted, China and HK closed for a holiday, Japan down 3.6%
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Stocks plummeted Thursday, sending the S&P 500 back into correction territory for its biggest one-day loss since 2020, after President Trump unveiled sweeping tariffs, raising the risk of a global trade war.
The S&P500 dropped 4.84% and settled at 5,396.52, posting its worst day since June 2020. The Dow Jones Industrial Average tumbled 1,679.39 points, or 3.98%, to close at 40,545.93 and mark its worst session since June 2020. The Nasdaq Composite plummeted 5.97% and ended at 16,550.61, registering its biggest decline since March 2020. The slide across equities was broad, with more than 400 of the S&P 500's constituents posting losses.
SPI down 93 - Gold eases slightly - AUD firms - Oil dumped on OPEC + moves.
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The ASX 200 finished down only 75 points to 7860 (0.9%) as it bounced solidly from support at 7800. The extreme knee jerk reaction on the promises in the Rose Garden saw banks back on the defensive buyers list and companies with little or no overseas exposure did better. CBA rose 1.0% with the Big Bank Basket up to $251.54 (0.2%). ANZ had a shaky start after moves to increase its capital requirements, closing down 1.4% with MQG on the nose off 2.9%. Financial services copped it with GQG off 5.2% and PPT down 4.8%. ZIP remained undone as US consumer confidence woes will continue. NWL hit hard off 8.7%. REITs also reversing some recent gains, GMG off 3.7% and CHC down 4.7%. Healthcare stocks found buyers, CSL up 1.0% and PME rising 2.0%. Industrials eased, WOW and COL better on defensive buyers, WES up 0.3% and REA doing better, up 0.9%. Tech followed US tech lower, WTC off 2.7% with XRO falling 3.4%. The All-Tech Index down 1.2%.
Resources were hurt badly, BHP down 3.4% and RIO off 2.7% with MIN falling 9.5% and PLS down another 6.8%. Gold miners were boosted by bullion price rises on tariff uncertainty, NEM up 2.3% and NST up 2.1%. SPR rose 4.4% with WGX also better. Oil and gas stocks fell hard, WDS down 2.9% and BPT off 2.9%. WHC dropped 7.6% on broker downgrades and uranium still toxic, PDN down 1.3%. In corporate news, TWE reassuredno impact from tariffs. CTT smacked 14.5% on serious impact from rising tariffs.
Nothing on the economic front although the RBA released its financial stability report. Asian markets fared better than some feared, with Japan down 3.5%. China down 0.4% and HK off 1.6%. AUD stable with bond yields falling to 4.24% in the 10’s. Dow futures down 2.0%, NASDAQ futures worse at -3.1%.
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In this episode, we break down the market's sharp reaction to Trump's unexpected "Liberation Day" speech - a move that added fuel to global uncertainty.
What was meant to bring clarity has instead delivered worst-case tariffs across 60 countries, rattling markets and spooking investors. We unpack:
• Why markets fell mid-speech
• What Trump's tariff plan really means
• The impact on Australia and global growth
• How we're positioned - and what investors should consider next
This could be the start of something bigger - or just another twist in the story.
Either way, we're watching it closely.
Watch the full video here: https://www.youtube.com/watch?v=09oP_As_pVk
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Numbers largely irrelevant now. More important: Nvidia down 5% after-hours. Microsoft down 2%. Apple down 6%. Amazon down 5%.
Wall Street recorded a positive, choppy final session ahead of Trump’s tariff announcement – US futures dropped hard following Trump’s speech, average tariffs slightly higher than anticipated. S&P 500 up 0.67%, Dow up 235 points and ended near its high after recovering from an initial drop. NASDAQ up +0.87%. Volatile session as Trump’s tariffs loomed over market, announcement occurred after market closed. All sectors up. Cyclicals and Financials main winners. Tesla (+5.3%) despite Q1 deliveries of 337K well below 378K consensus as stock bounced after Politico reported Musk would step back from Washington duties. Amazon (+2.0%) submitted a bid to buy TikTok's US operations ahead of an April 5th deadline but the White House, overseeing the sale, reportedly isn’t taking the offer seriously. Mining and Energy stocks are down. Mixed session for Copper and Gold stocks.
SPI Futures up 42 points (+0.53%) before Trump's speech. ASX to fall following US futures tumbling following Trump's speech.
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The ASX 200 pushed 9 points higher to 7934 (0.1%) in defensive quiet trade ahead of Liberation Day. Money flowed into banks and REITs with resources under pressure on global growth fears. BHP gave back 1.5% with RIO off 1.7% and FMG down 1.6%. Lithium stocks poleaxed again, PLS down 3.1% and LTR falling 4.3%. Gold miners too under pressure as AUD rallied and bullion steady, profit taking in NEM down 2.1% and RMS off 3.8% with VAU down 3.3%. Uranium remains in fallout mode with PDN down 3.3% and BOE down 3.4% with nearly 25% of the company shorted now. Coal stocks fell and oil and gas slid, WDS down 1.5% and STO off 0.4%. Meanwhile banks firmed again, the Big Bank Basket up to $250.98 (1%). CBA up 1.0% and other financials also doing well, NWL up 1.9% and MPL rising 2.2%. REITs also in demand, GMG up 3.1% and CHC up 3.2%. TLS continues to creep higher up another 1.2% with retail better too. JBH up 1.5% and MYR rising 0.8%. Even DMP rose 2.5%. Tech better as WTC continued to find friends up 1.1%. CPU dropped again down 4.1%. QAN off 2.5%. In corporate news, new CEO at KLS set to shake things up by trying to sell tourism assets, RPL wrote down its OPT to zero! SGR has failed to secure a $750m lifeline from Salter Brothers and WBC has a new chief people officer. Nothing on the economic front. Asian markets in wait and see mode. 10-year yields steady at 4.41%.
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The S&P 500 climbed on Tuesday in another volatile session as the market awaited clarity from President Donald Trump regarding his tariff policy rollout. Wall Street also faced pressure from weaker-than-expected economic data.
The broad market index added 0.38% to close at 5,633.07, while the Nasdaq Composite gained 0.87% and ended at 17,449.89. The
Dow Jones Industrial Average slipped 11.80 points, or 0.03%, to settle at 41,989.96. The S&P 500's whipsaw moves follow a similar pattern of trading from Monday.
SPI up 28 - Gold steady - Iron ore at Three-Week high.
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The ASX 200 rallied hard despite negative US futures with a 82-point gain to 7925 (+1.0%). The RBA left rates on hold as expected. Banks were the turn around story with CBA up % and the Big Bank Basket up to $248.66 (1.2%). REITs also in demand as GMG bounced 2.7% and SCG up 1.8%. Financials services still under some pressure, IFT down 1.4% and ASX off 3.0%. Industrials generally firmed, WES up 1.3% and WOW and COL better; Retail was back in demand, as retail sales numbers were released, JBH up 1.1% and PMV up 0.9%. Tech was better, WTC up 2.3% and XRO up 1.2% with ORG rallying 2.7% on news from Earring power station. JHX remained under pressure as the recent acquisition plan continues to spur selling, down 3.9%. Resources were back in demand, BHP bouncing % and FMG up %. Gold miners limped higher, NEM up 1.1% and RMS better by 0.8%. EVN doing well up 1.7%. PLS crumbled 5.5% again as shorts took control, MIN fell 0.8% and LTR down 6.4%. Oil and gas positive as crude rose, WDS up 1.7% and STO up 1.7%. Uranium under pressure again. In corporate news, AVJ gained 8.3% as it agreed terms with AVID. Looks like Virgin is heading for a June listing. On the economic front, retail sales rose 0.2% slightly below forecasts. Asian markets better across the board, Japan up 0.2%, China up 0.3% and HK up 1.1%. 10-year yields steady at 4.41%.
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The S&P 500 rallied back from early losses on Monday to end the session higher, as traders nervously looked ahead to President Donald Trump’s tariff plans. The broad market index added 0.55% to close at 5,611.85. At one point, it fell as much as 1.65% and traded 10% below its record. The Nasdaq Composite fell 0.14% and closed at 17,299.29. The Dow Jones Industrial Average advanced 417.86 points, or 1%, to settle at 42,001.76.
The S&P 500 fell 5.8% for the month, posting its biggest monthly slide since December 2022. The Nasdaq lost 8.2% in March, while the Dow has fallen 4.2%.
SPI up 67 - Gold hits record - RBA not expected to move.
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The ASX fell 139 points to 7843 (-1.7%). Tariff and global growth fears weighed as Asian markets saw profit taking, Japan off 3.8%. Some patches of green with the banks holding up better than expected, CBA up 0.3% but MQG off 3.4% though with the Big Bank Basket down to $(%). Financials geared to the market were in trouble across the board, GQG fell 2.8% with the ASX in trouble with ACCC and ASIC off 2.8%. PNI fell 4.0% with ZIP dropping 7.7% on US consumer slowdown. AMP also falling 3.5%. REITs slid, GMG dropped 2.9% with SCG down 2.0% and industrials also falling. TLS fell only 0.5% on defensive perceptions, CPU down 2.7% and retail sliding, JBH off 1.9% and PMV falling 2.8%. ARB dipped another 3.1% with DMP down 4.6%. ‘Old Skool’ platforms also under pressure, REA dipped 3.3% on news NEC were in DD for the CoStar bid, SEK down 4.0% and the All-Tech Index down 2.2%. WTC rallied 1.5% as it named two new directors. Resources which had done better last week, cast all that asunder and we saw selling in the iron ore stocks, BHP down 3.8% and FMG off 4.0% with lithium under pressure, PLS off 8.2% with LTR falling 4.6%. Gold miners were mixed despite gold heading through $4900. WGX fell 1.4% and NST down 1.7%. Oil and gas also lower, WDS off 2.9% and KAR dropping 5.1%. Uranium stocks were knocked over again, PDN down 5.7% and NXG off 7.3%. In corporate news, DHG was the big one today, down 1.6%. Todd Sampson quit the QAN board, and HMC fell 5.8% as talks emerged of ambitions on Healthscope. Nothing locally on the economic front. Asian market fell hard, Japan under serious pressure, off 3.8% with China and HK down 1.7% and 1.0% respectively. 10-year yields around 4.39%
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Wall St sold off on Friday after new economic data reignited tariff driven stagflation concerns. Dow Jones down 401 points, closing on the low. S&P 500 down 2% and the Nasdaq down 2.7%. Discretionary stocks and Big Tech were hardest hit. Already in a sentiment low the mega-cap names fell. Microsoft (-3%), Apple (-2.7%), Amazon (-4.3%), Meta (-4.3%). Big Chips fared slightly better (still fell). They had underperformed all week. Financials, Materials and Defensives also dropped. Utilities were the only sector to finish in the green. REITs and Health Care near flat. For the week. S&P 500 down 1.5% and the Nasdaq down 2.6%.
SPI down 91 - DHG agrees bid
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The ASX 200 finished the day up 0.2% and up 0.6% for the week. Consumer Staples, Energy and Industrials the leading sectors. Materials and Utilities also did well. It was an excellent session for Gold following the rise in bullion overnight, reaching a fresh record high, with BC8 up 20%, TCG up 14%, RMS up 7%.
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The Dow Jones Industrial Average dropped 155.09 points, or 0.37%, to end at 42,299.70. The S&P 500 declined 0.33% to close at 5,693.31, and the Nasdaq Composite slid 0.53% to settle at 17,804.03.
Shares of several automakers declined on the announced 25% tariffs on “all cars that are not made in the United States,” which will go into effect on April 2. General Motors pulled back more than 7%, while Ford slipped nearly 4%. Elon Musk’s Tesla added 0.4%, however. Several Wall Street analysts see Tesla as a relative beneficiary of Trump’s auto tariffs given the company’s domestic production.
SPI down 8 - Gold better again - Election 3rd May.
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The ASX 200 dropped 30 points to 7969 (0.4%) as the banks came under a little pressure on car tariffs in the US. The Big Bank Basket rose to $245.27 (+0.1%). Financial services also under some pressure as the OPT fall out continues. MQG down 1.1% and GQG off 1.8%. PNI also falling 3.5%. REITs also under some pressure with GMG falling 4.0% as data centre growth seems to be questioned. SCG off 1.4% and GPT down 2.0%. Tech is also under pressure with WTC off 2.0% as AussieSuper sells out on government issues. The All -Tech Index down 2.6%. REA and CAR fell too with DHG down 4.9% on CoStar revised bid being best and final. Retail down too with car stocks sliding, APE off 2.7%, BAP down 2.5% and ARB down 2.0%. Resources were holding their end up, gold miners pushing ahead again, NEM up 0.7% and NST up 0.8%. GOR rose 3.9% as shareholders urged the board to engage. LTR up 1.5% and MIN slightly firmer. BHP, RIO and FMG seeing small gains. JHX finding some support up 2.1% with uranium shorts back in control. BOE falling 5.0% and NXG off 0.3%. Oil and gas better WDS up 1.5%. In corporate news, TRS soared 109.5% on a huge premium bid from Dollarama. RPL fell another 8.9% as OPT fall out continues. DVP quashed rumours on BGL contract. Nothing significant on the economic front although it looks like Albanese will call an election tomorrow for May 3rd. Asian markets were weaker with car makers under pressure. Japan down 0.9%, HK up 1% and China up 0.4%. 10-year yields 4.50%
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The S&P 500 lost 1.12% and ended at 5,712.20, while the Dow Jones Industrial Average fell 132.71 points, or 0.31%, to close at 42,454.79. The tech-heavy Nasdaq Composite shed 2.04% and closed at 17,899.01, as Nvidia shares dropped nearly 6%.
Major tech names such as Meta Platforms and Amazon dropped more than 2%, while Alphabet lost more than 3%. Tesla slid more than 5%.
SPI down 37 - Car tariffs announced - US Futures drop - TRS bid at 112% premium.
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The ASX 200 pushed up 57 points to 7999 (0.7%) after a better lead from the US and benign CPI numbers. Banks once again leading us higher with the Big Bank Basket up to $245.09 (+1.3%). ANZ bouncing back from the big sell down yesterday. Other financials also in demand, MQG up 0.5% and ASX up 1.3% as volumes pick up. REITs better led by GMG up 1.0% and SCG rising 3.3% on Budget news and CPI. Industrials also feeling the love, WES up 0.7% and TCL rising 2.0% with WOW and COL rising 1.7 and 1.5%. Retail was mixed with SUL off 0.8% and LOV falling 1.7% as JBH bounced back 2.5%. Tech was mixed, WTC up 0.3% and XRO down 0.2%. Resources were a happy place as US copper hit record levels. BHP and RIO doing well with FMG up 0.8%. Gold miners were back in demand, NEM up 1.1% and SPR doing well up 4.9% on a RMS upgrade. BGL in a trading halt pending another production issue. MIN bounced 1.8% with LTR up 4.0%. PDN collapsed 11.6% as more issues with rain and production in Namibia, BOE off 4.0% and NXG falling 2.9%. Both WDS and STO were firmer. In corporate news, TUA fell 7.5% on disappointing results, VUL up 12.8% on EU critical project status. WOR CFO resigned. In economic news, CPI fell to 2.4% perhaps opening the door for a rate cut. Budget had no impact. Asian markets mixed again, Japan up 0.8% and HK finding support up 0.3% with China flat. 10-year yields rising to 4.47%.
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The S&P 500 posted a slim gain on Tuesday as investors built on the previous session’s gains, which were largely sparked by hopes of U.S. tariffs being narrower in scope.
The broad market index added 0.16% to close at 5,776.65, while the Nasdaq Composite gained 0.46% and ended at 18,271.86. The Dow Jones Industrial Average crept higher by 4.18 points, or 0.01%, to settle at 42,587.50.
SPI up 47 - Budget dominates news - Nothing to see here. Quarter end beckons.
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The ASX 200 gave up strong gains to finish up 6 points at 7943 (0.1%) as US futures turned slightly negative. Banks were mixed with ANZ sold off by 3.2% and CBA up 0.7%. The Big Bank Basket down to $242.05 (-0.1%). MQG had a good day, up 2.6% as financials generally did well. RPL came clean with its exposure to OPT. VG1 rose 0.6% with RF1 down 2.4%. REITs did well, SGP up 0.8% with SCG up 0.9%. Healthcare too in demand, CSL up 1.4% and RMD up 1.5%. Industrials generally firmed, JBH up 1.0% and WTC bouncing 3.8% with the All-Tech Index up 1.1%. REA and CAR bouncing back on tech enthusiasm.
Resources mixed again, BHP off 0.7% with FMG sliding 1.3%. Gold miners were slightly better with news of a bid for GOR dominating the sector. GOR rose 13.9% with GMD up 0.6% and SPR up 1.2%. Lithium stocks under some pressure, LTR down 3.9% and MIN back 1.0%. JHX continued to slide, 5% down. Oil and gas stocks firmed with uranium buyers getting a note from their parents to avoid buying. PDN fell another 2.4% with NXG running hot on drill results, up 5.8%. In corporate news, NHC fell 3.6% after downgrading its convertible bond conversion price.
Nothing on the economic front ahead of the Budget tonight. Asian markets saw sellers hit HK down 2.2%, China down 0.2% and Japan up 0.2%. 10-year yields steady at 4.43%.
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Stocks jumped Monday on optimism that President Donald Trump may hold back from implementing some of his wide-ranging tariff plans and so the U.S. could skirt an economic slowdown from a protracted trade war.
The Dow Jones Industrial Average jumped 597.97 points, or 1.42%, to end at 42,583.32. The S&P 500 added 1.76% and closed at 5,767.57, while the tech-heavy Nasdaq Composite gained 2.27% to settle at 18,188.59.
SPI up 36 - Gold slips slightly - Budget tonight
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The ASX 200 rose 6 points to 7937 (0.1%) in quiet trade ahead of the Budget. Banks were firm with the Big Bank Basket at $242.34 (+1.5%). Tariff proof fenced perhaps. CBA up 1.4% and insurers better too, QBE up 0.3%. REITs were a little mixed, GMG down 0.6% and SCG rising 0.6%. RPL was smashed 14.8% on news from OPT that it had missed Phase III end point. RPL owns 32% of the biotech. In the industrials, WOW and COL both giving back some of the optimism from Friday’s ACCC report. Tech stocks also under pressure, WTC down 2.9% and 360 falling 4.4%. The All-Tech Index down 0.5%. Retail weaker, PMV down 2.9% with NCK off 2.0% and MYR down 2.1%. WES rose as did JBH.
Resources were a mixed bag of lollies. BHP fell 0.6% with FMG up 3.2% on some broker upgrades. Gold miners were mixed, VAU down 3.2% with NST off 1.3% and BGL dropping 12.8% on change in substantial holding. MIN bounced 6.9% as the haul road reopened. Oil and gas flat, coal eased, NHC down 4.4% and WHC off with uranium sellers back. BOE down 3.5% and DYL falling 1.8%. In corporate news, JHX announced a huge US merger and dropped 14.5% on the news. HLI fell 25.6% as CBA said it may not renew its contract. SM1 curdled 12.0% on unimpressive results.
Nothing on the economic front. Asian markets flat. 10-year yields back up to 4.42%.
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Another quiet night on Wall Street which saw growth outperform value after some Trump comments sparked a small, late rally. Dow Jones and the S&P near flat, closing near the high. Nasdaq up 0.5%. All three indices notched small weekly gains. Dow Jones the best up 497 points. Trump said he is going ahead with the April 2 tariff date but there may be some flexibility on the terms. His ‘top trade chief’ Mr. Greer plans to meet with Chinese counterparts next week. The market reacted positively. Nothing significant on the economic front. Bond yields were close to unchanged. US 2Y and 10Y down 7bp for the week. A bit of Fed speak echoed comments from Powell. Policy remains restrictive which is the correct stance given current economic uncertainty. Bitcoin down 0.6% after another volatile week. European stocks lower.
SPI down 41 - JHX in mega-merger with AZEK. Budget looms.
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The ASX 200 put on another 13 points to 7932 (0.2%) after a tentative start. 2% up for the week. Banks were sold with the Big Bank Basket unchanged at $238.82. CBA flat. MQG saw some profit taking, other financials also flat, GQG down 1.4% and HUB off 1.8%. REITs once again in demand, SGP up 0.8% with VCX up 2.4%. Industrials were firm but unexciting, WOW and COL rallied hard on ACCC news, CPU up 3.7% and retail doing ok again, PMV up 3.9% on an update. JBH bounced back a little too. Tech was a little soft, WTC off 0.5% with the All-Tech Index down 0.7%.
Iron ore stocks were firm despite falls in the iron ore price. BHP up 1.1% and RIO up 0.9%, maybe copper more a factor. Lithium stocks were depressed, PLS fell 5.1% and uranium squeeze continues, BOE up 6.7%. Gold miners slid on some fatigue in bullion. GOR down 3.3% and NST off 0.6%. In corporate news, PDN dropped 4% as the rains came down in Africa. CSC lifted 0.7% after announcing plans to issue $500mn worth of senior unsecured bonds and EMR crashed 3.85% on a production miss.
Nothing locally on the economic front as we head into the Budget next week. Asian markets seeing sellers win, China down 0.9%, HK off 2% and Japan back from another holiday up 0.6%. 10-year yields steady at 4.41%.
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The S&P 500 slipped on Thursday as uncertainty around the U.S. economy continued to weigh on equities, thwarting the market’s attempts at recovery from a month long rout.
The broad market index pulled back 0.22% to close at 5,662.89. The Nasdaq Composite slid 0.33% to end the day at 17,691.63, weighed down by losses in Apple and Alphabet. The Dow Jones Industrial Average inched down 11.31 points, or 0.03%, and closed at 41,953.32.
SPI down 17 - Gold consolidates
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The ASX 200 rose 91 points to 7919 (1.2%) as the Fed soothes nerves. Banks did well with the Big Bank Basket up to $238.79 (+1.9%). MQG bouncing hard, up 3.8% as a market player. Other financials also doing well, GQG up 2.8% and NWL rallying 4.6%. CGF put in a stellar day up 5.7%. REITs also rallying hard, GMG up 2.8% and SCG up 2.5% with industrials seeing bargain hunters. ALL up 2.3%, CPU up 2.2% and SGH doing better up 1.9%. Retail showing signs of life, JBH up another 3.1% with WES up 0.9% and WEB rising 3.9%. MYR struggling after the recent robo update. Tech better, WTC up 2.5% and XRO doing well as the All -Tech Index rose %. Resources out of favour today. BHP down 1.1% and FMG tumbling another 3.3%. Gold miners better as bullion held records, NST up 3.1% and GMD up 3.2% with GOR bouncing back 2.1%. Lithium stocks saw the shorts stay their hand, LTR down 4.8% and PLS off 2.5%. MIN continue to disappoint, down 2.1%. Uranium stocks finding buyers again. DYL up 5.2% and BOE up 8.4%. Have we seen the bottom here? In corporate news, NANrose 14.0% after US regulators approved its tool designed to clean endoscopes. ARU bumped 2.7% higher on an offtake deal and CWY jumped 2.0% on an acquisition. TPG also got the Vocus nod, up 5.9%. On the economic front, unemployment came in at 4.1%. Pretty much in line. Asian markets saw some profit taking. Japan down 0.3%, China off 0.4% and HK down 1.2%. 10-year yields slipped to 4.38%.
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Wall St had a good session overnight with all key indices up. US stocks bounced on the Fed leaving interest rates unchanged and a hint that it will still reduce rates by half a percentage point this year. NASDAQ up 1.41%. S&P 500 up 1.08%. Dow Jones up 383 points or 0.92% within a medium trading range.
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The ASX 200 fell 32 points to 7828 (0.4%) after a failed rally attempt petered out. Losses across the board with the banks under pressure again, the Big Bank Basket slipping to $234.26(-0.7%). MQG down again off 0.9% with other financials sliding lower, PNI down 5.4% and MFG off 1.8%. REITs down led by GMG off 1.6% and SCG down 1.5%. Industrials also under pressure, ALL off 1.6%, QAN falling 2.7% with tech stocks falling, WTC down 2.3% on the governance update. Utilities also gave up some recent gains, ORG down 1.9% and AGL off 2.0%. Retail was mixed, LOV down 3.3% but JBH found friends on a broker note, up 3.6%. Travel stocks dropped, WEB down 2.9% and CTD off 2.8%.
Resources fared slightly better in places, BHP unchanged, RIO off 0.7% and FMG falling 1.0%. Gold miners were mixed despite a push above $3000, EVN off 0.9% and GOR off 4.0%, falling again. SPR fell 1.4% and GMD off 1.1%. NEM up 1.0%. Lithium stocks bid higher but lost momentum, LTR up 2.1% and MIN smashed 3.9% on another accident on its haul road. Well off its lows. Uranium stocks doing well today as shorts continue to cover, DYL up 4.5% and BOE up 3.3%. In corporate news, MYR dropped 1.3% on flat sales. DDR dropped down 1.4% as David Dicker sold down his holding, CMM off 4.2% as it unwound its hedge book.
Nothing locally on the economic front, the BoJ kept rates unchanged. Fed to come. Asian markets firm but uninspiring, Japan up 0.6%, China down 0.1%, HK up 0.2%. 10-year yields steady at 4.41%.
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Stocks pulled back Tuesday as a sell-off that has engulfed Wall Street in recent weeks resumed after two straight winning sessions. The Dow Jones Industrial Average lost 260.32 points, or 0.62%, closing at 41,581.31. The S&P 500 shed 1.07%, ending at 5,614.66. The broad market index concluded the day 8.6% off its closing high reached in February, bringing it near correction territory. The Nasdaq Composite dropped 1.71% and settled at 17,504.12. Tesla, one of the stocks hardest hit during the market’s recent correction, was down yet again on Tuesday. The stock fell more than 5%.
SPI down 52 - Gold hits record - Splashdown.
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ASX 200 finished up only 6 points to 7860 (0.1%) as enthusiasm waned ahead of the Fed.US futures negative again. Banks slid with NAB and MQG under pressure, the Big Bank Basket down to $235.85 (-0.1%). REITs were solid with GMG up 1.1% and GPT up 0.9%. Industrials were mixed, ALL fell 2.8% with JBH off another 2.2% but WOW rose 1.2% with TLS quietly creeping higher. QAN jumped 2.5% with tech going nowhere. The All-Tech Index flat, XRO down 0.8%. Resources too were mixed, gold hit its 12th record this year, NEM up 2.5%. GOR fell 4.9% on production downgrades, GMD up again, 2.0% with VAU finding friends too. Lithium stocks still seeing shorts cover, LTR roared up 5.1% and PLS up 1.3%. MIN added to yesterday’s gains up 1.5% with iron ore stocks down slightly. Oil and gas stocks a little better, Uranium seeing small gains, and coal dominated by good results from NHC up 8.9%. In corporate news, ASB rose 7.6% as Hanwha raided the register. Nothing on the economic front, Asian markets stronger again, Japan up 1.4%, HK up 1.8% and China up 0.2%. 10-year yields 4.39%, little changed.
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Stocks rose on Monday, building on their comeback from a four-week rout on Wall Street exacerbated by President Donald Trump’s chaotic tariff policy rollout and falling consumer confidence.
The S&P 500 gained 0.64% to close at 5,675.12, while the Nasdaq Composite climbed 0.31% and ended at 17,808.66. The Dow Jones Industrial Average also advanced 353.44 points, or 0.85%, to end at 41,841.63. The 30-stock index was bolstered by gains in Walmart and International Business Machines. All three of the major averages posted back-to-back gains.
SPI up 53 - ASB raided by Hanwha - FOMC beckons.
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The ASX 200 rose another 64 points to 7854 (0.8%) with the banks finding bargain hunters, CBA up % and ANZ rallying % as the Big Bank Basket hit $236.48 ( +1.2%). Financials were mixed, MQG up 1.3% with GQG down 0.5% and PNI rallying 3.2%. REITs were flat as GMG rose 0.3%. Industrials a mixed picture, QAN down 0.9% and WOW and COL slipping slightly, Tech mixed, WTC down 0.6% and XRO up 1.0%. Retails stocks firmed, LOV up 4.2% and PMV rising 1.3% with DMP up 3.6%. Footy has started perhaps! MYR also had a good day, up 3.3%. Resources were the stand outs, BHP up 2.4% and FMG rallying 4.2%. Lithium shorts scrambling to cover with MIN up 11.6% as UBS upgraded. PLS rallying 7.1%. LTR also doing well, roaring 6.2% ahead. Gold miners were slightly better, GMD up 1.8% and SPR rose 9.1% as RMS made its move to merge. Oil stocks formed, WDS up 1.9% and coal better too, WHC up 2.5% with uranium stocks finding a little love. In corporate news, the NAB CFO has switched banks to WBC, SMP jumped 47.1% on news TYR and another was looking at a bid. Nothing on the economic front, Asian markets pushed hard, Japan up 1.3%, HK up 1.3% and China flat. 10-year yields 4.41%.
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Happy St Patrick's Day
Solid bounce on Wall St om Friday. Dow Jones up 675 points closing near the high. S&P 500 up 2.13%. Nasdaq the outperformer. Up 2.6%. Its best session since November. Boosted by both Big Tech and Big Chips. That said…there was no new macro-catalyst for the buying. Sometimes the only reason the market needs for a bounce is that things get oversold. For the week, the Dow Jones lost 1314 points, S&P 500 down 2.3% and the Nasdaq lost 2.4%. Our market fell 2%, leading the bounce in global stocks with a 0.5% rise yesterday.
Consumer sentiment and inflation expectations aligned with the Trump tariff/stagflation uncertainty narrative. Both coming in worse than expected, hitting levels not seen since November 2022. On the positive side, the Senate passed a stopgap spending bill to avoid yet another government shutdown.
SPI up 85 points. SPR/RMS to merge
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A solid end to the week with the ASX 200 up 41 points to 7790 (0.5%). For the week the ASX 200 is down 2%. Resources leading the charge higher and Asian markets soaring. Banks flat with the Big Bank Basket down to $233.56 (-0.7%). Insurers gained a little QBE up 1.2% and financials generally better, GQG up 1.4% with MQG rallying 0.8%. REITs were better generally, SCG up 0.9% and GPT up 1.4%. Industrials also saw bargain hunting, WES up 0.8% with BXB up 0.8% and utilities bouncing, ORG up 1.9% and TWE up 1.9% on wine tariffs. Healthcare also back in demand, SIG rising 2.9%. Tech slightly better, TNE up 2.1%.
Resources were the stars today, iron ore miners finding some love with BHP up 1.1% and FMG up 2.7%. Gold miners celebrated record gold prices, NST up 2.8%, NEM up 5.7% and EVN up 4.6%. Lithium stocks also saw gains with PLS up 4.3% and MIN gaining 0.9%. MLX soared 22.2% as tin prices erupted as a mine in Africa closed. Even uranium stocks managed a small bounce, PDN up 2.2% and BOE up 4.5%. In corporate news, MYR announced some C-Suite changes. CYL up 5.2% after initiating production at Plutonic.
Nothing on the economic front. Asian market bouncing hard. Japan up 0.9%, HK up 2.5% and China up 1.8%. 10-year yields steady at 4.42%.
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Stocks fell on Thursday, with equities unable to shake a three-week market rout under the weight of new tariff threats from President Donald Trump.
The S&P 500 dropped 1.39% to settle at 5,521.52. The index ended the day in correction, 10.1% off its record close. The Dow Jones Industrial Average fell 537.36 points, or 1.3%, marking its fourth day of declines and closing at 40,813.57. The Nasdaq Composite shed 1.96% with shares of Tesla and Apple lower.
SPI down 12 - Gold hits record - Copper at Nine-month high - Iron Ore rallies
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The ASX 200 turned turtle after a promising start and closed down 37 points at 7749. (0.5%). Market heavyweights led us lower with the banks under pressure again, the Big Bank Basket fell to $235.18. WBC off 1.5% and CBA down 0.6%. MQG dropped another 1.2% and insurers slid, SUN off 1.4%. REITS firmed, GMG finding bottom feeders up 1% and SCG rising 0.3%. Healthcare mixed, RMD continuing to fall, down 1.6% and FPH off 1.5%. Industrials fell too, WES off 0.8% and ALL down 0.7% with retail under some pressure, JBH falling 1.4%. Electricity prices are set to rise around 9% on the east coast. PMV off 2.4% and APE falling 2.5%. In resources, Macquarie downgraded coal and coal stocks, WHC down 5.8% and YAL ex div off 12.6%. Iron ore stocks slid too, BHP off 1.8% and FMG down 0.5%. Gold miners doing well today, NEM up 0.9% and NST up 2.5%. Lithium stocks also finding some friends, PLS up 1.8% and MIN moving 3% higher. Oil and gas stocks slightly firmer, uranium stocks also in the green, PDN up 1.8% and BOE up 1.8%. In corporate news, SLH fell 22,2% as the ACCC said they had some concerns on the DP World takeover. NEC appointed Matt Stanton as chief executive. Nothing on the economic front. Asian markets mixed Japan up 0.3%, HK down 0.7% and China falls 0.4%.10-year yields ease to 4.42%.
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The Nasdaq Composite rose on Wednesday after a soft inflation report eased concerns about the economy and as investors snapped up beaten-up technology shares. The Nasdaq added 1.22% and closed at 17,648.45, while the S&P 500 gained 0.49% to end at 5,599.30. The Dow Jones Industrial Average slipped 82.55 points, or 0.2%, to settle at 41,350.93.
US CPI 0.2% below expectations SPI up 18 - Gold and oil firm.
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Another day, another drubbing as the ASX falls 104 points to 7786 (1.3%) with banks soggy again. The Big Bank Basket down to $236.66 (-1.7%) with NAB and WBC the worst affected. MQG dropped another 1.4% with ASX off 3.8% despite good volumes recently. GQG fell 2.4% and CGF off 1.5%. REITs also in the seller’s sights, GMG bucked the trend, up 0.5% and SGP off 1.0% with healthcare under pressure as the holy trinity of CSL, RMD and COH all lost ground. Industrials found it tough going today, TCL fell 1.9% with WES off 2.6% and BXB down 2.6% with ALL slipping 1.6%. Retail once again saw selling, JBH off 1.0% and NCK down 3.5%. Travel stocks all fell, significantly as did gaming stocks, tech slipped with WTC down 1.7% and XRO off 1.1% as the All-Tech Index dropped 1.1%. Resources were again a mixed bag; gold miners rallied but somewhat muted, RMS fell 8.7% on a disappointing mine plan, EVN rose 0.8% and NEM was up 1.5%. BHP and RIO all fell 1.8% with FMG finding some friends up 1.5%. Lithium remains depressed and uranium stocks mixed. PDN up 2.7% and DYL up 3.2%. Oil and gas stocks eased back. In corporate news, IPH fell 10.0% as the CFO quit. Nothing on the economic front with US CPI due tonight. Asian markets eased slightly and 10-year yields rose to 4.43%. US Futures slightly positive.
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US stocks closed lower on Tuesday after a volatile session, extending their losses from Monday.
The S&P 500 slipped 0.76%, closing at 5,572.07. The Dow Jones Industrial Average tumbled 478.23 points, or 1.14%, finishing at 41,433.48. The Nasdaq Composite slipped 0.18% and ended at 17,436.10.
ASX SPI fell 75 - Gold rallies - Tariffs hit Australia - Commodity prices rally slightly.
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The ASX dropped hard and bounced a little closing down 72 points at 7890 (0.9%) after touching 7818. Banks were the turnaround story with the Big Bank Basket down to $240.73 (0.2%). MQG suffered as US investment banks have sunk. Other financials were also sold down hard, GQG off 3.2% and XYZ falling 6.3% with insurers slipping lower as government warns on Alfred issues. REITs fell back to earth, DGT dropped 7.4% on a broker downgrade, as HMC fell 9.7% too, SCG off 0.9%. Industrials slipped across the board, QAN fell 8.9% with it ex-dividend too, SGH down 3.2% and CPU falling 3.6%. Retail under pressure, JBH down 2.5% and TPW sliding 3.7%. Travel stocks took their cue from Delta Airlines, CTD off 0.5% and FLT falling 3.6%. Tech was also on the nose for obvious reasons, WTC down only 1.9% after bouncing hard off the lows, XRO saw no real bounce with the All-Tech Index down 4.0%. Resources was an interesting space. BHP and RIO both rallied hard, gold miners fell hard despite bullion prices picking back up. NST fell 1.9% and NEM dropped 2.6%. Lithium stocks under pressure as usual, oil and gas stocks better, WDS up 1.2% and uranium remains under a toxic cloud. In corporate news, NIC saw a large block trade causing a drop of 19.9% combined with possible tax changes. ASB in a trading halt as it seeks $200m at 380c together with a founder partial sell down. PNV lost its CEO and more value, GYG fell 2.2% on details of recently released escrow stock. In economic news, consumer confidence rose in March. In Asia, Japan down 1.3%, HK off 0.8% and CSI China off 0.6%. 10-year yields 4.36%.
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The S&P 500 shed 2.7%, touching its lowest level since September at one point and closing at 5,614.56. The tech-heavy Nasdaq Composite saw the sharpest decline of the major averages, falling 4% for its worst session since September 2022 and closing at 17,468.32. The Dow Jones Industrial Average dropped 890.01 points, or 2.08%, ending at 41,911.71. The S&P 500 is off 8.7% from its all-time high reached Feb. 19, and the Nasdaq is off nearly 14% from its recent high. A 10% decline is considered a correction on Wall Street.
SPI down 70 - Gold eases - Bitcoin falls - Yields ease.
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A quiet muted start to the week with the ASX rising a modest 16 points to 7964 (0.2%) as US futures pointed to another tricky US session ahead. Banks were flat with the Big Bank Basket easing to $241.33 (-0.3%). MQG down another 0.4% with insurers looking better as Cyclone Alfred was downgraded. REITS improved led by GMG up 0.6% with some bottom fishing taking place. Industrials a mixed bag too, QAN off 1.7% and ALL down 0.5% with retail steady, APE rose 3.3% with JBH up 0.8%. Some buying in BXB and CPU with TLS off 1.0%. Tech stocks mixed, WTC off 1.1% and XRO up 0.6% with the All-Tech Index up 0.1%. Resource stocks were generally firmer, BHP rallied 0.6% with RIO doing very well up 3.1% as the capital raise looks to have been put on ice. FMG still struggling. Gold miners still in demand, NEM up 0.6% and VAU up 3.7%. MIN had a good day up 3.3% with PLS rallying too. Oil and gas stocks also finding friends, WDS up 1.9% and BPT up 4.1%. Uranium still toxic, BOE down 3.9% and NXG off 1.4%. In corporate news, GQG were off 0.9% on FUM, JLG fell 12.5% on index changes due on March 25th. SGR looks to have had a last-minute rescue attempt from Bally although it remains in a trading halt. Nothing on the economic front. Asian markets mixed, China down 0.9% and HK off 2.1% with Japan up 0.3%.10-year yields at 4.44%.
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Wall St managed a small bounce overnight. Positive Broadcom results boosting sentiment. S&P 500 rose 0.55%, closing near the high. Dow Jones up 223 points and the Nasdaq outperformed. Up 0.7%. Volatility remained high. The VIX index down 6% but finished up 20% for the week. The main events were Powell giving a mixed speech on the economy, non-farm payrolls coming in a touch below estimates and Trump hosting a crypto summit at the white house. Weekly moves for the Dow Jones, S&P 500 and Nasdaq were -1039 points, -3.1% and -3.45%.
SPI up 69 - US Futures opening 135 points weaker - SGR deals in Media
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The Dow Jones Industrial Average slid 427.51 points lower, or 0.99%, to 42,579.08, after falling more than 600 points at session lows. The S&P 500 tumbled 1.78% to 5,738.52. The Nasdaq Composite dropped 2.61% to 18,069.26, officially closing in correction territory, which is when an index falls 10% from a recent high.
SPI down 79 - Gold and oil steady - IFL gets 500c bids.
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The ASX 200 continued to struggle down 46 points at 8095 (0.6%) as stocks going ex -dividend weighed. Banks eased yet again with CBA off 1.8% and WBC down 0.9% as the Big Bank Basket fell to $248.82 (-1.1%). MQG off another 0.4% as one broker downgraded. Insurers also in the eye of the cyclone, SUN down 1.0% and QBE dropping 1.3%. REITs eased back, GMG down 0.2% and SCG off 0.9%. Industrials also lost ground, WES fell 1.6% with WOW and COL slipping, QAN down 2.0% from heady highs and TLS slid 1.0%. REA was a positive today up 4.3%. Tech mixed again, WTC up 4.7%. In resources, RIO Ex dividend knocked 2.2% off, BHP down 0.8% after it went Ex, gold miners better, NEM up 1.4% and EVN up 2.7% on copper exposure too. SFR ran 4.8% on its copper exposure, MIN bounced 2.6% and WAF jumped 11.9% on production upgrades. Oil and gas stocks on the nose as crude hits 3-year lows, WDS down 4.7% (XD) and STO off 1.9%. Uranium stocks feeling slightly perkier, BOE up 1.3% and PDN up 1.1% on some broker upgrades. On the corporate front, AMC dropped1.6 % on plans to reorganise it business. AUD has had its best week since 2023. LTM now delisted. SGR looks to HK for a bail out as Brisbane casino set to be sold. On the economic front, Building approvals rose 6.3%. Asian markets remain firm, Alibaba helping Japan up 0.9%, HK up 2.6% and China up 1.3%. 10-year yields back up to 4.48%.
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Stocks rose on Wednesday, staging a recovery rally after back-to-back losses as investors hoped that an exemption for automakers to President Donald Trump’s controversial tariffs opened the floodgates for more concessions.
The Dow Jones Industrial Average rebounded by 485.60 points, or 1.14%, to finish at 43,006.59, regaining ground after plunging more than 1,300 points over the last two sessions. The S&P 500 added 1.12% to 5,842.63, while the Nasdaq Composite climbed 1.46% to 18,552.73. Stocks took a leg up after the White House said it granted a one-month delay for tariffs on automakers whose cars comply with the United States-Mexico-Canada Agreement.
SPI up 17 - Gold steady - Oil falls again
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The ASX 200 dropped another 57 points to 8141 (-0.7%) partially ignoring a decent rally in US futures as Trump gave his State of the Union address. China now targeting 5% GDP growth in a separate proclamation. Banks dragged us down with the Big Bank Basket down to $251.84 (-1.0%). CBA down 0.9% and MQG off 1.3% with XYZ continuing to stumble down another 4.1%. REITs slipped lower, VCX down 0.5% and GPT off 0.9%. Healthcare also down, RMD falling 2.3% and TLX off 1.2%. Industrials under pressure across the board with ex dividends not helping. WES dropped 0.8% with WOW and COL sliding on ex-dividend as did TWE off 5.6%. Retail eased back, PMV off 2.4% and JBH down 1.8% with GYG up 2.1% on a broker upgrade. Tech stocks mixed, WTC up 1.2% and XRO down 0.7%. The All-Tech Index off 0.4%. Resources were mixed, iron ore stocks seeing some buying, BHP up 0.2% and RIO up 0.2%. MIN still under pressure on debt and governance issues, down 1.9%. Gold miners were positive, WAF up 6.5% and EVN up 1.4%. Energy stocks still falling, WDS down 1.5% and STO falling 1.6%. Uranium stocks finding some support. In corporate news, Virgin gets approval for Qatar investment. WTC said it expects to appoint new directors very soon. MIN saw a downgrade by Fitch and SUN and IAG clarified Alfred impacts. In economic news, we saw a better than expected 0.6% rise in GDP. Asian markets were steady on Chinese stimulus talk, Japan up 0.7%, HK up 1.7% and China up 0.3%. 10-year yields 4.35%.
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The Dow Jones Industrial Average tumbled for a second day as President Donald Trump’s tariffs left investors fearful of potential shockwaves for the economy.
The blue-chip average dropped 670.25 points, or 1.55%, building on Monday’s plunge of nearly 650 points. The Dow ended the session at 42,520.99. The S&P 500 dropped 1.22% and closed at 5,778.15 after notching its worst day of the year in the prior session. The Nasdaq Composite lost 0.35% and finished at 18,285.16.
ASX SPI down 79 - State of the Union Beckons - Gold up - Oil down
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The ASX 200 fell another 48 points today to 8198(0.6%). Trump’s tariff chaos continues with Mexico and Canadian levies due to take effect in days. Canada has already fired back, losses were tempered as banks found a footing. CBA rose 0.4% with WBC up 0.2% and the Big Bank Basket at $254.30 (). Financials were weaker, MQG down 1.2% and insurers down heavily as Alfred comes to QLD. QBE down 2.0% and SUN down 2.0%. REITs were weaker, GMG off another 0.9% with DXS bucking the trend up 1.6%. Healthcare weaker though CSL up 1.0% in defensive buying. Industrials fell across the board. Some love found for rate sensitive stocks, QAN rose 2.1% on oil price falls. Retail pushed lower, LOV down 3.5% and TPW off 5.3% with WEB falling 4.4% and GYG dropping another 4.4%. Tech dropped with the index down 0.8% Resources could have been worse. Iron ore stocks found some buying, BHP down 0.3% with RIO similar, FMG fell 3.4% with PLS down 3.8% and MIN off 10.2%. Gold miners firm but unspectacular, NEM down 0.9% and EVN up 1.6%. Energy stocks suffering big falls, WDS off 3.1% and STO down 4.7% with uranium stocks still toxic. In corporate news, IFL fell 5.6% as it declined to make an early debt repayment, HCW dropped 7.8% as Healthscope failed to pay some rental invoices. In economic news, RBA minutes showed RBA in no hurry to cut rates and retail sales rose by 0.3% in January. Steady as she goes. Asian markets weaker but 10-year yields continuing to fall to 4.27%.
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The S&P 500 retreated on Monday, extending February’s rout and turning red for the year after President Donald Trump’s confirmation of forthcoming tariffs.
The broad index fell 1.76% to end at 5,849.72, marking its worst day since December and bringing its year-to-date performance to a loss of about 0.5%. The Dow Jones Industrial Average
dropped 649.67 points, or 1.48%, to finish at 43,191.24. The Nasdaq Composite slid 2.64% to close at 18,350.19, weighed down by Nvidia’s decline of more than 8%.
SPI down 71 - Gold up - Oil down - Crypto Down
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The ASX 200 has started the week on a positive note. Up 73 points or 0.9%. A solid relief rally and only its third positive finish in the last eleven sessions. Better than futures (+48) were predicting after a solid US lead. A morning fade was quickly forgotten as the market rallied into the close, driven by pretty much everything except defensives and the banks.
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The ASX has finished the day down 96 points (-1.2%) for the week down 1.5%. Worse than futures were predicting (-69 points) as the poor US lead translated to a risk-off session here. All major sectors finished in the red save for Telecoms thanks to good results from TPG and TLS’ defensive nature.
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Wall St closed down overnight. Nvidia’s (-8.5%) numbers and outlook failed to reignite the AI rally. Stock now off 17% from its record-high close on January 6. S&P down 1.59%. Nasdaq down 2.78%. The Dow Jones closed down 194bp or 0.45%.
ASX to drop. SPI futures down 69 points (-0.8%)
Nvidia’s fall infected the wider chip sector. The DeepSeek concerns also resurfaced. Broadcom (-7.1%), ASML (-6.6%) and Micron (-6%) to name a few all dropped. Big tech wasn’t any better and utilities also struggled (all participants of the AI trade). Energy and Consumer non-cyclicals were the best performers. Crude oil prices jumped following Trump’s revocation of Chevron’s license to operate in Venezuela.
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ASX 200 pushed 28 points higher to 8268 (0.3%) as results nearly finished. Banks were flat with ANZ up 0.5% and WBC up 0.4% with the Big Bank Basket at $253.25 (). Health insurers raced away on results and increases from April 1. REITs not doing much, GMG down 0.2% as it released the SPP details. Industrials mainly firmer, WTC still suffering down 2.6% with COL reporting and rallying 3.5%. QAN results and special dividend cheered up 5.6% and retail slightly firmer, LOV up 0.5% and PMV up 0.9%. BAP had a solid reaction day up 5.3% and APE shot the lights out, up 19.9% on better-than-expected numbers. IEL crashed 7.6% on worse than expected results. In resources, iron ore stocks found some friends, BHP up 0.8% and FMG up 1.7%. Gold miners pushed higher again, aided by a lower AUD, NEM back up 1.9% with EVN up 1.5%. Lithium and rare earths slightly firmer, PLS up 0.5% and LYC up 0.6%. Energy stocks saw some bargain hunting, STO up 1.2% and KAR posting better than expected numbers up 4.7%. Uranium stocks showed a glimmer of light, NXG up 4.5%. In corporate news, PME fell 3.7% on a 4m share block trade from the founder. NEU jumped 8.9% on better Daybue numbers. RHC jumped 6.8% after it appointed Goldmans to potentially sell its 52.8% in the European business. Nothing on the economic front. Asian markets drifted lower, Japan up 0.4%, HK off 1.1% and China down 0.4%. 10-year yield at 4.34%
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The S&P 500 eked out a gain on Wednesday, snapping a four-day run of losses.
The broad market index advanced 0.01% to close at 5,956.06. The Dow Jones Industrial Average dropped 188.04 points, or 0.43%, to end at 43,433.12. The 30-stock average was earlier up as much as 245.34 points, or about 0.6%. Meanwhile, the tech-heavy Nasdaq Composite rose 0.26% and ended at 19,075.26.
Tariff confusion reigns in US. Nvidia beats forecasts up 2% after hours so far.
SPI down 10 - QAN COL and MPL Results. Gold steady - Bitcoin tanks.
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The ASX 200 finished down around 11 points at 8241(0.1%) with CPI coming in as expected. Once again results were the focus, banks found buyers with the Big Bank Basket up to $253.05 (+1.1%) with CBA leading the way up 1.3%. MQG rose 0.6% and insurers flat. REITs were weaker, GMG falling 1.6% and SCG off 3.3% on results. Industrials mixed again, WTC rose 2.1% as White became Chair and results showed no further surprises, the All-Tech Index still fell 1.3% with TLS under pressure off 1.9% and QAN down 2.3%. Retail stocks mixed, JBH off 0.6% with LOV finding friends in all the right places up 5.7%. Travel stocks arrived jet lagged as FLT touched down 10.2% and CTD fell 3.6%. DMP hit another 3.7% with LNW better by 7.8% on results. Resources were back in the doghouse as iron ore fell, FMG dropped 6.2% as it went ex-div, BHP off 1.5% and RIO down 3.4%. Gold miners ran out of luck, NST down 2.8% and EVN off 1.7%. NEM off just 2.0%. LYC fell 1.7% after results showed the effects of low REE prices. Uranium stocks showed more fall out with PDN results bringing no joy and coal down too. WDS gained 3.4% after broker comments. STO going nowhere. In corporate news, WOW fell 3.0% after cutting its dividend, PBH had an abundance of bid interest around the 106c level, up 32.5%. BAP rose 13.4% and WOR up 10.3% on results whereas APX crashed 33.3% on disappointment. PTM also suffering as results were nasty, off 20.0%. KLS was another casualty today, maybe just a flesh would, but down 15.2%. In economic news, the CPI came in as expected and hardly moved the dial. Asian markets mixed, Japan down 0.8% and HK up 2.8% with China up 0.6%. 10-year yields at 4.37%.
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The S&P 500 fell for a fourth consecutive session on Tuesday as traders weighed concerns around economic growth and global trade.
The broad market index slipped 0.47%, closing at 5,955.25. The Nasdaq Composite dropped 1.35% to end the day at 19,026.39. Nvidia’s 2.8% fall led the tech-heavy index’s decline, and the Nasdaq this week slipped into negative territory for the year. The Dow Jones Industrial Average was an outlier, advancing 159.95 points, or 0.37%, to close at 43,621.16.
SPI Down 25 - WOW cuts dividend - WTC Results
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The ASX gave up another 56 points to 8252 (0.7%). Results and a negative US lead dominated. Some real shockers today, JLG, DMP and VEA in the frame. Banks and sellers return with CBA down 1.3% and NAB falling 1.4% as the Big Bank Basket fell to $250.25 (-1.1%). MQG slipped 1.0% and PNI retreated 3.3%. Insurers firmed and REITs did better after the sell off yesterday. GMG failed to inspire again though down another 1.4%. Industrials weakened, WES fell 3.4% with ALL off 2.8% and retail suffering again. JBH down 0.5% with DMP falling 10.5% on results and store closure costs. LOV dropped % on broker downgrades, GYG continued to fall, and WTC remained under pressure ahead of results tomorrow, off 2.8%. Tech generally eased with the All-Tech Index down 1.4%. Resources were weak too, BHP, RIO and FMG under pressure, MIN fell 4.6% and PRN rallied 8.6% on a rethink. gold miners found some buyers, NEM bucked that trend down 2.8%. WDS rose 2.8% on better-than-expected results, VEA collapsed 26.7% on challenging condition in the convenience space, uranium stocks were punished again today. In corporate news, JLG fell 33.4% as it revised down guidance on lack of natural disasters.ZIP rose 13.9% on better results, HLI up 17.2% too on better numbers. QOR rose 4.3% on results and DRO fell 8.6% as numbers underwhelmed. In economic news, nothing locally, South Korea cut rates by 25bps. Asian markets fell, HK down 0.6%, China off 0.1% and Japan off 0.3%. 10-year yields slipped to 4.39%.
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The S&P 500 slid Monday as the market failed to bounce back from Friday's steep sell-off.
The broad market index lost 0.5%, closing at 5,983.25. The Nasdaq Composite fell 1.21%, ending the session at 19,286.92. The
Dow Jones Industrial Average eked out a narrow gain of 33.19 points, or 0.08%, to close at 43,461.21.
SPI down 64 - Results continue. DMP, ZIP, CZR takeover offer from FEX.
Tuesday’s reporting season schedule includes Domino’s Pizza, Nine Entertainment, Platinum Asset Management, G8 Education and Woodside Energy.
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The ASX 200 closed up 12 points at 8308 (0.1%) in a good recovery from early 70-plus point losses. Banks were the turnaround story as buyers went shopping. ANZ and NAB leading the sector higher with the Big Bank Basket at $252.96 (2.5%). Macquarie gained 1.5% as insurers also saw a positive turnaround. NHF dropped good numbers and rose 12.5%. PPT knocked back the Barbarians at the Gate falling 2.3% with XYZ falling 12.9% on disappointing numbers. REITs slipped again as GMG fell 4.1% and VCX down 4.4%. Industrials were mixed, ALL bounced 2.9% with WOW and COL better on defensive buying., Utilities also did well with APA rising 7.7% on numbers. Tech was hit hard as news of WTC directors resigning en masse saw losses of 20.1% in WTC and XRO slipped 1.2% with the All-Tech Index dropping 3.2%. Resources succumbed to gravity after holding up well last week, BHP, RIO and FMG all lost ground. Gold miners eased back, NEM fell 2.8% and NST off 2.1% with lithium plays falling but off lows. PLS down 3.4% and MIN off 0.7%. Oil and gas remained neglected and uranium stocks fell on profit taking. In corporate news, plenty of results, IRE fell 14.5% as guidance came in below forecasts, PRN, REH also under pressure on disappointing results. GYG fell 7.0% as brokers downgraded, XYZ hit hard falling 12.9% as crypto lost ground and LOV felt no love at all down 3.8%. Nothing on the economic front today. Asian markets mixed, Japan on a holiday, China and HK taking a break with HK off 0.6% and China unchanged. 10-year yields steady at 4.44%
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Wall St fell heavily overnight, it’s worst session in nearly a month. Dow Jones down 749 points, closing near the low. S&P 500 down 1.71% and the Nasdaq worst. Off 2.2%. S&P 500 and Nasdaq down 1.66% and 2.51% for the week. Consumer spending concerns grew and traders focused on tariff fears after Composite PMI numbers fell to the lowest level in over a year.
SPI down 64 - Results Continue
- Gold dropped a touch on profit taking but still managed a 1.9% weekly gain. Global gold stocks had a worse session. Sentiment potentially impacted by NEM (-5.7%) falling on results. The more tariff uncertainty, the better bullion will perform.
- Oil took a tumble. WTI down 3% after rising for most of the week. Blamed on Ukraine peace deals and reduced Middle-East risk.
- Copper gained on both the LME and CME. The copper market’s deficit fell from 124,000T in November to 22,000T in December.
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The ASX 200 fell another 27 points to 8296 (-0.3%) after an early rise, hitting a one- month low. Banks once again led us down, CBA dropping 2.6% and ANZ off 1.4% with the Big Bank Basket at $246.63 (-1.8%). MQG dropped 1.5% and ASX down 3.3% with QBE doing well on results and rose 3.0%. GMG put on another 1.0% and REITs were slightly mixed. Industrials suffered, WES down 1.9% and ALL continuing to slide down 1.2%. Retail still struggling, JBH off 0.4% and LOV down 2.8%. GYG dropped 14.3% on slower US growth. Apparently, they already have Mexican food there. LNW down 2,6% and JIN fell 8.8% on lack of big payouts. Tech fell, XRO down 1.3% with the All-Tech Index off 1.7%. Resources were generally better, iron ore miners rose on Chinese steel demand, BHP up 2.8% and RIO up 2.8%. PLS gave back some gains, MIN copped a rare upgrade from Barrenjoey, up 5.0% and gold miners were mixed. NEM rose then fell 2.4%, GMD bounced back 4.1% and SPR up 2.8%. DYL bounced back 5.1% with the sector becalmed. WDS and STO flat. YAL delivered good results and rose 3.0%. Om corporate news, The Americans are coming. CoStar bid for DHG and Cosette bid for MYX. SPK fell 19.2% on a guidance downgrade. AX1 rose 1.4% despite slashing dividends. TLX delivered yet again and EOL soared 29.7% on great numbers. In economic news, Japan’s inflation rate climbed to 4% up from 3.6% in December. Asian markets pushed higher again on Alibaba results, HK up 2.9%, China up 1.2%. 10-year yields steady at 4.51% Michelle Bullock’s comments in focus.
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Stocks retreated on Thursday following two days of all-time highs for the S&P 500 as investors dumped some popular names in the wake of a lacklustre forecast from retail giant Walmart that prompted questions about the outlook of the economy.
The Dow Jones Industrial Average lost 450.94 points, or 1.01%, to end at 44,176.65. The S&P 500 shed 0.43% and closed at 6,117.52, and the Nasdaq Composite dipped 0.47% and closed at 19,962.36.
SPI up 16 - QBE - GOR - DHG Bid - TLX
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Another nasty day as the ASX 200 fell 96 points to 8323 (1.2%) as results and bank falls dominated. WBC fell another % and ANZ joined in too falling 3.1% with the Big Bank Basket down to $251.27 (-2.4%). MQG dropped 1.0% with financial sunder a little pressure. REITs fell as GMG returned to trade down 5.0% after the $4bn capital raise. Industrials were mixed, ALL dropped 4.3% despite a new buy back, WES rose 1.3% on good results, TLS also did well, up 5.6% after announcing a buy back. Retail stocks suffered, JBH down 4.2% and BRG falling 3.0%. CTD continued the positive vibes from the results up 4.7%. UNI did very well on results up 9.7%. In healthcare, PME dropped 3.7% and CSL down 2.3%. Resources suffered as RIO cut its dividend, falling 1.5% and BHP fell 2.0% as FMG were savaged on results, down 6.2%. Lithium stock surprisingly rose after PLS results, up 6.0% and oil and gas stocks rose, WDS up 1.0% and STO rising 2.1%. Coal stocks gained 8.9% on WHC results. Uranium stocks were mildly lower. In corporate news, MAF rose 8.7% on good numbers, WTC in a trading halt on governance issues. MP1 had stellar gains on beating expectations. Casualties included, SUL, MFG, and MGH. On the economic front, jobs data came in as expected at 4.1% unemployment and record participation. Asian markets fell, Japan under pressure on proposed car tariffs. Down 1.5%, HK off 1.4% and China down 0.4%. 10-year yields steady at 4.53%.
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Wall Street notched fresh record highs despite Fed minutes reaffirming a patient stance on rate cuts. The S&P 500 climbed 0.24%, the NASDAQ advanced 0.07%, and the Dow added 71 points (+0.16%). Up 80 points at best. Down 244 points at worst. The Fed’s January meeting minutes showed officials remain cautious, citing inflation risks and uncertainty around the impact of Trump’s trade policies.
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The ASX took another beating down 62 points to 8419 (-0.7%) as NAB cratered 8.1% and the Big Bank Basket came undone, down to $257.57 (-2.8%). MQG held up well considering, other financials came under some pressure, GQG off 3.2% and HMC down 3.9%. REITs were weighed down by the giant $4bn capital raise from GMG to fund its data centre push. DXS off 2.3%, and SGP fell 3.7% on results. Industrials were mainly weaker, WES off 1.8%, WOW and COL eased, retail fell, JBH down 2.3%, and SUL 2.9% cheaper. Travel stocks did well after CTD cheered the sector, up 10.3%. WEB up 4.4%, and FLT up 3.4%. LNW powered 9.6% ahead on an acquisition and ALL joined in the fun up 1.0%. Tech better, with CPU up 1.4% and WTC off 1.4% and the All-Tech Index gained 0.7%. Resources were patchy again, BHP flat and FMG down 0.6% on legal issues, gold miners rose, NEM up 0.5% and NST up 2.1%. Lithium stocks on the nose, MIN crashed 20.7% as it cancelled the dividend and announced a big loss. Energy stocks sold down again, WDS off 2.0% and STO falling 4.5% on results. On the corporate front, NAB the biggest disappointment on margin compression and rising impairments. CBA was ex-dividend today, NGI rose 15.5% on results, and SXE jumped 14.2% after very positive results. VNT also out today marched 7% ahead. Nothing on the economic front. Asian markets eased, Japan down 0.3% and HK off 0.2%, with China up 0.6%. 10-year yields at 4.52%.
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The S&P 500 closed at a record high Tuesday after stocks rallied seconds before the closing bell, as investors shook off headwinds on the global trade and inflation fronts.
The broad market index gained 0.24% to a record close of 6,129.58, after touching an intraday record of 6,129.63 before the final bell. The Nasdaq Composite
closed up 0.07% at 20,041.26, while the Dow Jones Industrial Average added 10 points, or 0.02%, to finish the session at 44,556.34.
SPI down 2 - NAB Q1 update - GMG launches $4bn capital raise.
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ASX 200 fell another 56 points to 8480 (0.7%) despite the RBA cutting rates as expected. Banks falling again today, WBC off 3.0% after broker downgrades. CBA off 1.4% and NAB also hit hard with the Big Bank Basket at $265.03 (-1.8%). Financials were mixed, CGF fell 9.0% on disappointing numbers, HUB rose 3.7% on better-than-expected results. HMC had a cracker on its numbers up 9.9% with MQG falling 0.9%. Insurers found a few friends. REITs slipped as bond yields remained at 4.45%. GMG rose 2.1%. Industrials eased back, retailers suffering a little with JBH down 3.5% and WES off 1.4%. Supermarkets slipped slightly, travel stocks fell, and healthcare falling with SIG down 5.5%. CSL bucked the trend and gained 2.1%. Resources were mixed, BHP results didn’t do much either way, RIO off 0.2% and lithium stocks fell hard, MIN off 6.1% and PLS falling 5.4%. Gold miners eased but relatively stable, NEM up 0.5% and GOR up 0.4% with NST down 1.9%. Energy stocks on the nose, WDS falling 1.5% on concerns on dividends, WHC fell 5.0% and uranium stocks off again, PDN down 4.0%. In corporate news, SEK stabilised after lifting its dividend, DRR fell 2.6% after net profit slipped, AZJ rose 0.6% on plans to consider breaking up the business. On the economic front, RBA was the go and no surprise. No reaction either! Asian markets improved, Japan up 0.7% and HK ripping higher again, up 2% and China up 0.4%. 10-year yields at 4.50%.
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US Markets closed - Europe hits highs as defence companies soar
SPI up 21 - BHP results - SEK - CGF - HUB
- European stocks mark record closing high as defence stocks soar.
- Euro zone yields up, traders cut bets on ECB rate cuts on defence spending concerns.
- China's Xi holds rare meet with business leaders amid US tech rivalry.
- Europe talks up more defence spending as Ukraine peacekeeper plan divides.
- German voters demand change as Europe's biggest economy stalls.
COMMODITIES
- OPEC+ is not considering delay to April oil supply hike, Novak says.
- Oil rises as drone strikes Caspian pump station, while Russia-Ukraine peace talks loom.
- Drone strike hits Chevron, Exxon oil exports via Russia.
- US decision to block Nippon Steel-U.S. Steel deal was 'unjust political interference', Ishiba says.
- Copper falls as short covering fades.
- Iron ore slides as cyclone-led supply fears ease in Australia.
- Gold gains on softer dollar, Trump tariff threats.
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ASX 200 fell 19 points to 8537 well off the lows for the day. Results dominated as the Banking sector had two to contend with WBC underwhelmed falling 4.1%, and BEN crashed 15.3% on higher costs and lower margins. The Big Bank Basket fell to $269.95 (-0.9%). Financials were missed with MQG up 0.7% and GQG putting on another 3.3% but insurers slipped on Dutton’s comments and IAG downgrades. SUN down 7.2%. REITs are in demand on rate cut hopes, GMG down 1.1% but SGP up 3.2% and GPT up 4.5% on better-than-expected rates. Industrials mixed, AD8 smashed the bears on a decent outlook, rising 26.5%, tech fell as WTC back on the front page again. The All-Tech Index up 0.2%. Utilities firmed with ORG up 2.7% and retail mixed, JBH up 0.3%, and PMV off 0.9%. Resources were very mixed, gold miners saw profit takers move in following bullion falls, GMD down 3.3% and NEM off 2.8%. Iron ore stocks eased, FMG down 0.6% with energy under pressure, WDS off 2.9% on reserve statement and dividend concerns, STO down 0.9%. Uranium did better than expected, NXG off 4.2% though. In corporate news, WBC disappointed, BEN really disappointed. A2M +19.7% saw good traction in China, BSL rose 13.0% on a positive outlook statement and SGR rose 12.5% on an offer from Oaktree to refinance $650m of debt. Nothing on the economic front. Japanese GDP was better than expected. Asian markets slightly better, Japan up 0.1%, China up 0.1% and HK up 0.2%. 10-year yields rose to 4.45%.
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Wall St closed mixed overnight. Financials, Tech and Energy stocks doing well while the rest of the market fell. Dow Jones down 165 points, up 243 for the week. S&P 500 flat, up 1.47% for the week. Nasdaq outperformed thanks to Nvidia (+2.6%). Up 0.41% and finishing the week 2.59% higher. Meta (+1.1%) set it’s 20th straight gain. +26% YTD. We’re glad it’s in FANG. No major news stories resulted in a narrow trading range. Trump’s reciprocal tariff plans still being analysed. He did announce auto tariffs will come on April 2 (no details yet). Focus is on a) delays to their implementation and b) how well other countries can negotiate. Optimism on that front and expectations the next PCE inflation reading will be lower, outweighed a slump in Retail Sales. A January reading of -0.9% (-0.1% expected) was the biggest drop in nearly two years as consumers reigned in spending. Factory output slightly missed expectations.
SPI down 52 - WBC Results _ US markets Closed tonight for President's Day
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ASX 200 rallied 16 points to 8556(0.2%) after stalling at record highs. For the week the index is up 45 points. RBA next week. Once again results dominated after a strong lead from US markets. Banks flat with the Big Bank Basket at $272.43 (-0.5%). CBA lost 0.8% and MQG eased 0.3%. AMP results saw a big rerating downwards, off 14.9% and GQG rose another 3.0% on FUM and results. ASX saw some upgrades and rose 1.0%. Insurers bounced back a little with IAG finding some support rising 0.1%. REITs mixed, GMG down 1.8%, the remainder better. Industrials were firm again, JBH up 0.6% with WES up 0.8% and ALL up 0.7%. SGH continued 2.4% higher with CPU flat. TWE bounced 3.0% after broker comments on results. Tech slightly better, WTC up 0.5% and the All- Tech Index up 0.9%. Resources mixed, iron ore miners opened very firm on cyclone news, but iron ore failed to kick in Asian trade. Lithium back in the canine club. MIN down 4.9% and PLS off 0.9%. Gold miners were again in demand, NEM up another 1.6% with GMD up 2.5%. BSL continued to push higher up 1.6%. Energy stocks listless. In corporate news, COH results were at the bottom end of expectations and we saw another downgrade, down 13.7%. MGR jumped 5.5% on results, WGX doubled half year revenue and rose 2.4% with URW down 4.4% on earnings. Nothing on the economic front today. RBA the focus. Asian markets mixed again, HK continuing to power ahead up 2.2%. Japan down 0.6% and China up 0.7%.
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ASX 200 rallied 5 points as banks lost momentum. CBA up 0.5%, the Big Bank Basket closed at $273.85 (+0.3%). Insurers slumped led lower by IAG on disappointing numbers, losing 12.6%, SUN also off 4.6% with SDF falling 3.1%. Other financials were ok, MQG up 0.3% and GQG up 0.9%. ASX had a good results driven by volume increases on futures and options. REITs slipped, SCG off 3.0% and industrials mixed. Utilities fell as ORG was underwhelming down 1.2% and QAN dropped 2.0% on a broker downgrade. JBH fell 1.1% with LOV up 1.7% and TPW doing very well on positive results. Up 13.0%. ALL and LNW both pushed higher. TLS fell 1.0% despite plans to offload its data-centre business. Resources were the go-to today. Iron ore stocks in demand, BHP up 2.1% and FMG up 1.8% with good numbers from S32. MIN rallied 7.0% on governance news, PLS up 4.7% and LTR better by 9.2% on a presentation. Gold miners in demand again, NEM up 3.2% and NST up 0.2% with EVN seeing some profit taking down 0.6%. BSL continuing to rally on tariff news. Energy stocks fell as oil dropped on Ukraine's peace plan. In corporate news, SIG rose 6.1% kicking off as Chemist Warehouse with several block trades done as some exited. TWE fell 5.7% on no deal on its cheaper brands. DHG ran 7.0% on news of a new CEO from REA. PME also failed to live up to some expectations falling 3.2% on results. Nothing on the economic front, Asian markets firm, HK continues to charge up 1.9%, China flat but Japan up 1.4%. 10-year yields up to 4.48%.
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US equity markets experienced mixed performances following the release of hotter-than-expected inflation data. The Consumer Price Index (CPI) for January increased by 0.5% month-over-month and 3% year-over-year, surpassing market expectations. This development has led to speculation that the Federal Reserve may maintain elevated interest rates throughout the year.
The S&P 500 declined by 0.3%, closing at 6,066.89. The Dow Jones Industrial Average fell 0.5%, ending the session at 44,503.06. In contrast, the Nasdaq Composite remained relatively flat, closing just above its 50-day moving average.
Treasury yields saw a significant uptick, with the benchmark 10-year yield experiencing its largest one-day rise since December 18, 2024. This surge in yields added pressure to the equity markets.
In corporate news, CVS Health reported better-than-expected fourth-quarter earnings, leading to a notable increase in its stock price. Conversely, companies in the homebuilding and housing retail sectors faced challenges due to persistently high mortgage rates.
Overall, the unexpected rise in inflation has heightened concerns about the Federal Reserve's monetary policy trajectory, contributing to the day's mixed market performance.
SPI up 4 - Results deluge. Barrick up 6% plus on numbers. NEM up 2.9% - TWE, IAG, S32 results.
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ASX 200 rallied 51 points to a new record of 8535 (+0.6%) after a slow start dominated by results. CBA set the tone and gained 2.5%, with other banks following in its wake, the Big Bank Basket up to $272.97 (+2.0%). MQG found some love from brokers, up 1.7%, and SUN delivered a special dividend up 1.3%. GQG continued higher by 1.7% with MFG going down 2.7%. BVS knocked the lights out with its results up 18.6%, and CPU also doing well on upgrades to guidance, up 15.5%. REITs mixed but uneventful despite yields pushing higher, CQE continued to gather fans up 2.9% after the good result yesterday. Industrials firmed, supermarkets were better, WOW and COL doing ok. SGH continued to grind higher on broker upgrades, up another 2.8%, and REA rose 1.5%. Healthcare seems to be struggling with US concerns on cutbacks, with PME down 1.2% and TLX off 1.0%. CSL stumbling around but trying hard to find fans, In resources, the Three Amigos were mixed, FMG up and RIO down. Gold miners took a breath, NEM down 2.5% ahead of Barrick results tonight, EVN delivered on promise and rose 1.1%. Lithium miners still squirming, MIN off 2.4% and PLS up 0.5%. Oil and gas stocks were slightly firmer as STO upgraded its reserves, uranium slipping slightly and coal not such a merry old soul, WHC off 2.7%. In corporate news, AGL rose 0.2% on better numbers, and AOV fell 7.1% on less than GUD results. On the economic front, lending indicators today. Asian markets a little mixed, with Japan off 0.1%, China unchanged and HK up 1.6%.
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The S&P 500 posted a narrow gain on Tuesday as investors digested cautious commentary from Federal Reserve Chair Jerome Powell on interest rates. Concerns remain over the direction of the economy amid U.S. tariffs and the possible escalation of a global trade war.
The S&P 500 added 0.03% to end at 6,068.50, while the Nasdaq Composite lost 0.36% to close at 19,643.86. The Dow Jones Industrial Average gained 123.24 points, or 0.28%, to 44,593.65.
SPI up 2. CBA slight beat to expectations. SUN special dividend. EVN postive result.
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ASX 200 gave back early gains to close up 1 points at 8484 as falls in CSL post results, took its toll. CSL down after analyst briefing and US flu shots underwhelming. Banks held firm although CBA down % ahead of numbers tomorrow. WBC up % and ANZ up % with the Big Bank Basket at $267.86 (-0.2%). MQG reported 9-month numbers. Nothing much to get excited about but it tried to rally up 1.6% with other financials doing well. HUB up 1.4% and NWL up 2.7%. Insurers too better, SUN up 0.6%. REITs firmed with results from CQE up 8.5%. Industrials also in demand, ALL up another 1.7% with JBH up 2.0% on broker comments. SGH rose 6.1% on Boral lift, REA continue to push higher, with WTC under pressure still as the All-Tech Index rose 0.9%. Resources were mixed. Lithium nixed by the reopening of low-grade production in China, PLS off 3.6% and MIN down 6.9%. Gold miners were better with bullion at records still. NST up 4.0% and NEM up 3.2% with iron ore stocks drifting mainly lower. Energy stocks mixed, uranium stocks relatively firm. In corporate news, BRG lost 2.2% on results. RHC was 1.4% better despite a $305m hit to the balance sheet. On the economic front, The Westpac-Melbourne Institute Consumer Sentiment Index rose just 0.1% in February to 92.2, up from 92.1 in January. Asian markets flat with China down 0.3% and HK off 0.2%. Japan closed. Another holiday. 10-year yields steady at 4.39%.
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The Dow Jones Industrial Average added 167.01 points, or 0.38%, led by a 4.8% gain in McDonald's. The 30-stock index closed at 44,470.41. The S&P 500 gained 0.67% to end at 6,066.44, and the Nasdaq Composite climbed 0.98% to 19,714.27. The market remains jittery on a mix of inflation worry coupled with concern over how Trump's plan for tariffs could adversely affect the U.S. economy.
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ASX 200 falls 29 points to 8483(0.3%). Banks steady as she goes ahead of CBA results later this week. MQG fell 0.9% and PNI sliding 4.2% with GQG up 3.1% on FUM numbers. REITs mixed as GMG fell 0.9% and SCG rose 1.1%. Healthcare better, RMD up 0.6% and PME up 0.5% with CSL bucking the trend down %. Industrials flat as retail came under some pressure on JBH results, reversing early gains after conference call. LOV down 2.2% and NCK falling 3.7% despite brokers positive. Travel stocks better, WEB up 0.8% and LNW doing well up 7.9%. DMP steady after the big run Friday. Tech stocks dominated by front page headlines for WTC again, the All-Tech Index down 1.0% with WTC off 4.4%. In resources, iron ore stocks fell, FMG off 1.5% and RIO fell 1.2% on proposed tariffs in the US on aluminum. Gold miners held up, NEM up 0.7% and EVN up 0.3%. LYC continued higher up 1.9% with PLS down slightly on an earnings update. BSL rose 1.8% on Trump steel tariffs. Energy stocks mixed, STO up 0.4% with BPT firming 4.0%. In corporate news, ANN rose 8.1% on better-than-expected numbers, CAR crashed 6.5% on some disappointment on growth and US price rises and JBH down on rethink. SGR rallied 13.6% on news of proposals for its Queen Street Wharf complex in Brisbane. Citi upgraded its gold price forecast to US$2900 this year. In Asian markets, Japan unchanged, HK up 1.4% and China unchanged. 10-year yields at 4.39%.
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US stocks tumbled overnight, with the Dow (-444pts), S&P 500 (-0.95%), and NASDAQ (-1.37%) after Trump announced plans to introduce reciprocal tariffs reigniting fears of a global trade war. Trump did not specify which countries would be targeted, but markets worried about the potential inflationary effects of new tariffs. On the economic front, the US consumer sentiment index dropped to 67.8, marking a second straight month of declines, while one-year inflation expectations jumped to 4.3%. Non-farm payrolls showed 143K jobs were added, below expectations, though the unemployment rate ticked down to 4%. Wage growth accelerated to 0.5%, reinforcing speculation that the Federal Reserve will hold off on rate cuts for longer. US treasury yields rose on jobs data. 2Y yield up 7.1bps and 10Y yield up 4.8bps. USD Index rose 0.35%, and Bitcoin lost 0.94%.
Donald Trump said on Sunday that he will be announcing on Monday 25% tariffs on all steel and aluminum imports into the US.
SPI down 64 - JBH, CAR, ANN results out.
COMMODITIES
- Chile's Codelco targets 2025 copper output jump to 1.39m tons, document shows.
- Copper production from Chile rose nearly 5% last year.
- Trump considering allowing Nippon Steel's deal for US Steel, CBS reports.
- Oil set for third straight weekly decline amid tariff concerns.
- Gold poised for sixth week of gains on safe-haven demand.
- Copper prices hit three-month high, on track for biggest weekly gain since September.
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A quiet cautious session as the ASX 200 gave back 9 points to 8411. Down 21 points for the week after a torrid start. Banks were solid ahead of CBA results next week. The Big Bank Basket rose to $268.42 +0.2%) MQG slipped slightly with GQG down 1.3% with insurers steady. REITs better on lower 10-year yields, GMG up 0.6% and CHC up 0.5%. Industrials were mixed, and REA kicked 2.8% on broker upgrades. WES slid 1.1% with retail firm, PMV up 1.2% and SUL up 2.6%. Travel stocks also in demand, WEB up 2.6% and CTD rising 3.3%. DMP rose 21.3% like a cheesy crust as store closures were announced in Japan. Finally. Healthcare on the nose as RMD continues to stagger around after quarterly, down another 2.6%. CSL off 1.1% and PME falling 1.5%. Resources were generally weaker, though iron ore miners rose, BHP up 0.6% and FMG up 1.9%. Gold miners saw some profit taking, NST down 2.4% and WGX off 2.0%. Rare earths LYC up 6.1% on Chinese fears, and lithium stocks walloped as CATL rumoured to be reopening a lepidolite mine. PLS down 4.3% and LTR off 4.4%. Energy stocks fell, STO down 0.9% and WHC down 3.9% with uranium under pressure. In corporate news, MMS fell 10.4% on a broker downgrade, and NCK rose 10.5% on better-than-expected results. SIG guided up and rose 3.2%. Nothing locally on the economic front. Asian markets mixed, Japan down 0.6% and HK up 1.5% and China up 1.7%. 10-year yields slightly higher at 4.36%.
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Wall Street closed mixed overnight, with the S&P 500 and NASDAQ up 0.36% and 0.51%, supported by upbeat earnings reports. The Dow lost 126 points (-0.28%). Up 93 points at best. Down 328 points at worst. Small caps lower too, Russell 2000 off 0.39% and the VIX eased a further 3.34%.
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TheASX 200 continues to march ever higher gaining 104 points to 8521 with a cooee of the record close. Banks led, everything else follows. CBA is up %, and ANZ is playing some catch-up football is up %, with the Big Bank Basket up to a new record of $267.97 (2.5%). MQG bounced 0.9% but still some question marks given the banks green and clean push in recent years. Insurers gained, QBE up 0.7% and SUN up 1.6%. GQG continue to push higher up 3.6% and MFG up 2.0% on FUM news. REITs pushed up, GMG up 1.5% and VCX up 0.9% as yields fell. 10-year yields falling to 4.30%. Healthcare mixed, CSL bounced 0.9% with RMD still finding it tough going. Industrials firmed, WES up 3.2% on a broker upgrade with Bunnings the driver. ALL up 1.6% with BXB up 2.1% and REA gaining 1.2% despite the CEO announcing his retirement. NWS results cheered, up 5.8%. Retail mildly positive, MYR fell 5.6% as the in-specie distribution came to pass. In resources, iron ore majors were slightly firmer, gold miners striong as bullion hit new records, NEM up 2.1% ahead of results. WGX bouncing 3.7% with SPR doing well up 4.3%. Some firmness in the lithium market, but energy stocks under a little pressure. STO down 0.6%. Uranium stocks weaker along with coal. In corporate news, NWS released good results, PEXA disappointed with an update, BPT fell 5.0% on a tightening of guidance. In economic news, the seasonally adjusted balance on goods decreased $1,707bn in December. Asian markets better. 10-year yield down to 4.32%.
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US stocks rose overnight, brushing off underwhelming earnings from Alphabet. The S&P 500 rose 0.39%, with about 350 companies in the index ending in the green. The NASDAQ edged 0.20% higher, buoyed by gains in Nvidia (+5.4%), helping offset Alphabet's 7.3% tumble after the company posted downbeat cloud revenue growth. The Dow Jones ended near session highs, up 317 points (+0.71%). Up 331 points at best. Down 203 points at worst. Small caps outperformed its peers, with the Russell 2000 advancing 1.11% and the VIX, also known as Wall Streets fear gauge, eased 5.48%. US treasuries fell to multi-week lows, pressured by weak services data and uncertainty surrounding the prospect of trade wars. The 10Y yield dropped to its lowest level since mid-December, down 8.8bps, and the 2Y yield dropped 2.9bps.
SPI up 59 - REA CEO Retires- NWS Results - Gold hits Record
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TheASX 200 finished up 43 points at 8417 (0.5%). Resources were the stars today, BHP up 1.5% with FMG rallying another 2.0% and even lithium stocks better, MIN up 1.8% and PLS up 1.8%. Gold miners took a little while to warm up, but NEM ended up 1.2% and DEG up 2.5% with WGX bouncing back 3.4%. Uranium stocks glowing again, PDN up 2.8% and DYL up 1.9% with oil and gas stocks better too. Coal stocks got a boost from tariffs on US coal perhaps. Banks were solid but uninspiring, The Big Bank Basket rose to $261.41 (0.5%). MQG got walloped down 3.6% with XYZ down too, perhaps on Paypal numbers. GQG continue to push higher, up 1.5%. IFL got yet another bid, this time from Brookfield at 460c. Insurers eased and REITs pushed up on falling bond yields. GMG up 0.6% and SCG up 1.1%. Industrials firmed across the board. WES up 0.3% with ALL finding support up % and SGH doing well. REA had a good day up % and CAR rose 2.0%. Tech better, WTC up 1.9% and XRO up 1.6% with the All-Tech Index up 1.2%. In corporate news, AMC results better than expectations and the stock rose 2.9%. PNI hit record highs on results, BWP rose too on higher profits and dividends. In economic news, the government has sold $15 billion of Treasury bonds maturing in March 2036 in a heavily oversubscribed deal. Asian markets a little mixed as China returns from New Year.
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The Nasdaq Composite and S&P 500 moved higher on Tuesday due to a strong gain in Palantir , as Wall Street sought stable footing following the latest developments on the global trade front.
The tech-heavy index jumped 1.35% to 19,654.02, while the S&P 500 rose 0.72% to 6,037.88. The Dow Jones Industrial Average climbed 134.13 points, or 0.3%, to 44,556.04.
The Chinese government slapped tariffs of up to 15% on U.S. imports of coal and liquefied natural gas and 10% higher duties on crude oil, farm equipment and selected cars, effective Feb. 10.
SPI up 53 - Alphabet falls 6% after hours. AMD down 5% - AMC Results - Gold hits records.
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TheASX 200 finishes down 5 at 8374 (0.1%) as nerves and some investor apathy kicked in. China imposing a 15% tariff on US Coal and LNG hurting sentiment late. After a strong start banks faded with the Big Bank Basket closed modestly lower at $260.06(-0.25%). CBA down 0.3% with WBC down 0.2%. MQG kicked 0.4% higher and other financials improved, GQG up 2.4% and XYZ bouncing 1.0% on Bitcoin and tech sentiment. Insurers mixed, QBE down 0.2% and SUN down. REITs slid a little, GMG down 1.2% and SGP off 1.6% with 10-year yields higher at 4.41%. Industrials drifted lower, BXB off 1.6% with ALL down 1.3% and WOW and COL easing. Tech better with WTC up 3.6% and the All-Tech Index up 1.3%. Resources were generally firm, iron ore stocks gained, RIO bouncing 1.6% on Canadian news. Gold miners were in demand, NEM up 0.9% with GMD rallying 2.5% and EVN up 1.6%. LYC slipped back 3.8% and lithium stocks bounced slightly, PLS up 2.7% and MIN up 2.4%. Oil and gas stocks drifted down, uranium stocks mixed, PDN up 1.3%. In corporate news, SEK pulled out of XF1 bid after vote failed to get up, PDI rallied 13.2% on a strategic placement and PME up again on a $53m order. On the economic front, consumer confidence came in better than expected at a near 3-year high.
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The Dow Jones Industrial Average on Monday staged a major comeback, recovering steep losses from earlier in the session after President Donald Trump said tariffs against Mexico would be paused for one month.
The Dow ended the day down 122.75 points, or 0.28%, to close at 44,421.91. At its lows of the day, the Dow was down 665.6 points, or 1.5%. The S&P 500 slid 0.76% to 5,994.57, and the Nasdaq Composite slumped 1.2% to 19,391.96.
Canada and Mexico given 30-day reprieve. ASX SPI up 76. AMC Results - Xref deal falls over.
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ASX 200 kicks off February with a Trump Tariff induced loss of 153 points to 8379 (-1.8%). No sign of any rally as US futures point to further loses. Across the board falls with the Big Bank Basket down to $260.71 (-1.6%). CBA off 1.5% with MQG falling 1.6% and insurers weaker, QBE down 2.3% and SUN off 3.2%. REITs also under pressure, GMG off 1.6% and SCG down 1.6%. Healthcare eased with FPH warning on falling margins, RMD down 3.1% on its quarterly update. CSL down 1.8%. Industrials also eased back, WES down 1.9% and ALL falling 2.0% after a great run. REA off 2.2% and tech sank, WTC down 2.9% and US faced 360 dropping 5.1%. HSN rose 2.2% on a trading update, the All-Tech Index down 2.1%. Retail slid, JBH down 0.3% but SUL worse falling 2.2% and CTT off 19.0% on US concerns. In resources, iron ore miners on the nose, FMG down 4.4% and RIO off 2.1% on aluminium issues. Gold miners were firm relatively, oil and gas were flat despite rising crude prices. Uranium found some sellers. In corporate news, MFG sell-off continues following the recent management changes; RSG CEO resigned with the stock falling 9.6% on the news. WGX fell 12.4% on a production update and FPH warned on Mexican implications. In economic news, retail trade came in with a 0.1% fall, better than expected. Asian markets are still playing second fiddle to New Year holidays. Japan off 2.85% with car makers getting smacked on tariff news. HK down 1.1%. 10-year yields 4.38%.
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Wall Street closed out the week lower after the White House confirmed tariff plans on Mexico, Canada, and China. The Dow Jones trimmed 337 points (-0.75%). Up 172 points at best. Down 375 points at worst. The S&P 500 lost 0.50%, and the NASDAQ fell 0.28%. For the week, Dow +0.27%, S&P 500 -1.0%, and NASDAQ -1.64%. For January, Dow +4.70%, S&P 500 +2.70%, and NASDAQ +1.64%. In economics December core PCE rose 0.2% MonM and 2.8% YonY, both in line with expectations, while personal spending rose 0.7%, beating forecasts of 0.5%. In Fed Speak, Bowman and Goolsbee, emphasized patience in adjusting policy, with markets pricing in less than a 20% chance of a March rate cut and expecting the first cut in June and ~50 bp of total easing in 2024. US treasuries were stable, while the USD Index kicked 0.69% higher.
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The ASX has finished the day up 39 points or 0.45%. Up 1.8% for the week. This close matches the all-time high achieved back in December. The day’s gains were driven primarily by a rally in mining, real estate and technology stocks.
Technology was the biggest gainer, continuing the DeepSeek scare recovery and following Nasdaq futures higher.
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The Dow Jones Industrial Average popped 168.61 points, or 0.38%, closing at 44,882.13. At its session highs, it had added nearly 300 points. The S&P 500 rose 0.53% to 6,071.17, while the Nasdaq Composite gained 0.25% to end at 19,681.75.
Stocks cut gains late in the session after President Donald Trump announced his intention to implement 25% tariffs on goods imported from Canada and Mexico.
Apple results miss on iPhone sales in China.
US GDP growth came in at just 2.3%, missing expectations slightly.
ASX SPI up 36 - Gold jumps
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The ASX 200 up 47to 8494 (0.6%). Record intra day, but unable to hold. Banks led the charge as always, CBA up 1.0% with the Big Bank Basket up to $264.96 (0.8%). MQG rallied 1.4% with insurers also in demand, XYZ up 2.8% and REITs firm on rate cut hopes. GMG bouncing 0.8% and SCG up 0.8%. Healthcare was stronger, CSL perked up and have been doing well recently. PME up 1.2% and OPT up another 1.0%. Industrials also in the green, WES up 0.7% with ALL up another 3.7% and REA gaining 0.9%. Tech stocks were mildly positive with the All-Tech Index up 0.6% and WTC gaining 0.9% despite AFR headlines. Resources were a mixed bag. Iron ore doing well as BHP rose 0.9% and FMG up 0.3%. Lithium stocks stalled, PLS down 1.3% despite positive broker comments. Gold miners squeezed higher, quarterlies in focus. GMD up 1.3% and NEM up 0.1%. Uranium stocks fought back again with BOE up 4.7% and PDN doing well. Oil better, WDS up 0.7% and KAR with its production and a buyback up 7.7%. In corporate news, ZIP came undone on quarterly numbers, down 25.4%, CCP dropped 12.6% on results and MIN fell 0.9% as debt blew out to over $5bn. MFG fell 8.3% as Gerald Stack stepped aside and IGO fell 1.8% after reporting an earnings loss. In economic news, nothing locally except economists falling into line on rate cuts in February. Asian market affected by Lunar New Year. Japan open and up 0.3%. 10-year yields 4.38%.
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The S&P 500 slid on Wednesday after the Federal Reserve left interest rates unchanged in its first policy decision of the year, while Nvidia slipped following a strong session. The broad market index fell 0.47% to close at 6,039.31, while the Nasdaq Composite lost 0.51% to end at 19,632.32. The Dow Jones Industrial Average shed 136.83 points, or 0.31%, to 44,713.52.
The Fed left the federal funds rate in a range of 4.25% to 4.50%. The Fed’s postmeeting statement offered a more cautious view toward sticky inflation, providing investors with an explanation behind Wednesday’s interest rate pause.
Big tech earnings after hours.
- Tesla reported disappointing results on the top and bottom lines.
- Meta beats on revenue, provides soft guidance.
- Microsoft’s results for the fiscal second quarter exceeded Wall Street consensus. Its shares dropped after the company issued its earnings report, which showed Azure cloud growth slowed from the previous quarter.
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The ASX 200 faded slightly to close up 48 points at 8447, almost at an all-time high as US markets rebounded and CPI came in better than expected opening the door to a February rate cut. Banks led the charge early before fading slightly, the Big Bank Basket closed off at $262.75 (-0.1%). MQG rose 0.7% and insurers did better with QBE up 0.7%. Financial services continue to push ahead GQG up 3.5% and ASX bouncing back 2.9%. REITS better, GMG bouncing a little, SCG up 1.1% on rate hopes. Healthcare too in demand as CSL put on 1.8% with negativity on RFK Jnr helping sentiment. Industrials firmed across the board, WES up 1.2% and BXB up 0.6% with TLS up 0.8% and ORG bouncing back 1.6%. Retail firmed on CPI data. JBH up 1.9% and PMV went ex-bonus shares today and rose 4.7%. Tech in demand on Nasdaq rally, WTC up 2.6% and XRO up 2.5% with the All-Tech Index up 1.4%. Resources were generally firm, BHP and RIO the exceptions, gold miners doing well as quarterlies continue to drop and show cash piles, lithium bounced a little as PLS rose 3.5% on its quarterly. Despite uranium slipping below $70, stocks rallied hard after the rout yesterday. BOE quarterly helped its Honeymoon period up 5.6% and DYL up 6.9%. Oil and gas modestly higher. Asian markets better with China closed for Lunar New Year. HK up 0.1% and Japan up 0.8%. 10-year yields eased to 4.37%.
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The S&P 500 advanced 0.92% to 6,067.70, with technology shares seeing the biggest gains among sectors. The Nasdaq Composite surged 2.03% to 19,733.59, following a 3.1% decline a day ago. The Dow Jones Industrial Average added 136.77 points, or 0.31%, to 44,850.35.
Nvidia bounces 8.8%
ASX 200 SPI up 36 - CPI today - Quarterlies
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ASX 200 fell 10 points to 8399 as DeepSeek weighed on energy and data centres. Banks kicked higher again with CBA up % and NAB up % with the Big Bank Basket up to $263.02 (0.7%). Financials were generally weaker, MQG down 1.5% on its data centre exposure and ASX falling 5.1% with IFT off 4.4%. REITS mixed with data centre fave GMG down 8.2% and SGP up 2.0%. Industrials mixed too, Retail better, WES up 1.1% and ALL rallying 4.2% with tech under a little pressure, XRO up 1.7% and WTC down 0.5% with the All-tech Index down 0.7%. Utilities eased on energy forecasts falling, TLS rallied 0.8%. Resources too were mixed, gold miners eased back, NEM down 0.7% and NST falling 2.2% with EVN down 0.2%. BHP and RIO were up around 0.4% with lithium sliding. Uranium stocks got walloped on DeepSeek news, DYL down 15.5% and PDN off 9.4%. Energy stocks generally were lower. In corporate news, GOR down on its quarterly, TLX pushed up again on completing its latest US acquisition. NXL tumbled 20.2% on profit guidance. Nothing on the economic front locally. In Asia, Lunar New Year beckons, Japan down 1.2%, HK up 0.1% and China down 0.4%. 10-year yields back to 4.42%.
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The S&P 500 and Nasdaq Composite were down sharply Monday on concern about an artificial intelligence stock bubble popping because of the emergence of Chinese startup DeepSeek, which has possibly made a competitive AI model for a fraction of the billions Silicon Valley is spending. The Nasdaq Composite lost 3.07%, falling to 19,341.83, and the S&P 500 slid 1.46% to 6,012.28. The Dow Jones Industrial Average added 289.33 points, or 0.65%, to close at 44,713.58. Gains in Apple, Johnson & Johnson and Travelers helped lift the 30-stock index.
SPI up 14 - Newmont (NEM) sells Canada gold mine for US$675m - Fed Meeting this week.
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ASX 200 up another 30 points to 8409 (0.4%). Plenty of green across the board, even resources improved in places. BHP up 0.5%, RIO up 0.3% and FMG rallying 1.0%. Gold miners eased back, EVN down 1.8% and NST off 0.6%. WGX dropped 4.8% on quarterly feedback. Lithium stocks firmed slightly, IGO confirmed the closure of its TLEA refinery, up 0.8% and LTR rallied 1.5%. Uranium stocks eased back, PDN dropped 2.2% with WDS and STO both easier on lower crude prices. Banks were firm, yet again. The Big Bank Basket rose to $261.25 (+0.4%). Financials were firm, GQG up 1.0% and AMP pushing further ahead up 5.0%. Insurers mixed. REITs firmed, SCG up 0.6% and GPT up 1.4%. Industrials stronger, led by WES up 3.2% on a broker upgrade, ALL bounced back 1.9% and healthcare firmed. PME up 0.7% and COH up 1.1%. Retail firmed with PMV soaring 6.6% and MYR up 2.6%. In corporate news, MND raised guidance, SNL profits rose 32% and KGN dropped 15.2% on issues with Mighty Ape. 4DX had a positive reaction to a deal with Qscan Radiology, and SM1 saw cream rise on very positive H2 guidance. Nothing locally on the economic front, Japan raised rates 25bps as widely expected after Core CPI rose to 3%. Asian market followed US markets higher with Japan up 0.3%, HK up 1.8% and China up 1.0%. 10-year yields steady at 4.47%.
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The S&P 500 rallied to record highs on Thursday after President Donald Trump called for lower interest rates and cheaper oil prices. The broad market index added 0.53%, notching an all-time intraday high for the second straight session. The benchmark finished the day at 6,118.71, surpassing its prior all-time closing high of 6,090.27 recorded in early December. The Dow Jones Industrial Average advanced 408.34 points, or 0.92%, to 44,565.07, while the Nasdaq Composite rose 0.22% to 20,053.68. Thursday marked the fourth straight winning session for all three major indexes.
HEADLINES
- S&P 500 touches all-time high with focus on Trump comments, earnings.
- ASX to rise, Wall St hovers near highs, oil eases – SPI up 29
- Trump tells Davos he will demand lower interest rates, oil prices.
- Trump says he wants to meet Putin soon to ensure end of Ukraine war.
- US labor market stays on solid footing early in the year.
- BOJ likely to raise rates to highest in 17 years, signal more hikes.
- UK's Reeves promises changes in March if needed to meet budget rules.
- Putin growing concerned by Russia's economy, as Trump mulls more sanctions.
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The ASX 200 took a tumble today down 51 points to 8379 (0.6%) as resources came under pressure on Trump tariffs fears. Asian markets were resilient and iron ore unchanged in Singapore, but miners still sold off. BHP down 1.7% with FMG off 2.2% on quarterly numbers, lithium also under pressure too with PLS down 3.7% and MIN off 3.3%. Gold miners eased and uranium stocks help relatively firm. Banks held steady with the Big Bank Basket at $260.17. Financials slipped slightly, ASX off 1.2% with insurers mixed. QBE up 1.0% and IAG down 0.5%. Industrials saw modest broad-based losses, retail slid, JBH down 2.2% and WES off 1.5%. Both WOW and COL fell and ALL dropped 2.7% with tech mixed, XRO up 1.1% and WTC off 0.4%. In corporate news, PMV and MYR voted yes to the deal. FMG had production numbers in line, PPS jumped on FUA numbers and EVN dropped 3.9% on broker research. Nothing on the economic front locally, BoJ tomorrow widely expected to raise rates. Asian markets firm Japan up 0.8%, HK up 0.2% and China up 0.6%. 10-year yields rising to 4.47%.
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Stocks climbed on Wednesday, with the S&P 500 hitting a fresh all-time high, as Oracle and Nvidia rallied on artificial intelligence optimism and President Donald Trump’s new term in office.
The S&P 500 advanced 0.61% after hitting an intraday record of 6,100.81, exceeding the last milestone touched in December before the market pullback. The broad index closed at 6,086.37, slightly below its all-time closing high.
The Nasdaq Composite popped 1.28% to 20,009.34, underscoring the outperformance of tech names. The Dow Jones Industrial Average rose 130.92 points, or 0.3%, to 44,156.73, boosted by Procter & Gamble’s gain of nearly 2% on the back of strong earnings.
SPI down 35 - OFL gets another bid - Gold up - Oil down - PMV and MYR vote today.
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The Dow Jones Industrial Average added 537.98 points, or 1.24%, to finish at 44,025.81. The S&P 500 gained 0.88% to end at 6,049.24, while the Nasdaq Composite rose 0.64% to 19,756.78. 3M climbed more than 4% after earnings came in better than analysts expected. Small-cap stocks also participated in Tuesday’s rally, with the Russell 2000 rising about 1.9%.
Netflix is up 13% on after-hours results.
ASX SPI up 32 - Gold up again - Oil falls - WDS -PDN - ILU Quarterlies
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ASX 200 greeted the Trump era with volatility. The ASX 200 finished up 55 points to 8402 (0.7%), having sprinted out of the blocks early on tariff news and then collapsing as Mexico and Canada were threatened with a Feb 1 kick-off. Welcome to the funhouse. Across the board gains ultimately stuck, banks moved higher again on Macquarie upgrades, the Big Bank Basket ran to $257.96 (+1.2%). NAB up 2.1% and insurers moved higher, QBE up 0.9% and AMP up 2.5% with GQG up 3.3%. HUB up 11.0% on a FUA update. REITs flat, GMG down 0.6% and VCX off 0.5%. Industrials firm, but unexciting, JBH bounced 3.3% with WES up 1.6% on Catch news, REA did well up 2.8% and tech was slightly higher. The All-Tech Index was up 0.7%. Resources saw buyers back, iron ore miners up, BHP up 0.9% and RIO pushing 0.4% higher. Gold miners were better, NST on quarterly numbers, EVN up 2.2% and NEM up another 0.7%. Energy stocks mixed, WDS up 0.5% and STO falling 2.2%. YAL had a good quarter. In corporate news, LTR rallied another 11.9% on latest production numbers, CVN fell 22.6% on another delay to El Dorado. Nothing locally on the economic front, it was all about Trump. Asian markets were firm but cautious as no new tariffs were announced. So far. Japan unchanged. HK up 1.1% and CSI 300 up 0.4%. 10-year yields slid to 4.41%.
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U.S. stock market futures rose as Donald Trump was sworn in a second time.
Regular trading on the New York Stock Exchange and Nasdaq was closed for the Martin Luther King Day holiday, but there was limited futures trading.
The pan-European Stoxx 600 index closed 0.05% higher, reversing earlier losses as mining stocks led gains, up 1.2%.
S&P 500 futures closed modestly higher, up 21.75 points.
Brent crude retreated almost 1% to near $US80 a barrel. USD falls - Crypto runs then falls back to earth.
ASX SPI up 29 - No Day One tariffs - Studies instead - BHP production report - copper production rose 10% in the first half after its Escondida mine reached a production record.
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ASX 200 grinds 37 points higher ahead to 8347 (0.5%) of Trump’s inauguration. US markets closed tonight for Martin Luther King Day. Banks solid again with CBA up 0.8% and the Big Bank Basket up to $255.00 (0.7%). Financials were better, MQG up 1.9% and GQG better too. REITS higher, GMG up 0.6% and SCG up 1.4% with industrials also doing ok. WOW, COL and WES all solid, retail rallied, JBH up 3.0% and BAP up 2.3%. PMV eased off slightly with the vote this week, LOV gave back some of Friday’s gains. Tech a little muted with the All -Tech Index up 0.9%. Iron ore miners were better as Port Hedland reopened after the cyclone was downgraded, Singapore iron ore futures slightly better. BHP up 0.5% and RIO up 1.1%. Gold miners eased with NST down 2.6% and EVN down 1.1%. Lithium miners continue to find a few friends and short covering, PLS up 2.5% and IGO up 2.6% despite talking impairments at Kwinana. Energy stocks flat, PDN down 3.7% with DYL up 0.8% on a broker upgrade. In corporate news, IFL granted DD to CC, KAR was plugged and abandoned with a Who Dat well. SGR fell 17.9% on uncertainty unless it can find funding. INR jumped 20.6% on a US government loan. FND is up 25.0% on acquisition and update. In economic news, China left rates unchanged as expected. Asian markets better with Japan 1.2%, HK up 2.3% and CSI up 0.9% on hopes for a Trump visit to China. 10-year yields steady at 4.49%.
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The Dow Jones Industrial Average added 334.70 points, or 0.78%, to end at 43,487.83. The S&P 500 gained 1% to 5,996.66, and the Nasdaq Composite advanced 1.51% to 19,630.20. Big tech stocks were higher on the day, with shares of Tesla popping 3%. Nvidia jumped 3.1%, while Alphabet shares added more than 1%.
For the week, the Dow and S&P 500 advanced 3.7% and 2.9%, respectively.
ASX SPI up 28 - US Markets closed tonight.
COMMODITIES
- Oil set for fourth week of gains on US sanctions.
- Iron ore heads for weekly gains on better China data, resilient demand.
- Gold eyes third weekly gain as markets look to Trump inauguration.
- Aluminium rises on strong Chinese data.
- Rio Tinto to form new lithium unit after Arcadium buy.
- Biden boosts loan for Ioneer's Nevada lithium mine to nearly $1bn.
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ASX 200 dropped 17 points to 8310 ( -0.2%) finishing the week up 16 points for the week. Sums is up. Banks sold off after the huge run yesterday, CBA down % and NAB down % with the Big Bank Basket at $253.29 (-1.3%). Other financials flat, MQG down 0.1% and ZIP falling 1.0%. Insurers flat. REITs eased back, GMG solid but SCG off 0.8%. Industrials were firm but idle, WES up 0.5% and COL up 0.8% on a broker upgrade. Utilities better with tech down, WTC off 0.8% and the All-Tech Index flat. Retail was patchy, PMV up another 1.6% and CTD pushing up another 1.7%. LOV up 7.7% on a broker upgrade. In resources, FMG pushed up 1.8% with MIN up 2.9% on China data and iron ore prices. RIO fell 0.7% as the Glencore discussions were ‘poo pooed’. Gold miners were pushing slightly higher, GMD up 1.8% and GOR up 1.7%. Lithium stocks were firmer as LTR roared ahead again up 9.5%. PLS up 2.1% too. Energy stocks slightly positive, STO up 0.6% and PDN up 1.9%. In corporate news, IFL got a 460c bid from CC Capital, AVJ opened its books to Ho Bee, LYC dropped 0.9% on quarterly and ABB swooned 5% on CEO news and then rallied 5.5%. TLX added 3.1% on EU approvals. In economic news, nothing locally, but Chinese GDP came in spot on as expected. Asian markets, Japan down 0.6%, HK up 0.2% and CSI up 0.5%. 10 year yields solid at 4.49%
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The S&P 500 slipped Thursday, ending a three-day winning streak, as big tech shares pulled back.
The broad market index slid 0.21% to 5,937.34. The tech-heavy Nasdaq Composite dropped 0.89% to 19,338.29. The Dow Jones Industrial Average fell 68.42 points, or 0.16%, to 43,153.13.
Apple shares were down 4%, posting their worst day since Aug. 5. Tesla tumbled more than 3%. Nvidia slid nearly 2%, and Alphabet lost around 1%.
SPI up 11 - RIO and Glencore no longer in talks about a merger - Chinese GDP at 1pm.
COMMODITIES
- Gold climbs to over one-month high on weaker yields after US data.
- Oil settles lower on expected halt to Houthi shipping attacks.
- Copper hits five-week peak on China stimulus hopes.
- Iron ore hits four-week high on lower shipments, softer dollar.
- Mideast oil prices jump on robust China, India demand post-sanctions.
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ASX 200 jumped 114 points to 8324 (+1.4%) following the US rally. Jobs numbers stifled gains to some extent coming in at 4% with any RBA cut in February a distant dream. Banks as usual led the charge higher as US banks delivered in spades, CBA up 3.0% and ANZ up 2.7% with the Big Bank Basket up to $256.84 (+2.9%). MQG put in a solid day up 3.2% with insurers and other financials also doing well. GQG finally saw some reasons to be cheerful, up 2.5%. REITs too were in demand led by tech GMG, up 3.2% and SGP leaping 3.7%. Industrials firmed, Tech did well with the All-Tech Index up 1.4% as WTC rallied 2.6% and XRO up 1.5%. TLS fell another 0.5% as the trading bots trumped the customer service bot upgrade. Retail found some friends as MYR and PMV rallied hard on the upcoming vote. In resources, Iron ore went nowhere, RIO production report failed to ignite any animal spirits, gold miners were generally better, GMD up 4.4% on a presentation and lithium stocks finding some support again. PLS up 2.2% and IGO up 0.6%. Energy stocks modestly better. DYL up 3.6% and STO up 1.0%. In corporate news, TAH soared on news of its first chief wagering officer. Whatever that is. NEU rallied hard on a Healthcare conference presentation. On the economic front, economists were once again wrong-footed with soaring PT jobs created and the headline rate modestly higher at 4%. RBA will continue to be sidelined! Asian markets better. Korea keeps rates unchanged.
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The Dow Jones Industrial Average advanced 703.27 points, or 1.65%, to close at 43,221.55. The S&P 500 climbed 1.83% to 5,949.91, and the Nasdaq Composite rallied 2.45% to 19,511.23. It was the best day for all three major averages since Nov. 6. December’s consumer price index showed that core inflation, which excludes food and energy, rose 3.2%.
The 10-year Treasury yield sharply dropped on the back of the CPI report and was last down roughly 13 basis points at about 4.65%. Growth stocks such as Tesla and Nvidia popped around 8% and 3%, respectively, as Treasury yields fell.
Ceasefire in the Middle East but oil up 3%. Bank results very positive in US.
ASX SPI up 104 – RIO Production Report
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ASX 200 fell 18 points to 8213 (0.2%) in quiet trade after a positive start gave way to some caution ahead of the US CPI tonight. Banks flat as yields firmed to 4.63% in 10-years. Financials mixed with MPL down 1.6% on news of potential premium increases. NWL continued to fall. REITs firm with GMG under some pressure as a ‘tech’ stock off 0.6%. Tech stocks remain on the nose here with WTC down 3.7% and TNE off 1.9%. REA and CAR also fell whilst TLS announced a new AI deal and fell 1.2%. Retail mixed with PMV still under pressure, MYR down 1.8% and travel stocks a little higher with CTD up 2.0%. GYG jumped 4.4% on a broker upgrade. Resources mixed, iron ore miners a mixed bag, BHP fell 1.0% and FMG up 1.8%. Gold miners better with NST up 1.0% and NEM up 1.3%. Lithium stocks saw some short covering with PLS up 4.1% and LTR rising 7.4% on hopes for lithium prices bottoming. Energy and uranium are slightly weaker. In corporate news, AVJ got a new 70c bid, ARU rose 17.4% on the government support for a convertible note. BBN rallied 13.9% on a trading update. In economic news, China’s central bank pumped a near-historic amount of short-term funds into its financial system today. Asian markets slightly weaker.
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The Dow Jones Industrial Average rose on Tuesday as traders weighed a lighter-than-expected producer price index report.The Dow gained 221.16 points, or 0.52%, to close at 42,518.28. The S&P 500 advanced 0.11% to 5,842.91, while the tech-heavy Nasdaq Composite slipped 0.23% to end at 19,044.39. Big Tech stocks slipped on Tuesday, weighing on the S&P 500 and Nasdaq. Nvidia dropped 1.1%, and Meta Platforms fell 2.3%. Utilities stocks outperformed Tuesday, boosting the S&P 500 sector 1.4%.
The producer price index, which measures wholesale inflation, increased just 0.2% in December better than 0.4% forecast. CPI tomorrow.
ASX SPI up 6 points.
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ASX 200 rallied 39 points to 8231 (0.5%) with a better US market giving us the lead. Banks though were once again weaker as resources continued to find buyers. All change for 25! BHP rose 1.4% on stronger iron ore prices, FMG rallied 2.9% with gold miners also better despite falling bullion prices, a broker report helping sentiment. NST up 1.9% and EVN up 1.3% with lithium stocks finding friends, MIN up 2.0% and LYC up 1.6%. Energy stocks once again better, WDS up 0.5% and coal and uranium stocks better, PDN up 3.4% and WHC up 6.6%. Banks slipped ever so slightly with the Big Bank Basket at $249.96 (-0.3%). Insurers rose and other financials mixed. PNI down 1.9% and ZIP falling 1.4%. REITs improved with GMG up 0.4% and SCG rising 1.1%. Industrials better, retail though still under pressure. JBH off 1.6% and PMV and MYR both down again. Travel stocks in demand, FLT up 0.6% and CTD up 2.2%. Tech still under a little pressure with the All-Tech Index up 0.4% with WTC off 1.3%. In corporate news, MSB raised more money at 250c, CCX jumped 14.6% on a trading update. Iron ore surged back over $100 a tonne as Chinese imports reached a record. No local economic news. In Asian Markets, Japan played some catch up after a holiday yesterday and fell over 2% with both China and HK both showing plus 1% gains.
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The Dow Jones Industrial Average climbed Monday, outperforming the market, while the Nasdaq Composite slipped as traders continued to sell off major tech stocks that have powered the bull market. The Dow rose 358.67 points, or 0.86%, to close at 42,297.12 as investors rotated into non-tech shares such as Caterpillar, JPMorgan and UnitedHealth.
Investors are hoping the start of the fourth-quarter earnings season will stabilize markets. Banks including Citigroup, Goldman Sachs and JPMorgan Chase report on Wednesday, while Morgan Stanley and Bank of America will post results on Thursday.
ASX SPI up 37.
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The ASX 200 fell 102 points to 8192 (1.2%) as a rethink on banks, and US leads, saw across the board selling. A downgrade to banks clobbered the sector with higher yields probably not helping. The Big Bank Basket dropped to $250.75 with WBC off 2.2% and the insurers seeing sellers despite higher yields. QBE down 2.0% and SUN off 2.2%. Other financials also under pressure, MQG down 2.4% and GQG off 3.8%. IFL better, a rarity, on another competing bid from Bain at 430c. SQ2 and ZIP under pressure with retail also on the nose today thanks to PMV and MYR trading updates. Challenging mentioned four times! WES also fell 2.3% with LOV down another 1.8% on broker downgrades. Tech stocks eased, WTC down 3.6% and XRO off 2.8% with the All-Tech Index down 2.6%. Resources fared better, the ‘Three Amigos’ BHP, FMG and RIO barely changed, MIN up 2.0% and gold stocks better as AUD hit highs again. NST up 1.3% and EVN up 1.2%. Energy stocks getting a boost from oil prices. WDS up 2.0% and STO rising 2.2%. In corporate news, quarterlies are kicking off. MYR and PMV fell hard on trading updates, NWL fell % on a Citi downgrade, NWH dropped 9.5% on a CFO change. Nothing on the economic front locally. Chinese trade surplus soared to US$1 trillion on pre-Trump exports. Record exports and weak imports.
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ASX set to drop. SPI futures down 71 points or 0.86%.
Stocks in the US broadly fell on Friday night after non-farm payrolls data implied the labour market is in better shape than expected. A classic case of good news is bad news, it reinforced fears from Tuesday night that there will only be one Fed rate cut this year, down from two indicated by the Fed last month. Dow Jones down 697 points, closing near the low. Nasdaq down 1.63% and the S&P 500 down 1.54%. The Nasdaq fell 2.35% for the week while the ASX 200 gained 0.53%. A rare week of outperformance for our market.
December non-farm payrolls showed 256k jobs in the US were added, well above expectations of a 212k rise while the unemployment rate fell to 4.1% (no change was expected). Concerns the strong labour market will keep inflation elevated saw the chance of two rate cuts this year fall. Bond yields had a huge jump. US10Y up 7bp and the 2Y up 12bp.
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The S&P 500 gained 0.73% to 5,974.07. The tech-heavy Nasdaq Composite rose 0.98% to 19,764.89, as Tesla and Meta Platforms added more than 2% and Nvidia climbed more than 3%. The Dow Jones Industrial Average erased earlier losses and ended the day 66.69 points higher, or 0.16%, to 42,906.95.
Weak economic data seemed to sour the sentiment a bit earlier in the session. The Conference Board’s consumer confidence index for December fell to 104.7, its lowest level since September and below a Dow Jones estimate of 113.0.
Month to date, the 30-stock Dow is down 4.5% in December, while the S&P 500 is off by nearly 1%. The tech-heavy Nasdaq Composite bucked the downtrend, rising 2.8% this month.
ASX SPI up 5 - No news today.
COMMODITIES
- Lithium Americas and GM close joint venture for Thacker Pass mine.
- Oil prices ease on surplus concerns, dollar strength.
- Gold eases as US dollar, yields rise in thin holiday trading.
- Copper eases as dollar hovers near two-year high.
- Iron ore rises on expectations of Chinese pre-holiday restocking.
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The ASX 200 roared back from oversold levels last week and rose 135 points to 8202 (1.7%) as Santa came to town. The slow burn turned into a book squaring short covering rally led by the banks. CBA rose 2.9% with ANZ up 2.4% and the Big Bank Basket up to $(). MQG had a good day along with insurers and other financials. QBE up 1.1% and ASX rising 2.0% on relief that it fixed CHESS. REITs were firm, GMG rallied 1.8% and Industrials also ran hard. TLS up 1.0% on selling Foxtel along with NWS up 3.3%. WES bounced back 3.3% with retail doing well, JBH up 3.7% and SUL rising 5.0%. Tech pushed higher although a little muted, WTC up 1.5% and XRO up % with the All-Tech Index up %. Resources also rebounded although BHP and RIO were tepid at best. FMG up 1.1% and the gold sector rallied with NST up 1.6% and NEM up 3.3%. Even lithium shorts were active ahead of the break, PLS up 3.9% and LTR up -.9%. Uranium stocks better as were oil and gas. In corporate news, EML lost an MD and fell 22.2% with NWS selling Foxtel to DAZN. PME up 2.7% on another contract win. Nothing on the economic front.
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US markets bounced on Friday night after PCE inflation numbers came in slightly less than expected. Settling some nervousness after last weeks Fed meeting thrust progress on inflation back into the spotlight. The PCE index increased from 2.3% to 2.4% in November, vs 2.5% expectations. Consumer spending also rose 0.4%, signalling economic resilience. It is the largest contributor to US GDP at 2.5% (YoY). All three major indices rebounded on the last triple-witching day of the year. The S&P 500 rose 1.09%, and the NASDAQ rose 1.03%. The Dow added 498 points (+1.18%). Up 874 points at best. Gains weren’t enough to offset losses in the week. The S&P 500 had its worst week in over a month thanks to Wednesday night’s 2.95% drop.
ASX to open near flat. SPI futures up only 13 points. CHESS issue has been sorted.
COMMODITIES
- Nippon Steel alleges undue White House influence on doomed deal review-letter.
- Lure of Anglo's copper mines could test BHP's spending resolve.
- Codelco copper output misses November target, document shows.
- Gold climbs after soft US inflation data; still set for weekly loss.
- Oil steady as markets weigh Fed rate cut expectations, Chinese demand.
- Trump wants EU to buy more US oil and gas or face tariffs.
- Copper set for weekly fall on strong dollar, concerns about demand prospects.
- Iron ore posts weekly loss as seasonally weak demand weighs.
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The ASX 200 fell hard again today, down another 101 points to 8067 (1.2%) as the banks came under pressure. For the week the ASX 200 is down 2.8% with the US Triple witching and Core inflation numbers due tonight. Traders taking profits on the sector after a great year. The Big Bank Basket dropped to $246.54 (-2.9%). CBA the big drag on the index down 3.7%. MQG dropped 2.3% with other financials also feeling the pain. Insurers too was tossed out, QBE down 1.0% and SUN down 1.8%. REITs were mixed, GPT up 0.2% and SCG off 0.3%. Industrials were sold down but escaped the worst of the sell off. WES not so fortunate having announced the sale of Coregas, losing 5.0%. Retail stocks slid with WOW and COL falling slightly. Utilities found some friends as defensives, ORG up 1.4%, tech mixed. The All-TechIndex fell %. Resources were far better off than the banks, BHP off % and FMG bucking the trend up %. Gold miners eased but only marginally, NEM off % with EVN only down 0.7% on the CFO moving on. Oil and gas better, WDS up 2.0% on broker comments following Chevron deal yesterday. Coal stocks down but uranium mixed. In corporate news, VNT up 3.8% after a $400m deal with TLS. DEG down 2.8% on an update in Hemi project. QHL rose 40.5% on a takeover bid. MSB came back to earth with a thud falling 20.7% after FDA approvals yesterday. In economic news, the PBoC kept rates on hold. In the US, a bill to keep the government funding in place was rejected.
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The Dow Jones Industrial Average was higher Thursday, rebounding from its 10th straight loss. The 30-stock Dow added 24 points, or 0.07%. The S&P 500 was little changed, as was the Nasdaq Composite.
The 10-year Treasury yield rose to 4.566% on Thursday after climbing more than 13 basis points to cross 4.50%.
Gross domestic product accelerated at a 3.1% seasonally adjusted annualized pace during the July-through-September period, 0.3 percentage point better than the previous estimate and above the 2.9% Dow Jones consensus estimate.
Consumer spending, which accounts for about two-thirds of all activity in the $29.4 trillion U.S. economy, rose 3.7% in the quarter, 0.2 percentage point faster than the prior estimate.
ASX SPI down 51 - Triple Witching in US tonight - Commodities weak on USD strength.
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The ASX 200 tumbled 141 points to 8168 as the Fed grew hawkish and warned on rate cuts next year. Everything was hit hard. The banks fell with CBA down 2.3%, ANZ dropped 2.6% as the AGM saw another shareholder strike against Shayne Elliott. The Big Bank Basket fell to $253.85 (-2.3%). MQG down only 1.3% with some insurers up on the day, QBE up 2.1% with MPL rallying 0.5%. REITs were sold down on higher rates, GMG down 2.3% and SCG off 1.2% with industrials under pressure. Retail fell as JBH dropped 2.4% with LOV down 3.2% and WES off 1.3%. WOW fell 1.3% but COL rose 0.3%. Tech stocks came under pressure, REA down 2.5% and WTC off 2.2% with XRO falling 2.6%. In resources, most rallied off lows, BHP down 1.5% and FMG falling 3.9%. Gold miners under pressure on bullion falls but in AUD terms, it held steady, EVN down 2.8% and NEM off 3.6%. Energy stocks fell, WDS down 1.9% despite a deal with Chevron, WHC dropped 4.0% and PDN rose 1.3% as Canadian authorities cleared the Fission bid. DYL hammered 12.1% as the FID was postponed until early next year. In corporate news, MSB went ballistic, up 54.0% on FDA approvals, IPL fell 2.9% on its AGM update. PMT rose 15.9% on a deal with VW. AGL fell 0.7% as a court ordered it to pay $25m over customer failings. In economic news, Australian household wealth increased by 2.4% in the September quarter. The BoJ left rates unchanged. Tonight, we get the BoE and rates are likely to be left unchanged.
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The Dow Jones Industrial Average fell hard with the index posting its 10th straight losing day as a disappointing rate outlook by the Federal Reserve rocked the stock market.
The Dow lost 1,123.03 points, or 2.58%, to 42,326.87, for its worst losing streak since an 11-day slide in 1974. The Wednesday decline was its worst since August and only the second time it lost 1,000 points this year in one session.
The S&P 500 lost 2.95% to 5,872.16 and the Nasdaq Composite shed 3.56% to 19,392.69 with losses intensifying into the close of trading.
- Stocks tumble after Fed cuts rates, signals slower cut pace.
- Fed dials back rate cut expectations for 2025, market now pricing in two 25bp cuts.
- ASX to drop, $A plunges as Fed signals rate pause near – AFR.
- Treasuries slide and US dollar jumps to highest since 2022 on more hawkish than expected Fed SEP.
- BOJ meets for final rate review this year as Trump risk clouds outlook.
- US EPA approves California plan to ban sale of gas-only cars starting in 2035.
ASX SPI down 123 - Gold falls 2% - Bitcoin drops.
- Oil settles up after US crude stocks fall, Fed's 2025 outlook curbs gains.
- Gold hits one-month low after Fed signals slower easing pace in 2025.
- Copper edges up after hitting two-week low.
- Iron ore slips as supply worries ease, demand slows.
- Barrick Gold seeks arbitration over Mali gold mine dispute.
- US crude stocks fell last week as exports jumped, EIA says.
- Despite revamped proposals, Nippon Steel deal on track to be blocked, letter says.
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The ASX 200 fell 5 points to 8309 as early gains melted away. Fed decision tonight. Banks were under pressure for a change with CBA down 0.9% and ANZ off 0.2% as the Big Bank Basket fell to $259.93 (0.6%). Insurers slid too with SUN off 1.7% and IAG falling 2.2%. REITs were generally firmer, GMG up again, Healthcare had a good day with CSL leading the charge higher on hopes of vaccines being unaffected in the US. Industrials were ok. TCL rising 1.9% and CPU up 1.8% with tech doing ok. WTC up 1.1% and the All-Tech Index up 0.8%. APA fell 2.4% in utilities following broker comments on Basslink miss. Resources were mixed, BHP and RIO flat, gold miners fell, WGX up % an exception. Uranium stocks slightly better, and oil and gas mixed. In corporate news, the IFL board rejected the Bain overtures, OBL rose 50.3% on a good deal with Ares. MSB will begin a Nasdaq listing next week. VUL rallied another 1.9% on further EU loan commitments. On the economic front, Dr Jim released MYEFO showing a $22bn budget blowout. In Asian markets, Japan down 0.5%, HK rose 0.7% and China up 0.5%. 10-year yields at 4.28%.
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The Dow Jones Industrial Average fell for its first nine-day losing streak since the 1978. The 30-stock average shed 347 points, or 0.7%. The S&P 500 lost 0.5% , while the Nasdaq Composite ticked down 0.5%.
ASX SPI down 14. Waiting for Fed - NAB AGM today.
Commodities
- LME Copper prices fell to a two-week low, down 0.81%. Aluminium dropped 1% touching a one-month low over surplus concerns.
- Iron ore ended 0.24% lower in a range-bound trading session as markets weighed slowed shipments and weak demand from China.
- Gold dropped 0.30% pressured by a stronger USD ahead of the Fed’s rate decision tomorrow.
- Lithium off 0.14%. Saudi Arabia plans a pilot program to extract lithium from Aramco's oilfield brine. Lithium Infinity will lead the project with Ma'aden and Aramco, Vice Minister Khalid al-Mudaifer announced.
- WTI eased 1.0% on demand worries following negative economic releases from Germany and China.
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The ASX 200 kicked higher today by 65 points to 8314 (+0.8%) as the usual suspects rallied hard. The Big Bank Basket was up to $261.38 (+1.4%). CBA stood out, rising 1.6% MQG gained 1.0% with insurers doing well too. Financials generally attracting buyers, SQ2 up 1.6% and HMC up 3.0% in tandem with DGT bouncing back hard. REITs also back in demand ahead of the Fed this week, GMG up 1.7% and SCG rallying 1.2%. Industrials, too, moving firmly ahead, ALL up 1.9% with TCL up 2.1% and BXB extending its run up another 0.5%. Both COL and WOW were better with retail finding Xmas cheer, LOV up 2.3% actually, DMP up 1.0% and FLT better. Tech better, WTC up 1.1% and the All-Tech Index up 1.2%. Resources were mixed, iron ore stocks eased slightly, lithium still depressed, gold miners mixed with NEM off 0.5% and WGX up 4.3%. Energy stocks eased again with WDS down 1.0% and PDN off 2.0%. In corporate news, NVX gained 3.4% on a conditional loan from the US DoE. DTL fell 9.8% on a change in Microsoft incentives. KAR fell 9.7% on a shut in for the Bauna gas field in Brazil and APA fell 1.5% as the regulator rejected the Basslink conversion. SPG also returned to a listing after almost 20 years. Canned down 26.9% PPT fell 0.4% on the independent report failing to recommend the offer. Nothing on the economic front. Asian markets trending lower, HK down 0.4%, China up 0.6% with Japan down 0.1%. 10Y yields steady at 4.30%.
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The Nasdaq Composite rose to a record, aided by a rally in tech, as investors awaited the Federal Reserve’s policy meeting. The tech-heavy index gained 1.24% to 20,173.89, while the S&P 500 added 0.38%, closing at 6,074.08. The Dow Jones Industrial Average underperformed, losing 110.58 points, or 0.25%, to end at 43,717.48. The 30-stock Dow fell for an eighth day, marking its longest run of losses since 2018.
ASX SPI down 14 - WBC CFO Retires - Bitcoin hits US$106k
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ASX 200 slid 47 points to 8250 (0.6%) as banks remained solid and resources sunk. Iron ore stocks fell hard as Chinese retail data showed no real sign of a stimulus helping. BHP down 2.0% and FMG off 3.8%. Lithium stocks remain depressed, PLS off 3.1% and MIN falling 2.0%. Gold miners too under pressure as bullion comes off the boil. NEM down 3.6% with NST off 2.1% and VAU dropping 8.0%. Oil and gas eased with uranium stocks under pressure on a spot price downgrade from UBS. Banks help up with the Big Bank Basket solid at $257.88 (+0.3%). Insurers are also doing well, SUN up 0.8% and IAG up 1.2%. Other financials withered and died, ASX off 0.7% with HMC down 13.7% following DGT much lower. REITs fell, GMG down 1.8% with SGP down 1.0%. Tech eased back, WTC lost 1.8% with XRO down 0.3%, the All-Tech Index fell 1.0%. Retail was mixed, LOV up 0.5% and PMV down 1.8%. GYG dropped 3.6% with LNW down 1.9% too. In corporate news, not much around today. In economics, the RBA has been shaken up a little bit with two new appointments to the Interest rate-setting committee. Chinese data was lacklustre. Again. Asian markets drifted lower, Japan down 0.1% and China and HK falling 0.4% and 0.6% respectively. 10-year yields rose to 4.31%.
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Wall St ended near flat on Friday night, giving up early gains in a quiet session. The Dow dropped 86 points (-0.20%). Its seventh loss in a row was the longest stretch since 2020. Doesn’t reflect much about the US market, there’s only 30 stocks in the equal weighted index. The S&P 500 closed flat, while the NASDAQ outperformed gaining 0.12% (+0.8% at best). Supported by gains in chip stocks as Broadcom rallied 24.43%. Tipping the company’s valuation over $1 trillion, becoming the 10th public company to achieve the milestone. It predicted a massive expansion in demand for chips that power AI, expecting a $60bn-90bn AI revenue opportunity by 2027. More than four times the current size of the market. Other chip markets were mixed, Nivida down 2.2% and AMD lost 2.8%, while Marvell rose 10.8% and the Philadelphia Semiconductor Index gained 3.4%. Treasury yields rose across the board. The US 10Y yield up 6.5bps, hitting a three-week high while the 2Y yield gained 5.2bps. Bitcoin rose 1.62% on Friday night and jumped another 1.3% over the weekend to $102,877. USD Index flat, and the Aussie dollar slipped 0.17% to 63.56US cents.
ASX set to fall. SPI futures down 39 points (0.47%).
COMMODITIES
- Copper output in Peru down 1.4% in October.
- LME stocks data supports copper, but dollar dominates.
- Gold slips, but set for weekly rise on potential US Fed rate cut.
- Oil up 2%, settles at 3-week high as more sanctions loom on Russia, Iran.
- UAE to cut oil shipments amid OPEC+ push for quota discipline, Bloomberg News reports.
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ASX 200 fell 34 points to 8300 (-0.4%) with a late rally saving some blushes. Down 1.5% for the week. Banks showed some resilience, with CBA attracting investor interest as a safe-haven option. The Big Bank Basketrose to $257.08 (+0.2%), with MQG up 0.3% with insurers easing slightly. REITs fell with NKOTB DGT falling 9.0% on debut. Not a great debut. Industrials were mixed, WOW up 0.3% and ALL rallying 1.2% as WES fell 1.3% and QAN dropped 1.2% on more industrial action. Resources fell significantly as iron ore prices dropped in Asia. BHP lost 1.5% with FMG continuing its wild ride down 3.7%. Gold miners sagged on lower bullion prices following the US PPI last night. Uranium stocks surged following the coalition's announcement of plans to establish seven nuclear power plants across the country. PDN up 4.7% and DYL rising 2.8%. Oil and gas stocks better with WDS up 0.5%. In corporate news, IFL was on the receiving end of a NBIO from Bain at 400c, up 6.2%. S32 fell 1.1% on WA extending the Worsley alumina project. SDF fell 0.5% on some insider trading charges and TCL fell 0.9% on an update on NSW government negotiations. Nothing on the economic front locally. Asian markets eased despite Chinese stimulus talk. Japan down 1.0%, HK down 1.7% and China down 1.5%. 10-year yields back to 4.3%.
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US equities pulled back overnight as hotter-than-expected US PPI data weighed on market sentiment. The Dow ended near session lows, down 234 points (-0.53%). Up 60 points at best. Down 245 points at worst. The NASDAQ fell back below 20,000 as tech stocks pulled back ahead of the Federal Reserves policy meeting next week and the S&P 500 lost 0.54%. On the economic front, US producer prices rose 0.4% MoM in November, the largest gain in five months. Annual PPI inflation accelerated to 3% from 2.6%. Core PPI rose 0.2% MoM, matching forecasts, with the annual core rate steady at 3.4%. Initial jobless claims in the US jumped to 242k in early December, up 17k from the prior week and above forecasts of 220k, the highest since October. US treasury yields rose following fresh economic data which confirms that the Fed will cut rates by 25bps next week. USD index up 0.28%, Bitcoin off 1.18%, and the AUD is flat.
SPI down 55 points - Bid for IFL - DGT first day of school.
- WTI down 0.45% pressured by a forecast for ample supply in the oil market by the IEA.
- Copper fell 0.97% due to a firming USD. Nickel and aluminium found buyers, up 2.05% and 0.12%, respectively. Zinc, lead and tin are all down over 1.5% each.
- Gold slid 1.28% on profit-taking after the yellow metal hit a five-week high.
- Iron ore rebounded, up 1.0%, while Dalian fell 1.10% as markets wait for further clues on policy easing from a key economic meeting in China.
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ASX 200 falls another 23 points to 8330 (0.3%) after a solid opening was derailed by the 3.9% headline unemployment number. RBA will be back in its box. Banks slid with ANZ still under some pressure, the Big Bank Basket up to $256.62(). Insurers slightly higher as 10-year yields jumped higher to 4.26%. Industrials mixed with retail down, tech up and ‘old skool’ platform stocks easing back, REA down 2.4% and CAR off 1.3%. REITs under some pressure on higher rates. Resources were flat, iron ore miners mixed, lithium stocks tried to rally as PLS CEO bought 500k shares. Gold miners were still in demand, although muted, oil and gas stocks fell slightly, BPT jumped 9.9% on a broker upgrade. Uranium stocks mixed, PDN up 0.7%. In corporate news, SYR was dumped 28.3% on a force majeure in Mozambique, IPH rose 4.0% on buy back initiated. SPK jumped 3.1% on data centre sale news. ORA fell 1.7% as it completed the sale of its US business, and OML fell 3.8% as it outlined cost-cutting plans. VNT and DOW slumped on ACCC allegations of price fixing. In economic news, jobs data was far stronger than the economists had forecast at 3.9% with 36500 new roles created. RBA now back to a serious delay. In Asian markets, a strong day, Japan up 1.0%, China up 0.6% and HK up 1.7%.
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The tech-heavy index rose 1.77% to end at 20,034.89 and post an all-time high and a closing record. The broad market S&P 500 gained 0.82% to close at 6,084.19. The Dow Jones Industrial Average was the outlier, falling 99.27 points, or 0.22%, to 44,148.56.
November's CPI was in line with expectations. The reading showed a 0.3% rise from October and 2.7% increase from a year ago. Excluding volatile food and energy prices, core CPI increased 0.3% on the month and 3.3% on an annual basis. Fed set to cut 25bps next week.
ASX SPI up 38 - Jobs number at 11.30am. Consensus +25k 4.1% headline rate - ORA sells US Business.
- WTI jumped 2.5% as EU sanctions on Russia's "shadow fleet" threaten supply. Brent crude up 2.2%.
- OPEC lowered its 2024 oil demand growth forecast for the fifth consecutive month, citing weaker Chinese demand. Growth is now expected at 1.61m bpd (-210k bpd).
- Chile projects 2025 copper output at 5.4–5.6m tons and prices at $4.2–$4.5/lb.
- LME copper fell 0.28% after touching a one-month high, as a stronger US dollar offset optimism over China's potential monetary easing.
- Gold rose 0.91% after inflation matched expectations.
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ASX 200 falls another 39 points to 8354 (0.5%) as profit-taking in the market leaders continues. No resource bounce today to counter that. Banks slid with the Big Bank Basket down to $256.32 (-0.3%). MQG off 0.8% and insurers slipping lower. Much lower as yields continue to fall on the ‘turtle’ dovish tilt from the RBA yesterday. REITs help up with GMG better, Tech once again under the pump with the All-Tech Index down 0.8% and WTC and XRO off 3.0% and 1.4% respectively. Industrials also falling with BXB, SGH and ALL falling back to earth. Resources were mixed, BHP rose 0.4% but RIO and FMG eased back. Gold miners were mixed, GMD up 1.1% and WGX better again. S32 dropped hard down 4.4%, on Mozambique issues, PLS down 0.9% and MIN down 1.6%. Oil and gas fell with uranium finding some stability. Coal stocks better again. In corporate news, REX under fire from ASIC on $80m bailout issues. CTT had a $16.5m block trade, NAB sold the remainder of MLC to Nippon. VUL in a trading halt for a cap raising and SIG laid out the timetable for Chemist Warehouse merger. In economic news, we had National Accounts showing a nominal GDP rise of 0.4%. The terms of trade fell 2.5%. Asian markets becalmed ahead of US CPI. 10-year yields higher at 4.18%.
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US equities closed in the red overnight ahead of inflation data tomorrow. The Dow lost 154 points (-0.35%). Up 69 points at best. Down 215 points at worst. The S&P 500 pushed further away from recent all-time highs, down 0.30% and the NASDAQ eased 0.25%. NFIB Small Business Optimism Index jumped to 101.7 in November, its highest since June 2021. Small caps Russell 2000 ignored the positive economic data, falling 0.42% while the VIX edged 1.93% higher. US treasuries rose while Aussie bonds and the AUD fell hard, down nearly 1% at 68.78US cents.
US CPI tomorrow. SPI down 27 - AUD drops on Turtle Dovish RBA - Gold hits near record AUD highs.
- The EIA forecasts US net crude oil imports to drop 20% in 2025 to 1.9m bpd, the lowest since 1971, driven by increased domestic production and reduced refinery demand.
- WTI up 0.29% on rising demand from China after reports of “appropriately loose” monetary policy in 2025 and a possible tight supply in Europe this coming winter. Brent Crude up 0.10%.
- Gold up 1.24% hitting a two-week high, supported by rising geopolitical tensions.
- Codelco reported flat copper production of 127,900 tons in October, matching last year, while Escondida's output surged over 20%, per Cochilco data.
- LME Copper dipped 0.16%, pressured by a slowdown in China’s export growth. While nickel dropped 1.19% from an oversupply in the market.
- Uranium fell 0.26%, iron ore down too, off 0.14%, and lithium rose 0.20%.
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ASX 200 slipped 30 points to 8393 (-0.4%) as investors switched from the high flyers to resources following the news yesterday from China. Banks saw selling pressure with CBA down 1.1% and NAB sliding 2.8% with the Big Bank Basket down to $256.99 (-1.5%). MQG off 1.9% with insurers under pressure too. High-flying platform stocks also in sell-down mode, with HUB and NWL down. REITs under pressure, GMG off 2.2% and SCG down 1.7%. Tech too in the seller’s sights, WTC off 4.4% and XRO falling 4.4%. The All-Tech Index dropped 3.55%. REA took a tumble as did CAR and SEK. In media stocks, NWS saw Murdoch senior thwarted in a Nevada court. Industrials and retail slipped slightly. Resources saw strong buying across the board, though gains moderated from intraday highs. BHP up 3.1% and FMG rallying 6.2% with PLS bouncing hard together with MIN. Gold miners back in demand, GMD hitting 52-week highs. NEM up 2.4% and EVN up 5.0%. Even oil and gas stocks rose, KAR up 5.3% with uranium in-demand, PDN up 2.0%, and WHC doing well too, up 3.5%. In corporate news, PPT dropped 8.4% on an ATO issue that could see the Barbarians at the gate slam it shut. IAG fell after being hit with a class action in Victoria. In economic news, the RBA kept rates unchanged, but we saw a slight softening of language. Hikes seem to be off the table now. Asian markets rose on stimulus optimism, with China up 1.6%, HK up 1.0% and Japan up 0.4%. 10-year yields falling to 4.15%.
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The S&P 500 and Nasdaq Composite pulled back from record highs Monday, with tech shares struggling and investors looking ahead to key inflation data due out this week. The broad market index fell 0.61% to close at 6,052.85, and the tech-heavy Nasdaq slid 0.62% to end at 19,736.69. The Dow Jones Industrial Average shed 240.59 points, or 0.54%, settling at 44,401.93.
The November CPI due out Wednesday, is expected to show a slight uptick in pricing pressures. Economists expect a rise of 0.3% and 2.7% on a monthly and annual basis, respectively. That would be up from respective increases of 0.2% and 2.6% in the prior month.
ASX SPI up 3 - RBA later - Eyes on Resources after China talks its whatever it takes moment.
Gold and oil rise.
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ASX 200 closes off lows, up 2 points to 8423. Quiet trade with resources recovering somewhat. BHP down only 0.3% with FMG off 1.2%. Lithium stocks remained under pressure with PLS off 4.4% and MIN down 1.6%. Gold miners slightly better, NST up 1.0% and GMD up 1.9%. Energy stocks lower again with WDS down 1.1% and PDN falling 2.0%. Banks were mixed, CBA rose 1.5% with ANZ down 3.6% as CEO retires and successor named. The Big Bank Basket up to $261.01 (+0.5%). Insurers weaker, QBE off 1.3% and platforms stocks easing back. SQ2 continues to push higher. Industrials mixed, RMD up 2.3% and FPH rising 1.7% with REITs slipping with the exception of GMG recovering 3.4% from the bungled sell-down last week. Tech a little mixed, XRO up 0.4% and the All-Tech Index off 0.1%. In corporate news, PTM fell 14.4% on news RPL had pulled out of discussions. 360 dropped 8.3% as directors sold small parcels. GQG released positive FUM and rose 6.3% despite cancelling buyback for US tax reasons. In economic news, Chinese CPI rose only 0.2% and Japanese GDP was revised down to -0.1%. Asian markets mixed with Japan off 0.2% and HK and China down 0.5%. 10-year yields steady around 4.21%.
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The S&P 500 advanced modestly early and mostly held those gains into the closing bell in New York for its 57th record closing high this year. Breadth, however, continues to lag with just four of the 11 industry sectors rising.
The S&P 500 is on track to hit 30% gains this year. The consumer discretionary sector outperformed, boosted by gains in Lululemon (+15.9%). The sportswear maker raised full-year forecasts. The Dow Jones ended 123 points lower (-0.26%) weighed down by losses in UnitedHealth (-5.0%). The VIX fell 4.9% to 12.83, its lowest level since mid-July and Bitcoin jumped back above the $100k mark.
Market sentiment overall was driven by the latest jobs data. The US economy added 227,000 jobs last month, mostly in line with expectations, and the three-month average came in at 173,000, confirming expectations that the labour market is cooling, at a moderate pace.
SPI down 25 - ANZ CEO to Retire - Regal pulls out of Platinum discussions,
RBA Tomorrow.
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ASX 200 has closed out the week in the red, down 54 points to 8421 (-0.6%). For the week down 0.14%. Almost all sectors closed in the red today, Utilities the expectation thanks to gains in APA up 1.4% after receiving a positive regulatory decision from the Australian Energy Regulator. Iron ore giants mixed. RIO and FMG slid over 0.5% each while BHP gained 0.3%. Lithium stocks dragged their feet, PLS fell 2.6% hitting a 52-week low, LTR lost 3.9%, while MIN gained 1.0%. Energy stocks were not so energic today, WDS fell more than 2%, STO off 1.2% and STX down 2.4%. REITs pared earlier gains, ending the session in the red, despite GMG rising 0.9%. WOW down another 1.0% as strikes continue and JBH rose 0.7% hitting a 52-week high. Aussie dollar down 0.4% to 64.27c and treasury yields eased a touch.
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US equities ended higher overnight with all three major indices closing in the green. Boosted by positive commentary from Powell and solid results from Salesforce. The Dow finished near session highs, up 309 points (+0.69%). Up 368 at best. The S&P 500 gained 0.61% booking its 56th closing record high in 2024, and the NASDAQ outperformed advancing 1.29%. Salesforce +11.0% hitting all-time intraday highs after beating estimates for Q3 revenue, helping rally the tech sector.
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ASX 200 ended 33 points lower (-0.4%) coming off record highs. The Aussie dollar took a big hit today, down 0.7% to 64.37c. In Asia markets are mixed, with China and Japan down 0.1% and 0.2%, while Hong Kong's Hang Seng gains 0.1%. Treasuries mixed 2Y yield off 3.8bps and 10Y yield flat. The Dow and NASDAQ Futures up 0.3% each.
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The S&P 500 inched higher Tuesday, eking out another record close.
The broad market index added 0.05%, ending at 6,049.88. The Nasdaq Composite advanced 0.40% to close at 19,480.91, hitting a new intraday record as Apple rose to a fresh 52-week high. Both the S&P 500 and the tech-heavy Nasdaq posted new closing records. The Dow Jones Industrial Average underperformed, losing 76.47 points, or 0.17%, to settle at 44,705.53.
ASX SPI down 30 - PME placement - AIA sell down - GMG sell down
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ASX 200 rose 47 points to a new record of 8495 (0.6%). Gains across the board with the solid bank sector remaining the bedrock. ANZ up 1.1% and NAB up 0.8%. CBA lost 0.3% with the Big Bank Basket up to $262.70 (0.2%). MQG kicked 1.2% higher and other financials joined the fun, ASX up 0.5% with NWL bouncing 3.7%. Insurers firmed and REITS in the green. GMG up 1.0% and SCG up 0.3%. Industrials continued higher, WES remains a standout up 0.9% with BXB also in demand, up 1.6% with ALL putting on 1.9%. Tech also doing well, with XRO up 1.5% and 360 up 3.8%. WTC missed the memo down 1.4% with the All-Tech Index up 1.3%. Resources were a little mixed, FMG jumped 2.1% with PLS up 2.9% and MIN doing well again up 2.6%. Gold miners were mixed as NST fell %, dragging DEG down too. VAU up 1.5% on takeover speculation. Oil and gas better, WDS up 0.5% and KAR up 0.7%. Uranium mixed, PDN up 1.6% and BOE down 2.2%. In corporate news, CKF downgraded the outlook, falling 4.3%. SDF rallied 2.7% on an all clear from irregularities, ZIP fell 0.6% as founder Diamond sold down and resigned. In economic news, consumer confidence jumped and the current account deficit came in higher than expected. Asian markets were better, Japan up 2.3% and China flat but HK up 0.1%. 10-year yields 4.31%.
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The S&P 500 booked its 54th record closing high overnight, up 0.24%, while the NASDAQ rose nearly 1% led by gains in mega-cap tech stocks. Microsoft +1.8%, Meta +3.2% and Alphabet +1.5%. The Dow lost 129 points (-0.29%). Up 91 points at best. Down 200 points at worst. Small caps Russell 2000 ended just below flatline and Wall Street's “fear gauge” the VIX dipped 0.67%. In economics, US ISM Manufacturing PMI rose to 48.4 in November beating expectations of 47.5, indicating a softer contraction in the manufacturing sector. In Fed speak, Bostic's commentary was uncertain, stating price stability and employment were broadly healthy, but continued positive data was not assured. Waller is leaning towards a rate cut in December given current data but reiterated that the Fed could consider holding rates steady to collect more inflation. Treasury yields were little changed, while the USD Index gained 0.60% and the Aussie dollar dropped 0.58%. December FOMC meeting is 15 days away with the odds of a 25bps cut at 74.5% rising from 66% in the previous session, according to the CME FedWatch tool.
ASX SPI up 62 - ZIP Chair Resigns - CKF Downgrades
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ASX 200 closes up 12 points at 8448 (0.1%) in lacklustre trade. Banks were mixed with the Big Bank Basket flat at $262.13. Insurers eased back as yields eased to 4.32%, QBE down 0.3% and MPL off 0.3% on NSW hospital changes. REITs were mixed, GMG down 0.4% and CHC falling 1.4% as funds locked in some of the year's gains. Industrials mostly stronger, WTC up 1.1% on the new White deal with Isaacs. XRO rose 0.4% and the All-Tech Index unchanged. Retail is a little mixed on better than expected retail sales, PMV up 0.5% and HVN up 0.4%. In resources, iron ore stocks pushed higher with BHP up 0.4% and FMG up 0.3%. Gold miners were hit hard as NST announced a takeover of DEG. NST fell 5.3% and DEG up 29.6%. GOR rose 0.4% as a 18% holder of DEG. Energy stocks rallied, WDS up 1.2% and PDN up 0.8%. In corporate news, MTS rallied 2.2% on better than expected 1H results. NWL fell 5.0% as it announced $100bn FUA. On the economic front, retail sales jumped 0.6% in October. Housing approvals picked up too, total approvals up 4.2% lifted by units and apartments. Asian markets firmed, Japan up 0.7%, China up 0.7% and HK up 0.2%.10-year yields fell to 4.32%.
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Dow +0.42%, S&P 500 +0.56%, NASDAQ +0.83%, and Russell 2000 +0.35%. Eurozone inflation rose to 2.3% in November, as expected. Black Friday sales boost retail and tech stocks. Meta faces a 551m euro complaint, trial in October 2025. STOXX 600 +0.35%, FTSE 100 +0.07%, CAC 40 +0.78%, and DAX +1.03%.
US equities closed out a shortened trading session higher as treasury yields came off multi-month highs. The S&P 500 and Dow Jones booked record closing highs advancing 0.56% and 0.42% respectively. Gains in tech and retail stocks boosted the indices in response to Black Friday sale discounts. Adobe Analytics estimated consumers spent a record $10.8bn in online purchases +9.9% YonY. Apple, Amazon and Nvidia up over 1% each, while Target, Hasbro and Macy’s rose between 1.7%-1.9%. The NASDAQ rose 0.83%, and small caps Russell 2000 gained 0.35%. For the week, Dow +1.39%, S&P 500 +1.06% and NASDAQ +1.13%, and for the month Dow +7.54%, S&P 500 +5.73% and NASDAQ +6.21%. Treasury yields dropped amid thin holiday trading. 10Y yield off 7.2bps and 2Y yield down 6.0bps. USD Index fell 0.31%, the Aussie dollar gained 0.31%, and Bitcoin rose near 3%, trading above $97k again. The probability of a 25bps December rate cut from the Fed remains unchanged at 66%.
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ASX 200 drifts 8 points lower to 8436 (0.1%). Banks eased again with CBA unchanged with NAB and ANZ off around 1%. The Big Bank Basket fell to $262.13(-0.3%). MQG dropped 0.6% with insurers down too. REITs slipped with SCG off 1.1% and VCX off 1.8%. Utilities slipped with ORG off 0.3% and industrials mixed again, TCL off 1.4% and SGH bouncing back 0.7% with REH up 0.6%. Tech mixed with WTC up 1.8% and XRO off 1.2% and the All-Tech Index %. REA and CAR eased back and retail mixed, JBH down 0.3% and LOV up 0.7%. Iron ore miners rose, BHP up 1.3% and FMG up 1.6% and the gold miners rose led by NST up 0.8% and NEM up 1.5%. Lithium in the doghouse still. PLS unchanged and LTR down 1.4%. In corporate news, SHV went nuts for a while before cracking and falling 5.4%. RSG paid another tranche of money to the Mali government. Whilst on the economic front, economists raced each other to push out rate cuts further in 2025. Asian markets mixed as usual, Japan down 0.4%, China up 2% and HK up 1.3%. 10-year yields steady at 4.36%.
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US markets closed overnight.
European markets better.
SPI down 27.
RBA Changes Passed.
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ASX 200 pushed 38 points higher to fresh highs of 8444. Up 0.5%. Banks back in charge with the Big Bank Basket up to $263.13 (0.7). CBA up 0.6% and NAB up 0.9%. Other financials also strong, MQG up 0.4% and insurers firm, QBE post its update rising 1.2%. IAG up 3.6% on acquisition news, ASX bouncing back too. REITS steady. Industrials are also steady but uninspiring. WOW up 0.5% and ALL up 0.3% with healthcare stocks doing very well, PME up 8.7% on a new $330m contract. CSL up 1.6%. Iron ore miners better, BHP up 0.7% with gold miners under a little pressure in places. SPR up % on drill results. In energy, STO continue to fall, PDN down 5.0% and WDS up 0.1%. In corporate news, AVJ caught a bid from PE, SGR held its AGM and fell 7.1% to all-time lows, as new CEO urged patience. MGH in a capital raise and WJL in the sights of the ACCC on pricing. FPH fell 2.1% on profits growing less than hoped. Guidance an issue. HUM rattled on lower dividend warning. In economic news, Private new capital expenditure (capex) rose 1.1% in September quarter 2024. Asian markets mixed, China down 0.8%, HK down 1.3% and Japan up 0.7%. 10-year yields down to 4.36%.
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The S&P 500 shed 0.38% to 5,998.74, snapping a seven-day winning streak. The Nasdaq Composite lost 0.6% to end at 19,060.48. The Dow Jones Industrial Average slipped 138.25 points, or 0.31%, to finish at 44,722.06, reversing course after trading up more than 140 points at session highs.
- US PCE Prices +0.2% MonM as expected.
- Bonds sold off over economic concerns.
- Dell tumbles 11.35% on quarterly forecasts.
- FTC opens antitrust investigation of Microsoft.
- STOXX 600 -0.19%, FTSE 100 +0.20%, DAX -0.18%, CAC 40 -0.72%.
ASX SPI up 21 - AVJ Bid - IAG buys RACQ Insurance.
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Dow advanced 123.74 points, or 0.28%, to close at 44,860.31, reversing course after dropping more than 300 points at session lows. The S&P 500 added 0.57% to 6,021.63. Both the Dow and S&P 500 notched new intraday and closing records. The Nasdaq Composite jumped 0.63% to 19,174.30.
Tariff talk dominated. Volumes below normal as Thanksgiving approaches.
Minutes from Fed released - The central bank said it anticipates interest rate cuts in the future, but to only expect them “gradually.”
ASX SPI up 38 - AGMs to continue
COMMODITIES
- Oil settles down after Israel agrees to ceasefire deal with Lebanon.
- Gold steady as safe-haven demand faces mixed geopolitical signals.
- Copper slips as Trump releases details of China tariffs.
- Iron ore rangebound amid China rate cut hopes, Trump tariff plans.
- OPEC+ discusses further delay to oil output hike.
- Trump plans no exemption for oil imports under new tariff plan.
- TotalEnergies suspends Adani Green investment, awaiting clarity on bribery case, says CEO.
- Japan Prime Minister Ishiba calls on Biden to approve Nippon-US Steel deal, sources say.
- Four Barrick Gold employees arrested in Mali, miner says.
- Saudi Arabia agrees metals deals worth over $9bn.
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ASX 200 fell 58 points to 8359 (-0.7%) on Trump tariff plans and banks saw a large sell-off with the Big Bank Basket down to $257.85 (-2.7%). CBA led the market lower down 3.6% as investors woke to the extraordinary gains from the big four this year. WBC, ANZ and NAB slid half as much. MQG rose 0.8% on some rotation, insurers slid as bonds fell, QBE off 2.1% and SUN off 2.2%. ASX dropped 4.3% as it outlined plans for the CHESS replacement in 2029. REITs firm on lower rates, GMG up 0.9% and SCG up 1.4%. Industrials mixed, WES fell 0.8% and TLC up 0.4% and SGH up 1.0%. Retail slightly firmer, SUL up 0.9% and DMP up 4.2%. Healthcare mixed, CSL down 0.3% and PME up again, SHL up 2.6% with some positive broker comments. Resources were weaker, gold miners falling as bullion was dumped, NST down 2.4% and NEM down only 0.5% despite ex-dividend after a sale of another project. Oil and gas stocks were dumped with WDS down 3.8% and STO off 4.2% with uranium easing. In corporate news, EML up 29.2% after earnings rose 46% in Q1. RHC up 3.5% after saying it had a positive start to FY25. On the economic front, Trump announced his first executive decision will see Mexico and Canada hit with a blanket 25% tariff and China to get an additional 10%. Asian markets mixed, China up 0.5%, HK up 0.4% and Japan down 1.6%. 10Y yields 4.44%. Dow Futures up 16 points. NASDAQ Futures up 26 points.
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Dow rose 440.06 points, or 0.99%, to 44,736.57. The broad S&P 500 gained 0.3% to end at 5,987.37. Both hit new all-time highs in the session, while the Dow also notched a fresh record close. The Nasdaq Composite ticked up 0.27%, finishing the day at 19,054.84.
The 10-year Treasury yield dropped more than 14 basis points in Monday’s session.
U.S. markets are closed Thursday due to the Thanksgiving holiday and close early on Friday, so trading volume is likely to be light this week.
ASX to rise. SPI Futures up 18 points (+0.21%).
COMMODITIES
- Gold tumbles 3% on reports of Israel-Hezbollah ceasefire, US Treasury pick.
- Copper bounces on bargain hunting and risk appetite.
- Iron ore rises on firmer steel outlook, but trade tensions cap gains.
- Newmont to sell Eleonore gold mine for $795mn, advancing asset divestment plan.
- Trump preparing wide-ranging energy plan to boost oil drilling and gas exports.
- Anglo agrees to sell Australian coal mines for up to $3.78bn to Peabody Energy.
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ASX 200 hits new records up 24 points to 8418 (0.3%). Some profit taking creeping in, but US Treasury appointment helping sentiment. Banks paused for breath with CBA up 0.7% and ANZ slipping 1.3% with the Big Bank Basket down to $264.99 (). Financials and insurers though better, SUN flat and ASX rallying 1.8%. REITs rallied hard on easing 10-year yields, GMG up 1.5% and SCG up 2.8%. Healthcare too in demand, CSL bouncing 1.7% with PME AGM providing a solid backdrop, up 2.7%. Industrials too stronger, WES up 1.9% and retail doing well, JBH up 0.4% and LOV rallying 2.4% on broker comments. Tech better, WTC up 0.8% and XRO up 0.9% with the All-Tech Index up %. Resources back in the doghouse as iron ore prices remain under pressure in Asia, RIO down 0.4% and base metals and lithium off too. PLS down another 3.8% with gold miners under the hammer too, NST off 1.6% and EVN down 1.0%. Oil and gas mixed and coal eased, WHC off 2.5%. In corporate news, some M&A activity in small caps with SWF agreeing to a revised BFG bid, BTH getting another bid, SGF getting a good NBIO from PEP. IPO CCL hit the bourse and fell 7.6% on debut. Good to see that code back! Nothing locally on the economic front, China kept one- year rates unchanged. Asian markets mixed, Japan up 1.5%, China down 0.5%, HK down 0.4%
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Wall Street closed out the week on a positive note with all three major indices booking weekly gains following strong PMI data. Small caps outperformed the large indices, the Russell 2000 rose 1.80% closing at a one-week high and finishing 4.3% higher for the week. Blue chips also performed well. The Dow added 426 points (+0.97%) closing near session highs. Up 454 points at best. S&P 500 rose 0.35% and the NASDAQ gained 0.16% despite losses in Alphabet down 1.6% adding onto Thursday's 4% drop following the DoJ’s argument that the company has monopolised online search. Nvidia too lost 3.2% in a choppy trading session. For the week, Dow +1.96%, S&P 500 +1.68%, and NASDAQ +1.73%. Business activity in the US hit a 31-month high in November, as S&P Global's Composite PMI rose to 55.3 from 54.1 in October, reflecting optimism over lower interest rates and pro-business measures by President-elect Trump. USD Index jumped 0.41%, Bitcoin is trading within striking distance of $100k, sitting at $99k, and US treasuries ended the session mixed, with the 10Y easing a touch.
ASX SPI up 52 - Gold in focus - AGMs continue
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ASX 200 finished the week up 71 points at a new 8394 record. Up 1.3% for the week. All sectors firing with the banks pushing up yet again. CBA up another 1.8% and NAB up 1.3% with the Big Bank Basket at $265.19 (+1.4%). MQG up 1.0% and financials better, SOL up 1.0% and ASX up 1.4%. REITs firmed, GMG up 0.5% and SGP up 1.2%. Industrials solid as a rock, WES up 1.8% and TLS up 0.3% with CSL bouncing back again, PME doing what it does best up 3.4%. BXB another day in the green up 0.5% with retail finding support. Black Friday sales kicking off, JBH up 1.6% and LOV rebounding from early losses, up 1.4%. ALL fell 1.7% and LNW up 3.6%. Resources were slightly higher, BHP up 0.9% and FMG up 1.1%. Gold miners are better again as bullion rose on increased geo-political risk, NST up 1.9% and EVN up 1.0%. Lithium and rare earths remain in the "Chateau de Chien". PLS down 6.8% and LYC off 1.0%. Oil and gas stocks are in demand, WDS up 2.2% and uranium pushing higher, PDN up 5.9%. In corporate news, another 25 AGMs today, WTC fell 12.4% on a profit downgrade, and MP1 fell 9.5% after reaffirming its earnings outlook. KGN fell 2.7% on its earnings update. No significant economic updates locally. Asian markets mixed again, with Japan up 0.7% with China and HK down over 1%. 10Y yields steady at 4.55%.
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The Dow gained 461.88 points, or 1.06%, to finish at 43,870.35. The S&P 500 added 0.53% to close at 5,948.71. The Nasdaq Composite eked out a 0.03% gain to end at 18,972.42.
Amazon slumped 2.2%, while Alphabet declined nearly 5%, falling for a second session on antitrust fears. Snowflake was one bright spot in the sector, popping nearly 33% after the company.
Bitcoin also hit a fresh milestone, hitting a fresh intraday all-time high.
ASX SPI up 74 Points – AGMs in focus – LOV – A2M - WTC
COMMODITIES
- Gold climbs to over 1-week high on safe-haven demand.
- Copper slips on uncertainties over China, Ukraine war, Trump policies.
- Oil rises 2% on supply worries as Russia-Ukraine war escalates.
- Resolute Mining's CEO and two executives released by Mali government.
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ASX 200 lost 3 points to 8323 in rudderless trade as AGMs dominated. Plenty of volatility underneath the surface. The banks as always in demand with WBC the star today, the Big Bank Basket rose to $261.54 (+0.2%). Financials were mixed, GQG cratered 19.3% on its exposure to the troubled Adani group as news emerged on charges in the US overnight. Insurers slightly firmer. REITs were mixed with GMG coming under a little pressure as details of the new data centre IPO DigiCo emerged, offering alternatives.
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US equities mixed in fairly quiet Wednesday trading, though ended near best levels.
Dow +0.32%, S&P 500 (0.00%), Nasdaq (0.11%), Russell 2000 +0.03%
- Nvidia down 1% after hours on results
ASX SPI up 11 - 30 AGMs today - MIN the most interesting
COMMODITIES
- Gold gains for third consecutive day on escalating Russia-Ukraine tensions.
- Oil settles down on strong US supply, losses capped by Ukraine escalation.
- Copper climbs in calmer markets, dollar caps gains
- Exxon Mobil signs non-binding lithium supply deal with LG Chem.
- Chile mining group SQM's net profit slips on lower lithium prices.
- Dalian iron ore rises on resilient steel demand, China stimulus hopes.
- Weak demand may prompt OPEC+ to stick with production cuts for longer than anticipated.
- US crude, gasoline inventories rise, distillates draw down, EIA says.
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ASX 200 lost 48 points to 8326 (-0.6%) as nerves set in ahead of Nvidia and lack of follow-through from the move yesterday. Geo-politics weighing slightly as gains evaporated. Banks steady with WBC off 1.1% and the Big Bank Basket unchanged at $260.91. Insurers eased, MQG off 0.5% and NWL falling 3.3% on an update.
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The Nasdaq popped 1.04% to finish at 18,987.47, while the S&P 500 gained 0.4% to end at 5,916.98. The Dow Jones Industrial Average dipped 120.66 points, or 0.28%, to settle at 43,268.94.
ASX SPI down 6. AMC in focus on huge merger deal. NCK warns on delays - Boss Energy, Charter Hall, Downer EDI, Mount Gibson Iron and Pacific Smiles all host AGMs.
COMMODITIES
- Gold hits 1-week high as Russia-Ukraine tensions boost rush to safety.
- Oil steadies as Sverdrup field restart counters geopolitical concerns.
- Iron ore at one-week high on softer dollar, pre-holiday stocking.
- Peru copper output edges down 1% in September.
- Norway's Sverdrup oil output rises to two-thirds of capacity.
- LME aluminium up as market adjusts to China's plan to end tax rebate.
- LME lead stocks jump to highest level in 11-1/2 years after inflows.
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ASX 200 soared to new record highs before falling into the close, up 74 points to 8371 (+0.9%) as both the banking sector and the resources pushed ahead. The Big Bank Basket hit a new record up to $260.88 (+1.2%). CBA led the charge with a 1.7% gain and insurers also doing well. QBE up 1.4% and SUN rallying 2.1%. Other financials also in demand, PNI up 1.1% and HMC doing well rising 1.6%. SQ2 stands out again by up 6.3%. REITs too piling on the points, GMG up 1.1% and SCG rising 0.6%, 10Y yields falling to 4.57%. Industrials also in a good place, WES up 0.9% with WOW and COL recovering, QAN up 0.8% and SGH a star, up 3.2%. Retail recovered somewhat, JBH up 0.6% and PMV putting on 1.0% with LOV still under a little pressure. ALL up 1.6% though LNW down 2.5%. Tech rallied hard as WTC put on 2.4%, TNE soared 10.0% on better results, the All Tech Index up 2.7%. Even dull utilities were in demand, ORG up 1.0% and AGL up 0.9%. In resources, early weakness gave the buyers reasons to nibble a little, BHP down 0.1% and RIO down 0.4 % with gold stocks doing well on bullion rises, NST up 4.0% and NEM up 2.0% after a sale of a gold project. Oil and gas better, STO announced a shift in focus and rose 0.3%. Lithium stocks still on the nose with PLS down 5.2% and uranium stocks firm but unspectacular. In corporate news, SYA announced a merger with PLL, CLG had an NBIO from PE, KMD warned of tough times, and MIN company secretary is moving to a compliance and governance role. On the economic front, RBA minutes were released, current settings appropriate. Asian markets mixed again, Japan up 0.7%, HK rose 0.2% and China off 0.5%.
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US equities finished mixed overnight, as the S&P 500 and NASDAQ gained 0.39% and 0.60% respectively recovering some losses ahead of Nvidia’s quarterly earnings on Wednesday. The Dow dipped 55 points in a range bound trading day. Up 61 points at best. Down 147 points at worst. The tech sector found buyers with Apple up 1.3%, Netflix up 2.8% and Tesla rose 5.6% on reports that Trump's team is exploring regulatory easing for self-driving cars. Market sentiment remains cautious following Powell’s comments on holding off rate cuts last week while attention has shifted to Trump's cabinet picks. US treasuries edged lower, 10Y yield off 2.4bps and the 2Y yield lost 1.9bps. USD Index fell 0.44% after hitting a more than one-year high last week, and Bitcoin topped $91k.
Consumer discretionary has rallied around 10% in November, making it the best-performing S&P 500 sector during the period. Tesla is up around 36% since the election!
ASX to inch higher. SPI Futures up 9 points (+0.11%).
- WTI jumped 3.16% following news that production at Norways Johan Sverdrup oilfield had been halted adding to earlier gains from an escalation of the Russia-Ukraine war.
- Gold up 1.89% following six consecutive days of losses after the USD’s rally halted.
- Copper up 0.71% on a weaker USD, but gains were limited by uncertainty about US tariffs and China stimulus.
- Lead surprised, rising 1.64% despite a 27% jump in LME inventories and aluminium dropped 1.69% on some profit-taking after rallying 5.54% on Friday following China’s announcement that it would cancel tax rebates for exports of aluminium.
- Uranium up 0.61% and Iron ore gained 1.90%.
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ASX 200 recovered from a cautious start to close up 15 points to 8300 (+0.2%) as iron ore futures kicked back above $100. BHP up 0.7% and RIO rallying 2.2%. Resources generally were solid as uranium stocks glowed hot after moves by Russia to limit exports. PDN rose 5.5% DYL up 7.0% and BOE up 7.3%. Gold too rallied with NST up 2.5% and EVN rallying 2.6% on better commodity prices and Chinese stimulus hopes. MIN a standout up 5.8% with PLS dragging the chain in the lithium space down 2.2%. Oil and gas slightly firmer, WDS up 0.4% and coal doing well, WHC up 3.3% with NHC also 2.3% better. Banks were mixed, news on NAB being sued by ASIC and leaks over a regional levy didn’t help. CBA down 1.4% and NAB off 0.2% with the Big Bank Basket $257.88 (-0.8%). Insurers and financials were better again, MQG up 0.2% and SQ2 rising 1.9%. REITS mostly better, and industrials firmed. WES up 0.4% and ALL up 0.5%. Retailers a little subdued with LOV down 3.8% on a broker downgrade on store openings and CTD rising 2.3% on Conference pick. Healthcare was an interesting space with CSL down again as RFK Jnr appointment to US Department of Health would be sub optimal. Not a great lover of vaccines and looking to rip costs out of the system. Other biotechs feeling some pain as well. In corporate news, 360 fell 6.7% as the founder offloaded a parcel. NHC provided an upbeat guidance, CUV bounced 2.2% on a shift in business focus. RSG fell 5.6% after announcing a sort of settlement with the Mali government. ELD launched a rights issue and an acquisition, coupled with disappointing numbers. Nothing on the economic front, Goldman Sachs lowered its forecast for Australia’s economic growth in 2025, due to “negative spillovers” from the incoming Trump term. Asian markets mixed, Japan down 0.7%, HK up 0.9% and China rallying 1%. 10-year yields 4.60%.
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US equities sank Friday closing out the worst week in more than two months following Powell's announcement on Thursday stating the Fed wasn’t in a rush to cut rates. The Dow traded lower all session, falling 306 points (-0.70%). Down 400 points at worst. The S&P 500 and NASDAQ booked their biggest one-day loss in two weeks, falling 1.32% and 2.24% respectively. Small caps too were sold off, with Russell 2000 down 1.42% notching its fourth consecutive session of losses, while the VIX, better known as Wall Street’s fear gauge, jumped 14.09% hitting its highest levels since election day last week. For the week Dow -1.24%, S&P 500 -2.08%, and NASDAQ -3.15%. In economics, US retail sales rose 0.4% MonM in Oct-24, coming in higher than expectations of 0.3%. Stocks in pharmaceuticals and packaged food companies came under selling pressure with Moderna dropping 7.34% Pfizer down 4.69%, Monster Beverage off 7.08% and Keurig Dr Pepper losing 5.15%% after Trump said he would nominate Robert F Kennedy Jr to head the Department of Health and Human Services. Bitcoin jumped 4.85%, the USD Index continues to climb, Aussie dollar flat, and US treasuries pared earlier gains.
ASX SPI down 26 - ELD Reports - Bank Levy for some - 360 Founder sells down
- Gold -0.24, falling 1.74% for the week as expectations of a less aggressive rate cut by the Fed lifted the USD denting bullion demand.
- Aluminium rallied 5.54% after China announced it would cancel export tax rebates fuelling concerns that shipments abroad may be reduced.
- Copper gained 0.20% after hitting a three-month low yesterday.
- Base metals closed mixed. Nickel -0.74%, zinc +0.24%, lead -0.20%, and tin -0.97%.
- Uranium performed well, jumping 4.29% after Russia imposed restrictions on exporting to the US, creating supply risks for US nuclear power plants.
- Iron ore slumped 1.17% to its lowest level in nearly two months, weighed down by weakness in China’s property market and reduced seasonal steel demand.
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The ASX 200 has finished the week on a strong note, up 61 points or +0.7%. Down slightly for the week overall. All major eleven sectors finished in the green except for Healthcare after CSL and RMD both lost ground. Down 2.5% and 1.7%. Utilities were unusually the best-performing sector. ORG, APA and AGL all up around 2.4%. APA reaffirmed guidance, receiving broker upgrades on less regulation concerns. Resources took a small break from selling.
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US equities closed in the red overnight near session lows following hawkish comments from Fed Chair Powell dampening market hopes for another rate cut this year. The Dow lost 207 points (-0.47%). Up 123 points at best. Down 253 points at worst. The S&P 500 dropped 0.60% and the NASDAQ eased 0.64%. Powell notably said “The economy is not sending signals that the Fed needs to be in a hurry to lower interest rates” reiterating Fedspeak earlier this week calling for patience.
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The ASX 200 has finished the day up 31 points or 0.4%. Giving up morning gains as Asian markets drifted lower before a late rally set in. Employment numbers did little to move the dial (held at 4.1% with 16k new jobs added). Banks bounced back from yesterday’s weakness while Resources continued to languish on no news from China. The big four gained between 1% and 2.2% while resources and the iron ore giants finished mostly lower.
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The S&P 500 inched higher by 0.02% to close at 5,985.38, while the 30-stock Dow ticked up 47.21 points, or 0.11%, to 43,958.19. The blue-chip index added as much as 230 points earlier on Wednesday. The Nasdaq Composite ended the day with a 0.26% decline and closed at 19,230.74.
ASX SPI up 29 - AGMs in Focus
- WTI advanced 0.48% on short covering a day after hitting a two-week low on OPEC’s reduced demand forecast. Brent Crude +0.04%.
- The US EIA raised its us global oil production forecasts expecting oil demand to grow about 1m bpd in 2024, up from 900k bpd.
- Copper down 1.08% hitting a two-month low and has dropped ~7% since last week's US presidential election.
- Base metals were mostly lower as the USD continued to rise, zinc the exception up 1.21%. Nickel -0.91%, aluminium -1.19%, lead -1.04%, and tin -1.92%.
- Iron ore up 0.05% following a narrow trading session as markets weighed hopes of further stimulus support for China’s property market amid weaker credit lending data.
- Gold lost 0.88% extending its losing streak to four consecutive sessions. Weighed down by a stronger dollar and higher long dated bond yields.
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ASX 200 recovered to close down only 62 points at 8193 (0.8%). Banks were under pressure with ANZ ex dividend down 4.0% with CBA down 0.4% and NAB off 1.3%. MQG dropped 1.4% with other financials easier. SWF jumped on news BFG has made an 22c offer. Insurers mixed, REITS saw seller back with SGP down 0.8% and SCG off 0.9%. Industrials eased back, WOW down 0.9% and WES falling 1.0%. TCL dropped 2.9% as ALL rose 2.6% on better earnings, retail gave back some of yesterday’s gains. JBH down 0.1% and HVN off 0.7%. Healthcare eased back, RMD off 1.4% and SHL down 0.9%. Resources continue to be battered by the rampant USD. BHP down 0.9% and RIO off 3.3%. FMG managed a small bounce, up 0.8%. Lithium stocks down again, MIN shutting Bald Hill and a class action launched fell 7.2%, LYC down 1.9% with gold miners slipping but no huge sell off. DEG up 0.7% and EVN off 1.3%. Uranium stocks bounced. PDN up 8.6% after the crater yesterday, BOE up 2.0% and oil and gas slid. WDS off 0.7%. In corporate news, JHX jumped 6.2% on earnings beating expectations. NXL dropped 22.2% on an underwhelming update, 360 down 7.4% on missed expectations, and SGR saw short seller covering on sale of PPT stake. In economic news, public sector wages increased faster than private sector pay for the first time in four years in September. Asian markets slightly weaker, Japan down 1.2%, China flat and HK down 0.6%. 10-year yields up to 4.67%. Dow Futures down 70 Nasdaq down 60.
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US equities took a breather overnight as treasury yields kicked higher, the USD hit a two-year high, and profit-taking following the post-election rally pressured markets lower. The Dow closed near session lows, off 382 points (0.86%). Up 113 points at best. Down 406 points at worst. The S&P 500 ended its biggest five-day rally in a year, finishing 0.29% lower and the NASDAQ edged 0.09% lower with Tesla losing 6.1% after an almost 45% rally. Small caps lost ground, with the Russell 2000 slipping 1.77% after closing at a three-year high on Monday. Treasury yields jumped overnight, the 2Y yield rose 8.8bps its largest one-day rise since early October, and the 10Y yield gained 11.7bps. Bitcoin approaches $90k level, up 1.82% and the Aussie dollar fell 0.64%. In Fed speak, Kashkari said monetary policy is “modestly restrictive” with borrowing costs slowing inflation and the economy but not by a lot. Barkin notes that the Fed funds rate is out of sync with the economic backdrop and needs recalibration.
ASX SPI Down 81 - CBA comes in at 1Q $2.5bn in line.
COMMODITIES
- US oil industry urges Trump to ditch Biden climate policies.
- Oil prices hold near 2-week low after OPEC cuts demand view, dollar rises.
- Copper slides to two-month low on disquiet over Trump and China.
- OPEC again cuts 2024, 2025 oil demand growth forecasts.
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ASX 200 dropped another 11 points to 8256 (-0.1%) as the bifurcation between banks and resources continued. Resources again on the nose, BHP off 1.8% and RIO falling 1.6% with FMG holding up after yesterday’s drubbing. Gold miners also saw across the board selling as hot money left bullion and chased bitcoin towards US$90k. EVN down 3.5% with NEM off 4.6% and GMD down 1.3%. Lithium stocks perked up a little, PLS up 5.7% with MIN better by 1.9% too. Uranium was not a happy place as PDN announced production issues plaguing Langer Heinrich, the stock dropped 28.9%. Oil and gas steady. Banks were a little mixed, NAB ex-dividend today with ANZ up 1.3% ahead of its XD tomorrow. Insurers better, QBE up 0.4% and IAG up 1.3% with financial generally doing well. REITs better too, SGP +1.0%. Industrials also firmed with tech in demand, WTC up 1.8% and XRO up another 1.0%. The All-Tech Index rose 1.8%. Retail better too, JBH up 2.4% and SUL up 2.5%. In corporate news, ALL sold a US mobile gaming business, VUL announced funding from the German government up 12.7%, PTM saw a second strike and have allowed Wilsons in the data room. On the economic front, consumer sentiment has risen as inflation has fallen. Asian markets mixed as usual, with China down 0.1%, HK down 1.7% and Japan down 0.2%. 10Y yields steady around 4.56%. Dow Futures down 58 points. NASDAQ Futures flat.
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The Dow gained 304 points, or 0.69%, to 44,293.69. The Dow’s rise brought the index above 44,000 for the first time. The S&P 500 added 0.1% to end the day at 6,001.35 and also earned a record close by surpassing 6,000 for the first time. However, the Nasdaq Composite hovered near the flatline, up 0.06% to 19,298.76.
Tesla soared more than 9%, also adding to its postelection gain. But it was an exception among large technology stocks, with Apple slipping nearly 2%. Peers Microsoft and Amazon were roughly 1% lower each. Small caps advanced, with the Russell 2000 climbing 1.47%.
ASX to inch up. SPI Futures up 4 points (+0.05%). NAB Ex Dividend - Resources under pressure - CBA 1Q tomorrow.
COMMODITIES
- Gold drops over 2% as dollar strengthens; investors await Fed policy cues.
- Oil falls on Chinese stimulus disappointment, supply outlook.
- Copper hits seven-week low on stronger dollar, weak Chinese credit data.
- Chile's Codelco offers copper to Chinese clients at a premium of $89/t.
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ASX 200 fell 29 points to 8260 (-0.4%). Big iron ore miners were the target today as prices fell in Asia on stimulus disappointment. BHP off 4.1% and FMG down 7.3% with the Three Amigos trading at $179.22. Base metals and lithium stock on the nose too, S32 down 2.6% and PLS slipped 0.7%. MIN down 4.0% as pressure continues to build on the board. Gold miners steadied, NST Up 1.3% and NEM up 0.1%. GMD rose 4.0% on new drilling results. Oil and gas slipped slightly, STO down 0.9% and WDS off 0.2%. Coal eased and uranium stocks saw small losses. In the industrials, Tech did well, WTC up 2.2% and XRO rallying 1.7% as the All -Tech Index rose 0.8%. Healthcare too in the green as CSL rose 0.7% and RMD up 1.9%. WOW, COL followed EDV lowered on a trading update. Banks mixed, WBC lost 0.4% with NAB slightly firmer. The Big Bank Basket up to $253.92 (0.1%). Financials were slightly higher as were REITs bouncing back from last week’s sell off. In corporate news, RSG confirmed some of its executives had been detained in Mali. The stock lost 32.8%. HMC up 4.1% on plans to launch a $4bn IPO for data centres. SGP upgraded its outlook and moved 2.2% higher. Nothing on the economic front today. Asian markets lost ground, Japan unchanged, HK down 2.1% and China off 0.1%. 10-year yields pushed slightly higher to 4.57%.
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Wall Street ended the week higher supported by solid consumer sentiment data and bets that Trump’s pro-growth agenda will fuel corporate America. The S&P 500 rose 0.38% hitting its 50th record high this year and breached over 6,000 during trade before ending the week 4.66% higher, its best weekly performance since November 2023. The Dow Jones ended 260 points higher (+0.59%) and traded over 44,000 for the first time supported by gains in Salesforce +3.60% after reports the company was hiring 1k workers to promote its AI Agentforce tool. Up 428 points at best. Meanwhile, the NASDAQ booked marginal gains and secured its fourth consecutive session win, up 0.09% ending the week up 5.74% its second-best week in 2024. Small caps Russell 2000 advanced 0.71% closing out the week up 8.51% its largest weekly percentage gain since April 2020. In economics, US consumer sentiment rose to a seven-month high of 73 in November, exceeding the forecast of 71. US treasuries mixed. On the longer end of the curve, the 10Y yield is down 2.7bps, while the 2Y yield gained 5.9bps.
ASX SPI down 36 - Iron Ore falls on new Chinese stimulus - IFL - SGP - NEM
COMMODITIES
- Chile's Codelco copper production rises in September, Escondida dips.
- Gold logs biggest weekly fall in over five months on dollar strength.
- Oil settles down 2% on receding hurricane risk, lacklustre China stimulus.
- Copper pulls back on disappointment over China's fiscal support.
- Iron ore falls ahead of China unveiling fresh fiscal stimulus.
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ASX 200 ended the week sprinting 69 points higher to 8295 (+0.8%). A good 2.2% rise for the week. It has been a momentous week, money being put to work in the ASX. Resources buoyed by China hopes. BHP, RIO and FMG all better despite iron ore in Singapore falling 2.6%. Gold miners recovered as bullion pushed up again, NST up 1.8% and NEM up 1.2%. Uranium stocks ran out of ‘oompf’ on Cameco production downgrade and oil and gas stocks eased. Lithium stocks mixed, PLS eased 1.0% with LTR up 2.5% despite the royalty ruling. Industrials and banks the driving force. Healthcare recovered, CSL up 0.7% and RMD up 1.1%. Tech better, WTC up another 1.8%, XRO rising 1.2% with the All-Tech Index up 1.0%. Retail better, JBH up 3.9% with PMV up 1.9% and DMP bouncing 1.3%. Travel stocks also finding friends, with FLT up 0.8% and CTD rising 2.5%. Banks were solid. CBA leading again up 1.4% with WBC, the Big Bank Basket up to $253.24 (+1.4%). Record highs. ANZ results were a little underwhelming but nothing either way, expect some modest downgrades, as we saw with NAB and WBC. MQG flat with other financials better. In corporate news, NEU jumped another 15.1% on strong US Daybue sales, REA up 0.3% on results, NWS off 2.1% on a revenue surge on Real Estate exposure. MYX rallied 15.1% on M&A hopes. Nothing on the economic front, apart from the Fed! Asian markets better, China heading for its best week in a month. Japan -0.1%, China down 0.5% and HK down 0.9%.
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The S&P 500 gained 0.74% to close at a record high of 5,973.10. The Nasdaq Composite advanced 1.51% to reach 19,269.46 — its first close above 19,000. The Dow Jones Industrial Average was little changed, ticking down less than one point to 43,729.34. All three indexes hit intraday record highs during the session.
Fed cuts rates 25bps. Very calm press conference. Powell will not resign if asked.
ASX SPI up 100. Commodities bounce on USD falls and rate cut – ANZ cuts dividend.
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ASX 200 rose 27 points with a late surge to 8226 (0.9%) in an interesting reaction to a soaring US market. Resources actually held up with BHP up 0.9% and FMG up 3.3%. Lithium stocks also better led by PLS up 3.4%. MIN up another 3.3% despite the ASIC inquiry becoming official. Gold stocks were in trouble as stop losses kicked in, NST down 6.3% with EVN off 6.5%. Oil and gas stocks marched ahead, WDS up 3.2% and STO up 2.4%. Uranium losses were modest. Banks firmed at the close, NAB flat on results, WBC down 2.3% as it went XD. The Big Bank Basket up to $249.81(%). Insurers popped higher, QBE at 4.8% and IAG up 2.8% on higher yields. MQG rallied 1.6% as US Investment banks soared on more M&A possibilities. REITs slid as yields rose. GMG dropped 2.4% despite broker upgrades. Healthcare eased, RMD down 2.2% and CSL off 0.8%. Industrials mixed as investors assess the landscape. WES off 0.1%, JBH down 0.9% and SVW up 2.7%. WTC slightly firmer, up 2.0%. The All-Tech Index up 0.9%. In corporate news, SIG got the right prescription from the ACCC on the Chemist Warehouse, rising 24.9%, NEC got hit with a protest vote and NHF was up 1.9% after a trading update. In economic news, RBA chief made some comments on tariffs having little effect on our economy. Chinese export data came in much better than forecast. Asian markets were little changed, HK up 1.2%, China up 0.7% and Japan down 0.3%. An uneasy calm. 10-year yields at 4.64%.
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Wall Street rallied hard overnight reaching record highs after Trump secured the US presidency. All three major indices ended at record levels with markets expecting lower taxes, deregulation and a Trump that weighs in on everything from stocks to the USD. The Dow soared 1,508 points (+3.57%) ending near session highs. Up 1,557 points at best. The S&P 500 registered its one-day percentage gain since November 2022, jumping 2.53% notching its 48th record high this year. Financials were the top-performing sector pushing the S&P 500 Bank Index up 10.68%, its biggest daily jump in two years. The NASDAQ advanced 2.95% and the Russell 2000 rallied 5.84% hitting a three-year high as domestic stocks are seen to likely benefit from easier regulation, lower taxes and less exposure to import tariffs. Wall Street’s fear gauge the VIX plummeted 20.28% to a six-week low, trump trade Bitcoin gained 9.28% and the USD Index firmed 1.65%
ASX to rise. SPI Futures up 31 points (+0.38%).
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The S&P 500 rose solidly on Tuesday in a broad rally for stocks as traders awaited the results from a high-stakes U.S. presidential election.
The benchmark index gained 1.23% to close at 5,782.76. The Nasdaq Composite advanced 1.43% to 18,439.17. The Dow Jones Industrial Average climbed 427.28 points, or 1.02%, and settled at 42,221.88.
Banks, which would stand to benefit from deregulation under GOP control, were slightly higher.
ASX SPI up 61 points.
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ASX 200 finishes down 33 points to 8132 (0.4%). Quiet trade on Cup day with the RBA leaving rates on hold as expected. Banks eased back slightly, CBA down 0.4% with WBC seeing some modest downgrades falling 1.5%. The BigBankBasket dropped to $ (). MQG still seeing selling off 1.8%. REITs mixed, GMG down 0.6% and CHCup 0.7%. Healthcare too coming under a little pressure, CSL off 0.8%, RMD down 0.2%. Industrials and tech eased back, TLS down 0.3% and REA down 1.3%. In resources, BHP and other iron ore stocks flat on better-than-expected Chinese data and hopes for more stimulus. PLS rose 1.7% with MIN up 4.1% bouncing after the drubbing yesterday. Gold miners slid, VAU down 2.6% and WGX down 2.5% ahead of election. Oil and gas stocks down despite a rise in crude with uranium stocks finding a little support. In corporate news, DMP updated the market with disappointing Japanese and French pizza sales, CEO Don Meij also set to retire, down 6.3%. LIC rose 7.7% as HMC took a stake. HVNwill have to wait until May to see what its fine is for misleading customers. On the economic front, Judo Bank Services PMI rose to 51.0 in October. Asian markets all positive, Japan up 1.3%, China up 2% and HK up 1.2%. 10-year yields 4.56%.
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Wall Street closed in the red overnight following a choppy day of trade as polls continue to show a tight race in the US presidential election. The Dow Jones traded lower all session, down 258 points (-0.61%). Down 405 points at worst. S&P 500 lost 0.28% as utilities and healthcare stocks dragged while energy stocks outperformed buoyed by a near 3% rise in crude oil prices. The NASDAQ fell 0.33% while small caps Russell 2000 rose 0.40% supported by falling bond yields. US 10Y yield fell 8.1bps after initially dropping over 10bps in volatile trade, and the 2Y yield dipped 4.2bps. Probability for a 25bps rate cut this week sitting at 98% according to CME FedWatch tool.
ASX to fall. SPI Futures off 34 points (-0.42%).
COMMODITIES
- Oil jumps nearly 3% after OPEC+ delays output hike, US election in focus.
- Weaker dollar propels copper to two-week peak.
- Gold edges up as US election jitters, Fed policy meeting loom.
- OPEC chief says there is too much pessimism around oil demand.
- OPEC oil output rises in October as Libyan supply rebounds, survey finds.
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ASX 200 kicks 46 points higher to 8165 (+0.6%). Banks and industrials leading the charge higher. WBC rose 0.9% on a higher dividend and an extension of the buyback. CBA up 1.6% and the Big Bank Basket up to $246.72 (+1.3%). REITs slightly positive, SCG up 0.3% and tech and industrials better, WTC rallied another 2.6% on the calm, XRO up 1.4% and the All-Tech Index up 1.23%. QAN rallied another 1.5% with TCL rallying 2.1%. Healthcare better too, CSL up 1.7%. Resources were mixed, MIN fell 9.6% on the inquiry update that satisfied no one. Iron ore miners eased, BHP down 0.4% and RIO off 1.3% with gold miners slightly better, NST up 0.9% and WGX up 3.2%. Oil and gas stocks pretty flat and uranium stocks slid on lower spot prices, PDN down 3.3% and BOE falling 7.8%. In corporate news, TLX rose 3.5% on some reimbursement news, SGR fell 6.7% as a big line was traded at 20c. GPT reaffirmed guidance, FBU rose 1.5% on NZ Commerce Commission news. Nothing significant on the economic front, some ANZ jobs numbers with China, central banks and US elections the focus. Asian markets better with China up 0.5%, HK up 0.1%. Japan closed for Culture Day. 10Y yields continuing to rise to 4.56%. Dow Futures down 26 points. NASDAQ Futures up 75 points.
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US equities rebounded from the previous day's sell-off led by Amazon’s 6.2% gain on strong results. Equity markets brushed off weak nonfarm payrolls data rising 12k last month, the smallest gain since December 2020, significantly below forecasts of 113k. S&P 500 advanced 0.41% halting its two-day rout and the NASDAQ rose 0.80%. The Dow added 289 points (+0.69%). Up 563 points at best. Nivida +2.0% will be added to the Dow Jones index replacing Intel +7.8% losing its spot after 25 years. For the week, Dow -0.15%, S&P 500 -1.37%, and NASDAQ off 1.50%. US treasury yields rebounded after initially tumbling on fresh economic data. 10Y yield jumped 10.1bps and the 2Y yield gained 4.2bps.
ASX SPI up 36 - WBC up dividend 6%.
- Gold inched 0.38% lower pressured by a rising dollar and treasury yields.
- Aluminium -0.84% was the only base metal to fall overnight, with producers selling forward to lock in higher prices.
- Base metals higher supported by a weaker dollar making greenback prices metals cheaper for holders of foreign currencies. Copper +0.43%, nickel +1.40%, zinc +1.02%, lead +2.49%, and tin +2.0%.
- WTI rose 0.33% on reports that Iran was preparing a retaliatory strike on Israel.
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ASX 200 down only 41 points at 8119 (-0.5%) after a good afternoon rally on iron ore miners turning positive. Some slightly better Chinese data helping. BHP up 0.3% and RIO bouncing 1.7%. MIN also doing well up another 3.1%. Gold miners still a drift as bullion stumbles. NST down 0.9% and EVN off 2.1%. Uranium stocks steady and oil and gas better as crude rallies in Asian trade. WDS up 1.1% and STO up 0.7%. Banks were hit as MQG warned of increased competition after results underwhelmed. MQG off 3.6% and NAB falling 1.5% with the Big Bank Basket at $243.47 (-0.6%). Insurers slid and REITs also in the red, SCG off 1.4%. Industrials generally eased back, WES down 1.0% and XRO falling 0.9% with retail seeing some profit taking, JBH off 0.2% and PMV down 1.8%. In corporate news, AMC fell 4.3% despite reaffirming outlook and raising dividend. The probe into ANZ by ASIC has been expanded. On the economic front, economists are winding back hopes for a rate cut in early 2025. MQG reported a $1,6bn interim profit below expectations, talks a second-half bump and lifted its dividend to 240c. On the economic front, nothing locally, In China we had some better news on the Caixin PMI. Asian markets mixed again, with Japan off 1.7%, HK up 1.6% and China up 0.6%. 10Y yields pushing higher again, 4.55%. Dow Futures up 40 points. NASDAQ Futures up 57 points.
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All three major US indexes finished in the red overnight led by tech stocks. Meta down 4.1% and Microsoft off 6.1% after both companies raised growing AI costs that could hit their earnings despite both companies beating earnings estimates. The Dow Jones traded in red all session finishing near session lows, down 378 points (-0.90%). Down 437 points at worst. The S&P 500 slid 1.86% wiping out the gauges advance for October halting its streak of monthly gains. The NASDAQ dropped 2.76% and small caps Russell 2000 lost 1.63%. Wall Street’s fear gauge the VIX jumped 13.81% and is primed for more volatility in the next few weeks from corporate earnings, the US election, followed by the FOMC meeting.
In economics, the US PCE price index rose 0.2% in September, aligning with expectations, after a 0.1% rise in August. Core PCE posted its highest monthly gain in five months at 0.3%. Personal spending rose 0.5%, exceeding the 0.4% forecast, demonstrating consumer resilience. Initial jobless claims fell by 12k to 216k for the week, beating the 230k forecast.
ASX SPI Down 52
COMMODITIES
- Gold consolidates after record peak, set for fourth straight monthly rise.
- Copper dips as uncertainty counters upbeat Chinese factory data.
- Oil gains more than $2 after settlement on reports Iran preparing Israel attack.
- Shell's $6bn profit smashes forecasts as LNG offsets weak refining.
- Chevron CEO under pressure to halt share slide as Hess deal stalls.
- US oil output hits monthly record high in August, agency says.
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ASX 200 closes down 20 points to 8160 (-0.3%) as some pre-election nerves creeping in. Banks were steady as results loom, NAB the standout up 0.9% with the Big Bank Basket at $244.82 (). Other financials drifted lower, ASX down 1.1% and SQ2 off 0.1%. REITs mixed, SGP up 0.2% and CHC off 0.4%. Industrials under a little pressure, COL down 0.6% on its trading update, WOW continues to struggle, off 2.8%. TLS fell 0.3% with QAN off 0.6% and TWE down 2.0%. Tech mixed, WTC continued to bounce up 2.5%. Retail bounced nicely on a JBH update, moving 5.3% higher. PMV gained 1.4% and LOV up 0.7%. Resources were weaker again, BHP and RIO down around 1% with FMG unchanged. Gold miners were mixed despite bullion price rises. Quarterlies in focus. Lithium slipped with PLS down 1.0% on broker research following results yesterday. Uranium stocks slightly better, PDN up 3.6% and BOE up 1.2%. In corporate news, MIN jumped 9.2% on news it had sold its oil and gas assets to Gina Rinehart. ORG up 1.4% on a dip in overall production. AGL fell 6.0% on a Barrenjoey report. BUB reaffirmed FY earnings forecast. In economic news, retail sales flat. but building approvals beat estimates. Asian markets mixed again, Japan down 0.9%, HK up 0.5%, China up 0.2%. 10-year yields higher again, 4.51%.
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US equities end in the red following another round of corporate earnings and key economic data. The Dow Jones pared earlier gains and finished at session lows, down 92 points (-0.22%). Up 225 at best. The S&P 500 fell 0.33% and the NASDAQ slid 0.56%. Gaines in Alphabet +2.9% weren’t enough to offset losses in chipmakers with losses in Super Micro Computer -32.68% triggering a sell-off after the company announced that EY had resigned as the company’s accountant.
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The ASX 200 has finished the day down 69 points or 0.8%. Selling set in from the open and continued all session long. The 11:30 inflation print did little to move the dial, showing a 0.2% rise in the September quarter and falling from 3.8% to 2.8% YonY. The smallest yearly rise since Q1 2021.
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Wall Street closed mixed overnight. The NASDAQ hit a record high, gaining 0.78% propelled by gains in tech stocks. Alphabet jumped 5.18% in after-hours trade after topping Q3 revenue and earnings expectations. The Dow fell 155 points (-0.36%) as the market digests a bevy of corporate results. Up 104 points at best. Down 216 points at worst. The S&P 500 saw a mild gain, up 0.16% with all sectors apart from tech in the red.
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ASX 200 closed up 28 points to 8249 (+0.3%) locking in its third consecutive day of gains. Consumer discretionary stocks took centre stage today with MYR falling 1.55% after initially rallying ~7% and PMV advanced 9.9% after the two companies announced they’ve entered a binding agreement to combine apparel brands.
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US equities kicked off the week on a positive note ahead of the busiest week of corporate earnings with 169 companies set to report this week. The Dow added 273 points (+0.65%), shrugging off losses in Boeing -2.8% after the company launched a stock offering that could raise up to $22bn.
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ASX 200 closes up 10 points at 8222 as caution creeps in. Quarterlies causing some serious volatility but banks under a little pressure with the Big Bank Basket down to $245.14 and CBA off 0.8%. ANZ eased after some accounting changes, other financials also slipped slightly. ASX down 0.4% after its AGM, insurers slightly higher, SUN up 0.9%. REITS slid, GMG off 0.6% and SGP down 0.4%. Industrials a mixed bag of lollies. Tech better led by WTC up 0.9% and XRO up 2.5% with COL and WOW easier. TLS flat with CSL off 0.6%. Resources were slightly firmer. MIN finding some support after an update on the inquiry now due a week away. BHP, RIO and FMG rallied on iron ore prices bouncing in Singapore. PLS up 3.3% with LYC also doing ok. Gold miners were a sitting target for profit takers, NST fell 5.5%, EVN down 1.9% and NEM bouncing back slightly, up 2.6%. Uranium stocks saw short sellers resume, PDN were ditched post the quarterly and a Fission update, off 15.3%. BOE and DYL followed suit, coal better but oil and gas stocks eased after oil fell 4% on muted Israelis response. In corporate news, TPW fell 0.8% on slowing retail spending, MTS down 2.5% after extending a supply contract in QLD. Nothing significant locally on the economic front. Asian markets mixed again, Japan rose % on election result, China and HK down around 0.2%. 10-year yields higher at 4.48%.
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US equities ended mixed Friday as the Dow dropped 259 points (-0.61%), the NASDAQ rose 0.56%, and the S&P 500 remained flat. Financial stocks came under selling pressure amid concerns over New York Community Bancorp's weak guidance, causing its shares to fall 8.2%, with Bank of America and Wells Fargo also lower, down 1.8% and 1.4% respectively. Tech stocks, however, were buoyed by anticipation of earnings next week, with Microsoft, Alphabet, and Meta rising modestly. Telsa gained 3.34% building on its 22% rally the day before and Nvidia rose 0.8% overtaking Apple as the most valuable company. For the week only the NASDAQ saw a gain, rising 0.15%, Dow down 2.68% and the S&P 500 eased nearly 1%.
ASX SPI down 2.
COMMODITIES
- Chile's Codelco suspends operations at copper refinery after worker's death.
- Brazil seals $30bn compensation deal with BHP, Vale over 2015 dam collapse.
- Rio Tinto signs MOU with China's Nanjing Steel on decarbonisation.
- Gold firms as Mideast woes, election uncertainty lift prices.
- Oil settles up, weekly gain 4% as investors weigh Middle East risk and US election.
- Zinc slides as inventory arrivals ease supply fears.
- Dalian iron ore climbs after 3-day slide, posts weekly gain.
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The ASX 200 limped into the weekend up only 5 points to 8211, closing out the week down 0.87%. Banks solid again with CBA up 0.4% and the Big Bank Basket at $246.82 (+0.3%). Insurers were mixed, REITs slid, SGP down 1.2% and GPT off 0.6%. Industrials also weaker, Defensive supermarkets sold off, WOW and COL off with WES down 2.5%.
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US equities ended mixed, with the S&P 500 and NASDAQ gaining 0.21% and 0.76%, buoyed by gains in Tesla rallying 21.9%, its biggest rally since May 2013, following strong earnings and bullish forecasts. The Dow lost 141 points (0.33%) posting its fourth consecutive day of losses, its longest losing streak since June. Up 8 points at best. Down 323 at worst. Small firms Russell 2000 ticked 0.23% higher, and the VIX eased 0.83%. US treasuries eased a touch. 10Y yield fell 3.4bps to 4.21%, and 2Y yield ended flat at 4.08%. USD Index fell 0.38% while Bitcoin kicked 2.47% higher. On the economic front, US unemployment claims fell by 15k, and the S&P Global US Composite PMI rose to 54.3 in Oct-24, signalling solid business activity growth at the start of the fourth quarter.
ASX SPI up 15 - Quarterlies and QAN.
COMMODITIES
- Oil prices ease on possible new Middle East ceasefire talks.
- Gold climbs on safety rush, supply threat bolsters palladium price.
- Newmont forecasts flat 2025 production, sees costs at similar levels.
- Biden administration approves ioneer's Nevada lithium mine.
- Goldman Sachs raises 2025 aluminum, copper price outlook.
- Global zinc market deficit widens in August, ILZSG says.
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The ASX 200 finished a quiet session down 10 points to 8206 (-0.1%) again rallying off early lows as banks were back in fashion. CBA up 1.2% with the Big Bank Basket up to $246.15 (+1.0%). Financials firmed, QBE bounced back up 0.6% and GMG up 0.3% although REITs flat generally. Healthcare was mixed as CSL bounced a little.
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Both the S&P 500 and the Dow had their third straight day of losses this week.
The 30-stock Dow plunged 409.94 points, or 0.96%, ending the day’s session at 42,514.95. The S&P 500 lost 0.92%, closing at 5,797.42.
The Nasdaq Composite lost 1.6%, ending at 18,276.65.
Tesla up 10% after hours on better than expected results.
- SPI down 16 - Quarterlies and AGMs dominate
COMMODITIES
- Oil slips 1% on large build in US crude stocks; market watches Middle East.
- Gold's record rally pauses due to stronger dollar, higher yields.
- Aluminium climbs as raw material shortage triggers fund buying.
- Newmont misses profit estimates on higher costs, weaker Nevada output.
- BHP says claim it put profit over safety 'unjustified' in Brazilian dam collapse case.
- US crude stockpiles jump as imports climb, gasoline builds as refineries ramp up, EIA says.
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The ASX 200 finished a quiet session giving up early modest gains to close up 10 points at 8216. A mixed session, banks are holding firm with the Big Bank Basket up to $243.79 (+0.3%) with insurers easing as QBE fell 0.4% under an ASIC spotlight.
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The S&P 500 ended the session lower by 0.05%, closing at 5,851.20. It was the broad market index's first back-to-back loss since early September. The 30-stock Dow slid 6.71 points, or 0.02%, ending at 42,924.89 and posting a second straight losing day. The Nasdaq Composite outperformed with a gain of 0.18% to 18,573.13.
McDonalds in Trouble with E - Coli outbreak
ASX SPI up 23 - Gold and Silver shine
COMMODITIES
- Gold scales record peak as US election jitters drive safe-haven rush.
- Oil rises as Middle East war rages and global supplies tighten.
- Iron ore retreats as mounting concerns on weakening steel demand weigh.
- Aluminium rallies on record high raw material prices.
- Dam disaster deal should curb lawsuits against Vale and BHP, sources say.
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ASX 200 fell hard 139 points to 8206(1.7%) as selling hit all sectors. 10-year bond yields rose again, with interest rate-sensitive stocks suffering the most. The Big Bank Basket fell to $242.99 (-2.0%). CBA off 2.2% and NAB down 2.1%. REITS under pressure, GMG down 2.7% and SCG off 2.5%. Healthcare is suffering, CSL is down 2.9% and PME is dropping by 4.0%. Industrials were weaker across the board; retail fell despite better-than-expected consumer confidence numbers. JBH down 2.7% and SUL off 2.2%. ALL down 2.1% and LNW slipping again, off 2.0%. WES fell 2.3%. QAN remained in flight up 1.2% and tech stocks were mixed, WTC rose 2.8% as CEO issues subsided. Resources were a mixed bag of lollies. Iron ore stocks eased, BHP off 1.2% with FMG down 1.6% but some winners in the gold space, WGX up 0.9% and BGL rising 0.6%. MIN remain in the seller’s sights down 4.3% with energy stocks easier, PDN down 1.9% and WDS off 1.4%. In corporate news, AD8 disappointed with its trading update, falling 6.1%, VEA warned of softer retail conditions and TCL fell 1.6% despite guidance reaffirmed. On the economic front, consumer confidence rose. Asian markets were a little mixed, HK up 0.5%, China up 0.5% and Japan down 1.3%. 10-year yields rose again, up to 4.42%.
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The Dow Jones Industrial Average fell Monday, giving back some of the strong gains from last week, as Treasury yields rose and investors awaited new earnings reports.
The S&P 500 slipped 0.18% to 5,853.98. The 30-stock Dow lost 344.31 points, or 0.8%, to close at 42,931.60 and snap a three-day run of winning sessions. The Nasdaq Composite was the outlier, rising 0.27% and ending at 18,540.01.
ASX to fall sharply. SPI Futures down 68 points (-0.81%).
COMMODITIES
- Oil prices rise nearly 2%, recovers some of last week's 7% decline.
- Gold pauses for breath as US yields, dollar move higher.
- China rate cuts fuel copper's climb to one-week peak.
- IEA sees surplus oil supply, weak China demand in 2025.
- BHP trying to avoid responsibility over Brazilian dam collapse, UK court told.
- Saudi Aramco CEO 'fairly bullish' on China oil demand.
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ASX 200 jumped 61 points to 8344 (+0.7%) as resources back in vogue. China cut rates today, iron ore futures rallied slightly. BHP up 1.4% on Samarco update, RIO up 1.9% and FMG rallying 1.5%. Gold miners in demand again, NST up 1.9% and EVN shooting higher, up 5.2%. Lithium stocks also seeing short covering, PLS up 3.4% and MIN suffering badly on CEO and tax issue news, down 13.8%. Oil and gas stocks better with WDS up 1.3% and STO rallying 1.5% with uranium stocks glowing, BOE up 6.2% and PDN up 4.2%. Industrials firmed, WES up 1.4% and ALL up 1.5% with retail under some pressure, LOV down 6.4% and SUL off 1.5%. A slight recovery in Travel stocks, FLT up 0.6% and WEB rallying 2.1%. Banks were solid again with the Big Bank Basket up to $247.89 (0.8%). Insurers better, QBE up 1.2% and MQG doing well today. Healthcare and REITs also doing well. In corporate news, WTC dominated as the CEO issues spread from the front page to the business page. It fell hard by 14.6%. NCK warned on freight costs dropping 4.1%. Quarterlies continue to drop with S32 down 0.3% on manganese shortfall. Nothing locally on the economic front, China saw some rate cuts to prime lending rates. Asian markets mixed, HK down 0.6%, China up 0.9% and Japan up 0.3%. 10-year yields 4.28% easing slightly.
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Wall Street finished last week higher, led by tech stocks following Netflix’s strong earnings report. The Dow rose 37 points (+0.09%) closing at a fresh record high, its fifth in the last six sessions. The S&P 500 chalked up a record close too, gaining 0.40%. However, gains were restrained by losses in the energy sector, bogged down by lower oil prices. Financial stocks also weighed with the S&P 500 Banks Index falling 0.1%, ending its five-day winning streak. The NASDAQ rose 0.63%, with Apple rising 1.2% on a sharp rise in new iPhone sales in China, and Nvidia gained 0.8% after BofA Global Research hiked its price target on the stock. Small caps Russell 2000 slid 0.21%, and the VIX eased 5.65%. For the week, Dow +0.96%, S&P 500 +0.85%, and NASDAQ +0.79% all comfortably secured a sixth straight weekly gain, their longest weekly winning streak since 2023.
ASX SPI up 44
COMMODITIES
- BHP's Olympic Dam copper mine halted on power outages, severe electrical storms.
- Oil prices fall, weekly 7% drop on China demand woes, mixed Mideast outlook.
- Speculators cut US crude oil net longs-CFTC.
- Global uncertainties drive gold above unprecedented $2,700/oz milestone.
- Copper rises as China rolls out support for stock market.
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ASX 200 closed down 73 points at 8264 (0.9%). A weak end to a good week. Resources under pressure again with the Big Three suffering despite iron ore better in Singapore. BHP off 2.2% and FMG slipping 1.9%. Lithium still in struggle street, PLS down 0.4% and MIN off 2.9%. Gold miners were a little mixed despite bullion rises, NEM up 0.8% but GMD down 0.9%. Oil and gas slid, WDS off 1.3% and uranium stocks saw profit taking after big rises yesterday, BOE down 3.0% and PDN off 4.1%. Industrials were also weaker, WES off 1.3% and tech down with WTC falling again, down 3.6% with XRO slipping 0.5%. The All-Tech Index fell %. REITs slid on higher bond yields. GMG down 2.3% and SCG down 1.9%. Banks steady again, CBA up 0.6% and the Big Bank Basket steady at $246.03 (+0.22%). In corporate news, FLT crashed landed down 20.4% on a trading update that was seen as vague. TLX rose 4.6% after announcing it would have another go at a US Nasdaq listing. Nothing on the economic front locally, Chinese GDP came in at 4.6% slightly better than expected. 10-year yields higher at 4.32%.
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Wall Street ended mixed following stronger-than-expected retail sales data. The Dow gained 161 points, clocking its fourth-record close in the last five sessions. The S&P 500 eased 0.02%, paring earlier gains which saw the index touch a fresh record intraday high. The NASDAQ notched a 0.04% gain, while small caps Russell 2000 lost 0.25%. US retail sales rose 0.4% MonM in September, beating expectations of a 0.3% rise and significantly outpacing August’s 0.1% gain a sign consumer health remains resilient. US treasuries climbed on positive economic data. 10Y yield rose 7.7bps and 2Y yield gained 3.4bps. Market expectations the Fed needs to cut aggressively fell. The probability for a 25bps cut fell to 65.3% from 93.7% one day ago, and the likelihood the Fed holds rates steady jumped to 34.7% from 6.3% the previous day.
ASX to fall. SPI Futures down 27 points (-0.32%).
COMMODITIES
- Dalian iron ore dives as China stimulus disappoints.
- Oil prices edge higher on US crude stockpiles draw.
- Gold hits record highs on US election uncertainty, more policy easing.
- Copper at three-week low as funds switch to gold.
- US crude, fuel inventories fall last week, EIA.
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ASX 200 closed off highs after jobs number but still up 71 points to a new record close 8356. Banks and industrials leading us higher again. The Big Bank Basket up to $245.49 (+1.7%) as results (and dividends) beckon. CBA up 1.6% and MQG up 0.7%. Insurers did well on higher bond yields following robust job growth and unemployment at 4.1%. REITs also in demand. GMG up 1.7% and SCG firing 1.9% better., Industrials rose, WES up 1.6% with retail and travel up, FLT up 1.4% with JBH up 1.6% and DMP rising 2.1%. Tech was flat as WTC came in for some selling down 3.0% and XRO up 0.6% with the All-Tech Index flat. Resources were spotty. Iron ore stocks slid as Asian trade saw futures down 2% on latest Chinese moves to prop up housing, BHP fell 1.3% after a solid production report, RIO fell 1.8% and FMG off 2.7% . MIN dropped 3.8% with lithium going nowhere. Gold miners better with NST up 1.3% and GMD better by 5.9% on quarterly. Uranium stocks were glowing following Amazon’s move into nuclear power and Eric Sprott buying more DYL and BOE. Off highs as short covering waned. PDN rose 11.0% and DYL up 7.3%. Coal eased, and oil and gas flared. In corporate news, AMP had a great update and rose 17.1% with SGR rising 13.7% on a small fine and allowed to keep their licence for now. OFX fell 35.8% on a sub-optimal update. On the economic front, good jobs numbers snuffed out any hope of a rate cut for Xmas. Asian markets mixed with Japan flat, HK up 0.8% and China +0.1%. 10Y yields jumped to 4.24%, and the AUD firmed to 66.9c on data. Dow Futures -0.2%, and NASDAQ Futures off 0.3%.
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US equities finished higher overnight with traders rotating out of mega caps and into smaller firms. Russell 2000 gained 1.64% and has hit its highest level in almost three years and the S&P Small Cap 600 gained 1.4%. The Dow closed at a record high for the third time in the last four sessions, up 337 points (+0.79%), ending above 43,000. Up 360 points at best. Down 48 points at worst. The S&P 500 closed just short of another record high, finishing up 0.47% buoyed by gains in financial stocks. Morgan Stanley rallied 6.5% after posting strong profits and a significant increase in investment banking revenue. The S&P 500 Banks Index gained 1.15%, and the KBW Nasdaq Regional Banking Index rose 1.54% supported by gains in First Horizon +4.1% and US Bancorp +4.7 following Q3 results. Tech-heavy NASDAQ managed to rise 0.28% despite losses in Apple -0.9%, Meta -1.6%, Alphabet -0.1%, and Microsoft -0.6%. Nvidia found buyers, advancing 3.1% recouping some of the 5% loss in the previous session.
ASX to jump on the opening bell. SPI Futures up 60 points (+0.72%).
COMMODITIES
- 'Age of electricity' to follow looming fossil fuel peak, IEA says.
- Oil prices hold at 2-week low on lower oil demand growth forecasts.
- Copper bounces from key technical level on China hopes.
- Pullback in US yields spurs gold's march toward record peak.
- Despite Mideast tensions, oil traders are still decidedly bearish on 2025 oil outlook.
- Serbian protestors rally to oppose Rio Tinto's lithium mine project.
- Barrick reports lower-than-expected preliminary gold output in third quarter.
- Return of Libyan exports weighs on European crude market.
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ASX 200 closed 34 points down at 8285 (-0.4%) as China steadied. Normal service has been resumed, Banks up and resources down. Lithium stocks were hit hard after some downgrades from Macquarie. PLS off 3.6% and MIN down 2.3%. Oil and gas mixed after WDS reported quarterly better than expected. Big iron ore fell a little after RIO -1.1% missed expectations on ore shipments, BHP down 1.1%, and FMG was unchanged. Gold miners were the superstars, EVN up 6.8% on a good quarterly report. NST up 1.8% and NEM up 2.6% with GMD rallying hard too. Banks were solid again, CBA up 0.4% and WBC up 0.6%. The Big Bank Basket rose to $241.39 (+0.5%). MQG slightly easier, insurers eased, QBE down 1.0% and SUN down 0.4%. Healthcare slid, CSL down 0.5% and RMD down 0.9%. PME fell 2.4% despite an order extension. Tech fell hard after US falls, XRO off 1.5% and WTC down 2.0%. The All-Tech Index down 1.3%. REITS solid with Telcos a little weaker. In corporate news, BOQ rose 6.5% on better-than-expected results, and CGF was down 4.6% after the guidance update. BBN up 2.4% after research upgrade, and ORA down 3.5% on a trading update on persistent soft volumes in Europe. Nothing on the economic front today. In Asian markets, Japan down 1.2% with China up 0.2% and HK up 0.9%. 10Y yields around 4.20%. Dow Futures down 18 points. NASDAQ Futures up 44 points.
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US equities ended lower near worst levels after Europe's most valuable chip company ASML -16% forecasted lower-than-expected 2025 sales, triggering a sell-off in the semiconductor sector. The Dow and S&P 500 fell from their record highs. Dow ended 325 points lower (-0.75%). Up 213 points. Down 362 points at worst. The S&P 500 slid 0.76% but held above 5,800, while small caps Russell 2000 finished just above flat line. The NASDAQ underperformed, off 1.01%, pressured by losses in Nvidia, down 4.7% after a media report from the Biden camp is considering capping AI chip exports by US companies. Philadelphia semiconductor index tumbled 5.28%, its biggest one day drop since early September. Earnings reports came in mixed, with some positive reactions from banks in contrast to losses in healthcare insurer stocks. US 10Y yield fell 6.3bps, the USD Index slipped 0.08%, and Bitcoin rose 1.12%.
ASX to fall. SPI Futures down 32 points (-0.38%).
COMMODITIES
- Oil plunges 4% as Iran supply disruption concerns ease, demand outlook weakens.
- Gold gains on lower yields, traders await more US data.
- Copper hits three-week low on confusion over China stimulus.
- IEA sees oil surplus looming, reassures on Iran supply risk.
- China will launch platinum, palladium futures in Q1, producers' council says.
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ASX 200 continued its march higher today, up 66 points to a new record close of 8318 (+0.8%) as the banks and miners rose in lockstep. The Big Four were back in demand with the Basket up to $240.18 (+1.6%). MQG managed a 0.3% rise with other financials doing well too, ASX up 1.3% and NWL up 2.9%. REITS recovered after yesterday’s sell-off. GMG up 0.7% with SCG up 0.6%. Healthcare better too, CSL continuing higher up 0.6% with RMD up 0.9% and PME rising 2.0%. Industrials firmed, WTC and XRO better in the tech space, WES up 0.6% and TCL rising 2.0%. QAN up 2.0% with retail better, JBH up 1.3% and WEB recovering 1.6%. DMP warmed up nicely, up 1.8%. Resources firmed too, BHP up 0.5% with FMG leading the charge up 2.3%. Gold miners positive, BGL up 1.4% with GMD up 1.5%. Lithium stocks missed the memo, oil and gas too fell on OPEC forecasts. Uranium stocks in demand following Google embracing nuclear. PDN up 2.4% and DYL up 5.7%. In corporate news, TYR dropped like a rock on news that the government will ban POS charges on debit cards, down 11.0%. HUB rallied 2.7% on FUA news. ALD fell 2.3% despite its latest cost-cutting plan. IEL fell 7.4% on lousy AGM forecasts. In economic news, Short-term visitor arrivals gained 658,810, an increase of 9.2% on one year earlier. Asian market mixed again, with Japan up 1.0% with China and HK modestly lower. 10Y yields steady around 4.26%. Dow Futures up 52 points and NASDAQ Futures up 9 points.
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US equities kicked off the week on a positive note hitting fresh all-time highs in a fairly uneventful day of trade. The S&P 500 rose 0.77%, notching its 46th record high this year. The Dow also posted a record finish, up 201 points (+0.47%) to 43,065. Up 275 points at best. Down 157 points at worst. The NASDAQ advanced 0.87%, buoyed by gains in semiconductor stocks.
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ASX rallied 38 points to 8260 (0.5%) just a few points shy of a record close. Banks and resources in favour as US bank reports revive optimism, CBA up 0.9% and ANZ up 1.6% with the Big Bank Basket up $236.36 (+0.9%). MQG rallied 0.7% with insurers and other financials doing well, QBE up 1.1% and GQG up 0.4%. REITs a little weaker, GMG off 0.1% with healthcare doing well, CSL up 1.2% and RMD up 1.1%. Industrials mixed, WTC off 0.3% with the All-Tech Index down 0.3%. TPG fell 4.1% after selling its fibre business to Vocus for $5.25bn. Travel stocks twitched lower following a WEB downgrade and a 35.6% fall. FLT dropped 1.7% with CTD falling 3.7%. Retailers mixed. In resources, a better-than-expected Chinese market and a higher Iron ore price helped with BHP up 0.9% and FMG up 2.8%. Gold miners doing well, EVN up 2.8% and BGL kicking 4.4%. Lithium unmoved, PLS flat, oil and gas slipped, WDS down 2.1% and uranium stocks slightly firmer. In corporate news, SEK launched a bid for XF1, APX returned having raised $50m to trade % higher. In economic news, Goldman Sachs has upped Chinese GDP. Trade numbers yet to drop in China. Asian market mixed and volatile, China up 2.0% and HK up 0.2% with Japan closed for a holiday.
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US equities ended the week on a high note with the Dow rising 410 points (+0.97%) and the S&P 500 climbing 35 points (+0.61%) to hit record highs fuelled by strong financial sector performance after upbeat earnings from banks. The NASDAQ rose 0.33%, and small caps Russell 2000 outperformed rising over 2%. Financial stocks led the rally, with the S&P 500 Banks index jumping 4.2%, while the KBW regional bank index climbed 3.3% hitting its highest level since April 2022. For the week, the S&P 500 gained 1.11%, while the Dow climbed 1.21%, and the NASDAQ also rose 1.13%, marking the fifth consecutive weekly gain for all three indices. US final PPI was unchanged up 1.8% YonY, the smallest gain in 7 months reinforcing views of a favourable inflation outlook. Results support expectations of a 25bps rate cut by the Fed next month, with a 95.6% probability according to CME FedWatch.
ASS SPI up 46 - China disappoints over the weekend.
COMMODITIES
- BP says weak refining margins to dent Q3 profit as fuel demand stalls.
- Oil settles down on Florida fuel demand worries, Mideast risk drives weekly gains.
- Libya's National Oil Corporation restores oil production to levels before c.bank crisis.
- Gold extends gains over 1% as US PPI data solidifies rate cut hopes.
- Aluminium rises on Guinea raw material supply concerns.
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ASX 200 closed down 9 points on the day at 8215. Banks were mixed, ANZ up 0.2% with the Big Bank Basket flat at $234.17. Insurers and MQG rose slightly, REITs under some pressure on the higher bond yields. GMG is off 0.7% and GPT down 0.2%. Tech under pressure as WTC finally slipped 1.3% as CEO sold down again. Industrials drifted lower, retail off with JBH off 1.0%, SUL down 1.4%, and LNW slipping 2.4%. Healthcare better as CSL rose 0.6% with COH up 0.6%. Resources were again under some pressure ahead of the next Chinese stimulus announcement, BHP down 1.1%, FMG off 1.3% with lithium mixed. Gold miners were better led by EVN up 1.8% and GMD rising 2.0%. Oil and gas stocks better, WDS up 0.5% and STO up 0.6% with coal picking up slightly., In corporate news, quiet again, Tesla show left more questions than answers. DUB announced a cap raise and APX joined in with a $50m placement. Nothing on the economic front. Asian markets saw China down 1.8% ahead of MoF briefing tomorrow. Japan down 0.2%. Money flowing back to Japan. HK closed for a holiday. 10Y yields 4.23%. Dow Futures down 10 points. NASDAQ Futures up one point.
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US equities came under pressure overnight following hotter-than-expected inflation data and a slowdown in the labour market raising bets that the Fed will opt for a smaller cut next month. The Dow Jones eased 58 points (-0.14%). Down 204 points at worst. S&P 500 took a breather coming down from yesterday's record high, off 0.21%, and the NASDAQ finished near flat, off 0.05%. Treasurys finished lower too. The 2Y yield, which is more sensitive to Fed policy expectations fell 6bps after it rose to 4.094% during trade, its highest since mid-August. 10Y slightly lower, down 0.06% after hitting a 10-week high of 4.12%. Aussie dollar up 0.34% to 67.40c, USD Index down 0.06%, and Bitcoin off 2.24%. WTI and Brent prices jumped over 4% before finishing up 3.53% and 3.21% following a spike in US fuel use before Hurricane Milton and signs demand for energy could grow in the US and China.
ASX to inch lower. SPI Futures down 3 points (-0.04%).
COMMODITIES
- Oil prices jump 4% on US storm and Israel-Iran fears.
- Gold extends gains as rate cut bets strengthen after US economic data.
- Copper rebounds ahead of news on further China stimulus.
- Stop Israel from bombing Iran's oil sites, Gulf states urge US.
- Chile's Codelco copper production up 10% in August.
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ASX 200 rose 36 points to 8223 (+0.4%), well off the early highs despite a rally in resources with Asian markets back in the green. BHP up 1.4%, RIO up 1.4% and FMG rallying hard up 4.0%. Lithium stocks in demand following the LTM bid, up 38.8%, PLS up 2.5% and MIN bouncing 6.8%. Gold miners slightly better in places, DEG up 1.1% and BGL up 6.3%. Oil and gas better too, WDS bouncing 0.7% and uranium stocks firmed. Banks were mixed but flat with the Big Bank Basket $234.70 (+0.2%). MQG rallied 0.8% and insurers were slightly higher, QBE up 2.5%. REITs are mainly positive, and industries are flat. Retails eased slightly, JBH down 0.5% and PMV off 0.4%. DMP continue to push higher, up 2.3%. Tech stagnant, and the All-Tech Index up slightly. In corporate news, LTM rose 38.8% on the RIO bid. GYG rose slightly on a trading update. PRN signed an extension with IGO and STO secured US$800m of loans for Darwin upgrade. NWL up 3.8% on a FUM update. Nothing on the economic front. Asian markets turned positive with iron ore, Japan up 0.3%, China up 3.0% and HK up 4.2% awaiting MoF briefing Saturday. 10Y yields higher at 4.22%. Dow Futures up 13 points. NASDAQ Futures down 6 points.
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Wall Street finished higher overnight ahead of inflation data tonight. The Dow Jones closed near session highs, up 432 points (+1.03%). Up 482 points at best. Down 87 points at worst. S&P 500 advanced 0.71% fast approaching 5,800 level, while hitting its 44th record high this year.
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ASX 200 rose 11 points to 8187 as an early rally was snuffed out by weak Chinese markets. Banks good. Resources bad. The Big Bank Basket rose to $234.34 (+0.5%). CBA up 0.5% as a defensive play, Insurers better too, ASX rose 1.4% and SQ2 did well on a BNPL sector upgrade, up 4.4%. REITs mixed, GMG down 1.4% and SCG up 0.3%. Industrials firmed, TLS up 1.3% with REA up after AGM comments. Tech better, WTC up 1.5% and XRO pushing 1.5% ahead. The All-Tech Index up 1.8%. Retail and travel stocks better. FLT up 1.4% and PMV up 1.3% with ALL up 2.0%. WES, WOW and COL better by over 1%. Resources were in a world of pain. BHP dropped 1.1% with RIO down 2.3% and FMG off 1.6%. Lithium stocks suffered as the bears were back having a picnic in PLS off 5.0% and MIN having a double whammy hit, down 6.4%. Oil and gas fell hard, WDS down 3.0% and uranium stocks under a little pressure. In corporate news, RIO -2.3% to acquire LTM for US$5.85/share cash, APA rose 2.6% on pipeline relief from the regulator, MAC raised $140m to repay debt and on the economic front, our Kiwi brothers saw a 50bps rate cut. Asian markets were mixed, Japan up 0.3%, China falling hard down 5.0% and HK down 0.6%. Stimulus? What stimulus!. Dow Futures down 25 points. NASDAQ Futures down 50 points.
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US equities bounced back overnight recovering the previous session's losses buoyed by gains in tech stocks. The Dow added 126 points (+0.030%). Up 174 points at best. Down 80 points at worst. The S&P 500 is up 0.97%, within striking distance of its all-time high, and the NASDAQ gained 1.45%. Chipmakers led gains, with Nivida up 4.0% extending its five-day rally to 14%. Small caps eked out a small gain, Russell 2000 up 0.09%, and Wall Streets volatility gauge, the VIX dropped 5.39% from its highest level since August. US treasuries were little changed. 10Y yield down 1bps and 2Y yield down 2.8bps. WTI and Brent crude fell over 4% each on news of a possible ceasefire between Hezbollah and Israel. Iron ore and Dalian down sharply, off 5.95% and 2.27%, after investors unwound long positions to lock in profits after stimulus measures from China missed expectations.
ASX to rebound. SPI Futures up 15 points (+0.18%). REA AGM today.
COMMODITIES
- Iron ore rides a roller coaster as China stimulus-driven frenzy fades.
- Oil falls over 5% intra-day amid uncertainty over Israeli retaliation and lackluster China stimulus.
- Gold set for biggest drop in over a month as bets on large Fed rate cut recede.
- Aluminium nears two-week low as energy prices drop.
- EIA cuts US oil production for next year; now expects production to grow by just 320K bpd.
- Mali says Barrick Gold owes $500m in taxes, fines.
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ASX 200 reversed early gains on Chinese disappointment falling 29 to 8177 as resources stumbled and banks pushed higher. The Big Bank Basket rose to $233.26 (+0.3), Insurers were under pressure, QBE was down 2.4% on Hurricane exposure, and IAG was up 0.3%. Financials weaker, SOL down 0.6% and SQ2 off 1.7% with REITs under pressure. GMG the exception, up 0.6%. Industrials sidelined and weaker with XRO off 1.7% and WOW down 0.3%, travel stocks eased, FLT off 0.2%. WEB down 1.9% and GYG fell 2.6%. Resources saw a roller coaster today as Iron ore initially rose 3% plus in Singapore, only to shed gains and head lower with BHP succumbing down 2.4% and RIO off 0.2%. Lithium stocks fell hard, MIN down 4.0% and PLS down 3.2% as the shorts pounced. LTM off 2.5% as no details forthcoming. Oil and gas weaker in Asian trade, WDS off 1.3% and STO down 0.6%. Gold miners held firm. Uranium saw some fallout. In corporate news, slim pickings, IPL saw its CFO resign. NRW won a $360m mining contract with EVN. In economic news, RBA minutes see the board talking tough still. China came in underwhelming on latest stimulus pitch. Asian market very volatile still, HK off 5.1%, China up 5.2% and Japan down 1.5%. 10Y yields jump to 4.17%. Dow Futures down 30 points. NASDAQ Futures down 12 points.
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All three major US indexes finished in the red overnight as treasury yields rose while bets that the Fed will hold rate cuts steady at the next FOMC meeting jumped to 13.7% up from 2.6% just one day ago. The Dow Jones ended just off worst levels, off 399 points (-0.94%). Down 521 points at worst. S&P 500 eased 0.96% with also every major sector finishing in negative territory, energy stocks the exception. The NASDAQ fell over 1%, and the VIX jumped 17.86% hitting a two-month high.
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The ASX 200 finished the day up 55 points (0.7%) to 8205. Led by the Banks and Tech with Resources, Discretionary stocks and Energy also doing well. The CBA (+1.5%) had its best day in a month as the banks once again were bought on weakness. WBC, NAB and ANZ finished up between 1.2% and 1.9% despite bond yields jumping over the weekend.
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ASX 200 slips 55 points to 8150 (0.7%) off lows as we head into a crucial weekend. US Jobs data and Middle East the focal points. Banks came off again, The Big Bank Basket fell to $228.95 (-1.5%). MQG off 0.7% with WBC off 1.9% and Insurers holding firm, REITs mixed, GMG off 1.9% with VCX up 0.9%. Industrials were mixed too, WES down 0.5%, ALL off 0.1% and TLS slipping 0.5%. Tech eased, WTC off 3.0% as Richard White became a dad again, XRO down 0.5% and the All -Tech Index off 0.7%. Retail eased, FLT off 1.7% and LOV down 2.3% with DMP up 2.2%. Resources took a serious breather, BHP off 1.7% with RIO down 1.9% and FMG falling 1.1%, gold miners better, GMD up 1.0% and DEG up 1.5% with VAU rising 1.6%. Lithium stocks finding sellers again, PLS down 3.2% with LTR off 3.9%. Oil and gas stocks rose as expected, WDS up 2.2% and KAR up 2.2%. In corporate news, pretty scarce, nothing on the economic front either. Asian markets better, HK up 2.1%, Japan up 0.3% with China still on Golden Week. 10-year yields rise to 4.07%.
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Stocks fell on Thursday as concerns over Middle East tensions kept investors on edge. NFP Friday.
The Dow Jones Industrial Average slid 184.93 pts or 0.44%, to end at 42,011.59. The S&P 500 lost 0.17% to close at 5,699.94. The Nasdaq Composite ended the day off 0.04% at 17,918.48 as a rally of more than 3% in Nvidia capped downside pressure.
Oil up 5% on Biden’s comments.
Friday’s nonfarm payrolls will show growth of 150,000, up from 142,000 in August. The unemployment rate is expected to hold steady at 4.2%.
ASX SPI down 27
COMMODITIES
- Oil gains ~5% as Middle East conflict stokes supply concerns.
- Gold holds steady as safe-haven demand counters stronger dollar.
- Exxon Mobil signals fall in third-quarter upstream earnings.
- IEA forecasts tight supply and record gas demand in 2025.
- OPEC oil output drops in September on Libyan outage.
- Libyan oilfields open now that central bank dispute resolved.
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ASX 200 rose 7 points in quiet range-bound trade to 8205 (+0.1%). Banks flat with the Big Bank Basket unchanged at $232.40; financials were slightly firmer as SOL rose 1.1% and ASX up 1.2%. Insurers eased back, QBE down 0.3% and REITs bounding ahead, GMG up 1.6% and SCG up 1.7%. Industrials drifted around, BXB up 0.5% and ALL down 0.6% with GYG under pressure on a broker downgrade. Retail stocks fell, PMV down 0.9% and LOV off 0.8%. IEL slid 2.9%. Resources were generally weaker, gold miners fell with EVN off 1.3%, NST down 1.0% and RMS down 2.3%. BHP bucked the trend up 0.7% with FMG easing back slightly. Lithium stocks were under pressure again, PLS saw a large block traded and fell 4.8% with LTR down 4.4% and IGO off 2.2%. MIN dropped 1.5%. Uranium stocks saw a little profit-taking. Coal down and oil and gas mixed, WDS up 0.6%. In corporate news, WBC completed the sale of its car loan book to RMC. ORG has abandoned its hydrogen plans. Apparently, a lot of hot air. In economic news, BoP numbers out. The IMF also passed judgment on the Federal government and said the rates may have to go higher whilst touting tax reform. Asian markets saw profit-taking in HK, China closed, and Japan +1.2% ahead as rates seem in limbo. 10Y yields steady at 3.99%. Dow Futures down 65 points and NASDAQ Futures down 60 points.
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The S&P 500 added 0.01% to 5,709.54, while the Nasdaq Composite rose 0.08% to 17,925.12. The Dow Jones Industrial Average added 39.55 points, or 0.09%, to finish at 42,196.52.
ADP data released Wednesday showed better-than-expected private payroll growth in September.
ASX to inch higher. SPI Futures up 3 points (+0.04%). On the calendar today, August trade numbers out at 11:30am. AFI, PRN, MIR, and ARB all hosting AGMs. ARB trading ex-dividend today.
COMMODITIES
- US dockworker strike enters second day with talks at a standstill.
- Gold rally cools as traders eye Mideast developments, US data.
- Middle East conflict lifts oil prices despite large US crude build.
- LME monitors tightness in aluminium market after spike in spread.
- Copper climbs on hopes for more China stimulus.
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ASX 200 slipped 11 points to 8201 (0.1%) in quiet trade. Eyes on the Middle East. Hong Kong markets rallied sharply after the holiday. China still closed. Banks steady again, CBA up 0.6% with MQG off 1.0% and the Big Bank Basket up to $232.39 (0.3%). Insurers slightly better as REITS slid, SCG down 1.9% and SGP off 0.8%. Healthcare gave back some recent gains, CSL down 0.4% and RMD falling 1.7%. Industrials weaker, WES off 2.3% and WOW and COL in a hole too. Tech wrecked with WTC off 1.7% and XRO down 2.5%. Travel companies in trouble, FLT down 2.4% and QAN dropping 2.7% on Virgin news. LNW still under pressure. Retail also easier. LOV off 1.1%. Resources once again the place to be, BHP up 0.9% and the Three Amigos all doing well. Lithium stocks finding friends too, PLS up 0.6% and LTR up 2.6%. Gold miners in demand, EVN up 0.2% and NST up 0.7%. Uranium stocks also in demand as were oil and gas stocks. WDS up 3.1% and KAR up 7.5%. In corporate news, NAM looks to be done and dusted as LDC gained over 50% control. ANZ lost its court case. VVA posted a positive outlook statement. Nothing on the economic front. Asian markets mixed, HK back and flying. Property index up 15% and Japan down 1.9%. 10-year yields steady at 3.96%.
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The Dow Jones Industrial Average fell 173.18 points, or 0.41%, to 42,156.97. The S&P 500 pulled back 0.93% to 5,708.75, while the Nasdaq Composite lost 1.53% to finish at 17,910.36.
More than 3 out of every 5 S&P 500 stocks were lower in the session, highlighting the broad troubles for the market. The energy sector was up 2% on the Iranian attack.
Trading wasn't particularly active, with NYSE Composite volume running more than 61% of the past 30 days’ average, and Nasdaq Composite volume standing at about 77% of the past 30 days.
The JOLTS report showed that new positions rose to just over 8m, an increase of 329,000 from July and better than the Dow Jones estimate of 7.7m.
ASX SPI Futures up 2 points.
COMMODITIES
- Oil prices rise 3% after Iran launches missiles at Israel.
- Gold jumps over 1% on safe haven demand after Iran's attack on Israel.
- OPEC+ unlikely to change output policy at Oct. 2 panel meeting.
- Gold rally cripples physical demand in key markets.
- Libya preparing to restart oil output as central bank crisis eases.
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The ASX 200 started the quarter down 61 points to 8209 (-0.7%) as resources and banks fell back to earth. China closed for Golden Week. BHP fell 2.9% with FMG off 3.5% and RIO down 2.6%. Base metals also slipped a little, S32 down 2.7% but lithium held up better, PLS up 0.6%. LTR down 2.5% though. Gold miners saw profit-taking and rotation. GMD down 1.0% and DEG off 4.3%. Oil stocks saw small losses despite Asian crude picking up a little, uranium stocks also better surprisingly. DYL up 4.7% and PDN up 1.9% with coal stocks better. Banks were back in the firing line with CBA down 1.5% and the Big Bank Basket down to $231.81 (-1.3%). MQG dropped 1.7% with insurers too under pressure, QBE slipped 1.6% and SUN down 2.0%. Healthcare stocks were better, CSL up 0.7% and RMD up 1.5% on a five-year update. Industrials were a little weaker, ALL down 0.9%, LNW falling 2.8% with REA 4.9% better on news it had pulled out of the UK bid. Retail flat despite stronger than expected sales data. In corporate news, NAM up 8.5% on a revised winning bid from LDC. SIG rallied hard, up 22.6% on a Chemist Warehouse update from ACCC. On the economic front, retail sales and building approvals did little to move the market. Asian markets limited, Japan up 1.9%. 10-year yields picked up to 4.01%.
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The S&P 500 rose to a record close on Monday, concluding a winning month and quarter. The Dow Jones Industrial Average gained 17.15 points, or 0.04%, to 42,330.15. The S&P 500 added 0.42% and closed at 5,762.48. Both indexes closed at records. The Nasdaq Composite advanced 0.38%, ending at 18,189.17.
A late rally for month end helped after Powell's comments that more interest rate decreases could be forthcoming, but cautioned that the central bank did not have a preset path. If the economy moves as expected, he said to expect two rate cuts of a quarter percentage point each this year.
“This is not a committee that feels like it’s in a hurry to cut rates quickly,” Powell said.
In the month, the Dow advanced 1.9%, and the tech-heavy Nasdaq gained 2.7%. The S&P 500 added 2%, notching its first positive September since 2019.
ASX SPI down 32
COMMODITIES
- Oil slumps 17% in Q3 as Middle East conflict offset by slowing demand.
- Copper takes top spot again as best prospect at LME Seminar.
- Copper output at Freeport's Manyar smelter delayed until November.
- Record run steers gold to best quarter in four years.
- Goldman Sachs raises gold price forecast to $2,900/oz for early 2025.
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ASX 200 finished up 58 points at 8270 (+0.7%). Nice tickle up at the close for month’s end. Another day and another resource rally, as Chinese markets once again soared. Japan slid with money going elsewhere as risk with new PM seems to be key. Banks held firm with CBA up 0.9% and NAB up 1.1% with REITs coming under a little pressure after early strength. The Big Bank Basket up to $234.94 (+0.8%). Insurers better, QBE up 0.9% and SUN up 0.4%. GMG were a standout out in the REITs up 3.0%. Industrials were mixed, tech was better, the All-Tech Index up 0.8%. WTC up 1.5% with XRO up 0.5%. Supermarkets slipped slightly after Macquarie stressed caution, WES down 0.4% and ALL up 0.7%. Resources saw the best gains as BHP ran 2.7% higher on a 10% rise in iron ore in Singapore ahead of Golden Week. RIO up 1.3% and FMG up 2.9% all off highs. Gold miners were sold off as money was put to work elsewhere. Lithium stocks in focus, MIN up 5.9% and PLS up 3.5% with LTR ahead by 2.6% on first shipment. Oil and gas stocks better too, WDS up 3.5% and STO up 2.6%. Uranium stocks eased and coal stocks better. In corporate news, PSQ rejected the Genesis bid and SM1 rallied 7.0% despite a huge loss. In economic news, Chinese PMI came out slightly worse than expected. Asian stocks saw a huge shift, Japan down 5% and China up 7.2% with HK up 3.5%. 10-year yields steady at 3.96%.
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Wall St finished the week mixed as traders overnight digested the two biggest news stories – US PCE inflation came in slightly below expectations and China unveiled further fiscal stimulus measures to reignite its struggling economy. Dow Jones up 138 points or 0.33%, NASDAQ down 0.39% and the S&P 500 down 0.13%. For the week, the Dow Jones gained 250 points, the S&P 500 rose 0.62% and the NASDAQ finished up 0.96%.
ASX SPI up 24
COMMODITIES
- Iron ore logs over 10% weekly gain on China rate cuts, stimulus prospects.
- Oil settles higher but falls on the week on firmer supply outlook.
- Rate cuts set gold on track for best quarter in eight years.
- About 24% of oil production shut in US Gulf of Mexico due to Hurricane Helene.
- Mining industry struggles with valuation gap amid shift to copper.
- Indian steelmaker group warns of rising Chinese imports after US tariffs.
- Aluminium at 16-week high, driven by China's stimulus measures.
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Record high.
ASX 200 finished the week steady up 9 points to 8212 (0.1%) as banks fell and resources rallied. ASX 200 unchanged on the week. The Big Bank Basket fell to $233.34 (-0.7%) with NAB down 1.8% and WBC off 1.7%. Insurers eased, REITS eased back too with GMG down 1.1% and SCG off 1.1%. Industrials mixed, WES slipped 0.4%, WOW and COL flat, BXB fell 1.0% and TLS falling 0.8%. Healthcare remained in ICU, CSL down 2.1`% and RMD off 0.8%. Resources in demand as shorts continue to cover. MIN up 13.9%, BHP up 3.2% and the Three Amigos now trading at $192.29. Lithium stocks also in demand as shorts raced to pare back risk. PLS up 5.7% and IGO up 4.2%. Gold miners saw profit taking off a tad, NEM down 0.6% and WGX dropping 3.2%. DEG up 3.4% as media speculation on a takeover were quashed by the company. Oil and gas down on crude prices, WDS down 1.4% and uranium stocks picked up slightly, PDN up 2.5% with coal stocks doing well. In corporate news, SGR came back to trade and regretted it instantly, down 44.4% and EDV lost the CEO, NAM fell 0.7% as the ACCC said it still had issues with Olam Agri. In economic news, China cut its repo rate. Asian markets pushed up again despite negative Chinese data, Japan up 1.6%, China up 3.7% and HK up 2.6% for its best week since 1998. China was the best since 2008. 10-year yields dull and boring at 3.95%.
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US stocks rose Thursday, with the S&P 500 hitting a new record, following the release of upbeat U.S. economic data. The broad market index climbed 0.40% to 5,745.37. The index posted a new all-time high during the session and a record close, lifted by gains in Micron Technology. The Nasdaq Composite added 0.60%, closing at 18,190.29. The Dow Jones Industrial Average advanced 260.36 points, or 0.62%, to end at 42,175.11.
Jobless claims fell more than expected, pointing to a steady labor market. Durable goods orders for August were unchanged versus economists’ expectations for a decline. Further, the final reading of second-quarter GDP was unrevised at a strong 3%.
ASX SPI up 19 - Resources in Focus
COMMODITIES
- Silver hits 12-year high, chasing gold's record-breaking rally.
- Copper breaks above key $10,000 mark after China unveils fiscal stimulus.
- Iron ore extends gains to near $100/t after China pledges more stimulus.
- Oil prices slide 3% on prospect of more OPEC+ oil.
- About 25% of Gulf Of Mexico oil production shut in due to Hurricane Helene.
- OPEC+ set to go ahead with Dec oil output hike.
- World coffee, sugar prices surge as drought-hit Brazil awaits rains.
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ASX 200 closed up 74 points to 8202 (+0.9%) as resources took off again and banks stabilised. More Chinese stimulus announced. Modest losses in the big four with CBA down 0.4% and WBC off 0.7% with the Big Bank Basket at $235.04 (-0.3%). MQG ran 1.8% higher to a new record, Insurers better too, QBE up 0.5% and MPL up 1.7%. REITs also in demand with GMG up 0.5% and SCG rising 1.6%. Industrials were firm across the board, QAN took off another 2.1% with ALL 2.8% better. WES rose 1.5% as WOW and COL also rose today. Tech was strong with WTC up 2.8% and XRO a more modest 0.3%. The All-Tech Index up 2.0%. Resources once again found buyers, BHP, RIO and FMG all doing well after a slow start. FMG up 2.9% the best of the three. Lithium stocks making small headway, PLS up 1.4% and MIN flying again up 4.5%. Gold miners better too, EVN up 2.7% and NST rallying 0.6% with uranium stocks glowing red hot, PDN up 7.6% and BOE up 5.4%. LYC continued to impress running 1.7% higher. Oil and gas a sullen place today with WDS down 2.7% and STO off 2.3%. Coal stocks better again. In corporate news, PTM knocked back the RPL bid officially, SOL and BKW reported and saw an increase in dividend for SOL again. LLC got the nod from the ACCC, SGR revealed it had fallen to a $1.7bn loss. In economic news, job vacancies are falling as the RBA wishes. Asian markets firmed on fresh Chinese stimulus. Japan up 2.7%, HK up 3.1% and China up 2.5%. 10Y yields steady at 3.95%. Dow Futures up 145 points (+0.3%) and NASDAQ Futures up 241 points (+1.2%).
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The Dow Jones lost 293 points (-0.70%) and the S&P 500 retreated 0.19% pulling back from recent record highs. The NASDAQ eked out a small 0.04% gain, while small caps underperformed, Russell 2000 falling 1.19%. Meta unveiled Orion, its first augmented reality glasses prototype and the market responded positively, shares rose 0.9% closing at a record high. Losses in Amgen -5.45% weighed on the Dow after the company reported mixed data on two drugs raising concerns over heightened competition. US treasuries rose across the board. 10Y yield rose 5.9bps and has advanced in five of the last seven sessions, while the 2Y yield gained 2.1bps. USD Index up 0.46%, AUD flat, and Bitcoin slid 0.90%. The probability of a 50bps cut a the next FOMC meeting at 59.2% according to CME FedWatch.
ASX to rise. SPI Futures up 17 points (+0.21%)
COMMODITIES
- US Steel says arbitration board rules in favour of Nippon Steel's $14.9bn buyout deal.
- Copper steadies after hitting 10-week high.
- Gold smashes record peaks propelled by rate-cut momentum.
- US oil inventories fall more than forecast, crude at 2-1/2-year low, EIA says.
- Oil falls on easing Libya supply concerns, lingering China demand worries.
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ASX 200 drifted 16 points lower to 8126 (0.2%) as the ‘Great Rotation’ continues with banks weaker and resources pulling away. BHP up 3.8% with RIO up 3.8% and MIN rising 5.4%. Base metals also in demand, S32 up 3.0% and LYC up 4.3% with lithium stocks slightly higher. Gold miners are also in demand as records tumble, NST up 0.8%, and EVN up 1.8%. Oil and gas mixed, coal stocks better led by WHC up 3.6% and uranium stocks taking a break. Banks eased, the Big Bank Basket fell to $235.70 (-2.0%). CBA down 2.3% and NAB off 2.7% with MQG down 2.2% after a fine for electricity trades. Insurers slid, QBE down 1.6% with REITs steady, GMG up 0.1%. Healthcare fell, CSL down 0.3% and RMD falling 2.2% with PME under pressure off 4.0%. Tech slipped, the All-Tech Index fell 1.5% with WTC down 1.2% and XRO off 1.2%. ALL fell 3.0% as LNW unchanged after it rallied hard off lows. In corporate news, PMV fell 9.1% after putting its ‘Smiggle’ on ice, MYR deal still live. SIG released results and yet another ACCC delay on Chemist Warehouse listing. In economic news, CPI dropped to 2.7%, monthly numbers though. China cut another short-term rate. Asian markets firmed again, Japan up 0.4%, China up 2% and HK up 1.6%. 10-year yields at 3.90%.
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S&P 500 rose 0.25%, closing the session with its 41st record close for the year. The Dow too notched a record close, up 84 points (+0.20%). Up 156 points at best. Down 68 points at worst. NASDAQ advanced 0.56%, while mega-cap tech stocks were mixed. Nvidia jumped 4.0%, while Microsoft and Meta eased 1.0% and 0.2% respectively. Markets shrugged off US consumer confidence data, despite falling to 98.7 in September dropping the most in three years from an upwardly revised 105.6 in August. Treasury yields slipped in choppy trading. 2Y yield fell 4.7bps pressured by a 2Y auction, and the 10Y yield fell 1.9bps to 3.732%. Steep Yuan inflows have pushed the Chinese Yuan to hit a 16-month high, resulting in broad USD selling USD Index down 0.48%, while also propping up HK +4.13% and Chinese +4.15% equity markets.
ASX to rise. SPI Futures up 25 points (+0.30%). On the calendar today, Australian CPI data at 11:30am. AGL and RED hosting AGM's. SIG, SOL and PMV releasing earnings reports and CWP, IMD and NCK are trading ex-dividend today.
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ASX 200 fell 11 points to 8142 (-0.1%) on a big day of divergence. The great rotation kicked in with resources doing very well following the PBoC firing its 'bazooka' and the banks fell after the RBA held rates unchanged for the same reason as last time. The Big Bank Basket fell to $240.49 (-2.8%) as CBA dropped 3.0% and NAB fell 3.0%. Other financials held, with MQG up 0.9% and CGF up 1.3%. Insurers eased back slightly, SUN down 1.5%. REITs steady as GMG rose 1.1% and SGP up 1.0%. Industrials were mixed again, WOW and COL on the nose, falling around 3% on ACCC concerns. WES off 0.7% and ALL rallied 2.1% as LNW fell 18.4% on a Nevada court ruling. Tech mixed, the All Tech Index up 0.4%. QAN up 1.0% heading for an all-time high! It was a better picture in resources, following the PBoC move, BHP rallied 3.3% with RIO up 3.7% and FMG trailing up only 1.8%. Lithium miners were squeezed higher, PLS up 4.7% and MIN up 6.5%. S32 had a good day up 4.1% with BSL up 1.2%. Gold miners were weaker, EVN up 1.4% the exception. Uranium stocks glowing again today as shorts continue to cover on Microsoft’s move to shore up power. DYL up 10.6% and PDN up 10.1%. Oil and gas pushed slightly higher. In corporate news, CTT had their accounts signed off by the auditor and raced 79% ahead! In economic news, RBA and PBoC hogged the limelight. Asian markets firmed, Japan up 0.5%, HK up 3.5% and China up 3.8%. 10Y yields steady at 3.90% on RBA.
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The S&P 500 climbed to a fresh closing high on Monday as traders looked to build on last week’s gains following the Federal Reserve’s interest rate cut.
The broad market index added 0.28% to end at 5,718.57, while the Dow Jones Industrial Average gained 61.29 points, or 0.15%, to close at 42,124.65. Both indexes closed at records. The Nasdaq Composite ticked up 0.14% to 17,974.27.
ASX to ease a touch. SPI Futures down 9 points (-0.11%).
COMMODITIES
- FTC set to greenlight Chevron's $53bn buy of oil rival Hess, sources say.
- Crude oil prices sink as Iran's new president says he is prepared to ease tensions with Israel.
- Oil settles lower on weak euro zone business activity.
- Aluminium steadies after touching 10-day low.
- Gold strikes record high as Fed rate cut maintains bullish mood.
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ASX 200 finished down 57 points to 8153 (-0.7%) despite hopes for Chinese stimulus and better US and European futures markets. Banks eased back led by CBA down 1.5% and the Big Bank Basket down 0.9%. Other financials mixed, ASX up 0.4% and CGF gaining 0.6%. REITs fell across the board, GMG down 1.5% and SCG off 1.9%. Industrials fell after the ACCC announced it would be looking into WOW, down 3.4%, and COL, off 3.3%, for their pricing policies. WES caught up in the same inquiry falling 1.7%. Retail slipped slightly, PMV down 1.3% and SUL off 2.2% with JBH falling 2.0%. WEB fell 10.7% as it went ex-entitlement. FLT off 2.0% and DMP dropped 1.3%. Telcos eased, tech mixed with the All-Tech Index flat. Resources were mixed, iron ore down again as Singapore futures fell, BHP down 1.3% and RIO off 0.6%. Gold miners better on the bullion price, NST up 0.2% and NEM up 1.6% with oil and gas stocks slightly better outdone by uranium stocks that saw short covering again on Microsoft’s embrace of Three Mile Island. In corporate news, ASB rose 2.4% after yet another contract from the US Navy. TLX rose 1.9% on a large US acquisition, HLS rose 7.5% on its sale of Lumus Imaging. FBU in a trading halt on a large capital raising. REA made another offer for Rightmove in the UK. Nothing on the economic front. Asian markets better on hoped-for Chinese stimulus, with HK up 0.2% and China up 0.4%. Japan closed for a holiday. 10Y yields rising to 3.97%. AUD heading towards 2024 high. Dow Futures up 54 points. NASDAQ Futures up 70 points.
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Wall Street finished mixed Friday, following the previous day’s rally fuelled by the Fed’s upsized interest-rate cut. The Dow nudged higher by 38 points (+0.09%) reaching a record thanks to Nike's gains (+6.84%), while the S&P 500 fell 0.19% and the Nasdaq eased 0.36%. For the week, the S&P gained 1.36%, the Nasdaq 1.49%, and the Dow 1.62%. The session was marked by high trading volume due to "triple witching," with approximately $5.1 trillion in derivatives expiring. Fed commentary reflected divergent views. Waller suggested a willingness for another 50bps cut if economic conditions deteriorate, while Bowman maintained a hawkish stance and warned against premature policy shifts in light of persistent inflation pressures.
ASX SPI down 68.
COMMODITIES
- Nippon Steel to sell $211m in assets to manage debt amid U.S. Steel deal.
- US to award $3bn to 25 projects for battery manufacturing sector.
- Gold breaks $2,600 barrier as Fed cut bets prolong historic run.
- Copper pulls back from two-month peak on firm dollar.
- Oil ends week higher as investors take stock of Fed rate cuts.
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ASX 200 wilted after a great start to close up only 18 points at 8210, unable to hold on to earlier big gains. Triple witching and index rebalancing in US tonight. Banks remained solid with the Big Bank Basket at $249.63 (+0.5%). MQG slid from record highs, and SUN eased 1.3%. REIT's mixed, GMG down 0.6% and SGP up 0.4%. Industrials were mostly firm with WES up 1.5% and retailers doing well, JBH up 1.4% and LOV up 3.2%. Travel and pizza back in fashion (when did they ever go out of fashion?), FLT up 2.2% and DMP up 4.0%. Healthcare in casualty, CSL down 0.3% and SHL continuing to suffer, down 2.2%. Resources promised so much this morning, and yet delivered so little. Iron ore stocks gave up early gains despite futures in Singapore rising, China left rates unchanged which disappointed some. Lithium stocks slipped into depression again, PLS down 3.1% and MIN off 2.9%. Gold miners mixed bag of lollies, NST up 1.3% but NEM off 0.5%. Energy stocks mixed, oils doing ok, WDS up 0.7% but uranium stocks seeing a little fallout after a solid week. In corporate news, MYR lost 0.6% on a trading and strategy update, HVN being sued again, KLS rose 1.5% on a US contract and NAM recommended the Olam Agri bid. LTM looking at exiting Australia! Nothing on the local economic front. BoJ and PBoC kept rates unchanged. Asian markets mixed again, Japan up 1.0%, HK up 0.9% and China off 0.6%. 10-year yields steady at 3.92%. Dow Futures off 0.1% and NASDAQ Futures down 0.2%.
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The Dow advanced 522.09 points, or 1.26%, ending at 42,025.19, marking its first close above the 42,000 threshold. The S&P 500 rose 1.7% to close at 5,713.64, topping 5,700 for the first time. The Nasdaq Composite surged 2.51% to end at 18,013.98.
ASX to rise. SPI Futures up 31 points (+0.38%).
COMMODITIES
- Biden administration nears approval for ioneer's Nevada lithium mine.
- Saudi Arabia's crude oil exports in July hit almost one-year low.
- Oil ends more than 1% higher on US rate cut, declining crude stockpiles.
- Gold gains over 1% as Fed begins deeper rate-cut cycle.
- Copper hits two-month high after Fed's bold rate cut.
- Iron ore climbs on China stimulus hopes, softer stockpiles.
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ASX 200 closed up 50 points to a new record high of 8192 (+0.6%) on SPI expiry day. Some wobbles post job numbers were quashed by buyers stepping back in for banks and now resources too. The Big Bank Basket hit fresh highs of $248.39 (+0.5%). CBA up 0.5% and ANZ playing some catch-up, rising 1.1%. MQG rose 1.0% with other financials doing alright. SOL up 1.0% and ZIP up 9.2% on cheaper money and happier customers. REITs also bounced, GMG up 1.5% and SCG up 2.4% with healthcare under some pressure still. RMD fell 2.5% on a US broker downgrade citing GLP-1 threats. COH down 1.5% and SHL drifting 1.3% lower. Industrials were mixed, TCL down 1.9%, BXB fell 0.7% and WES off 0.7%. Tech mixed with the All-Tech Index unchanged. Resources joined the party today. Morgan Stanley upgraded the 'Three Amigos', all rose with RIO up 3.5% and BHP up 2.6%. Lithium shares also in demand, PLS up 2.1% and MIN up 1.9% with uranium stocks in focus, DYL up 6.1% and PDN rallying 8.1%. Gold miners were mixed, coal stocks better again, WHC up 1.2% and NHC 2.2% higher. In corporate news, ALQ fell 8.6% on a trading update, MND rose 2.0% on a new $230m contract, SGM rose 12.4% on a trading update, and ORI blasted ahead 1.3% after upgrading expectations. Asian markets firmed on Fed news, Japan up 2.0%, China up 0.5% and HK up 1.9%. 10Y yields rose to 3.93%. European markets bouncing back. FTSE showing up 0.8%.
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The Dow Jones Industrial Average slid 103.08 points, or 0.25%, to end the day at 41,503.10. It was up as much as 375.79 points just after the Fed decision.
The S&P 500 lost 0.29% and closed at 5,618.26. The Nasdaq Composite dropped 0.31% to 17,573.30. The S&P 500 and the Dow both touched records initially before falling back.
The Fed lowered its overnight lending rate to a range of 4.75% to 5.00% from 5.25% to 5.5%, the first rate cut in four years as inflation levels ease from the levels seen two years ago.
ASX SPI Futures down 39 points
COMMODITIES
- Barrick Gold suspends operations at Papua New Guinea mine after violence kills at least 20
- US decision on Nippon bid for US Steel pushed back to after Nov election, sources say
- Gold retreats as dollar, yields climb after Fed's Powell comments
- US crude oil stockpiles dipped to their lowest level in a year last week, while fuel inventories rose
- Copper creeps higher ahead of expected US rate cut
- Iron ore posts steepest daily fall in nearly two years
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ASX 200 drifted around to close up 1 point ahead of the Fed. Banks were firm, again, the Big Bank Basket up to $247.05 (+0.4%). MQG rallied another 0.6% to a record close. Financials were a little mixed, REITs generally better, GMG up 0.1% and SCG up 0.5%. Industrials firmed, WOW up 0.3% and COL up 0.4% with WES flat and ORG up 2.2%. Tech drifted around, WTC up 0.4% and the All Tech Index lost 0.2%. In resources, Iron ore resumed trade after a holiday and fell away again, BHP, RIO and FMG all suffered, dragging sentiment down. BHP off 0.9% with S32 down 0.9% too. Gold miners were mixed, NEM up 0.8% and GMD down 0.5%. Lithium stocks depressed again, PLS off 1.0% and MIN down 2.0%. Oil and gas stocks slightly better, WDS announced a ten-year sales deal with the Japanese adding 0.8%. Coal stocks better, NHC up 4.6% with uranium slightly firmer too. In corporate news, HVN fell on a class action, APM shareholders approved its takeover, IMU gets FDA approval for bile tract cancer drug. Nothing on the economic front, Asian markets higher, Japan up 0.4%, and China back from a holiday up 0.5%. 10-year yields drift higher to 3.86%.
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The Dow Jones Industrial Average inched down 15.9 points, or 0.04%, to close at 41,606.18. The 30-stock index also hit a fresh record during the session. The S&P 500 was unchanged. The Nasdaq Composite advanced 0.2% and ended at 17,628.06.
The energy sector outperformed the S&P 500 on Tuesday afternoon. Energy advanced 1.3%, with gains led by Halliburton and Devon Energy up 3.2% and 2.1%, respectively.
The latest retail sales data indicated solid consumer health. Retail sales rose 0.1% in August versus economists' estimates for a 0.2% decline.
SPI down 39 points.
- Commodities slip slightly.
- Oil up 1.2%. Gold off 0.5%.
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ASX 200 finished up 19 points to 8141 just shy again of a record close. Relatively quiet and steady ahead of crucial Fed move on Wednesday. Banks were slightly firmer, the Big Bank Basket up to $246.14 (+0.2%). Financials a little mixed, SUN down 0.3% and ASX off 0.2%. REITs firmed, GMG up 0.8% and SCG up 0.5%. Healthcare eased back a little, FPH down 0.2% and COH down 1.1%. Industrials firm but idle. BXB is continuing to power ahead, up 2.5%, QAN is up 1.9%, and ALL is moving 1.4% better. Tech slightly better as XRO rose 2.6% after an acquisition. In resources, the iron ore miners pushed a little higher. BHP unchanged, FMG up 1.8%. Gold miners mixed despite bullion rising, EVN down 2.0% and NEM off 1.8% with PRU up 2.0%. Lithium remains depressed, PLS off 1.0% and IGO down 1.7% with rare earths under some pressure again, LYC down 1.2%. Oil and gas stocks firmed ever so slightly, coal mixed and uranium stocks pretty much unchanged. In corporate news, RPL has made an approach to PTM seeing the target stock rise 12.6%. Another bid for PSQ, and BTH attracting attention too from a predator. Nothing on the economic front as we wait for the Fed. In Asian markets, a stronger yen put the Nikkei under pressure losing 0.6% and HK up 1.5%. 10Y yields steady around 3.83%.
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ASX 200 kicked off the week on a positive note, gaining 22 points to 8122 (+0.3%), just 27.1 points away from its previous all-time high. Banks did most of the heavy lifting today as resources sagged on lagging commodity prices. WBC was in demand up 2.2% hitting a 52-week high, and the Big Bank Basket rose 1.1% to $245.76. Gold miners firmed, supported by fresh record-high bullion prices during the day. EVN the top beneficiary up 4.2%, while NST and SBM follow just behind. Losses in resource stocks weighed on the index, BHP, RIO and FMG all finished in the red. Energy stocks no better, WDS fell 0.6% despite resuming production at its Shenzi oil and gas field following Hurricane Francine's disruption. Lithium and Uranium stocks on the nose. MIN pared earlier gains, finishing down % after announcing maiden estimates for two Perth Basin discoveries. BOE, PDN and DYL all lost over 1% each. Tech and REITS finished higher, while defensive sector healthcare slumped, CSL eased 1.2% dragging the entire with them. In corporate news, Austal (+20.5%) secured a US$450m shipyard expansion deal. Lendlease (+2.1%) sold its US unit, with expected FY25-26 losses and FY27 recovery. Downer (-0.5%) landed an NZ$800m contract for Auckland Airport’s new terminal. Nothing on the economic front today. In Asia, the Hang Seng flat, TOPIX closed, and Shanghai Composite closed. Bond yields down, 10Y yield at 3.81%, 2Y yield down 0.8bps to 3.48%. AUD +0.3% to 67.24US cents. Dow Jones Futures down 6 points and Nasdaq Futures down 31 points.
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Wall Street ends the week on a positive note as markets raise bets for a bigger rate cut by the Fed next week. The S&P 500 rose 0.54% overnight, and is up 4% for the week, its best week since November and is within 50 points of its all-time high reached in July. The Dow advanced 297 points (+0.72%). Up 437 points at best and up 2.6% for the week. The NASDAQ rose 0.65% (+5.95% for the week) and small caps Russell 2000 which is more sensitive to rate changes, outperformed jumped 2.49%.
ASX SPI up 16 points - Eyes Records again
COMMODITIES
- Putin's commodities ban threat puzzles Russian firms and officials.
- Nippon Steel bid for U.S. Steel faces Sept. 23 review deadline, sources say.
- Oil eases on resuming US output after storm, rising rig count.
- Copper, aluminium, zinc hit two-week high on weak dollar.
- US offshore oil industry reawakens after Francine shut-ins.
- Gold bulls set sights on previously dismissed record $3,000/oz milestone.
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ASX 200 rose 24 points to 8100 (+0.3%) having hit close to an all-time high and backed off. Banks sold off as resources rose. It was the turn of iron ore and gold miners to rally hard. FMG up 4.8% and BHP bouncing 2.1%. MIN up another 0.8% with gold miners hitting their straps. NST up 4.1% and EVN up 7.2% with DEG up 7.0% and GMD rising 2.3%. Lithium stocks eased back, PLS up 1.0% and IGO off 1.8%. Uranium stocks too under pressure after the short squeeze yesterday. PDN down 4.5% and DYL off 2.1%. Oil and gas stocks are better, WDS up 1.3%, and STO rallies 0.8% on Hurricane Francine. Banks turned to losses as money flowed to resources, CBA off 1.0% with the Big Bank Basket down to $243.18 (-0.9%). Insurers eased slightly and REITs firmed, GMG up another 2.5% with SCG rallying 1.1%. Industrials mixed, tech slid slightly, XRO down 1.6% and WES fell 0.7% with QAN up 1.0%. Retail stocks drifted lower, JBH down 1.1% and LOV off 0.7%. In corporate news, NAM got an increased bid, ALX had a win in France, now to the compensation claim. Nothing locally on the economic front. Asian market mixed again. Japan down 0.8% on a stronger yen, China down 0.2% and HK up 1.1%. 10Y bonds trading at 3.82%.
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US equities rose overnight after PPI data reinforced expectations for a 25bps cut by the Fed next week. The Dow Jones finished near session highs, up 235 points (+0.58%). Up 246 points at best. Down 196 points at worst. The S&P 500 gained 0.75%, with all sectors ending higher and the NASDAQ rose 1.0%, with Nvidia +1.9% leading gains in chipmakers, but Micron Technology slid 3.79% on a broker downgrade. The more economically sensitive small-cap Russell 2000 outperformed, adding 1.22%. PPI data rose 0.2% MonM in August following a downwardly revised flat reading in July, a touch above expectations of a 0.1% rise. Initial jobless claims came in line with expectations rising 2k from the previous week to 230k. PPI and Initial jobless claims were effectively repeating yesterday’s CPI data, clearing the way for next week’s 25bps cut.
ASX to rise. SPI Futures up 45 points (+0.56%).
COMMODITIES
- Vale sees 10% of its iron ore production coming from tailings by 2030.
- Gold hits all-time high as Fed rate-cut hopes bolster appeal.
- IEA cuts 2024 oil demand growth forecast on China slowdown.
- Oil rises 2% as storm batters US Gulf of Mexico production.
- Copper jumps to almost two-week high on signs of firmer Chinese demand.
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ASX 200 kicked 88 points higher to 8076 ahead of ECB decision. Best day in three weeks. Back to within 72 points of an all-time high. Uranium and lithium stocks leading the charge. Gains across the board. Resources recovering as shorts getting squeezed hard, BHP the exception as it went Ex-Dividend. RIO up 1.9% and FMG up 2.2%. Lithium stocks saw a short-covering frenzy, with PLS up 7.9%, MIN up 8.3%, and IGO up 6.8%. Gold miners also back in demand, NST up 1.4% and EVN up 2.3%, with oil and gas better as the Hurricane Francine hits the Gulf of Mexico. WDS up 2.0% and STO rallying 1.2%. Uranium stocks in demand after Putin’s comments. PDN up 9.1%, BOE up 10.7% and DYL running another 13.5%. Banks were also strong too, CBA up 1.4% and WBC rose 1.4%. MQG up 1.2% with the insurers also doing ok. REITs better, GMG up 2.4% and NXT finding a base up 1.1% after a big capital raise. Other tech stocks were better, WTC up 3.5% and XRO up 2.2% with the All-Tech Index 1.9% to the good. Healthcare rose, retail rose, LOV up 1.3% and DMP recovering 4.1%. In corporate news, NEC saw its CEO resign, and BKW wrote off $123,5m after tax on its Austral masonry business. QAN announced Joyce’s final pay packet and WDS has shut down some operations in the Gulf due to the Hurricane. In other news, ACL rose 1.5% despite a large holder selling out, and NHF rose 3.0% as its CEO is set to retire. Nothing on the economic front. In Asia, tech and semi-conductor stocks led the rally, Japan up 3.1%, HK up 1.3% and China up 0.1%. 10-year yields 3.86%.
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All three major US indexes closed higher overnight, with a rebound in tech stocks offsetting earlier losses following a disappointing inflation report, which crushed hopes for a 50bps cut from the Fed next week. Wide range from Dow overnight. Up 167 points at best. Down 744 points at worst. Finishing up 125 points (+0.31%). The S&P 500 gained 1.07%, it was the first time the index has bounced back from an intraday low of at least 1.5% since October 2022. The S&P 500 Tech Index rose 3.25%, supported by gains in Nvidia up 8.1%, following reports that the US government is considering letting them export chips to Saudi Arabia.
ASX SPI up 50
COMMODITIES
- Putin says Russia considering export limits on uranium, titanium, and nickel to protest Western sanctions.
- China's CATL says plans to adjust lithium production in Jiangxi.
- Vale bumps up 2024 iron ore production forecast, shares rise.
- Peru copper output this year forecast below expectations, deputy minister says.
- Nippon Steel trying to salvage its $14.9bn bid for US Steel.
- Oil recovers on worries about Hurricane Francine.
- US oil stocks build as crude imports rise, fuel demand weakens – EIA.
- Gold falls as CPI data dampens talk of oversized US rate cut.
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ASX 200 closed down 24 points to 7988 (-0.3%) as banks fell and resources rose. CBA led the falls down 1.9% with the Big Bank Basket down to $242.11 (-1.3%). MQG and other financial suffered a similar fate after falls in the banking sector in the US. REITS were slightly weaker with GMG up 1.1% bucking the trend after NXT raised another $750m for an Asian data centre expansion. Industrials drifted lower with REA now 2.2% lower as serious discussion begin on UK acquisition. Resources were buoyed by unconfirmed reports that a couple of CATL’s lithium mines had suspended production due to low price. An immediate reaction in lithium prices higher saw the shorts rush to cover. MIN up 16.0 %, PLS up 13.1% and LTR up 13.1% leading the charge. MIN also announced new rosters and cost-cutting. Gold miners were better in places, DEG up 2.3% and RED up 1.8%. Iron ore stocks were also in demand as BHP rallied 1.8% and FMG up 2.6%. Oil and gas stocks got whacked on crude falls, WDS down 2.2% and STO off 1.0%. In corporate news, NXT now raised $2bn in the last five months! The stock dropped 5.6% on the news today. NEM sold stakes in two local gold mines to Greatland Gold which is now looking at an ASX listing. Regal sold down its BCB stake and WAM talked about the courageous trade in buying miners and keeping clear of banks. ASX chairman Damian Roche will retire at this year’s AGM. On the economic front, Dr Sarah Hunter from the RBA was out and about today. 'Labour markets are still tight, but the RBA had been surprised about the “limited” easing this year in some key employment indicators.' Asian markets slipped, Japan down 1.8%, China off 1.1% and HK down 1.3%. UK GDP for July 0% M/M. US CPI tonight. Dow Futures down 171 points. NASDAQ Futures down 113 points.
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Wall Street kicked off the week higher with all three major indexes gaining over 1%, buoyed by bargain hunting following last week's sharp sell-off. Attention now shifts to this week's CPI data for more clues on the size of the Fed rate cut. The Dow Jones gained 484 points (+1.2%). Up 655 points at best. The S&P 500 rose 1.16% snapping a five-day losing streak after its worst start to a September on record. The NASDAQ rose 1.16% with Nvidia +3.5% and Tesla +2.6% leading gains. Apple finished flat after falling ~2% as it unveiled its AI-boosted iPhone 16 with improvements in its Siri personal assistant, beginning in test mode next month. Small caps Russell 2000 edged 0.30% higher and the VIX slumped 13.1%.
ASX SPI up 78
Local: Westpac consumer confidence August at 10.30am, NAB business confidence and conditions August at 11.30am.
- Anglo American hired advisers to sell two nickel mines in Brazil, says country head.
- Oil prices edge up as storm approaches US Gulf Coast after week of heavy losses.
- Traders see oil prices at $60-$70/bbl on oversupply, China demand risks.
- China lithium prices hit new low on macro concerns, surging supplies.
- China plans to include steel, cement and aluminium in its carbon market in 2024.
- Gold prices steady with spotlight on US inflation data.
- Copper bounces as market looks ahead to US inflation data.
- Chile copper exports hit $4.27bn in August.
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ASX 200 rallied back from early losses to close only 25 points down at 7990 (-0.3%). No follow through this morning as resources found some bargain hunters and banks eased only slightly. The Big Bank Basket dropped to $245.27 (-0.5%). Losses across the financials, MQG off 0.6% and insurers falling, QBE down 0.4% and SUN down 1.3%. REITS were positive across the board with some M&A in HPI keeping the spice in the sector. GMG up 0.7% and SGP up 2.2%. Industrials were generally weaker, retail stocks suffered as PMV fell 3.9% on a trading update and the Smiggle boss sacked. LOV fell 4.5% with SUL down % on its ex-dividend, DMP continued lower and travel stocks in trouble, CTD down 5.3%. Iron ore miners perked up, BHP up 0.8% and FMG up 0.5% with some small gains in lithium stocks. PLS unchanged and LYC up 4.1%. Gold miners on the nose following bullion falls in USD. NST down 0.5%, EVN dropped 3.0% and RED off 3.3%. Oil and gas weaker. In corporate news, WBC has a new ‘King’ in Anthony Miller, HPI saw a bid from Charter Hall Retail, and on the economic front, Business turnover rose 1.0% in July. Asian markets eased, Japan down 0.7%, HK off 2.0% and China down 1.3%. 10Y yields rose to 3.94%. Dow and NASDAQ Futures up 0.3% and 0.5% respectively.
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US equities finished the week on a negative note, weighed down by concerns over a slowing labor market and a tech sell-off. All three major indexes finished lower, with almost all sectors in the S&P 500 finishing in the red. S&P 500 lost 1.73%, falling for a fourth consecutive session and the NASDAQ slid 2.55% dragged down by heavy losses in the Magnificent Seven. Nvidia -4.1%, Alphabet -4.1%, Meta -3.2%, and Microsoft -1.6%. The Dow closed near worst levels, down 410 points (-1.01%). Up 254 points at best. Down 458 points at worst. For the week Dow fell 2.93%, and S&P 500 dropped 4.24% their biggest weekly fall since March 2023, while the NASDAQ tumbled 5.78% its biggest weekly drop since January 2022.
ASX SPI Futures down 102 points
- Copper slid 1.1% driven by a stronger dollar and mixed US jobs data, stoking concerns over global growth.
- Tin rose 0.7% and is up ~21% this year, driven by tight supply and strong demand linked to the energy transition, reflected in higher semiconductor sales, according to BofA Securities analysts.
- Dalian iron ore futures fell 2.52% as soft Chinese economic data dampened demand expectations in the steel market.
- Gold prices fell 0.77% to $2,497 per ounce overnight, retreating from near-record levels.
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ASX 200 continued to push slightly higher to 8013 up 31,(0.4%) as once again we saw banks rally to record highs and resources fall to depressing lows. CBA hit a record up 1.5% with the Big Bank Basket up to $246.10 (+1.5%). MQG kicked 2.4% on its Airtrunk win, Insurers doing well, QBE up 1.5% and SUN rallying 1.4%. REITs also doing well as bond yields fell to 3.89% (who needs the RBA). CHC up 2.4% and SCG up 0.9%. Industrials firmed, WES up 1.2% with WOW up 0.8% and COL up 1.5% with retailers also going well, LOV up 1.8% and JBH pushing 1.8% better. Travel stocks slid, FLT down 1.1%. Tech stocks also slipped a little, WTC ex div down 0.5% and XRO off 1.1%. Resources stumbled again, BHP down 1.2% with RIO off 0.1% with MIN spiralling lower down another 4.8%. S32 off 2.0% and PLS falling 6.6%. Gold miners mixed, oil and gas troubled, WDS down 3.9% and STO down 1.4% with coal and uranium stocks also dropping yet again. In corporate news, not much really. On the economic front. we had some house lending numbers but all eyes on US jobs numbers tonight. Asian markets dipped, Japan down 0.8%, China off 0.3% and HK closed due to inclement weather.
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The S&P 500 dipped 0.3% to end at 5,503.41, while the Dow Jones Industrial Average lost 219.22 points, or 0.54%, to settle at 40,755.75. The Nasdaq Composite gained 0.25% to finish at 17,127.66, after rising as much as 1.2% earlier in the session.
Private payrolls data showed the weakest growth since 2021, heightening fears of a slowing labor market. However, weekly claims for unemployment benefits declined from the previous week.
Non-Farm Payrolls tonight – Forecasts for an increase of 161,000 jobs for August.
ASX to edge higher. SPI Futures up 9 points (+0.11%).
COMMODITIES
- Copper firms on China's power initiatives in Africa.
- Gold gains as investors anticipate super-sized Fed rate cut.
- Oil prices hold at a 14-month low as demand worries offset big US storage withdrawal.
- US crude stockpiles fall to 1-year low as imports fall, EIA says.
- OPEC+ to delay output hike by two months amid oil selloff and signs of weak demand.
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ASX 200 rose 32 points with a late spurt to 7982 (+0.4%). Gains were modest as Michele Bullock poured yet more cold water on any rate cuts this year in a speech. Banks were again the strength. CBA up 1.0%, NAB up 1.5% and the Big Bank Basket up to $242.68 (+1.3%). MQG rallied 1.3% with other financials doing well. CGF dropped 11.0% on news Apollo was selling down its stake. Insurers eased back, QBE down 1.2% and SUN dimmed by 0.9%. REITs firm again, GMG up 1.6% and GPT racing ahead up 2.9%. Industrials mixed, WES off 1.3%, ALL down 0.5% and CPU falling 0.8%. REA rose 2.2% and TPG up 1.8% after being cleared by the ACCC. Tech better, WTC up 1.3% and the All-Tech Index up 1.5%. Resources a mixed bag, with some signs of life in BHP up 0.7% and RIO rallying 1.3% with FMG off 0.4%. MIN was whacked again, down another 5.9%, with PLS hanging in. Just. Gold miners were modestly better, oil and gas majors slid, WDS down 6.8% on ex-dividend and crude weakness. In corporate news, Optus and TPG got ACCC clearance, CRN fell 16.0% on rain-interrupting play in QLD. On the economic front, Bullock gave a hawkish speech on the risks of inflation and recessions. Asian markets weaker, with Japan down 0.5%, HK off 0.6% and China -0.1%.10Y yields steady at 3.92%.
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The S&P 500 lost 0.16% to finish at 5,520.07, while the Nasdaq Composite slipped 0.3% to close at 17,084.30. The Dow Jones Industrial Average was the outlier, edging up 38.04 points, or 0.09%, to end at 40,974.97.
Stocks bounced off their lows as the so-called yield curve of the Treasury market momentarily returned to a normal state. The curve had been inverted with the rate on the 10-year note lower than the 2-year yield. This is a common recession signal and had worried investors. On Wednesday, the 10-year yield returned to even with the 2-year yield at one point and briefly went slightly higher.
Economic growth slowed across the country while prices rose “modestly” and employers grew more reluctant to hire and choosier about who they selected for job openings, the Federal Reserve reported in the Beige Book.
ASX to inch higher. SPI Futures up 2 points (+0.03%).
COMMODITIES
- Chile's top court rejects Tianqi appeal to halt SQM-Codelco deal, newspaper says.
- Gold rebounds from lows after weak US jobs openings data.
- Copper steadies after hitting three-week low on global growth worries.
- Crude futures settle down by more than $1/bbl on demand fears.
- OPEC+ reportedly discussing delaying planned oil output hike in October, according to sources.
- Citi says average price of oil could drop to $60 per barrel in 2025 due to weak demand and increased supply.
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ASX 200 fell 153 points to 7951 (-1.9%) as all sectors suffered after big US and Asian falls. GDP coming in tepid at best did not help sentiment either. Resources were in the seller’s sights with iron ore majors under serious pressure, The Three Amigos showing big losses and FMG falling 8.5% ex dividend too. Lithium and uranium stocks were smacked hard, PLS down 6.2% and MIN falling another 5.4%, with gold miners also on the nose despite bullion holding up relatively well. NST is down 2.2%, and EVN is dropping 5.5% as brokers would back copper forecasts, too. Oil and gas were under pressure as WTI slipped below $70. WDS down 2.5% and STO off 2.6%. Banks the previous pillars of strength finally capitulated, with CBA down 2.4%, NAB dropping 2.5% and the Big Bank Basket falling to $239.48 (-2.3%). MQG dropped 1.2%, with the ASX off 1.6% and SOL down 1.5%. Insurers were mixed, QBE actually firmed 1.2%, REITs sold down in line with the market malaise. Healthcare fell with CSL down 0.7% and SHL down 3.8%. Industrials were weaker too as expected, WES fell 1.8% and COL and WOW slid. Tech under some pressure, WTC off 2.0% and XRO down 2.5%, with the All-Tech Index off 2.1%. In economic news, GDP came in at 0.2% weaker than expected with government spending holding things up as the economy slides even further. On the corporate front, ABB sold its SLC stake, ORA sold its US packaging business, and STO announced it will sell more LNG to Glencore. Asian markets fell hard, Japan off 4.4% and HK and China down but only modestly. 10Y yields dropped to 3.93%. Dow Futures down 126 points. NASDAQ Futures down 114 points.
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US equities slumped overnight, recording its worst day since the August 5th meltdown driven by economic concerns and a tech selloff. The S&P 500 lost 2.12%, and the NASDAQ 100 fell 3.15%, their worst start to September since 2015 and 2002. September being one of the markets' historically worst-performing months. The Dow traded lower all session ending 626 points lower (-151%). Down 785 points at worst. Small caps Russell 2000 tumbled 3.09%, and the VIX soared 33.25%. Nvidia slid 9.5% wiping out $279bn in market cap, in a record one-day wipeout for a US stock. Chip stocks followed suit pushing the Philadelphia SE Semiconductor index 7.8% lower. Weak US manufacturing data dampened market sentiment, with the manufacturing PMI rising to 47.2 in August, missing expectations of 47.5, marking the 21st monthly contraction in the last 22 periods.
ASX to tumble. SPI Futures off 94 points (-1.17%).
COMMODITIES
- Algorithmic traders extend short oil exposure, adding to downside pressure.
- Oil slumps about 5% as end to Libyan dispute in sight.
- Goldman Sachs exits copper long position; trims price forecast by $5k on weak China demand.
- Gold at over one-week low on firm dollar, US payrolls data awaited.
- Copper stumbles to two-week low on Chinese demand fears.
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ASX 200 fell 7 points to close at 8103 (-0.1%). Pre-US trade resuming after the Labor Day holiday. Once again, the banks pushed up, and resources fell down. The Big Bank Basket rose to $245.06 (+1.0%). Other financials did well. MQG was up 1.3% on news that it has sold AirTrunk for $23.5bn. Insurers were solid, too. QBE up 0.8% and SUN better by 1.4%. REITs firmed, GPT up 0.6% with industrials slightly weaker, WOW, COL and WES went ex-dividend, CPU slid 1.0% and QAN down 1.9% on Cathy news of engine issues. Tech pushed on, WTC up 2.4% and XRO up 0.7% with the All -Tech Index up 0.5%. A different story as usual in the resource space, BHP lost 1.7% with RIO falling 1.7% and FMG dropping 2.6%, lithium stocks remain depressed and MIN dived 8.5%. Gold miners were mixed as some bargain hunters stepped in, Energy stocks weakened, WDS down 0.2% and uranium stocks unless pressure again. In corporate news, EML rose 3.6% after completing its sale of Sentenial. On the economic front, the current account deficit widened to $10.7bn in the June quarter – well above forecasts of a shortfall of $5.9bn. GDP due tomorrow, economist are downgrading expectations on BoP numbers. Now 0.2% the number to look for. Asian markets mixed again, Japan off 0.3%, China up 0.2% and HK down 0.4%. 10-year yields around 4.0%
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US Markets closed for Labor Day
SPI up 4 eyes record again
Commodities ease. Iron ore down nearly 4% to $97.
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ASX 200 rose 18 points to 8113 (0.2%) heading to an all-time high as banks shook off early nerves and sauntered higher. Failed to hold the record. CBA up 1.6% and NAB up 1.3% with the Big Bank Basket up to $242.68 (1.4%). MQG rose 0.6% and insurers also doing well, QBE up 0.9% and SUN up 0.8%. REITs are also in demand, SGP up 0.8% with industrials turning from losses to gains, WOW up 0.4% following the sale of its EDV stake, COL up 0.9% and tech picking up, WTC up 2.2%, and XRO rising 0.6%. Resources were as usual in the dog house as iron ore fell below $00 in Singapore, BHP off 1.1% , RIO down 1.4%, and PLS dropping 4.4% with MIN struggling to find a level, down 1.6%. Gold miners saw big sellers, NST off 1.1%, PRU fell 4.9% and GMD down 3.1% despite little change to AUD bullion. Oil and gas stocks better, WDS up 1.4% and STO up 1.1% with uranium stocks weaker again. In corporate news, REA fell 5.3% as it confirmed that it was taking a look at UK’s Righmove. SGR was suspended for failure to publish its full year results. In economic news, we had local building approvals and China’s Caixin PMI slightly above expectations. Asian markets: Japan up 0.1%, China down 1.2% and HK down 1.7%. 10-year yields pushed up to 4.01%.
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The S&P 500 ended the final session of the week higher with a late spike. The latest batch of data pointed to an ever-resilient US consumer, potentially slowing the pace of rate cuts. Dow +0.6%; S&P +1% Nasdaq +1.1%.
The benchmark S&P 500 finished August with a 2.3% gain for the month. It’s now up 18.4% so far this year and is within 0.4% of the all-time high it set in July.
ASX SPI Down 18
- BHP moves ahead with expansion of South Australia's Olympic Dam copper refinery.
- Oil settles $1 down as supply set to rise, uncertainty around Fed rate cuts.
- OPEC+ likely to proceed with planned output hike from October, sources say.
- Gold drops as dollar, yields firm after US inflation report.
- Copper steadies on China hopes, firm dollar weighs.
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ASX 200 finished the week up 47 points to 8092 (+0.6%). For the month we are unchanged! Coincident? Pushed at close too. Solid gains across the board, banks as usual heading higher, CBA up 0.5% and the Big Bank Basket hitting new records, up to $239.31 (+0.6). Insurers also did well as yields rose. QBE up 0.6% and SUN up 1.1% with SQ2 bounding 3.1% ahead. Industrials solid too, REH up 2.2% and SVW ahead by 1.4%. REITs better GMG up 0.9% and SCG up 0.9%. Supermarkets eased back, WES down 2.0%, and WOW and COL eased back. Retail took heart from economic data today, JBH up 1.7% and PMV rising 0.9%. Travel stocks fining some friends, WEB bouncing back 0.6% on some book squaring. Resources were slightly higher. BHP continues to bounce around $40 up 0.6% with FMG easing 1.6% on broker comments. Gold miners doing ok, nothing spectacular, NST up 1.7% and EVN up 1.0%. Lithium stocks a little less depressed, PLS up 2.1% and LTR up 3.5%, with MIN still struggling down 1.1%. Oil and gas better, WDS up 2.1% and uranium stocks bouncing slightly. In corporate news, HVN fell 6.4% on soft numbers; Gerry reckons PE will take him out. DOW knocked it out of the park on results up 17.0%, and RHC continues to suffer from cost pressures, down 6.8%. Brookfield dodged a bullet there. On the economic front, retail sales buoyed things and led to higher yields at 3.97%. Asian markets are showing some strength, Japan up 0.7% on CPI numbers, China up 1.3% and HK up 2.2%.
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The Dow Jones managed a 0.6% gain, enough for its third all-time high since Monday. The Nasdaq composite, which is heavily weighted with technology stocks, slipped 0.2%. It had been up 1.3% in the early going.
ASX SPI up 51 - Results - TPG - APX - DOW
- Copper and aluminium extend losses on weak Chinese demand and rising inventories.
- Gold gains nearly 1% as investors zero in on Fed cuts, inflation data.
- Oil settles up over 1% on worries over supplies from Libya, Iraq.
- Libya's oil output falls more than half due to political standoff.
- EIA says US gasoline prices were much lower than last year heading into the Labor Day weekend.
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ASX 200 fights back to be down only 26 points to 8048 (-0.3%). Plenty of R&R today. Results and resources. Banks were firm as usual. The playbook remains the same even as CEOs appear in Canberra. CBA up 0.2% and NAB striding ahead with a 0.6% gain. The Big Bank Basket up to $237.86 (+0.4%). Other financials also slightly firmer, with MQG up 0.7% and ASX up 1.1%. REITs mixed, GMG down 0.5% and GPT up 0.6%. Industrials were weak, led lower by WES, down 4.1%, with outlook statement weighing. WOW fell 2.4% on numbers and reaction, retail slightly lower, JBH down 0.7% and LOV fell another 2.6% on broker verdicts. WEB fell 5.6% on broker downgrades following annual report. Tech better, WTC up 0.8% and XRO up 1.1%, with the All-Tech Index down 0.15%. Resources once again a graveyard, BHP fell 0.6% RIO off 0.8%, with FMG rising slightly on better broker commentary. Gold miners sold off hard, RED down 12.3% on worse-than-expected results, DEG down 2.0% and BGL falling 4.5%. Lithium was depressed again with PLS down 3.0% and MIN falling 8.1% on a dividend miss and higher debt. Uranium and coal stocks also on the nose. In results today, QAN in rehab up 0.8%, CTT in the doghouse after soft numbers down 20.0%, SLX cratered down 13.0%, and CUV rose 10.9% on its numbers. BGA rose cream-like to the top up 9.4%, and SXG also in demand. On the economic front, nothing really significant ahead of US PCE. Asian markets dead, Japan unchanged%, HK up 0.1% and China off 0.4%. 10-year yields rose to 3.95%.
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The Nasdaq Composite fell 1.12% to close at 17,556.03, while the S&P 500 slipped 0.6% to end at 5,592.18. The Dow Jones Industrial Average lost 159.08 points, or 0.39%, settling at 41,091.42.
Nvidia reported after the bell.
ASX to fall. SPI Futures down 22 points (-0.27%)
- Gold falls on firmer dollar as US data takes spotlight.
- Iron ore retreats from 3-week high as investors await signs of demand recovery.
- Oil prices fall 1% after US crude stocks draw; Libya supply risks limit losses.
- Chinese demand worries trigger funds sell-off in metals.
- Argentina official says lithium, copper to drive metal exports to $10bn by 2027.
- Libya's oil blockade widens as factions vie to control central bank.
- US crude stockpile fall week-over-week though by less than expected.
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The ASX200 has finished the day flat as the market recovered 62 points from a midday dip. The monthly inflation number initially spooked our market with a reading of 3.5% vs 3.4% expected. Down from 3.8% in June. It was a mixed session, with 5 of the major sectors finishing in the green while 5 finished in the red (healthcare flat).
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The S&P 500 rose slightly on Tuesday as investors looked ahead to a major earnings report later this week. The broad market index gained 0.16% to close at 5,625.80, while the Nasdaq Composite crept 0.16% higher to end at 17,754.82. The Dow Jones Industrial Average rose 9.98 points, or 0.02%, to end at 41,250.50, its second record close in a row.
ASX to fall. SPI Futures down 29 points (-0.36%).
Results in Focus - TAH - FMG - NXT - WOW
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ASX 200 fell 13 points to 8071 (+0.2%) as some results fatigue set in. Banks slipped from lofty heights, with CBA off 1.0% and NAB falling 1.0%, with the Big Bank Basket down to $234.90 (0.8%). Insurers dipped, financials were also in the doldrums, with MQG off 0.5% and ASX down 1.7%. REITS mixed but drifted to the downside, GMG bounced 1.2% from a loss yesterday, and GPT fell 0.6%. Industrials were mixed, WOW off 1.1% and COL rallied 1.7% on better results. Tech slid, WTC off 0.4% and XRO fell 2.2%, the All-Tech Index dropping 0.9%. TLS drifted 0.5% lower and retail came under some pressure, with LOV smacked 13.0% on results, JBH off 1.4% and PMV down 1.2%. Travel stocks still on the nose, with FLT down 1.6%. In resources, iron ore stocks bounced, BHP beating expectations rose 1.3% on results, RIO up 0.8% and FMG up 1.8%. Lithium stocks slightly firmer, PLS up 2.0% and MIN up 1.0% with gold miners mixed, uranium stocks found buyers despite the fall in the spot price. DYL unchanged, and PDN down only 1.1%. Oil and gas leader WDS rose 3.9% on better-than-expected results. STO following suit up 1.9%. In corporate news, GYG rose 3.2% on its first set of numbers after the IPO. WOR rose 2.8% after results, JLG slumped 27.1% after a revenue decline, ZIP came undone down 7.9% despite a lift in transaction value. ASB up 3.6% on a settlement in the US. Nothing in economic news. Asian markets quiet, Japan +0.7%, HK +0.2%, China down 0.3%. 10Y yields slightly higher at 3.914%. Dow Futures down 13 points. NASDAQ Futures up 20 points.
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US equities were mostly lower in Monday trading, though ended a bit off worst levels. S&P 500 and Nasdaq both lower after weekly gains of over 1% last week with help from a Friday rally. Breadth positive as equal-strength S&P posted just off Friday's record close. However, cap-weighted index weighed down by big tech as NVDA and TSLA gave back some of their big Friday gains. Other relative laggards included the broader semi space, autos, tech hardware, department stores, trucking, airlines, casinos, cosmetics, and China tech. Outperformers included energy (crude), media, insurers, payments, industrial metals, managed care, chemicals, railways, building products, and food/beverage. Treasuries a bit weaker across the curve. Dollar index up 0.2%. Gold finished up 0.4% at a fresh record close. Bitcoin futures down 0.4%. WTI crude finished up 3.5% on latest flare-up in Middle East tensions and Libya production headlines.
Mixed session on US markets ahead of Nvidia.
US bond yields rose modestly higher as investors digested the Federal Reserve’s signal of an imminent start to lower interest rates.
Canada will impose new tariffs on Chinese-made electric vehicles, aluminum and steel.
Oil advanced after Libya’s eastern government said it will halt exports
ASX to inch higher. SPI Futures up four points (+0.05%).
- Oil climbs 3% as Libya output cuts further supply concerns.
- Iron ore hits nearly 2-week high on softer dollar, China demand hopes.
- Gold nears record high on US rate-cut optimism, geopolitical risks.
- Exxon Mobil forecasts global oil demand in 2050 will be at current levels or slightly higher.
- Goldman, BASF, others in $20m platinum, palladium price-fixing settlement.
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ASX 200 rose 61 points to 8076 (+0.8%) as uranium and US leads helped sentiment. Banks once again taking the market higher, CBA up 1.5% and NAB up 2.2% with the Big Bank Basket up to $236.90 (1.6%). MQG rose 1.0% with a mixed picture in insurers. NHF fell 17.7% on disappointing results. REITs were better though GMG fell 0.5% as tech stocks came under some pressure. GPT up 1.9% and SCG up 1.8%. Industrials better, WES up 1.1%, REH up 2.6% and SVW rising 2.7%. Retail stocks found friends again, SUL up 1.6% and ARB rising 3.9%. Travel stocks remain under pressure, WEB off 0.5% and FLT down 1.6%. Resources picked up throughout the day, the Three Amigos slightly firmer, FMG up 1.9% and BHP modestly higher ahead of results. Gold miners mixed and lithium stocks firmed throughout the day. PLS reported today, no surprises and the stock rallied 1.3%. Oil and gas mixed, STO down 1.4% and WDS up 2.1%. Uranium stocks glowed, BOE up 7.6% and NXG up 9.6% on Kazatomprom news. In corporate news, ABB produced the goods and dividend up 11.9%, KGN beat forecasts and rose 11.8% whilst TYR also did well, recovering 12.2%. KLS dropped 23.8% on capex issues, EDV disappointed by falling 6.9% on news, and GOR fell 4.4% after its half-yearly report. In economic news, China left rates unchanged again. Asian markets weaker, Japan off 0.9% and China off 0.4%, HK managed a 0.8% rise. 10-year yields falling to 3.86%. UK closed for Public Holiday today.
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Global markets rallied overnight on comments from Fed Chair Powell that the “time has come” to start cutting rates. This had been expected by markets for over a month now but did represent the first official shift in policy from the Fed since rates started rising in March 2022. New information, regarding timing and quantity of rate cuts remains an uncertainty (data dependent). Powell said "The upside risks to inflation have diminished. And the downside risks to employment have increased,". Bond traders did view the speech as slightly more dovish than expected. Odds of a 50bp cut in the next September meeting rose from 24% to 36% (still 100% chance of a cut in general) according to the FedWatch tool. The chances of policy rates being 75bp lower by November rose from 40% to 50%. A month ago it sat at 2%. Note that the bond market has been more optimistic about both the timing and quantity of rate cuts compared to the Fed. It does provide an indication of where sentiment currently lies. Bond yields and the USD also fell, indicating there was some element of surprise in Powell’s speech. The US10Y fell 6.3bp, the 2Y -10.5bp and the USD index lost 0.82%.
SPI up 41 - BEN - ABB - ABY - PPT - Results
- Gold gains over 1% as Powell comments hint at September rate cut.
- Iron ore slips on falling near-term demand but heads for weekly gain.
- Oil climbs over 2% after Fed's Powell indicates US rate cuts.
- Aluminium, zinc extend gains on Powell comments, supply concerns.
- BHP's return to Argentina marks new hope for untapped copper mines.
- China pauses steel capacity swap programme, which will limit expansion.
- US buys nearly 2.5 million barrels of oil for Strategic Petroleum Reserve.
- Russian mining giant Nornickel's first-half profit slumps on weak prices.
- India's silver imports to double on demand for solar, investment.
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ASX 200 limped into the Jerome show losing 3 points to 8024. Kamala Harris in ‘da house’ too. Up 0.8% for the week. Resources gave back some of the week’s gains, BHP down 0.7%, FMG off 2.0%, with lithium and rare earths under pressure again although modest by recent moves. Gold miners slipped as bullion fell, NST down 0.3%, and EVN off 0.7%. Oil and gas eased yet again, WDS down 0.5% and STO off 0.9%. Coal stocks also down, with WHC reversing some of the gains of yesterday, crashing 7.2%. Nothing good happening in uranium either. PDN down 2.9%. Banks were a little rattled by the APRA announcement on ANZ with the bank falling 2.2%. CBA steady, and the Big Bank Basket fell to $233.06 (0.1%). Insurers better, SUN up 1.0%, MPL up 2.9% and MQG pushing 0.8% higher. REITs mixed, GMG up 0.9% and VCX off 3.2%. Healthcare better, COH saw investors listening up 0.8% and FPH on a guidance update rising 11.9%. Industrials a little mixed, but results the focus. Tech saw some losses, WTC gave some back and the All-Tech Index fell 0.1%. Retail remains a good place to be despite AX1 falling 15.3% on disappointing results. In results today, we had some serious shockers, ING dropped % on the outlook statement. JIN down 16.1% on some weaker guidance, AX1 fell 15.3%, and IPH resumed trade after a placement and acquisition rising 6.6%. On the economic front, Japanese CPI came is as expected. Nothing really to see here. BoJ governor out and about. Jackson Hole tonight. Data dependent. Plenty of Fed heads already spoke anyway. Asian markets showing modest moves, Japan up 0.5%, HK down 0.4% and China down 0.1%. 10Y yields 3.92%. Dow Futures up 97 points. NASDAQ Futures up 108 points.
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The S&P 500 pulled back on Thursday as investors readied for a speech by Federal Reserve Chair Jerome Powell at the central bank’s annual Jackson Hole conference.
S&P slipped 0.89% to close at 5,570.64. The Dow Jones ended down 177.71 points, or 0.43%, at 40,712.78. The Nasdaq shed 1.67% to close at 17,619.35 as technology stocks were sold off.
ASX SPI Futures Down 43 Points
- Gold slips as dollar, yields rebound; Powell's speech in focus.
- Oil prices settle $1 up on hopes of a US Fed rate cut next month.
- OPEC gets updated plans from Iraq, Kazakhstan on overproduction compensation.
- Chile's Codelco could face $8 million fine for tailings dam violations.
- Aluminium steadies after hitting six-week high.
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ASX 200 rose another 17 points to 8027 (+0.2%) as Super Thursday produced a head-spinning deluge. Again, some good, some bad, and some very ugly. MP1 for one down 21.0%. Once again, we saw resources outperform banks slightly. The 'Three Amigos' were firm, FMG the best, up 2.0% and lithium stocks a smidge firmer, PLS up 2.0% and LYC up another 1.3%. Gold miners were mixed, NST up 1.7% on results, EVN up 0.5% but EMR off 1.9%. Oil and gas were sidelined, WDS and STO fell on lower crude prices. Uranium not doing much either. In the coal space, WHC ran 6.3% on good numbers and the sale of assets. YAL bounced slightly after the results recently. Banks, solid, the Big Bank Basket unchanged at $233.36. Insurers fell, QBE off 0.9% and MPL dropped 2.3% on numbers. MQG doing little, with REITs better. GMG missing out slightly again. Industrials were all about the results. Retail once again in focus, SUL up 6.2% on its special dividend, LOV up 1.9% with travel stocks down again, WEB off 1.0% and CTD falling 7.4%. DMP also fell 6.0% like the proverbial. In corporate news, plenty. CKF crashed 12.9%, GEM warned of difficult times, falling 7.5%, BOQ sacked 400 and warned too, dipped 7.3%. IFL fell 15.7% as its complicated and disappointing. result. Not much on the economic front. Powell in focus. In Asian markets, mostly higher on Flash Business activity number in Japan. Nikkei up 0.3%, HK up 0.6% and China off 0.3%. 10-year yields, 3.89%.
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The Nasdaq Composite climbed 0.57% to 17,918.99, also clinching its ninth positive day of 10. The Dow Jones Industrial Average
ticked up by 55.52 points, or 0.14%, to finish at 40,890.49 for its sixth winning day of the last seven. The Russell 2000 outperformed, with the small cap-focused index climbing more than 1%.
FOMC minutes suggested a rate cut was growing more likely for September.
The revision of total payrolls following the Labor Department’s updated data released Wednesday morning comes out to a decline of 0.5%. That marks the largest downward revision since 2009.
ASX SPI up 28
- Oil settles $1 down after US job data revised significantly lower.
- Aluminium rally pauses on profit-taking, technical resistance.
- Gold prices hover near record high post US Fed minutes.
- Iron ore climbs to one-week high as property measures revive demand outlook.
- Chile's SQM posts 63% profit slump, expects weak lithium prices in near term.
- Copper giant Codelco invests in EVs, cacti as part of green makeover.
- EIA reports bigger-than-expected inventory crude draw.
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ASX 200 fought back from early losses to close up 13 points at 8011. Positive results and outlooks driving buyers. Pretty good considering CBA was ex-dividend today 250c. The Big Bank Basket lost 1.5% to $233.10. MQG unchanged, and insurers and other financials weaker. QBE down 1.6%. REITs mixed, GMG down 3.6% and GPT up 1.5%. Tech stocks boosted by a cracking WTC result, up 18.4%, and the All-Tech Index up 2.45%. Industrials mixed with results the focus. Travel stocks fell as CTD disappointed off by only 1.9% in the end, WEB down 1.1%, and ARB saw some profit taking off 1.7%. Resources were the place to be. Iron ore rallied over 3% in Singapore after all the negativity yesterday, BHP up 1.6% and FMG bouncing 4.1%. Lithium too, back in demand, PLS up 3.5% and MIN bouncing 5.2%. LYC saw a big bump higher and antimony stock LRV jumped another 24.5% as critical metals seem back in demand. Gold miners also doing well, NST up 2.3% and EVN up 1.6% with oil and gas under pressure. STO results were sub-optimal. Down 4.4% and WDS down 0.8% despite M&A rumours. Uranium going nowhere, coal also in strife. WHC off 2.2%, and YAL down 4.0%. In corporate news, another big dump of data, some good, WTC +17.9%, some bad, STO, and some ugly, ATG down 11.4%. DMP out today too and bounced off lows, BRG surged 4.7% on itsbetter than expected numbers, CHC stunned with another cracker up 15.8%. Nothing on the economic front locally. Asian markets weaker, with Japan down 0.2%, HK off 1.1% and China down 0.4%. Dow and NASDAQ Futures up 0.1%.
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The Dow Jones Industrial Average slid 61.56 points, or 0.15%, to 40,834.97. The S&P 500 slid 0.2% to 5,597.12, while the Nasdaq Composite shed 0.33% to 17,816.94.
Tuesday’s declines snapped eight-day winning streaks for the S&P 500 and Nasdaq, the first positive periods of that length for each since late 2023. If the S&P 500 had finished Tuesday up, it would have marked its longest winning streak since 2004. Meanwhile, the Dow notched its first negative day in the last six.
ASX SPI Down 44 - Results in Focus - CTD - BXB- WTC - DMP.
- Gold extends record rally on dollar weakness, rate-cut bets.
- Oil settles down 1% as Middle East tensions ease, China data weak.
- Dalian iron ore extends gains on strengthening steel prices.
- Initial bids for Anglo's Australian coal mines due by Sept 9, sources say.
- Alumina shortages fuel aluminium's surge to five-week high.
- China's 2024 rare earths mining output quota rises 5.9% from 2023 total.
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ASX 200 limped along with a 17-point rally to 7997 (+0.2%). Results in focus again. Some good, some bad and some ugly. Banks were mixed with a capital update from ANZ, up 0.6% and CBA better by 0.3%. The Big Bank Basket is steady around $236.73. Insurers mixed, SUN up 3.1% and NWL better on results. REITs slipped, GMG down another 1.4%, as DXS fell 8.9% on write downs. The sector followed lower. Industrials mixed, BXB down 0.3%, CPU dropped 2.2% and ALL off 1.7% with gains in SVW and WOR after MND reported and rose 11.6%. Resources found some buyers, BHP bouncing off $40, up 1.3% and FMG attracting some media coverage on its virtues, up %. Gold miners mostly firmed as did uranium miners, DYL up 3.5% and EVN up 1.4%. Lithium still depressed; coal stocks took their cue from YAL with a fall of 14.5%. In corporate news, MAD fell 11.2% on some disappointment, good results from JDO, MND and RWC, with ANN bouncing nicely up 8.9% and ARB, no shocks here, up 5.2%. On the economic front, RBA minutes revealed nothing that we didn’t already know. Bullock & Co were more likely to raise but kept things on hold. Asian markets mixed, Japan up 1.1%, China and HK fell between 0.4-1.1%. 10Y yields steady at 3.95%. Dow Futures down 5 points. NASDAQ Futures up 28 points.
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The Dow Jones Industrial Average added 236.77 points, or 0.58%, to finish at 40,896.53. The S&P 500 rose 0.97% to close at 5,608.25, while the Nasdaq Composite jumped 1.39% and ended at 17,876.77. The S&P 500 and Nasdaq notched their eighth straight winning day, a first for both indexes in 2024.
Last week saw the biggest gains for the three indices for the year!
The percentage of S&P500 companies that reached above their 10-day and 50-day moving averages ramped up to about 90% and 69%, respectively.
ASX SPI up 36 points.
COMMODITIES
- Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy.
- Gold subdued after record run as traders await cues from Fed.
- Dalian iron ore reverses losses on stronger steel prices, stimulus hopes.
- Scores in central Serbia rally against Rio Tinto's lithium project.
- China demand hopes, lower dollar lift copper prices.
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ASX 200 managed a small 9-point rise to 7976 (0.1%) as results dominated. WBC off to a promising start, up 2.5% its 3Q update beating estimates, the Big Bank Basket rose yet again to $236.30 (1%). Other financials mixed, MQG lost 0.1% as it launched a $1bn hybrid issue. SUN up 1.3% on results. REITs mixed, GMG down 1.3% with GPT firing 1.7% higher. Industrials wafting around. Staples were ok, retail held on to gains, dull industrials lost ground. REH down 3.9% on results, SVW off 2.2% and RWC also 2.9% lower. In resources, iron ore continues to flounder. BHP falling 0.7% and FMG down another 1.9%, gold miners better on bullion prices NST up 1.7% and EVN up 2.7%. Uranium stocks are falling with a clear out happening, PDN down 5.8% and BOE off 4.6%. Oil and gas slightly firmer. In corporate news, A2M soured 18.8% on the Chinese outlook. ADB soared 19.9% on the same numbers from two weeks ago, WBC did well, NXL leapt 25.5% on its results, and LLC fell 0.8% as it continues to jettison the international division. Nothing on the economic front today, RBA Minutes tomorrow. Asian markets mixed, Japan down 1.7%, China up 0.3% and HK up 0.8%. Australian 10-year yields 3.92%.
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Wall Street closed out the week higher in an uneventful day of trade. The S&P 500 and NASDAQ rose for their seventh consecutive session advancing 0.20% and 0.21% as most megacaps gained, with Nivida leading the charge, up 1.4%. The Dow Jones finished 97 points higher (0.24%). Up 163 at best. Down 109 points at worst. Small firms Russell 2000 rose 0.30%, and the VIX fell another 2.82%. All three major indexes finished the week higher, clocking their biggest weekly gain since October last year. Dow +2.94%, while the S&P 500 and NASDAQ advanced 3.93% and 5.29%, posting their first weekly gain in five weeks.
ASX SPI Down 14 - WBC Trading Update
- WTI down 2.02% and Brent Crude off 1.62%.
- Copper dropped 0.29% as BHP said it had reached a deal with the labour union to resolve a strike at its Escondia copper miner in Chile, easing supply concerns.
- Base metals ended mixed despite a weaker USD. Nickel +0.30%, aluminium +0.51%, zinc -0.59%, lead -0.10%, and tin +0.10%.
- Iron ore futures fell for a fifth consecutive session, down 1.39%, with bearish sentiment prevailing.
- Uranium flat and lithium fell 0.21%.
- Gold prices hit an all-time high overnight as the USD weakened on growing expectations for a September rate cut. Bullion rose 2.08%.
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ASX 200 roars 106 points ahead to 7971 (1,.3%) up 2.5% for the week, to finish 30 points above where we were two Fridays ago. Results and reactions the focal point with US strength helping all sectors. NAB with 3Q trading update helped the sector, CBA up 2.,4% and the Big Bank Basket up to $233.86 (2.0%). Insurers also in demand with QBE and SUN up 1%. ASX unchanged on its results, MQG rose 0.6%. REITs were mixed, GMG seeing some profit taking down 1.1% and SGP up 2.0%. Industrials firm. TLS rose slightly on broker comments, AMC slipped 2.8% on its numbers, BXB up 1.5% and REH doing ok. Tech slightly better, WTC up 0.7% and REA adding another 2.5%. In resources, we saw a bounce back despite Iron ore slipping in Singapore again. BHP up 2.0%, and RIO bouncing 1.6%, with FMG seeing some Friday book squaring up 3.1%. Lithium plays were better on hope more than anything, PLS up 5.8% and LTR up 1.3%. Gold miners slightly firmer, DEG up 1.7% and EVN up 3.3%. Energy stocks firmed, WDS up 2.4% and uranium stocks glowing, BOE up 5.5% and DYL up 5.5%. On the corporate scene, results from GQG and DHG saw small losses. On the economic front, RBA chief Bullock was in Canberra talking tough on interest rates. Two-speed economy. Borrowers are struggling debt-free spending. Asian markets firmed, Japan up 8% this week! Up 3.0% today alone. HK up 2.1%, and China unchanged. 10-year yields 3.94%. Dow Futures up 89 points. NASDAQ Futures up 79 points.
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Stocks rallied on Thursday as investors regained confidence in the economy following encouraging consumer and labor data that helped ease recession worries.
The Dow Jones Industrial Average leaped 554 points, or 1.39%, to end the day at 40,563.06. The S&P 500 closed up 1.61% at 5,543.22, for its sixth straight gain. The broad market index has advanced roughly 8% from its intraday bottom on Aug. 5. The Nasdaq Composite jumped 2.34% to 17,594.50.
COMMODITES
- Oil rises nearly 2% on upbeat US economic data, geopolitical tension.
- Gold pares gains as dollar, bond yields climb after strong US data.
- Iron ore hits over 14-mth low as weak China property data clouds demand outlook.
- BHP strike in Chile enters third day, buoying global copper price.
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ASX 200 gave up its gains to be up only 15 points to 7866 (0.2%) after being skewered by jobs data and iron ore prices in Singapore. Economic data showed the jobs market was still tight despite the headline number rising to 4.2%. Iron ore slid again in Singapore on Chinese steel news, BHP fell 1.0% and RIO was off 3.6%, including its dividend. FMG down another 2.9% with MIN falling 3.0%. Lithium sector off again, despite PLS bidding for LRS. Scrip bid and PLS dropped 3.9% on the news. Gold miners slid with EVN giving up some recent gains, NST down 0.7% and uranium and coal stocks easing back again. Banks were firm with WBC and ANZ taking up the running. CBA steady and the Big Bank Basket up to $229.33 (0.8%). MQG rallied 1.3% with the ASX bouncing back 0.9%. MFG results out and an acquisition boosted fund managers. GQG up 4.8%. TLS did well on results up 2.1% with many industrials in the green. Healthcare was an interesting space, COH was dumped 7.3% on lower guidance and CSL drifted. Tech mixed, APX down 4.2% and WTC off 0.5%. In other corporate news, ORG fell 9.4% on pessimistic outlook news, GMG beat estimates but not enough to keep it positive, down 1.3%. NUF fell 9.8% on a trading update and TWE reported as expected with the de-premiumisation charge. On the economic front, local jobs numbers came in at 4.2% slightly higher than expected but participation increased. In China, more dismal data and steel companies pulling back hurt commodities. Asian markets slightly better, Japan up 0.7%, China up 0.8% and HK unchanged. UK GDP in focus.
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The NASDAQ and S&P 500 finished 0.03% and 0.38% higher, extending their winning streak to five sessions. US Inflation data reassured the markets the Fed would start cutting rates next month. The Dow advanced 243 points (+0.61%). Up 303 points at best. Down 28 points at worst. Small firms Russell 2000 eased 0.52%, and the VIX dropped 12.53% as sentiment improved. Treasury yields were mixed. 10Y yield was little changed down 0.7bps and the 2Y yield rose 2.4bps. Markets are now pricing a 37% probability of a 50bps cut and 63% probability of a 25bps cut in September. Megacap tech stocks ended mixed Google fell 2.4% on reports the DoJ is considering breaking up the search engine. While Telsa -3.1%, Microsoft +0.7% and Nvidia +1.7%.
ASX to rise. SPI Futures up 28 points (+0.36%).
- Oil prices in the red after US crude inventories rose unexpectedly. WTI -1.68% and Brent Crude off 1.35%.
- Base metals are broadly higher on rate cut prospects. Copper +0.25%, nickel -0.06%, aluminium +0.60%, zinc +0.93%, lead +0.75%, and tin +0.30%.
- Iron ore down 2.29%, hitting a more than one-year low on disappointing credit data from China dampened sentiment.
- Uranium flat, and lithium down 0.82%.
- Bullion down 0.71%.
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ASX 200 rose another 24 points to 7851 (+0.3%) as iron stocks fell hard on Asian price falls. BHP, RIO and FMG dragging the index back from 7910 high. BHP down 2.8% and FMG crashing 4.6%. Iron ore futures in Singapore sank a further 2.3% to $US96.25 a tonne. Other resource sectors pulled lower. Lithium tried hard to rally, but PLS was unchanged and MIN off 4.6%. Gold miners mixed, RED off 1.4% and BGL down 2.5% with EVN presenting a good set of numbers and rose 6.6%. Oil and uranium not doing too much. Results dominated in industrials; CBA produced a beat and a higher dividend, up 1.3%, with the Big Bank Basket up to $227.58 (+0.7%). MQG rose 0.8%, with insurers slightly firmer, and ASX fell 3.7% as ASIC launched legal proceedings. CSL bounced 2.0%, and healthcare generally was better, with SHL up 2.0% and RHC up 1.0%. PME results delighted the bulls, up 7.2%. Elsewhere, retailers were still in favour, SUL up 2.4% and APE rose 2.1%. Gaming stocks better too, ALL up 1.4% and LNW rising 2.0%. Tech rose, the All-Tech Index up 1.7% with WTC up 2.6% and XRO up 0.5%. REITs also better, GMG up 3.1% with REA up 3.5% too. In corporate results, SVW showed the benefit of owning BLD up 6.8%, ORA rose 5.3% on better results and more M&A interest, and BVS also dId well, up 11.1% on results. Nothing locally on the economic front. RBNZ cut rates as the economy stalls, and the Japanese PM announced he would be stepping down. Asian markets lower, HK and China down 0.5%. 10Y yields fell to 3.93%.Dow and NASDAQ Futures up 0.1%.
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Wall Street closed higher overnight, hitting a two-week high after soft PPI data reinforced bets of rate cuts in September. The S&P 500 climbed 1.68%, clocking its biggest four-day rally this year, led by tech stocks. Starbucks was the top-performing stock in the index, rallying 24.5% after appointing Chipotle head Brian Niccol as chairman and CEO. The Dow Jones ended near session highs, finishing 409 points higher (+1.04%). Up 436 points at best.
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ASX 200 rose 13 points to 7827 (+0.2%) in quiet cautious trade ahead of US PPI tonight. Results are once again the focal point. Solid numbers from TPW and good guidance helping the retail sector again, with JBH up 4.0% on broker upgrades, PMV rose 1.2% and HVN pushing 1.9% ahead. Banks, as always were the beating heart of the market, with CBA up 1.5% ahead of results tomorrow. WBC and ANZ better on a broker upgrade, and CGF doing well on results today, up 6.5%. REITs mixed with GMG rebounding 0.9% and SGP off 0.7%. Elsewhere tech was mixed, WTC off 0.7% and REA up 1.0% on broker research, the All-Tech Index unchanged. In healthcare, CSL was dumped 4.6% post results as the outlook was sub-par, and Vifor seems to be still facing headwinds. Iron ore miners were slightly better, BHP up 0.3% and RIO rallying 0.5%, lithium again under severe pressure as PLS dropped 4.4% and MIN down 2.3%. LTR down 5.8%. Gold miners were better, bullion heading higher the driver, NEM up 1.5% and NST up 1.7%, with GMD jumping 8.3% following a large block trade. In corporate news, ORA revealed it had been approached with a NBIO at 255c by Lone Star. JHX is battling weak demand in ANZ together with rising wages and freight charges. On the economic front, wage growth came in a little lower than forecast, helping sentiment. In Asia, Japan has now made back all its losses from the extreme volatility last week. Japan up 2.8%, HK up flat and China -0.1%. 10Y yields slipped to 4%. Dow and NASDAQ Futures up 0.2% and 0.3%, respectively.
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US equities ended mixed overnight after a choppy day of trade. The Dow slipped 141 points (-0.36%). Up 90 points at best. Down 246 points at worst. The S&P 500 finished unchanged after two straight days of gains last week, rebounding from last Monday's sharp sell-off that shook markets around the globe. Tech-heavy NASDAQ rose 0.21%, and the Russell 2000 Index focused on small companies lost 0.91%. Markets are now waiting for Wednesday's CPI data. Inflation result needs to be in the sweet spot, volatility may return if inflation is too low, reigniting fears that the US is heading for recession. But if inflation is too high it may encourage fears that the Fed may not be able to cut rates quickly enough to protect the economy. Treasury yields fell a touch ahead of inflation. 10Y yield down 3.2bps and the 2Y yield fell 3.6bps. VIX up 1.67%, Bitcoin down 2.31%, USD Index and Aussie Dollar flat.
SPI Futures flat. Another big day of reporting ahead. Some big names include CSL, SEK, TPW and CGF.
COMMODITES
- Oil prices jump on prospect of widening Middle East war shrinking supply.
- Gold rises over 1% on safe-haven demand.
- Copper rallies ahead of Chinese and US data.
- OPEC cuts oil demand growth forecast, highlighting dilemma over Oct hike.
- Chevron delivers industry first in ultra-high pressure oil field.
- Canada's Barrick Gold beats second-quarter profit estimates.
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ASX 200 rose 36 points to 7814 (+0.5%) in quiet trade. Just for a change, banks led the market higher, as we wait for CBA numbers on Wednesday. The Big Bank Basket rose to $222.96 (+0.8%). Other financials were also firm: QBE and SUN were up around 0.9% and 1.4% respectively, with MQG up 1.3%. REITS eased back slightly, with the exception of GMG, which rose 1.3 %. Industrials firmed: WES was up 1.6%, REH was up 1.2%, and retailers got a shot in the arm from JBH results, which beat expectations. Tech rose with the All-Tech Index up 1.5% as WTC rose 2.7% and XRO put on around 1.4%. Resources were a different story; iron ore majors drifted lower, as Iron ore slumped 2% to $US98.80 a tonne on the Singapore exchange. RIO down 1.4% with lithium depressed again, PLS down 2.9%, and MIN falling 3.8%. Gold miners were mixed, oil and gas fluffing about and uranium flat (not falling anymore at least). In corporate news, JBH results beat estimates, rising 8.3%, CAR had some good numbers and a positive outlook up 4.5% and AZJ underachieved falling 8.8%. BPT disappointed again, falling 12.6%. Nothing on the economic front locally, Japan closed for Mountain Day, China and HK flat. 10-year yields softened to 4.04%. European markets opening slightly firmer.
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Wall Street ended the week on a calmer note in an uneventful day of trade. The S&P rose 0.47%, almost regaining all its losses since Monday's sharp sell-off, triggered by the unwinding of yen-funded carry trade and fears of a recession. The Dow edged higher, up 51 points (+0.13%). Up 182 points at best. Down 216 points at worst. The NASDAQ gained 0.21%, but small firms in Russell 2000 lost 0.17%. Wall Street's fear gauge, the VIX, fell another 14.38% to 20.37, down 47.17% from Monday's 38.57. Longer-dated Treasury yields dipped. 10Y yield fell 5bps, while the 2Y yield rose 2.1bps. Nothing was on the economic calendar overnight, and no Fed Speak was scheduled. Markets focus now shifts to PPI on Tuesday and CPI on Wednesday. Bitcoin gained 0.78%, rising back above $60k, and the Aussie dollar slid 0.3% to 65.72c.
ASX SPI Futures up 59 points - JBH special dividend - AZJ Results
COMMODITIES
- Woodside's bid for LNG developer Tellurian unlikely to be rivalled, sources say.
- Rio Tinto's Serbia lithium project could take two years to approve, minister says.
- Gold holds ground on US Fed rate-cut hopes, lower yields.
- Copper rallies as US growth fears ease and China inventories fall.
- Oil posts 3% weekly gains on positive economic data, rate cut hopes.
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ASX 200 closes up 96 points to 7777 (+1.2%) still down 2% for the week. Resources took up the baton in the ‘repechage’. Gains in iron ore in Singapore brought buyers back in. BHP up 1.6%, and RIO up 2.0%. Lithium stocks also bounced, with PLS doing well, up 3.0%, as MIN rallied 1.5% and S32 up 3.9%. Gold miners bounced back, NST up 1.2%, and WAF up 6.8% after a baton drop yesterday. Oil and gas better too as WDS bounced 2.3%, with uranium stocks slightly firmer, clean out of the blocks this morning. Banks ran a solid race through to the semis, with ANZ up 1.1% and WBC up 0.7%, with the Big Bank Basket up to $221.19 (+0.6%). Insurers firmed, with the exception of QBE, which had a false start and disappointed selectors. Other financials pushed higher, with MQG up 1.0% and ASX up %. REITS on the podium, GMG up 3.2%, and GPT pushing 1.8% ahead. Good moves from REA and CAR, results from NWS too helping, tech better, WTC up 2.7% and XRO running a PB up 2.6%. The All-Tech Index up 3.2%. Retailers were mixed as NCK rose 0.1% on results, and Travel stocks failed at the new height losing a little. Healthcare stocks rose to the challenge and hopped skipped, and jumped higher, COH up 2.4% and SHL ahead by 0.7%. In corporate news, QBE fell 1.7% on results, NWS and REA delivered. NEU failed a drug test and slipped 5.5% on trial results. Nothing locally on the economic front, Chinese CPI rose. A promising sign for consumerism. Asian markets settled mixed, with Japan up 0.9%, HK up 1.4% and China unchanged. 10-year yields steady at 4.07%.
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Wall Street rallied overnight, ending near best levels after jobless claims fell more than expected, easing concerns that the labour market was weakening too quickly. The S&P 500 rose 2.30%, its biggest daily gain since November 2023. All major sectors finished the green, led by tech stocks, although pharmaceutical stock Eli Lily was the biggest winner, up 9.47% after raising its annual profit forecast. The NASDAQ Composite gained 2.87%, while the NASDAQ 100 rose 3.06%, buoyed by gains in the magnificent seven. The Dow traded higher all session, finishing up 683 points (+1.76%), up 745 points at best. Small firms Russell 2000 also gained 2.42%, and Wall Street's fear gauge, the VIX fell 14.58%. Initial jobless claims fell by 17k to 230k, below expectations of 240k, results were received positively by the market but remain significantly above this year's claim average, signalling a softening jobs market. Treasury yields ticked higher, the 10Y yield up 3.7bps and cryptocurrencies saw a surge, Bitcoin jumped 8.51%.
ASX to rally on the opening bell. SPI Futures up 81 points (+1.06%)
COMMODITIES
- Oil settles up for third straight day on US job data and Mideast tensions.
- Gold rises more than 1% on safe-haven demand, Fed rate-cut optimism.
- Copper steadies on China consumption, interest rate hopes.
- US refiners trim Q3 output amid weaker margins, plant overhauls.
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ASX 200 slips 18 points to 7682 (-0.2%) as banks rally and resources slip. BHP testing $40, down 2.0%, with RIO and FMG under pressure too. Lithium stocks fell as MIN down 2.2%, and IGO off 2.5% on nickel plans. Gold miners fell hard as bullion slipped, NST down 2.5% and PRU off 4.9%, with changes in Burkina pushing WAF down 10.8%. Uranium stocks fallout continues with BOE off 4.0% and DYL down 5.6%. Oil and gas mixed, WDS falling away again, down 1.9%, and STO holding steady. Banks held up well on defensive qualities and comments from the RBA governor, perhaps on rates. CBA up 1.4% and ANZ up 1.1% on capital position news, The Big Bank Basket up to $219.92 (+1.3%). Financials firm ASX up 2.2%, and NWL rallying 1.0%. REITs under pressure as MGR disappointed, GMG down 2.2% and GPT down 2.8%. Industrials mixed, COL and WOW up around 0.5% -1.1% with ALL firming 1.3%. Elsewhere, TLS slipped 0.5% and TCL reported today, falling 0.8%. Tech mixed. In corporate news, AMP rallied 13.3% on better-than-expected news, and MYR dropped 7.1% on a trading update. QAN ex-CEO Joyce will forfeit $9m of his pay in review. Nothing on the economic front. Asian markets mixed, Japan down 0.3% and HK up 0.3% with China up 0.2%.
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Wall Street closed lower overnight, ending near worst levels. Indices were weighed down by tech stocks and weak demand in treasury auctions, triggering choppy trading. The Dow fell 234 points (-0.80%). Up 480 points at best. Down 266 points at worst. Treasuries came under pressure after 17 blue-chip stocks offered $31.8bn in debt. Spreads between high-grade corporate bonds and US treasuries jumped to 112bps, its highest level since December 2023. The S&P 500 (-0.77%) and NASDAQ (-1.05%) rose in early trade, driven by the BoJ's dovish signals before falling after a weak 10Y US bond auction dampened sentiment. No Fed speak overnight. Markets are now waiting for initial claims data tomorrow, with options markets pricing in a 1.2% move in equities following the report. The probability for a 50bps rate cut in September at 72%, up from 11.8% just one week ago, according to the CME FedWatch tool. Recession chatter has tempered off a little, though JPMorgan economists now see a 35% chance that the US economy will tip into a recession by the end of this year.
ASX to fall. SPI Futures down 33 points (-0.43%).
COMMODITIES
- Oil settles 2% higher on falling US crude stockpiles, rebounds from multi-month lows.
- Copper prices drop on jump in inventories, weak Chinese data.
- Gold buoyed by Fed rate-cut hopes, geopolitical concerns.
- Iron ore extends fall on China demand concern, high supply.
- BHP mulling sale of gold, copper mines in Brazil.
- Glencore to keep coal assets and stick with London listing.
- US crude inventories fall, fuel builds as demand weakens, EIA says.
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ASX 200 bounces 19 points to 7700 (+0.3%) as risks start to recede. Soothing words from a BoJ Deputy helped things along. Banks struggled or we would have been higher. ANZ up 0.2% on a broker upgrade, the Big Bank Basket slid to $217.06 (-0.4%). Insurers did better, and market stocks like GQG also did well. A FUM update from this one helped too. Healthcare better, led by CSL up 0.7% and SHL up 0.4%. REITs rebounded too, GMG leading the charge, up 0.7% and GPT up 3.4%. Industrials firm, TLS up 1.3% and WES bouncing 0.7% with tech better too. WTC up 0.5% with the All-Tech Index up 0.68%. Mixed session for resources, the 'Three Amigos', BHP, RIO and FMG, eased but lithium plays saw buyers. PLS saw some short covering together with buyers for MIN and S32. Oil and gas major WDS better on positive broker commentary after its ammonia buy. Uranium stocks also bounced from oversold levels, DYL up 1.0% and PDN up 1.2%. In corporate news, LTM is up 7.5% on its update and strategy review. WGX began trade as a dual-listed company following its Canadian merger. In economic news, China announced a better-than-expected import number as it appears to be restocking before US chip bans; Asian markets rallied, with Japan up another 2.3%, and HK up 1.7%, with China +0.4. 10-year yields around 4.08%. Dow Futures up 222 points. NASDAQ Futures up 154 points.
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ASX to slip. SPI Futures down 19 points (-0.25%).
US equities snapped a three-day wild rout as investors piled back into the market following recent comments by Fed officials easing US recession concerns. The S&P 500 rose 1.04%, with all major sectors finishing the green, supported by bargain hunters after the index fell into “oversold” territory. The NASDAQ advanced 1.03%, supported by gains in the Nvidia up 3.8%. The Dow Jones ended 294 points higher (+0.76%), paring earlier gains in late afternoon trade. Up 746 points at best. Down 65 points at worst. Small caps Russell 2000 gained 1.23%, and the VIX saw its biggest daily fall since 2010, down 28.16%. US treasury yields jumped as fears of a US recession were seen as overdone. 10Y yield up 12.2bps and 2Y yield up 9bps. In Fed speak, fed officials pushed back against hard landing and recession concerns. Fed’s Daly said the US economy is not falling off a cliff and pointed to the Jobs numbers that included higher numbers of temporary layoffs and supply increases. In Asia, Japan’s TOPIX rebounded 9.3%. Japanese officials trying to calm markets, with the prime minister urging calm while highlighting coordination between the government and the BoJ.
COMMODITIES
- Oil prices settle higher; signs of tighter supply end 3-day swoon.
- Gold eases as dollar, yields firm; Fed rate cut hopes lend support.
- Copper recovers, but investors wary about economy, China.
- Aramco profit dips 3%, keeps $31.1bn dividend unchanged.
- EIA sees tighter US oil market for 2024, lowers price outlook.
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ASX 200 bounces 31 points to 7681 (+0.4%) as Japan rebounds strongly. RBA left rates unchanged as expected. Bank bounced hard, with the Big Bank Basket up to $217.86 (+1.4). Other financials were mixed, MQG gained 1.3%, but NWL fell 0.4%. REITs bounced hard too, GMG up 2.2%, with SGP putting on 0.9%. Industrials firmed, TCL up 0.2%, and WES rallying hard up 2.3%, with tech slightly less enthusiastic. QAN added 1.6%, with retailers also back in demand. JBH up 1.8%, and LOV up 3.1%. Resources were dormant, BHP up 0.4% and RIO down 0.3%, Gold Miners sagged as bullion fell, NST unchanged, going against the trend, NEM down 3.4% and EVN down 1.3%. Diggers and Dealers continues in WA. Uranium stocks rose slightly, and lithium remains slightly depressed. In the oil and gas space, WDS fell 5.1% on another US acquisition. STO better with a 1.5% gain. On the corporate front, AD8 collapsed 36.3% on a weak result and guidance update, TWE rose 1.0% as it moved to focus on premium brands. On the economic front, the RBA head rates unchanged with a hawkish tinge. Higher for longer would seem the mantra. Meanwhile, in Asia, a significant bounce back, Japan up 9.3%, China slightly weaker again and HK down 0.2%. European futures showing a small bounce. FTSE up 1%. France is at the Olympics. Dow Futures up 367 points and NASDAQ Futures up 315 points.
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Wall Street finished deep in the red overnight, hit with a renewed bout of volatility on talks about a US economic recession and a wave of institutions unwinding popular carry trades in Japan. The S&P 500 plunged 3%, its worst daily fall in about two years, down ~8.5% from its peak. The NASDAQ plummeted 3.43%, and the Dow lost 1,034 points (2.60%). Down 1,238 points at worst. Small caps Russell 2000 fell 3.33%, and Wall Street's "fear gauge", the VIX, surged 64.90%. At one point, it registered its largest daily spike since 1990. Japan's TOPIX fell 12%, recording its biggest three-day fall stretching as far back as 1959 as institutions rushed to unwind their carry forward trades (See Marcus Take for in-depth analysis). In Fed Speak, Chicago President Goolsbee attempted to downplay recession fears, stating that the Fed does not react to one month's numbers on jobs and can wait for more data before the September meeting. Meanwhile, the probability of a September rate cut now sitting at 83%, according to the CME FedWatch Tool. The gap between 10Y and 2Y yields briefly turned positive for the first time since July 2022 before later inverting, with the 2Y now ~12bps above the 10Y yield. USD Index slid 0.46%, and bitcoin tumbled 7.15%.
ASX to fall. SPI Futures down 27 points (-0.36%).
COMMODITIES
- Oil falls as global equities selloff offsets rising Middle East tensions.
- Gold slips over 1% as wider market rout spills over.
- Global growth angst pushes copper to 4-1/2-month low.
- BHP requests state mediation with Escondida union in Chile.
- Glencore to pay $152mn to resolve Swiss bribery investigation.
ASX 200 fell a huge 294 points or 3.7% today to 7650 as banks came under serious pressure. Financials across the region were aggressively sold off from MQG to Mitsubishi. The Big Four were torched, and the Basket dropped to $214.81 (-5%). CBA falling 5.7%. Insurers too sold down aggressively, QBE down 5.0% and SUN off 5.8%. REITs were also sold off despite yields remaining relatively steady. GMG down 7.1% as a tech stock, GPT off 2.6% and SGP down 3.5%. Industrials also in the seller’s sights, WES down 3.4% with WOW and COL off 2.9% and 1.2% respectively. REH down 4.7% and BXB falling 4.3%. QAN dipped 4.9% amidst a shake-up of airport slots. Tech wrecked, WTC off 8.8% and XRO falling 5.6% with the All-Tech Index down 6.1%. Resources outperformed, BHP down only 2.1% with RIO hardly changed, FMG down 1.9%. Gold miners eased despite bullion holding steady, EVN down 2.0% and GMD off 1.9% with NEM off 2.0%. Uranium fallout continues and lithium stocks mixed. PLS lower by 1.1%. Oil and gas down, WDS off 3.6% on WA environmental issues, STO fell 5.0%. In corporate news, ARG reported profits down on last year, falling 2.0%. RHC downgraded guidance to 265-270m, falling 0.3%. Nothing locally on the economic front, RBA tomorrow. No rate rise expected. Asia markets in all sorts, Japan had to have trading suspended due to the heavy falls especially in the financials. China modestly lower in comparison.
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The sell-off on Wall Street continued for a second consecutive session overnight. Weak jobs data fuelled worries that the Fed's decision to hold rates at two-decade highs is risking a hard landing/recession. Market fears have triggered a surge in volatility seeing the VIX jump to 23.39 (+25.8%), its highest since March 2023. The S&P 500 recorded its worst reaction to jobs data in almost two years, falling 1.84%. The NASDAQ plummeted 2.43% and confirmed it was in correction territory. The Dow traded lower all session, losing 611 points (-1.51%). Down 989 points at worst. The Russell 2000 slumped 3.52%, falling to a three-week low and saw its largest two-day fall since June 2022. Non-farm payrolls rose by 114k in July, significantly below expectations of 175k, marking one of the weakest prints since the pandemic. US Unemployment rate unexpectedly rose for a fourth month to 4.3%, a near three-year high. Treasury yields took a nosedive overnight after jobs numbers showed the US created fewer jobs than expected, supporting bets for more aggressive rate cuts by the Fed this year. 10Y yield dropped 18.8bps and the 2Y yield fell 28.5bps. USD Index fell to a four-month low, down 1.14%. Bets for a 50bps cut by the fed at a September meeting have jumped to 69%, according to CME FedWatch.
ASX set to tumble another 115 points (-1.46%) according to SPI futures.
COMMODITIES
- Exxon delivers $9.2bn Q2 profit, raises output target.
- Chevron earnings slide, Hess merger arbitration drags on.
- Chilean court rejects Tianqi's request to pause SQM-Codelco deal.
- Copper firms on potential US rate cuts after jobs data.
- Oil settles at 8-month low after disappointing US job numbers.
- OPEC oil output rises in July on Saudi rebound, survey finds
- Gold retreats on profit-taking and logs weekly gain.
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ASX 200 drops 172 points in the worst one-day fall in 16 months, to 7938 (-2.1%). For the week, we are relatively unchanged. All that record-breaking rally was undone. Big hits across the board as US markets led us lower and Japan in trouble. Banks were sold off aggressively, with CBA leading the sell off down 2.8% as ANZ fell only 1.8%, outperforming. MQG off 2.2% on news of a $1bn hybrid issue, compounding weakness. Insurers too in negative territory as yields fell. REITs too saw sellers as GMG reversed some gains from yesterday to close down 5.1%. Healthcare saw some pressure. CSL dropped 1.6%, with RMD results out this morning proving a short-term positive at least for a while, until a slight rethink and the stock closed down 1.8%. Industrials were also under pressure. WES fell 2.9% with QAN crash landing 4.1% as retail slipped lower too. LOV down 4.6% and JBH off 3.0% on a broker downgrade too. In the miners, it was a train wreck for uranium stocks, the fallout from the NXG capex increase, plus news from Kazatomprom, put a knife into the sector. It was not a great day, SLX caught the bug down 8.5%, DYL fell 19.2% and PDN off 10.8%. Big iron ore miners fared relatively better, with BHP down only 1.2% and RIO off 0.8%. Lithium stocks depressed, and the short sellers in PLS celebrated with a 6.5% drop. Oil and gas stocks are lower too. In corporate news, SQ2 put out a solid update with a BNPL boost from Afterpay, three years this week since the deal. On the economic front, nothing locally with US payrolls tonight. Asian markets poleaxed with Japan falling the most since 2020, down 5.2%, HK off 2.4%, and China down a more modest 0.8%. 10-year yields rising slightly to 4.08%.
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US equities kicked off August sharply lower as the market whipsawed to risk-off just a day after the S&P 500 and NASDAQ recorded their best daily performance since February on Wednesday. The Dow ended 495 points lower (-1.21%). Up 254 points at best. Down 744 points at worst. The S&P 500 lost 1.37%, just one day after rallying 1.6%, and the tech-heavy NASDAQ dropped 2.30%. Russell 2000 slumped 3.03%, its biggest daily loss since February, and Wall Street's fear index, the VIX, briefly traded above 19 before easing to 18.59 (+13.63%). Economic data overnight has spurred concerns that the US economy is slowing faster than expected. Early gains in the market evaporated after the US ISM Manufacturing PMI showed a larger-than-expected contraction, falling to 46.6 in July, its 20th decline in activity over the last 21 months. Cracks in the labour market also began to emerge, with Initial Jobless claims rising to an 11-month high, climbing 14k to 249k, exceeding expectations of 236k. Treasury yields tumbled on soft economic data, the 10Y and 2Y yields have fallen to six-month lows, with the 10Y yield now under 4%. USD edged higher as rising geopolitical concerns in the Middle East drove a safe haven boost, while the British pound fell after the BoE cut interest rates from a 16-year high.
ASX set to tumble. SPI Futures down 144 points (-1.78%)
COMMODITIES
- Copper falls on soft Chinese factory data, higher inventories.
- Gold withdraws from two-week high as focus shifts to US payrolls data.
- Oil slips over $1 as supply intact despite Middle East conflict fear.
- Iron ore rises to more than 1-week high on upbeat demand outlook, China stimulus hopes.
- Shell beats forecasts with $6.3bn second quarter profit.
- Japan's Nippon Steel raises FY profit forecast after Q1 beat.
- OPEC+ sticks to oil policy, repeats could pause Oct hike.
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ASX 200 rallies only 22 points to 8115 (+0.3%) as good times roll. Record high. A slight sell-off in the banks with a tentative rotation to resources. BHP up 0.5% and RIO doing much better up 1.9%. FMG underwhelmed, although up another 0.6%. Gold miners better but still no real frenzy, NST up 0.9% and NEM up 2.0%. Uranium and lithium tried to rally but it was muted. PDN up a modest 2.2%. PLS up 4.4% as Albemarle announced closures to Australian production. Oil and gas slightly firmer, WDS up 1.5% and KAR doing well, up 3.8%. Banks slid a little. CBA down 0.9% and ANZ up 0.7%, as some catch-up required! MQG rose 0.7%, with insurers under a little pressure as 10Y yields fell to 4.08%. REITs racing ahead, GMG up 3.8% and GPT up 0.7%. Tech better, WTC up 1.4% and XRO pushing 1.5% ahead. Staples doing well, WOW up 1.0%, with ALL up 0.2%. In corporate news, PSQ got a knockout bid at 205c, BVS rose 2.2% on a return of capital and DRO returned to trade, promptly falling to close to the issue price, down 14.8%. On the economic front, Balance of Payments came in below expectations, increasing $537m in June. Asian markets are weaker despite US futures firming. Japan down 3.2%, China flat and HK +0.2%. Dow Futures up 0.2% and NASDAQ Futures up 0.7%.
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US equities rallied overnight, driven by a surge in tech stocks and dovish commentary from Powell. The S&P 500 climbed 1.58%, with six out of 10 sectors advancing, led by tech and consumer cyclical stocks. The NASDAQ rose 2.64%, its second-biggest daily percentage gain since February, buoyed by gains in Nvidia, up 12.8%, on positive sales forecast by peer AMD, which also rose 4.34%. Philadelphia SE Semiconductor Index finished up nearly 7%. The Dow gained 99 points (+0.24%) up 455 points at best, and small caps Russell 2000 added 0.51%. For July, equities were mostly higher, with significant rotation out of tech, growth and momentum stocks and into small caps and value. Dow +4.41%, S&P 500 +1.13%, NASDAQ -0.75%, and Russell 2000 +10.10%. The Fed held rates at 5.25%-5.50% as expected. There were no explicit signals for a September rate cut. However, Powell said a rate cut could be on the table in September. US treasury yields tumbled. Both the 10Y and 2Y yields fell over ten basis points each. The US dollar fell 0.49% and Bitcoin eased 2.13%.
ASX to rise. SPI Futures up 17 points (+0.21%).
COMMODITIES
- Oil gains nearly 3% on rising Mideast tension, falling US crude stockpiles.
- Gold climbs over 1% after Fed's Powell hints at early rate cut.
- Copper up on weaker dollar, hopes for Chinese stimulus.
- Tumbling lithium prices push Albemarle to fresh round of cost cuts.
- Chevron's proposed deal for Hess faces new delay over arbitration schedule.
- US oil demand set seasonal record in May, EIA data shows.
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ASX 200 has finished the day with a huge rally up 139 points or 1.8% to 8092. It’s best session since November 2022. All major sectors closed in the green after an after-hours chip stock bounce in the US combined with a mid-morning inflation numbers boost (+1% QonQ in line with expectations). Rate-sensitive Technology was the best-performing sector as bond yields took a huge fall. Australian 2Y down 15.9bp and the 10Y down 13.6bp (almost equivalent to one rate cut).
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Wall Street finished mixed as mega-cap tech stocks extended their losses in late trade as Microsoft’s results fuelled concerns over AI. The Dow advanced 203 points (+0.50%) with gains in major banks offsetting losses in Merck -9.81% and Procter & Gamble -4.84%. Dow up 326 points at best. Down 11 points at worst. S&P 500 fell 0.50%, while the S&P Equal Weight Index gained 0.46%, buoyed by gains in the financial and energy sectors. NASDAQ Composite tumbled 1.28%, and the NASDAQ 100 slid 1.38%, which is now down ~9% from its all-time high and tittering on the cusp of correction. Nvidia fell 7%, erasing $193bn from its market value dragging the Philadelphia semiconductor Index down 3.88%. Funds found their way to small caps. The Russell 2000 rose 0.35% as the rotation out of growth mega caps continues. In economics, the June JOLTS report showed job openings ticked lower, though higher than expected, and US July consumer confidence came in roughly in line with expectations though consumers were still largely concerned about inflation. Treasury yields eased, and the VIX jumped 6.57%.
ASX to rise on opening bell. SPI Futures up 29 points (+0.37%).
COMMODITIES
- Oil prices slide 1%, settle at 7-week low on China worries.
- Iron ore retreats further as key China economic meeting, strong global supply weigh.
- Aluminium hits 5-month low, copper down on risk-off sentiment.
- Gold climbs on rate cut hopes as Fed meeting looms.
- BP raises dividend as $2.8bn quarterly profit beats forecasts.
- OPEC+ likely to stick to output policy at Aug 1 JMMC meeting.
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ASX 200 rallies off lows to close down 36 points at 7953 (-0.5%) as banks steadied after early falls. CBA up 0.8%, and the Big Bank Basket rising to $231.70 (+0.4%) as ANZ copped a broker downgrade. Financials were generally steady, with REITS under some pressure, GMG off 0.5% and SGP down 0.7%. MPL rose 1.3%, bucking the negativity. Industrials were slightly weaker, no real harm done, tech eased back but off lows. WTC down 2.1%, and REA off 0.4%. Once again, it was resources that stumbled. FMG fell 10.2% under serious pressure as a $2bn block trade was being priced. Iron ore weakness was headwind too, BHP down 1.3% and RIO off 1.0%. Lithium was weaker again, PLS down 4.5% and MIN dropping 3.7%, with gold miners also under pressure. EVN down 1.3% and PRU off 4.3%. Oil and gas slipped too, as Brent fell below $80. Uranium stocks also easing back. In corporate news, CCP rose 14.0% on its better-than-expected results, and APX was Lazarus-like in a business update, rising 55.8%. BHP joined with Lundin to make a Canadian copper asset, IGO fell 4.8% after reporting higher underlying earnings. Nothing on the economic front as the BoJ meeting kicks off today. Asian markets lower, Japan down 0.2% and HK down 1.3% with China off 0.7%. Dow Futures up one point and NASDAQ Futures down 16 points.
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Wall Street ended virtually flat overnight ahead of a big week of tech earnings, Fed interest rate decisions and US labour data all due this week. The Dow slid 49 points (-0.12%). S&P 500 and NASDAQ finished near flat, up 0.08% and 0.07%, respectively. Small caps Russell 2000 underperformed, down 1.09% and Wall Street's ‘fear gauge’ the VIX rose 2.41%. Mcdonald's shares gained 3.7% despite reporting a surprise drop in sales, its first in 13 quarters, as executives pledge to launch new promotions. Telsa jumped 5.6% after Morgan Stanley added it to its “top pick” US autos list. Bitcoin hit seven-week highs before easing a touch resulting in some choppy trading in Crypto stocks. Coinbase fell 3.59%, while Marathon Digital and Riot Platforms fell over 5% each. US treasuries barely budged. 10Y yield eased 2.3bps, and 2Y yield rose 1.6bps. Markets are expecting a Hold from the Fed this week, while the consensus is that the Fed will cut in September, with the probability sitting at 88.7%, according to CME FedWatch tool.
ASX to slip. SPI Futures down 55 points (-0.69%).
COMMODITIES
- Union at BHP's Escondida mine urges rejection of contract offer, strike possible.
- Trump effect in clean tech sector deepens angst in Europe's boardrooms.
- Aluminium at 4-month low on short positions buildup, high inventory.
- Gold slips as dollar gains, traders eye Fed meeting.
- Dalian iron ore pares losses on better China data, stimulus hopes.
- Oil falls 2% as Israel seeks to avoid broader Middle East conflict.
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ASX 200 rallies another 68 points to 7990 (0.9%). Big week with Dow futures showing a positive start to the week. Banks and industrials once again the star of the show as CBA lifted another 1.3% with the Big Bank Basket up to $230.61 (1.0%). ANZ lagging, falling 1.2%, as the bond trading scandal hold buyers back. Insurers strong again and financials in demand, MQG up 1.2% and ASX up 1.3%. REITS doing well again, GMG up 2.1% and SGP pushing 1.1% higher. Healthcare better except RMD falling 2.1% as US falls reverberate, CSL up 1.1% and PME up 2.1%. Tech stocks better too following Nasdaq higher , WTC up 2.2% and the All-Tech Index up 1.5%. Resources were flat with no real follow through, BHP, FMG and RIO relatively unchanged after early gains faded. Lithium patchy, as was uranium and rare earths. Gold miners were mixed NST up 0.9% and EVN down 0.3%. Oil and gas pushed higher on higher crude prices. Uranium stocks eased with PDN falling 2.2% and BOE slipping on news it had tried to buy Jabiluka. In corporate news, KGN raced ahead before crashing back to earth, down 0.9%. Nothing on the economic front, some news from APRA on mortgage buffers. Asian market strong. 10-year yields steady at 4.28%.
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US equities closed out the week on a positive note recouping some ground lost earlier in the week, boosted by inflation data raising optimism for a September rate cut. The Dow rallied 654 points (+1.64%), buoyed by gains in 3M up 22.9% its largest daily gain in decades after it raised the lower end of its profit forecast. The S&P 500 closed 1.11% higher, and the NASDAQ gained 1.03%, aided by rebounds in mega cap tech stocks. Meta leading gains for the Magnificent Seven, up 2.7%. Rotation into small caps continues. Russell 2000 rose 1.67%, and Small Cap 600 rose 1.81%. In economics, PCE data showed prices increased moderately in June. PCE up 0.1% MonM, and 2.5% YonY. Core PCE rose 0.2% MonN, and 2.6% YonY. Additionally, consumer spending and income advanced 0.3% and 0.2%, respectively. Treasury yields fell. 10Y yield fell to a one-week low down 4.9bps, and the 2Y yield fell 5bps. Bitcoin joined the rally, up 2.9%, while the USD Index ended flat, down 0.03%.
ASX SPI up 60 points
COMMODITIES
- Chile's Codelco says output falls 8% in first half of 2024.
- Vale on track to hit top end of iron ore guidance, upbeat on China.
- Citi expects copper to recover to $9,500/t within three months.
- Copper set for third weekly decline on Chinese demand woes
- Oil falls 1.5%, ends week lower on China demand fears.
- Gold rises as yields slip after US data lifts rate-cut hopes.
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ASX 200 rallies 60 points to 7928 (0.8%) as iron ore rallies and China throws some money at stimulus. The ‘Three Amigos’ all spurted ahead, BHP up 2.2%, RIO jumps 2.8% and FMG more muted post quarterly only up 1.0%. Lithium stocks got a lift from EV stimulus, PLS up 3.8% and MIN up 3.5% on quarterly. Some short covering adding to gains. Gold miners crashed as BGL returned, down 21.6%. NST dropped 3.2% with PRU off 3.1%. Oil and gas a little firmer, KAR up 5.8% on research WDS up 0.3% and some buying in uranium appeared. Banks were again a little better, WBC up 0.9% and the Big Bank Basket up to $228.30 (0.4%). MQG saw a 1.5% rally as brokers hoped for a 2H rebound. Insurers did well, QBE up 2.5% and SUN up 1.2%. REITs improved, GMG bouncing 1.1% with SGP up 1.4%. Industrials firm across the board, WES up 1.0%, TCL up 0.6% and retail powering ahead still. PMV up 1.7% with JBH 1.0% ahead. Tech stocks better, WTC up 1.5% and XRO up 1.1%. The All-Tech Index up 0.3%. In corporate news, NEC is facing strikes from staff on eve of Paris Olympics. Nothing on the economic front but US PCE tonight. Asian markets little changed as China moves again to try and stimulate.
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Wall Street ended mixed overnight, following its worst performance since 2022 yesterday as markets began to doubt the sustainability of the AI-driven rally. The Dow edged 81 points higher (+0.20%). Up 585 points at best. Down 36 points at worst. The Russell 2000 gained 1.26% recouping most of the previous days' losses. Approximately 300 companies in the S&P 500 advanced, but the index fell 0.51%, falling below 5,400. The S&P 500 is now down ~5% from its all-time high. The NASDAQ lost 0.93%, weighed down by losses in mega-cap tech stocks. In economics, US Q2 GDP showed the economy grew at 2.8% QonQ, significantly above expectations of 1.9% and the prior quarters 1.4%. Initial jobless claims dropped more than expected by 10k, and US durable goods orders unexpectedly fell 6.6% MonM in June after four consecutive monthly increases. Longer dates treasury yields fell on GDP numbers. 10Y yield fell 4.1bps, while the 2Y yield finished near flat. USD Index flat, and Bitcoin up a touch. In Asia, Chinese blue chips stocks the Shenzhen fell 0.22% and Hong Kong's Hang Seng 1.77%, finding little support from Beijing's latest easing step.
ASX to rise. SPI futures up 33 points (+0.42%).
- Oil edges higher on upbeat US economic data.
- Gold hits over 2-week low as investors book profit; US data in focus.
- Iron ore drops further as strong supply, China steel sell-off weigh.
- Copper falls below $9,000 level, prompting Chinese buying.
- Brazil government mulls 'tougher measures and sanctions' on Vale, minister says.
- Anglo American has a job to exit post-BHP hole.
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ASX 200 falls 103 points to 7861 (-1.3%) on US tech falls and quarterly disappointments. Banks held up relatively well as the Big Bank Basket fell to $227.50 (-0.4%). NAB down 0.9% and MQG falling 3.4% on its AGM update showing weakness on deal flow still. MFG bucked some weakness in the sector, insurers eased slightly. REITs got sold down, GMG down 3.1%, leading losses, GPT up 0.9% and VCX unchanged. Industrials fell across the board, WES dropped 2.9%, with TCL off 1.9% as tech stocks fell hard, WTC down 3.2%, and XRO off 3.5%, with the All-Tech Index down 1.8%. Utilities also under a little pressure, ORG off 1.5% and AGL down 1.0%. Resources stuck to the playbook and fell despite a cut to some rates again in China. BHP down 0.9%, and FMG cratering 5.5% on its quarterly and a potential jump in unit costs. Gold miners slid as bullion dipped, EVN down 3.4% and GMD off 2.3%. Lithium stocks weaker again, PLS slid 0.7% and LTM off 2.2%. Oil and gas back in the red, WDS down 1.4% and STO off 3.2%, with uranium stocks easier too. PDN down 3.7%, and DYL off 4.6%. In corporate news, the ANZ bond trading scandal is getting more serious, NST down 0.4% on its quarterly. SEK wrote down its Chinese investment in Zhaopin by $141n. In Asia, Japan clobbered down 3.0%, with HK off 1.7% and China off 0.5%. Nothing locally on the economic front. 10Y yields steady around 4.31%. US GDP tonight.
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Stocks sold off Wednesday, weighed down by underwhelming reports from Tesla and Alphabet, leading the S&P 500 and the Nasdaq Composite to post their worst session since 2022. The broad market index lost 2.31%, closing at 5,427.13, while the tech-heavy Nasdaq slid 3.64% to end at 17,342.41. The Dow Jones Industrial Average lost 504.22 points, or 1.25%, closing at 39,853.87.
The U.S. PMI flash manufacturing output index fell to 49.5 in July, unexpectedly slipping into contraction territory as new orders, production and inventories declined.
Bank of Canada cuts rates again.
ASX SPI Down 75 points.
- Gold rises on softer dollar, traders eye more US data.
- Oil prices finish higher as US oil, fuel inventories ease.
- Copper falls to 3-1/2-month low on high inventory, selling by funds.
- Dalian iron ore extends falls on weakening steel market, demand outlook.
- Newmont beats profit estimates on higher gold production.
- Anglo to face investors with wary eye on BHP's potential return.
- Chile's lower house of Congress asks Boric to void Codelco-SQM deal.
- US refiners' Q2 profits fall on low margins, soft fuel demand.
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ASX 200 down 7 points in range-bound trade as we watch and wait (for what?) The index fell to 7964 (-0.1%), with banks steady, CBA down slightly, the Big Bank Basket at$228.39 (0.1%). Insurers did well, QBE up 0.4% and SUN up 1.3%. REITS got whacked led lower by GMG down 2.1%. Industrials a little mixed, TCL fell 0.4%, with WOW and COL modestly lower, tech slipped slightly, WTC off 1.2% and SEK down 1.1%, with CAR off 1.4%. Resources found some love finally, FMG up 0.5% and PLS unchanged on quarterly numbers. Gold miners green across the screen. EVN up 4.1% and NST up 2.4% as AUD fell below 66c. Oil and gas eased again, WDS down 1.1%, uranium stocks down again, PDN off 2.2%, and BOE falling 2.2%. In corporate news, plenty of quarterlies, FLT fell 4.7% on narrower guidance, TLX fell 7.2% on a convertible hedge trade. PPT lost 0.7% on latest FUM numbers, and PTM put on 0.9% on fund restructure. Nothing on the economic front locally. Asian markets lower again, Japan down 1%, China off 0.4% and HK eased 0.6%. 10Y yields steady at 4.33%
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Wall Street finished broadly lower, ending near worst levels before Tesla and Google kicked off the “Magnificent Seven” reporting season after the closing bell. The Dow Jones closed 57 points lower (-0.14%). Up 112 points at best. Down 96 points at worst. The S&P 500 lost 0.16%, and the NASDAQ was flat. Small caps outperformed. The Russell 2000 gained 1.02%, and the VIX edged lower. Telsa fell 2.0% before results and is currently down 7.0% in after-hours trade after the company reported its lowest profit margin in more than five years and missing earnings expectations. Google rose 0.1% before results, now down 1.56% in after-hours trade despite beating Q2 revenue and profit estimates. US treasuries are down a touch following a weak housing market report and a strong 2Y note auction. USD rose 0.12%, and bitcoin gained 0.21%.
Tesla drops 7.4% after hours on quarterly. Alphabet modestly lower.
ASX to inch higher. SPI Futures up 11 points ( +0.14%).
COMMODITIES
- Iron ore hits three-month low on bleak China demand outlook.
- Oil prices fall 2% to six-week low on ceasefire talks, demand concerns.
- Copper hits multi-month low on growing Chinese demand fears.
- Gold gains ground as investors eye US data for Fed clues.
- BHP must stop funding legal action to halt Mariana dam claim, court rules.
- API shows weekly US crude, fuel stockpiles fell, market sources say.
Recent editions of PRE-MARKET REPORT
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Tuesday, 23 Jul 2024
Monday, 22 Jul 2024
Friday, 19 Jul 2024
Thursday, 18 Jul 2024
Wednesday, 17 Jul 2024
Tuesday, 16 Jul 2024
Monday, 15 Jul 2024
Friday, 12 Jul 2024
Thursday, 11 Jul 2024
Wednesday, 10 Jul 2024
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ASX 200 rises 39 points to 7671 (0.5%). Banks and industrials lead the market back from Monday’s loss. CBA up 1.1%, NAB up 1.2% and the Big Bank Basket up to $228.53 (1.1%) Insurers and other financials also doing well. QBE up 0.5% and SOL up 0.9%. REITS a little mixed, GMG down 1.0% but others firm. Healthcare stocks also in demand, CSL up 1.0% COH up 2.9% and RMD up 1.7%. Supermarkets saw sellers, WES up 1.9% and TCL up 1.3% on Brisbane news. Tech stocks ran, the All -Tech Index up 1.4% with WTC and XRO up around 2%. Resources were once again the drag, iron ore stocks fell, FMG down 1.4% with RIO off 0.6% and the gold sector under some pressure as risk wanes. NST down 1.4% with EVN off 1.9%. Lithium stocks remain out of favour as do rare earths, new entrant AXL collapsed 37.5% on listing., Oil and gas under pressure as WDS lost 3.7% after disappointing with quarterly and broker review following acquisition. Uranium continues to lose its gloss. In corporate news, LYC quarterly fails to impress, PNV up 7.9% on quarterly revenue jump. SPR jumped 23.6% on a reserve upgrade, and ARU locks in debt funding. Nothing on the economic front today. Asian markets a little weaker, Japan unchanged, HK unchanged and China down 1%. 10 -year yields 4.34%.
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US equities rallied overnight, rebounding from their worst weekly performance since April. The Dow halted a two-day skid, rising 128 points (0.32%). Up 185 points at best. Down 65 points at worst. The S&P 500 and NASDAQ rose 1.08% and 1.58%, respectively, led by gains in the “Magnificent Seven”. Russell 2000 advanced 1.66%, and Wall Street's fear index, VIX, plummeted 9.75%. S&P 500 Tech sector gained 1.78%, topping sectoral gainers and breaking its four-day losing streak. Alphabet (+2.2%) is expected to report a ~14% rise in quarterly revenue, marking its fourth consecutive double-digit growth. Telsa jumped 5.1% despite reports that their Q2 margins are expected to hit a more than five-year low. US treasuries were muted. 10Y and 2Y yields inched higher 1.2bps and 0.4bps. USD Index eased 0.10% in quiet trade as the market digested US President Joe Biden’s decision to end his re-election.
ASX to rally at open. SPI Futures up 55 points (+0.70%).
COMMODITIES
- Oil drops as investors look past Biden exit, focus on weak fundamentals.
- Gold slips to over 1-week low as dollar firms, investors await more Fed cues.
- Iron ore edges lower as investors digest mixed signals from China.
- Aluminium slips to nearly four-month low on demand concerns.
- Oil market likely to be in surplus next year, Morgan Stanley says.
- US senators introduce bill to speed approvals of energy projects.
- Saudi Arabia's growth this year marred by lower for longer oil output.
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ASX 200 rallies off lows to close down only 40 points at 7932 (0.6%). Broad based losses following US weakness Friday. Banks saw sellers emerge with the Big Bank Basket down to $226.16 (-0.3%). ANZ and NAB the worst hit, MQG lost 0.5% and QBE off 1.1% with financial generally weaker. REITs slipped slightly as bond yields rose. Industrials weaker but no massive dramas, defensive supermarkets held up ok. Tech eased but not huge issues. In resources, lithium and uranium stocks fell, PDN off 1.7% on quarterly report and PLS slid 3.3% with S32 clobbered 12.6% on WA environmental issues and write downs. Gold miners mixed but generally holding up well. EVN up 0.5% and NEM up 0.3%. Oil and gas saw a sell off as WDS fell 2.1% after announcing a large US acquisition. STO dropped 0.9% and coal stocks slid, WHC down 4.0% on its production numbers. In corporate news, IFL rose 5.0% on a business update, DRO dropped another 20.9% on its quarterly report. Nothing on the economic front locally. The PBoC cut rates slightly today although no real help to Chinese equity markets, mixed with HK up 0.9%, and China lost 0.9%. 10-year yields fell to 4.30%.
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Biden withdraws from US Presidential Race - US Futures opening slightly positive.
Wall Street ended the week lower. A global technical outage cause caused by a software glitch resulted in global chaos with grounded flights, and upended markets disrupting businesses around the world. CrowdStrike was behind the massive IT failure. A glitch in their software caused Microsoft’s Windows operating system to crash. Its stock fell as far as 15% before paring losses, ending 11.10% lower. The Dow traded lower all session, down 377 points (-0.93%). Down 462 points at worst. S&P 500 dropped 0.71%, and the NASDAQ fell 0.81%. Russell 2000 eased 0.63%, and VIX rose another 3.70% touching its highest level since April. Nvidia -2.6% lead a sell-off in chip stocks, pressuring the Philadelphia SE Semiconductor index 3.1% lower. Treasury yields rose. 10Y yield up 4.1bps, and 2Y yield up 4.6bps, both rising from four-month lows hit earlier in the week.
ASX SPI down 67 points.
COMMODITIES
- China copper smelters eye more output cuts as raw material supply tightens.
- Copper extends downturn to three-month low on China economic gloom.
- London Metal Exchange systems not affected by global cyber outage.
- Oil down $2 as investors eye Gaza ceasefire hopes.
- Gold slips from all-time peak on profit taking, firmer dollar.
- Iron ore posts weekly loss on lack of China stimulus, demand outlook.
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ASX 200 fell 65 points to 7972 (+0.8%) off its lows in quiet nervous trade. Dow futures slightly higher on the Trump speech. 90 minutes and talking unity. Red across the screens, banks gave back some recent gains, with the Big Bank Basket down to $226.80 (-0.9%). CBA fell 0.8%, and ANZ under pressure on the recent scandal, falling 1.2%, insurers slid, and REITs in the doghouse for a change. SGP down 2.0%, and SCG off 0.9%. Industrials were weaker but no great issues, WES off 0.8%, and WOW and COL slid slightly. ALL bucked the trend up 1.0%, with tech relatively stable. The All-Tech Index %. Resources once again the problem child, no real stimulus or plan from the Chinese Plenum. BHP down 2.1%, and RIO dropping 1.7%. Lithium stocks steady as gold miners slid on profit taking and some downgrades for EVN down 2.2%. Oil and gas stocks slid and uranium again under pressure. In corporate news, LIC finished off a week it would rather forget withdrawing forward guidance following ABC reports earlier this week and fell 13.9%. WBC had a small win with APRA, and WHC said that inflation was ‘rife’. Unit costs rising 11% in the last year. On the economic front, nothing today, the government announced the sale of $10bn in 11-year bonds next week. Asian markets mixed again, HK down 1.9%, Japan slightly weaker, and China of 0.2%. 10Y yields rose to 4.29%. There appears to be a serious Microsoft outage taking place this afternoon too.
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The Dow Jones Industrial Average slid 533.06 points, or 1.29%, closing at 40,665.02. The S&P 500 dropped 0.78% to end at 5,544.59. The technology-heavy Nasdaq Composite lost 0.70%, closing at 17,871.22.
All but one of the 11 sectors that comprise the S&P 500 traded lower, while nine out of every 10 Dow members also saw losses. Even the small-cap focused Russell 2000, which has run up amid expectations for forthcoming interest rate cuts, dropped about 1.9%.
ASX SPI Futures down 87 points
COMMODITIES
- Oil prices steady as US rate-cut hopes contend with economic slowdown signals.
- Fed rate-cut hopes keep gold near record levels.
- Dalian iron ore falls on weakening steel market; focus on Third Plenum.
- Copper output from Chile's Codelco this year to top 2023, chairman says.
- Exxon clash with Chevron hinges on change of control of Hess' Guyana asset.
- Fed rate-cut hopes keep gold near record levels.
- OPEC+ unlikely to change oil output policy at Aug 1 JMMC meeting.
- Price of China's strategic germanium hits record high on possible state buying.
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ASX 200 slips 21 points to 8037 (-0.3%) after the jobs number put rate rises (yes, rises) back on the table. Relatively calm markets as US futures rose and chip stocks soured again in Asia. Banks eased back, CBA down 0.6% and the Big Bank Basket slipping to $228.89 (-0.4%). Other financials eased QBE down 0.4% and CGF off 1.6%. REITS sagged, SGP down 1.3%, SCG off 1.8%, and GPT falling 3.7%. Industrials were mixed, DMP crashed 8.2% as it closed stores in Japan and France. Retail were mixed, SUL up 1.0% and HVN down 0.4%. Tech eased as NASDAQ fell overnight, WTC copped a 6.3% fall, and the All-Tech Index dropped 2.5%. Resources once again in the naughty corner. FMG down 1.4% on its hydrogen move and layoffs, lithium stocks continue to be depressed, gold miners up despite a slight slip in bullion and uranium stocks whacked, PDN down 4.2% and DYL off 5.8%. Oil and gas stocks slightly better. In corporate news, ZIP rose 11.2% after its $200m placement, AX1 rose 10.2% on store closures,and EVN ran 2.8% on its quarterly. On the economic front, unemployment rose to 4.1%, but with participation rising and 50k jobs created, rate rises cannot be ruled out. In Asian markets, Japan -1.6%, China +0.2, and HK +0.5%. 10Y yields steady at 4.241%. Dow and NASDAQ Futures higher, gaining 0.1% and 0.4%, respectively.
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- Nasdaq, S&P 500 end sharply lower, hit by chips, megacaps; Dow extends rally.
- Trade fears hamper tech stocks, dollar falls amid rate cut talk.
- ASX to fall, Nasdaq tumbles as semiconductor stocks plunge SPI down 43 points
- Chip stocks shed over $500 billion in value on China trade fears.
- Europe's STOXX 600 falls for third straight session as tech drags.
- Top Fed officials say they are 'closer' to cutting interest rates.
- Yen surges on possible intervention, sterling hits one-year high.
COMMODITIES
- Iron ore slumps to three-week low on weak China demand, strong global supply.
- Copper dips as China demand fears balance dollar slump.
- Oil prices gain 2% on big US storage withdrawal, weaker US dollar.
- Gold extends record rally on Fed rate-cut bets, softer dollar.
- Miner Vale sees iron ore output at high-end of 2024 guidance after Q2 rise.
- US crude stockpiles fall sharply, fuel builds, EIA says.
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ASX 200 cruised to another 59-point gain up around 0.7% as once again, banks and industrials took their cue from US records. Slight sell-off on the close. CBA pushed up another 0.8%, with NAB up 1.0% and the Big Bank Basket hitting new record highs of $229.72 (+0.9%). MQG had a better day with the US Investment Houses showing the way and rose 2.5%, with insurers also in demand. Financials generally are doing well on rate cut expectations. Healthcare again good, CSL up only 0.1%, with SHL and RHC better. REITs firmed yet again. GMG up 1.2%, and industrials from TLS to WES did well. WOW and COL up around 1%, and ALL bouncing back 0.9%. Utilities were slightly better, and tech stocks in demand, with WTC up 3.3%. Resources were once again mixed. BHP production report failed to move the dial much, down 0.9%, with RIO and FMG easing 0.3% to 1%, respectively. Gold miners in demand, NST up 3.4% and EVN up 1.5%. Lithium stocks showing some signs of life perhaps, LTM 4.6% better on Citi’s suggestion that RIO should take it out. Uranium stocks weakened, PDN down 1.1% and DYL off 3.5% on its quarterly. In corporate news, ZIP launched a large placement and SPP at 152c, SGR switched the pokies back on, CTT fell 4.0% on a update, and STP one pulled itself up 23.3% on a better-than-expected quarterly in ‘innerware’. Nothing significant on the economic front. Total dwelling commencements rose 0.5% to 39,715 dwellings. Asian markets treading water, with 10Y yields up 5bps 4.24%. Dow Futures down 3 points. NASDAQ Futures down 88 points.
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US equities rose overnight supported by stronger-than-expected retail sales data which reinforced the view the Fed is approaching its easing cycle. The Dow Jones hit an all-time closing high for a second consecutive session, rising 743 points (+1.85%) its strongest performance since June 2023. The S&P 500 rose 0.64% to 5,667, its 38th record high this year, and the NASDAQ gained 0.20%. The rotation into small caps continues, Russell 2000 advanced 3.50%, recording its biggest five-day rally since 2020. The Russell 2000 has beaten the NASDAQ 100 by almost 12 percentage points over the last four sessions, a feat not seen since 2011. US retail sales in June remained unchanged, signalling consumer resilience and bolstering economic growth prospects for the second quarter. Treasury yields fell across the board. The 10Y yield fell 7.2bps at 4.16% a four-month low, and the 2Y yield eased 3.8bps on expectations that the Fed is getting close to cut rates. CME FedWatch tool indicates a 91.7% probability for a September rate cut.
ASX to rise. SPI Futures up 55 points (+0.69%).
COMMODITIES
- Gold sprints to all-time high as Fed rate-cut hopes boost demand.
- Iron ore slips, investors eye stimulus signal from key China meeting.
- Oil prices decline over 1% on Chinese demand jitters.
- Aluminium hits three-month low on heavy supply while copper also slips.
- Rio Tinto hails another step closer to develop Serbian lithium mine.
- Miner Barrick's quarterly gold and copper output edges higher.
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ASX 200 slipped 18 points to 7999 (+0.2%) as consolidation around 8000 the go. A big divergence again in banks and resources. RIO production numbers failed to launch, and the stock dropped 2.4%, with BHP under pressure too, down 1.4%. FMG showed a small rise. Lithium stocks remain depressed, and base metal stocks also eased, IGO down 0.7% and S32 off 1.4%. Gold miners holding up well, NST up 0.6% and NEM up 0.4%. Oil and gas mixed, and uranium stocks slipped back slightly. PDN down 1.6%, and BOE off 1.2%. Banks help steady with the Big Bank Basket steady at $227.78. CBA eased back with other financials better, SOL up 1.0% and CGF rising 1.6%. Insurers eased, Industrials mixed, ALL off 3.3%, with tech falling as WTC lost 1.2% and XRO down 1.4%. Utilities are also under a little pressure, ORG down 1.0% and AGL falling 0.9%. Retailers are taking a breather, with FLT giving back some gains down 2.3% and WEB down 1.2%. In corporate news, CSL won a contract for a new flu vaccine, HUB was up 0.2% on positive FUA inflows, and IGO fell 0.7% on some more impairments. In economic news, nothing locally, China saw its manufacturing sector growing 6.2%. Asian markets mixed again, Japan back from a holiday up 0.3% and HK down 1.3% with China -0.1%. 10Y yields falling to 4.25%. Dow Futures up 38 points. NASDAQ Futures up 47 points.
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Dow jumped 210.82 points, or 0.53%, to 40,211.72. The S&P 500 added 0.28% to 5,631.22. Both touched new intraday highs in the session, while the former also saw a record close. The Nasdaq Composite rose 0.4% to 18,472.57.
ASX SPI Down 4 points.
- Gold at near two-month peak as Fed rate-cut hopes lend support.
- Oil prices ease on demand concerns in China.
- Iron ore extends gains on China stimulus hopes.
- China data and inventories weigh on copper.
- Rio Tinto shuts iron ore mine in eastern Canada amid wildfires.
- Investment in critical minerals in web of doubt, industry says.
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The ASX 200 pushed another 58 points higher to 8018 (0.7%) in a broad-based rally. Well off the intraday high though on some cooling as we await reactions to Trump and US reports this week. Banks were firm but off highs, CBA up 0.8% and NAB up 0.8% with the Big Bank Basket up to $227.88(0.8%). Other financials doing well too, ASX up another 1.2% with NWL up 1.7%. MQG pushed 0.5% ahead with insurers mixed. REITs were better with the exception of GMG falling 0.4% with SCG up 0.6%. Healthcare slightly better RMD up 2.0% and COH up 2.4%. Industrials firmed, WES putting on another 2.1% with retail stocks again finding buyers SUL up 1.3%, PMV up 1.9% and FLT up 2.8%. Tech in demand, WTC up 2.5% and XRO up 1.4%. In resources, BHP rose 0.6% with FMG double that gain. Gold miners were mixed as bullion consolidated, lithium still a little depressed and struggling for direction. Oil and gas better led by WDS up 1.3% and STO up 0.7%. In corporate news, LIC fell 18.1% on ABC media reports of issues. ABB dropped 14.0% as it launched a new cut-price NBN service, Buddy. Nothing locally on the economic front, in China, GDP data and retail sales numbers were disappointing again. Asian markets mixed, HK down 1.4%, Japan closed for a holiday, and China slightly higher. 10-year yields firmed 1bps to 4.33%.
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Wall Street ended the week on a positive note, with gains across all major indices. Fresh economic data reinforced bets that the Fed will cut rates in September, and banks kicked off the start of the US reporting season. The Dow traded higher all session, topping 40,000, narrowly missing a fresh all-time high, up 247 points (+0.62%). Dow up 503 points at best. The S&P 500 gained 0.55%, to 5,615, a fresh record high. NASDAQ rose 0.63%, rebounding from its worst day since April, led by Nvidia +1.4% and Tesla +3.0% a day after tumbling over 8%. On the economic front, US Consumer sentiment fell for a fourth consecutive month, and Producer prices rose more than expected in June, up 0.2% MonM. Results raised bets of a September rate cut to 88.1%, according to CME FedWatch tool. Treasury yields slumped. 2Y yield fell 6bps and 10Y dipped 2.7bps. USD index slid, while Bitcoin edged up 0.35%.
Wall Street banks kick off reporting season with mixed results. JPMorgan (-1.21%) reported record profits for Q2, driven by a 46% rise in investment banking revenue and strong trading performance. Citigroup surpassed profit expectations, driven by a 60% jump in investment banking fees, but shares fell 1.81% due to concerns over expenses and market share. Wells Fargo missed analysts' interest income estimates, with NII decreasing 9%, causing shares to drop over 6%, despite a 38% rise in investment banking revenue.
ASX up 54 points
COMMODITIES
- BHP, Vale agree deal over 2015 Brazil dam collapse proceedings in UK.
- Weak market for critical minerals seen dampening Western efforts to counter China.
- Gold holds firm above $2,400 level, set for third weekly rise.
- Oil prices settle down after data shows weaker US consumer sentiment.
- Copper prices rise on weaker dollar, some draw-down from stocks.
- China June copper imports slide to 14-month low on weak demand.
- Iron ore heads for weekly fall ahead of key China meeting
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ASX 200 hits record high, up 70 points to 7959 (0.9%) as banks once again show a clean pair of heels. CBA pushed to a record, up 1.3% and a higher valuation than BHP!. The Big Bank Basket up to $226.11 (+1.4%). MQG remained stagnant, and insurers slipped back as bond yields fell after US CPI numbers. Other financials did well, ASX up another 1.6% with SOL kicking another 1.6%. REITs put in a solid day although GMG sidetracked as tech weighed slightly. SCG up 1.9% and GPT soaring 5.3%. Healthcare also doing well again. CSL bust through $300, up 1.5% and RMD shrugging off GLP-1 news and rising 4.4%. Industrials firm but not hugely interesting. WES a standout up 1.9% and Retail in demand on rate cut hopes. JBH up 1.5% and LOV up 3.6%. CTT had a significant bounce after its recent sell off although petered out to rise only 0.4%, tech stocks slipped slightly with WTC down 3.4% and XRO falling 0.7% with the All -Tech Index down %. In resources, the three amigos were flat, BHP losing its mantle to CBA fell 0.4% and lithium stocks showed signs of life. Gold miners were in demand as NST rose 4.3% on a bullion spike and EVN up 2.9%. Oil and gas doing little and uranium stocks consolidated after good gains yesterday and coal stocks slid slightly. In corporate news, REX revealed a boardroom stoush, LYC said that the BHP nickel suspension would hit sulphuric acid supply. Nothing locally on the economic front but Chinese exports rose to the highest in two years whilst imports fell. 10-year yields steady at 4.33%. Asian markets mixed, Japan down 2.3% as Yen strengthens, China unchanged and HK up 2.2%.
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- SPI up 45 points.
- Dow +0.08% S&P -0.9% Nasdaq -2%
- Russell 2000 up 3.6%. Just the second day since 1979 when the Russell 2000 rose more than 3% while the S&P 500 declined.
- CPI better than expected Sept Rate Cut looks locked in now.
- USD Index falls 0.55%
- Gold runs 1.8% higher.
- Iron ore bounces of $105.
- LME commodities in holiday lull.
ASX 200 rallied towards all-time highs, up 73 points to 7890 (0.9%) as rate cuts seem to be back on the agenda. US CPI tonight and some caution creeping in. As usual, the banks led the charge higher with CBA hitting a new high, the Big Bank Basket hitting $223.09 (). Insurers continue to push higher with QBE up 1.1% and SUN up 1.4%. MQG lagging a little with ASX up 1.7%. REITs strong again, GMG up 1.1% and SCG up 1.6%. Industrials also firm although TLS unchanged after recent gains, WES up 1.3% and BXB up 1.3%. Healthcare better, CSL pushing 1.5% higher with RMD up 0.9% and TLX doing very well up 10.5%. Tech better too, with XRO up 3.4% and 360 rallying 2.2%. Resources finally finding some friends despite a lack of impetus in iron ore, BHP up 0.9%, RIO up 0.2%, and FMG up 1.9%. Gold miners also in demand, NST up % and EVN up %, with uranium stocks doing very well, PDN up 6.2% and BOE up 6.1%. Lithium stocks saw some bargain hunting, PLS up 2.7% and MIN up 2.5%. Oil and gas stocks better, WDS up 1.2% and KAR up 0.8%. In corporate news, TLX had a good day on changes to US regulations, the ACCC has started initial proceedings against The Good Guys. Not so good now. In economic news, June CPI tonight in the US, Trump will speak at a Bitcoin event. He wants all remaining crypto to be Made in the USA. In Asian markets, China rallied on short seller news, up 1%, HK up 1.5%, and Japan pushed ever higher to 1.1% better.
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US equities ended mixed overnight. The S&P 500 and NASDAQ record their fifth and sixth straight record close, up 0.07% and 0.14%. Gains marked the S&P 500’s longest winning streak since January, buoyed by Nvidia +2.5% and Powell’s commentary to Congress. The Dow lost 53 points (-0.13%), paring earlier gains. Up 147 points at best. Down 198 points at worst. Powell’s testimony to Congress didn’t alter bets for rate cuts this year. Powell didn’t offer a timeline for rate cuts, instead, he emphasised that the economy is no longer overheated and the mounting evidence of a cooling job market. Additionally, Powell said regulators were close to agreeing to change their plan to force big banks to hold more capital a big win for Wall Street Banks. JP Morgan, BofA, Wells Fargo, and Citi up between 1.2%- 2.8%. Shorter-term treasuries eased. 2Y yield, which is likely to benefit from policy easing, fell 0.8bps, and the 10Y yield edged 1.7bps higher.
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The ASX 200 has finished the day up 67 points (+0.86%) to 7830 in a broad rally covering all sectors. Telecom finished on top thanks to Telstra’s 2.2% rise. Phone plan price increases announced from August. REA, CAR, and TPG joining in. Up 2.2%, 0.7% and 1.1%, respectively. Financials were next best as the CBA hit a record high, up 1.8%. WBC, NAB and ANZ up between 1.4% and 2%. Interest rate sensitive sectors strong. REITs played catch up to the weekend’s drop in bond yields. SCG and SGP up 1.3% and 1.2%. WTC and NXT leading tech higher. Up 1.8% and 1.7%. Powell’s commentary tonight at the senate banking committee will be closely watched. Discretionary stocks mixed. ALL up 1.7%, and JBH down 0.1%. Unperturbed by a drop in Consumer Sentiment. Health Care in the middle of the pack, and Staples up 0.33%, defensives underperforming.
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ASX to rise. SPI Futures up 17 points (+0.22%).
The S&P 500 hits its 35th record high this year, up 0.10%. The NASDAQ notched its fifth consecutive record high close, up 0.28%, buoyed by chip stocks. Blue chip Dow Jones edged lower, down 31 points (-0.08%). Up 279 points at best. Down 97 points at worst. Nvidia gained 1.9% after UBS raised its target, Intel rallied over 6%, and AMD gained 4%, lifting the Philadelphia semiconductor index by 1.9%. Expectations for an earlier rate cut have risen following Friday’s nonfarm payrolls, which showed US job growth slowing. Chances of a rate cut in September have risen to 72.2% from 59.8% one week ago, according to CME FedWatch. Short-dated Treasuries rise, 2Y yield rose 2.9bps sensitive to rate expectations, while the 10Y yield held steady. Bitcoin bounced, paring earlier losses on concerns about possible sales by creditors of the failed Mt. Gox exchange, and the USD Index gained 0.14%.
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The ASX 200 has finished the day down 10 points (-0.12%) to 7822, holding onto most of yesterday’s gains. Healthcare was the best performing sector as CSL, COH and RMD all saw modest gains between 0.3% and 1%. Macquarie said CSL will benefit from a US$105m currency tailwind in FY26. PME managed a late bounce of 1.1% a day after its 5.1% fall. Telecoms were next best after a 0.8% rise in TLS. Tech sector up 0.42% as NASDAQ futures turned positive. MFG spiked another 4.7%. Now up 10.8% in two days. GQG briefly hit an all time high before falling 1.7%.
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The ASX 200 has finished the day up 92 points (1.2%) to 7832 as resources kicked back to life. After weeks of selling pressure iron ore giants, copper, lithium and gold saw risk-off buying. Iron ore shot to a one-month high taking BHP and RIO up 2.6%. FMG up 3.2%. Lithium stocks bounced of lows. PLS up 2.1%. LRS and LTR left behind. Positive news from the space as BYD opened the first south-east Asian factory in Thailand. SFR gained 3.2% in the copper space and weak economic data from the US took bullion higher. EVN and BGL up 4.1% and 6.5%. BGL the top performer in the index today. NST missing out only up 0.7%. REITs followed a similar logic as US bond yields fell. GMG and SCG up 2.1% and 0.6%. Oil stocks continued to do well, spurred by takeover rumours for STO, up 4.2%. Rare earths also jumped after Arafura +11% (held in Henry’s Portfolio) received approval for a $115m German loan. LYC up 2.7%. Coal stocks took a breather, NHC falling 4.6% dampening enthusiasm.
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Another good night on Wall Street. The S&P 500 and NASDAQ both closed at record highs. S&P 500 closed above 5,500, up 0.62%, marking its 32nd record this year. The NASDAQ rose 0.84%, supported by gains in Tesla +10.2% after reporting a smaller-than-expected 5% drop in vehicle deliveries in Q2. Blue-chip Dow rose 162 points (+0.41%) in thin volume trading ahead of the July Fourth Holiday. Up 171 points at best. Down 84 points at worst. In economics, the JOLTS report showed job openings increasing in May after posting declines in the previous two months. Key June Nonfarm payrolls on Friday. Treasury yields eased a touch on jobs data and comments by Powell, who said the US is back on a “disinflationary path”, but policymakers need more data before cutting rates to confirm recent weaker inflation readings provide an accurate picture of the economy.
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The ASX 200 has finished down 33 points (-0.42%) to 7718, RBA meeting minutes passing quietly through the market while revealing a possible August rate hike. Energy was the only sector with significant gains as oil and coal stocks tracked their respective commodities higher. WDS up 3.1%, gaining strength throughout the session. KAR missing out, sold off from a positive open. Down 0.3%. WHC backed up its 6.3% rise yesterday with another 5.7% gain.
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Wall Street kicked off the second half of the year on a positive note, with equities mostly higher in light pre-holiday trading. The Dow gained 51 points (+0.13%). Up 320 points at best. Down 81 points at worst. Big Tech drove the bulk of the gains in the S&P 500 +0.27% and the NASDAQ +0.83%, with megacaps Tesla and Apple leading the way up 6.1% and 2.9%, respectively. Chip stocks came under some selling pressure, with AMD down 2.79% and Arm Holdings losing 2.93%, pulling the Philadelphia SE Semiconductor index to a one-week low. Treasury yields jumped to multiweek highs, 10Y yield jumped 7.9bps rising past 4.45%. Higher bond yields typically boost US bank profits, the S&P 500 Bank Index jumped to a more than one-month high. JP Morgan +1.6% rose to an all-time high after it hiked its dividend to $1.25 from $1.15 as well as commencing a $30bn share buyback. On the economic front, US Manufacturing PMI fell to 48.5, missing expectations, falling for a third consecutive month. Another encouraging sign of the Fed’s policy is cooling the economy.
Among stocks, Nvidia (+0.62%) faces potential charges from French antitrust enforcers over alleged anticompetitive practices. Meta (+0.1%) received a warning from the EU about its subscription model for ad-free services on Instagram and Facebook, risking heavy fines. Boeing (+2.58%) agreed to buy back Spirit for $37.25 per share in a $4.7bn all-stock deal to address manufacturing defects. Chewy fell 6.61%, reversing early gains after influencer Keith Gill, known as "Roaring Kitty," disclosed a 6.6% stake in the company.
European equities rose overnight following the French parliamentary elections. The STOXX 50 rose 0.73%, STOXX 600 up 0.32%, and the CAC 40 advanced 1.09%. The National Rally Party won the first round but with a smaller share than expected, reducing fears of an expansionary fiscal agenda. The FTSE 100 closed flat, with gains in financial companies offset by declines in BAE Systems -3.41% and Anglo American -2.38%. Germany’s DAX gained 0.30%, buoyed by a positive inflation result, with annual inflation falling to 2.2% in June, below forecasts of 2.3%.
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Wall St finished the week lower on Friday night as the presidential debate prompted new political uncertainty, outweighing easing inflation data. The S&P 500 fell 0.41% after touching a fresh intraday record high of 5.5k. The Dow Jones eased 45 points. The NASDAQ lost 0.71%, while the Russell 2000 found buyers, up 0.46%. For the quarter the NASDAQ gained 8.3%, the S&P 500 gained 3.9% while the Dow lost 1.7%. Tech outperforming once again.
High ranking Democrats over the weekend dismissed calls that Biden should be replaced by a younger candidate following his shaky debate on Friday. Polls indicated Democrat voters who think he should not be running for president rose from 36% to 46%. In economics, the US PCE price index rose by a mere 0.08% in May, representing the smallest increase since late 2020. This deceleration increased chances for rate cuts later this year. Consumer spending rose by 0.3% in May after falling in April, supported by solid income growth. These developments suggest that inflation pressures might be easing without causing substantial harm to consumers. Despite the positive inflation results US bond yields gained 9.6bp (10Y) and 3.1bp (2Y), pressuring mega-cap stocks. Meta was the worst of the Magnificent Seven, down 3%. Nvidia near flat.
ASX to fall. SPI futures down 35 points.
In Europe, Marine Le Pen’s far-right National Rally (NR) Party won the first round of French elections yesterday. 34% of the vote vs Macron’s ~20%-23%. The outcome will now depend on whether centre-left and centre-right parties combine forces to oppose the NR. This historically has happened. If no party reaches 50% majority after the first round, voting will go to a second round later this week.
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The ASX200 has finished the day and financial year up 8 points (+0.1%) to 7768. Losing a 60-point gain from midday as tax loss selling crept in. US presidential debate not impacting our market. Technology was the best performing sector for the third day in a row. Following a small NASDAQ lead compared to a flat overnight performance from the S&P 500. Futures also helping. The biggest stock did best, WTC up 2% and up 10% for the week on no particular news. Simply traders buying the dip. Banks were next best, bouncing quickly from their two-day sell-off. Approval for ANZ’s acquisition of Suncorp bank boosting gains. ANZ itself lost 0.2% while SUN rallied 3.6%. Its best session since the conditional approval was made back in Feb. The other big banks were mixed. In Insurance, IAG jumped 7.2% after reaffirming guidance at the top end. Best performance in the index. GYG was the worst, falling 7.5% in its first full week of trade. Healthcare finished strongly. COH and RMD up 1.8% and 1.1%. Another case of buying the dip for PME, it gained 2.5% today and over 100% for the financial year. REITs had a small bounce after yesterdays sell off. Australian bond yields dropping to lend support. Majority of the gains coming from MGR. Up 3.3% after announcing it sold a large development stake in Sydney and reaffirmed earnings and dividend guidance.
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ASX to rise. SPI Futures up 26 points (+0.34%). Wall Street edged higher overnight following a choppy trading session amid mixed economic data ahead of tomorrow's PCE reading. The Dow Jones and S&P 500 ended flat, both up 0.09%, while the NASDAQ managed to eke out a small gain of 0.30%. Big night on the economic front, data showed US manufactured goods unexpectedly fell in may, while core durable goods orders eased 0.1%, vs expectations for a 0.2% rise. Bolstering bets the weaker economy may prompt the Fed to cut rates in September. US weekly job claims fell to 233k, missing expectations of 236k, and the final print of US GDP growth was revised higher in Q1 2024 to 1.4%. US treasury yields eased dropped after data showed a continued but moderated slowdown in economic activity. Benchmark 10Y yield fell back below 4.3% after reaching an over-two-week high of 4.35% earlier in the session. 2Y yield fell 4.2 basis points. Japan issued fresh warnings of currency intervention with Finance Minister Shunichi Suzuki reiterating that officials will take necessary actions, though didn’t mention on what yen level.
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The ASX 200 has finished the day down 23 points (-0.3%) to 7760, staging an impressive 106-point turnaround. The recent CPI induced spike in bond yields triggered an excuse for a morning sell-off. Tech was the best performing sector, supported by a solid lead from the NASDAQ. WTC rallied 4.1% from a morning low (94.41) to finish up 2.5%. RMD up 4.1% helped Healthcare (best in the top 100). The stock slowly finding its feet again and outweighing losses in CSL and COH (both near flat). REITs had an awful day, suffering a double hit of ex-dividends and rising bond yields. SGP, GPT and MGR the worst of the worst. Down 4.6%, 5.9% and 6%. Wiping off nearly a billion dollars in market cap from those three alone. GMG only down 0.9%. Continues to act closer to a tech stock than REIT. Banks also experienced a nervous CPI/bond yield sell-down. Mortgage stress related concerns winning out over expanding margin expectations. CBA, NAB, WBC and ANZ down between 0.6% and 0.8%. All off lowest levels similar to the index as a whole. Consumer discretionary stocks performed better than yesterday. BBN jumped 19% after confirming guidance.
In commodities the iron ore giants finished mixed. A slow expansion in Chinese industrial profits not doing much to ignite the sector. BHP, RIO and FMG -0.4%, +0.5% and +0.2%. Lithium also had a mixed session. The short-sharp bounce from yesterday only following through for some. PLS up 0.9%. LTR and LRS down 0.5% and 2.7%. Uranium managed to rise from oversold levels, nothing convincing yet. BOE (+2%) outperformed PDN (+0.2%). Still consolidating from its recent capital raise announcement. It provided the market with a guidance update today.
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US equities closed broadly higher overnight following a choppy day of trade. The Dow edged up 16 points (+0.04%). Up 72 points at best. Down 203 points at worst. The S&P 500 rose 0.16% and is on pace to enter the second half of the year with a gain of ~15% YTD. The tech-heavy NASDAQ advanced 0.49%, locking in the gain before big tech got hit too hard in late trade after Micron Technology’s outlook missed expectations. US small caps Russell 2000 eased 0.12%, and Wall Street’s Fear Index, the VIX, fell 2.26%. US treasuries rose amid higher inflation data in other countries. 10Y yield +8.2bps, 2Y yield +0.9bps, and the 5Y $70bn note auction was well received. Pressure is mounting on the Japanese yen, sinking to a 38-year low against the USD as the wide interest rate differentials between the two economies favour the greenback. Markets are speculating that Japanese officials will intervene but will likely wait until after the PCE reading on Friday. A top currency official Masato Kanda warned on Monday that authorities were standing by, ready to intervene 24 hours a day if necessary.
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Another floppy start.. US equities ended mixed overnight. The NASDAQ rallied 1.26%, buoyed by gains in chip stocks and Nvidia, up 6.8% bouncing back from a three-session sell-off. The S&P 500 rose 0.39%, snapping a three-day losing streak, while the Dow tumbled 299 points (-0.76%). Up 12 points at best. Down 414 points at worst. US Treasury yields finished near flat line. During trade, the yield curve inversion between the 2Y and 10Y notes deepened to more than 50bps for the first time this year before reversing after strong demand at the 2Y auction nudged that yield off its high. In economics, the US consumer confidence index eased in June amid worries about the economic outlook. The index fell to 100.4 from a downwardly revised 101.3 in May. In Fed speak, more hawkish commentary from Bowman stating it is not yet appropriate to cut rates, and she remains open to hiking rates should inflation progress stall. Bitcoin topped 62k, rebounding from heavy fund outflows the day prior, and the USD Index gained 0.14%.Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence.
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The ASX200 has finished the day up 105 points (1.36%), bouncing back strongly from yesterday’s sell-off. The Energy sector went from worst to best following the overnight oil price rise and bargain hunters circling in. WDS up 3.7%, its best session of the year and KAR up 2.3%. Real Estate was next as bond yields fell. GMG up 0.9% and SGP up 3%. Commodities finally took a break from selling. The big minershad the best recovery despite the iron ore price falling for a fourth straight session. BHP and RIO up 2.1%, FMG up 1.9%. Copper also did well. SFR and 29M up 2.7% and 4.7%. Lithium was mixed. Uranium modestly higher, excluding PDN which recovered 2.7% from its opening drop on resumption of trade. Finishing down 5.1%. JHX rose 4.6% as buyers slow reacted to yesterday’s guidance update. Best performer in the ASX 200. Big banks joined in the rally as Australian consumer confidence improved. NAB up a huge 2%. CBA, WBC and ANZ up 1.4%, 1.2% and 0.6%. Consumer Discretionary also doing well. ALL up 2%. CKF jumped 7.3% on impressive full year results. In Health Care, RMD recovered a small 1.2% after its battering yesterday. Better than CSL, worse than COH. Finally, Tech held on to a small gain. Focussing on the ASX for a change instead of the NASDAQ’s overnight drop. WTC finished flat.
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The ASX 200 has closed down 62 points (-0.8%) to 7734. The morning sell-off in Energy, Health Care, Consumer Discretionary and Commodities accelerated towards the close. Taking all but one of the major eleven sectors into the red with them. Energy finished worst off, oil, coal and uranium stocks down. WDS -2%, WHC -3.3% and BOE down 5.3%. PDN remains in trading halt. RMD finished close to its lows, -13.2%. CSL and COH holding up better. Down 0.3% and 0.4%. PME ploughed higher to another 52-week high, an unstoppable force currently. Up 0.47%. CTT lost around $400m in market cap, down 49% and 52% at worst. In commodities, there was nowhere to hide. Save for JHX (+1.3%) which reiterated guidance and a few mining contractors. IPL up 2.5% and ORI up 1.1%. Iron ore giants down, gold down, copper down, lithium down, rare earths down. All down. The defensives held up OK, ORG off 0.9% but AGL up 1.1%. WOW and COL only fell 0.6% and 0.1% on news the government may impose heavy fines to supermarket giants found guilty of unfairly squeezing suppliers on pricing. Tech fairly flat and the big banks gave in to selling pressure after midday. The big four down between 0.3% and 1%.
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The ASX200 has finished the day up 27 points (0.34%) and up 72 points for the week. Utilities and Energy were the best two performing sectors on the back of last night’s oil price rise. WDS up 1% and KAR up 3.6% on a broker upgrade. Utility stocks ORG and MCY saw big gains on a double hit of rising oil price and news of European sanctions on Russian natural gas. Up 3.3% and 4.1%. Telecom up again, TLS and REA gained 1.4% and 3.2%. TLS had its best week for some time. One of the least volatile stocks on the ASX, it added 4.6%. Health Care, Tech and REITS also in the green. COH recovered 3.2% of its 4.8% drop yesterday. Industrials and Consumer Discretionary were the only sectors to finish down. The big banks closed flat save for ANZ, off 0.9%. CBA is close to overtaking BHP as Australia's most valuable company. KMD had trading halting pending news of an earnings downgrade. It lost 7.7% on resumption. GYG closed down 3.3% on its second day of trading, was down 8% at worst.
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Wall Street ended mostly mixed overnight. The Dow Jones outperformed, advancing 300 points (+0.77%). Up 398 points at best. Down 56 points at worst. The S&P 500 briefly topped 5,500 points for the first time ever. A year-end target multiple brokers have forecasted before losing traction, falling 0.25%. The NASDAQ fell 0.79%, snapping a seven-session streak of record closing highs weighed down by losses in big tech. Nvidia -3.5% and Apple -2.2%. In economics, initial jobless claims came in at 238k, up from 235k expectations, and US housing starts fell 5.5% to an annualised 1.27m in May-24, the lowest level since July-20. Treasury yields rebounded, the 10Y yields rose above 4.27% before finishing at 4.261%. They touched a three-month low earlier in the week. The 2Y yield edged up 2.1bps. Nothing new or material in Fed speak, Fed’s Kashkari said rate outlooks depend on path of data.
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The ASX 200 has finished flat to 7769, slightly better than futures were suggesting. A quiet session that lacked direction, following a similarly quiet night in Europe while US markets were closed. Tech and Health Care the only sectors with significant moves. Health Care worst off after a 4.8% drop in COH (no new news). CSL and RMD fell in sympathy 0.8%. Tech stocks were sold off despite NASDAQ futures heading higher. WTC down another 0.5%, XRO down 0.2% and NXT off 1.6%. The other major sectors all traded in a narrow range. REITS finished on top thanks to solid gains in SCG, VCX, GPT and MGR. Big banks regained some ground from yesterday. The CBA best, up 0.6%.
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The Australian market has finished the day down 8 points (-0.11%) to 7770. Energy was the standout performer on the back of another strong gain in the oil price (WTI was up 1.7% overnight). WDS and STO up 1.3% and 1.1%. BPT in contrast was hit hard, down 4.3% on multiple broker downgrades after the company announced low er production and higher CAPEX yesterday. Staples continued their strong run, up in every session this week. WOW and COL up 0.1% and 0.7%. TWE up 2.7%, positive China-Australia sentiment giving the stock a boost. Tech mirrored the NASDAQ, closing near flat. WTC’s short-term selling took a break, up 0.1% while XRO gained 0.8%. REITs and Healthcare closed near flat. The big banks closed down between 0.4% and 0.8% with NAB the exception. Up 0.5%. In commodities, the iron ore giants finished flat. FMG lost a 2.5% morning gain. Citi downgraded its 2025 iron ore price forecasts while lifting those for copper and aluminium. SFR finished down 1.7%, AWC down 0.6%. Uranium stocks were in the green after the Coalition announced plans to build seven nuclear reactors by 2050 if elected next year. PDN, BOE and DYL up 1.1%, 2.2% and 4.2%. Gold stocks responded well to the overnight commodity price rise and bond yield drop. Lithium down again.
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The ASX 200 has finished the day up 78 points (1%) to 7778, closing near the high. The RBA’s decision to hold rates passing unnoticed by the market. Bond yields did respond, the AU2Y rising 5bp on the announcement and subsequent Michele Bullock press conference. The Utilities sector was the star performer thanks to a 3.5% rise in ORG. Banks were next best with solid gains continuing. MQG up 2.6%, the CBA up 2% (will tend to do better than its peers which have gone ex-dividend already). ANZ, WBC and NAB still up between 0.9% and 2.1%. Defensives kept up the winning streak. Industrials, Health Care and Staples doing well. TCL unperturbed by the bond yield gains. Up 1.6%. SVW recovered some of its 2.1% drop yesterday. Materials was the only major sector to finish flat thanks to FMG’s big block sale commencing. Down 5.2%. BHP and RIO both managed gains after five straight down days. Up 0.6% and 0.9%. Gold stocks were mixed as bond yields rose. NEM up 2.2% on a broker upgrade. NST down 1.1%. Uranium fairly flat aside from BOE up 2.2%. Spot prices hovering around US$85 a pound. Lithium stocks had a small relief rally after taking a battering. PLS the best up 3.8%. It had fallen 25% in less than a month.
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ASX 200 limped to a 34-point rise to 7750 (+0.4%), following the US higher without great enthusiasm. Jobs numbers this morning point to no reason for the RBA to cut rates. Meeting next week. Once again, it was a tale of two sectors. Banks up, and resources down. The Big Bank Basket continued to trundle higher, up to $216.44 (+0.8%) led by CBA up 1.1%. NAB is at a nine-year high, up 0.8%. MQG slipped 0.6%, and ASX fell 8.0% on a blowout in Capex. REITs once again better on lower 10-year yields. GMG up 2.3%, and VCX up 0.8%. Industrials were also firm, WES recovered another 1.2%, TCL rose 0.7% on lower rates, ‘old skool’ platforms did well, REA up 3.2%, and CAR rallied 1.1%. Tech also in demand, with WTC up 2.0% and XRO pushing 2.3% higher. The All-Tech Index up 1.9%. Healthcare better too, with CSL up 2.0% and SHL up 1.0%. A different story in iron ore with BHP and RIO both easing. Lithium and base metal stocks failed to launch following better LME pricing. Gold miners were mixed with NST down 0.2% and EVN off 0.5%. Oil and gas stocks fell, WDS down 0.9%, but uranium stocks saw a modest bounce, BOE up 1.0%, and PDN falling 0.8%. In corporate news, SIG fell 3.7% as the ACCC has some concerns about the Chemist Warehouse deal. CSR shareholders voted to accept the French takeover, ending a 62 - year run as an ASX-listed company. QAN fell 0.5% after it bought out the remaining TripADeal shareholders. TLX is in a trading halt as it finalises its Nasdaq IPO. On the economic front, unemployment fell slightly to 4%. Asian markets lower, China down 0.2%, HK up 0.5% and Japan off 0.9%. 10Y yields back to 4.21%. Dow Futures -0.1%, and NASDAQ Futures +0.7%.
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Wall Street ended mixed overnight. The S&P 500 and NASDAQ both posted record closing highs for a third consecutive session, gaining 0.85% and 1.53%, respectively, with the S&P 500 topping 5,400 for the first time in its history. The Dow fell 35 points (0.09%), losing its morning gains. Up 373 points at best. Down 126 points at worst. The FOMC meeting can be dubbed as a nothing burger, the Fed held rates as expected and pencilled in just one rate cut this year and forecast more for 2025, with the 2024 FOMC median dot showing 25bp of cuts vs 75bp prior, signalling no rush to cut rates. Inflation data came in cooler than expected as cheaper gas and other goods offset higher costs for rental housing, though remains too high for the Fed to start cutting rates before September. Treasury yields dropped, 10Y yield fell 8.4bps to 4.318% after hitting 4.25%, its lowest level since April 1st, and the 2Y yield eased 7.8bps to 4.756%. Market expectations for a September rate cut have jumped to 56.7%, up from 46.8% one day ago, after rising to ~70% in the wake of inflation data, according to CME’s FedWatch Tool.
ASX SPI up 52 Points
COMMODITIES
- Copper prices rise as cooling US inflation boosts rate cut hopes.
- Oil settles up on Mideast tension, gains curbed as interest rate cuts pushed back.
- Gold pares gains on reduced rate cut bets after Fed verdict.
- Iron ore struggles for direction as China data counters soft demand outlook.
- A fifth of copper smelting capacity suspended in May, data shows.
- Strong imports drive surprise crude stock build, fuel inventories also rise, EIA says.
- Gold rush to endure through 2024 though $3,000 mark may prove elusive.
- US imposes sanctions on several Hong Kong, UAE firms for dealing with Russian-origin gold.
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ASX 200 lost another 40points to 7716 (0.5%) ahead of Fed meeting and US CPI. Once again, resources were the biggest culprits as iron ore remains under pressure, BHP fell 0.6% and RIO off 1.5% with base metals falling, S32 continues to soften down 0.8% and PLS falling 2.9%. Uranium stocks on the nose as spot prices head lower, BOE down %, DYL down % and NXG falling hard. Gold miners were mixed to weaker, NST down 0.7% and NEM off 0.5% with gains in EMR. Oil and gas slightly higher as WDS put on 2.6% on a broker upgrade. Banks were a little sloppy with the Big Bank Basket down to $214.33 (-0.5%). CBA down 0.7% and NAB down 0.4%. MQG off 0.7% with REITs slipping, SCG off 0.6% and GPT falling 1.4%. Industrials weaker again, WES off 1.3% with utilities slipping, ORG off 0.9% and Tech off slightly. The All-Tech Index down 0.6%. Retail mixed as JBH up 1.9% with PMV off 0.5%. BAP had a good day, up 1% as brokers speculated that there could be competition for the company. In corporate news, SUL appointed a new chair. Talk on the impending GYG float with one research house questioning the valuation. On the economic front, Chinese prices rose less than expected in May. The CPI rose 0.3% from a year earlier. In Asia, Japan slipped 0.7%, HK dropped 1.1% and China up 0.2%. 10-year yields steady at 4.29%
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The S&P 500 and the Nasdaq Composite rose to fresh closing records on Tuesday, led upward by Apple. The 30-stock Dow Jones Industrial Average lost 120.62 points, or 0.31%, to end at 38,747.42.
ASX SPI down 36
- Oil settled slightly up on forecasts for strong global demand.
- Gold edges up as investors eye Fed outlook, US inflation data.
- Iron ore tumbles to 2-month low on concerns over weakening China demand.
- Copper hits seven-week low on weak China indicators and strong dollar.
- OPEC sticks to 2024 oil demand growth forecast but trims Q1 view.
- Saudi crude oil exports to China to fall for 3rd straight month in July.
- Red Sea ships attacks push 47% more crude oil, fuels around Africa.
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ASX 200 fell 105 points to 7753 (-1.3%) as banks pulled back from record highs and resources came under pressure on commodity price drops on US data. Iron slipping badly towards $100, BHP down 1.8%, RIO down 1.9%, and FMG off 3.2%. Base metal stocks were badly mauled, S32 off 5.2% and PLS falling 3.8%, with other lithium stocks similarly afflicted. Gold miners also whacked on bullion falls, NST down 5.1% and NEM off 3.3%, with EVN down 6.5% and DEG down 6.2%. Oil and gas stocks also fell, with WDS off 0.4% and STO down 0.8%. Uranium stocks fell hard, BOE down 5.3% with PDN sliding 5.5% and coal stocks also in trouble, WHC down 3.9%. Banks slid slightly, with the Big Bank Basket down to $215.40 (-0.7%). WBC and NAB down 1.0%, with MQG falling 1.2%. Insurers down too, with QBE off 1.2% and ASX falling 1.4%. REITs suffered as bond yields rose, 10Y yields hit 4.31%. GMG falling 1.6%, SGP down 2.6% and SCG off 2.8%. Industrials down too, TLS fell 1.1%, with WOW and COL off as utilities eased back. ORG down 2.6%, and APA falling 1.3%. Healthcare offered no harbour, CSL off 0.9%. Tech eased, with the All-Tech Index down 0.5%. In corporate news, BAP rose 14.0% on an approach from Bain Capital at 540c, AGL fell 1.7% spending $150m to take a 20% stake in Kalauza. Saaint Gobain bid for CSR gets FIRB approval. On the economic front, business confidence fell back into negative territory in May. Asian markets mixed again, with China back from a holiday for Dragon Boat Festival down 1.9%, HK off 1.2%, and Japan down 0.2%. Dow Futures down 20 points. NASDAQ Futures down one point.
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The S&P 500 and Nasdaq Composite closed at fresh records as Nvidia lifted tech stocks and investors looked ahead to the Federal Reserve’s interest rate decision.
The broader market index advanced by 0.26%, closing at 5,360.79, while the Nasdaq Composite gained 0.35% to end at 17,192.53. The Dow Jones Industrial Average added 69.05 points, or 0.18%, ending at 38,868.04.
SPI down 46 Friday 33 last night Commodities under serious pressure.
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ASX 200 pushed 38 points higher to 7860 (+0.5%) for a third day of gains. Up 2.1% this week. Today resources took up the running, the Three Amigos of Iron ore kicked higher, BHP up 1.1%, and FMG rallying 1.3%. Gold miners were also in demand on bullion highs, NEM up 2.9% and EVN up 1.8%. Base metals slightly higher 29M up 6.0% with lithium stocks mixed, PLS down 2.9% and MIN down 1.0%. Oil and gas slightly better with WDS up 0.4% and STO rallying 0.4%. Banks pushed a little higher at the close, solidifying recent gains, the Big Bank Basket better at $216.93 (+0.5%). MQG a little better, and Insurers are once again in demand, QBE hitting highs up 0.9%. Industrials generally firm but unexciting. WES managing a kick along up 1.3%, and WOW and COL better. Tech mixed with the All-Tech Index up 0.5%. Healthcare mixed, CSL down 0.2% and RMD up 0.5%. In corporate news, GQG rallied 2.3% on very positive FUM news, 360 fell 6.1% in its US IPO listing, PWR appointed a new CEO. In economic news, we had some household spending data, and the Reserve Bank of India (RBI) kept rates unchanged. Asian markets were weaker, with Japan down 0.1%, HK down 0.7%, and China off 0.3%, with the European market expected to open slightly lower. 10-year yields at 4.23%, and the Aussie dollar edged higher, up 0.1% to 66.72c. Dow and NASDAQ Futures both up 0.2%.
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ASX 200 pushes another 53 points higher to 7822 (+0.7%), with banks leading us ever higher. CBA hitting records up 1.1% as they started making Ai chips (joking), the Big Bank Basket up to $215.88 (+1.0%). MQG also doing well, with financials generally in the green, insurers up around 1.5% and REITs better on rate cut hopes and falling yields. Industrials too up, WES up 1.0% and WOW and COL up around 0.7%. TLS gained 0.6%, and tech stocks are in demand. All-Tech Index up 0.6%, with WTC and XRO both doing well. Resources were a mixed bag, BHP quietly firm, RIO slipped 0.9%, and FMG down 0.3%. Gold miners drew strength from the bullion price, with NST up 1.3% and EVN up 2.1%. Lithium and base metals stocks mixed, PLS up 1.4% and MIN down 0.3%. Uranium stocks still sold off, PDN down 0.4% and NXG off 3.1%. In corporate news, IEL dropped 7.5% on an update following government moves to curb international students. SKC suspended its dividend in a trading update, MFG revealed some stability in FUM, gaining 1.3%. On the economic front, we had building approvals and lending, which showed room to move for the RBA perhaps. Meanwhile, Asian markets were better Japan up 0.3%, China down 0.5% and HK down 0.1%. 10Y yields at 4.22%, and the Aussie dollar edged higher 0.2%. Dow Futures down 17 points. NASDAQ Futures up 4 points.
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ASX 200 rallies 32 points to 7769 (+0.4%) as rate-sensitive and defensives seize the day. Banks pushing onwards and upwards, CBA up 0.8% with the Big Bank Basket up to $213.81 (+0.7%). Insurers rallied for no real reason, QBE up 0.4% and SUN up 1.6%. GQG on the nose following Modi failing to win a majority in Indian elections. REITs are also in demand as 10Y remains subdued after tepid GDP helped rate-cut optimists. GMG up 1.5% with SCG up 1.3%. Healthcare also in demand, defensive maybe. CSL up 1.4%, with RMD up 2.7%. Industrials too in the green TLS up 1.4% with REA up 1.6% and CAR driving hard up 3.4%. Retail also slightly better, LOV bouncing 2.7% and SUL up 1.8%. Travel stocks finding friends and cleared for take-off., WEB up 2.4%, and CTD putting on 1.9%. It was a different story in resources as commodities were hit overnight. Iron ore majors remain under pressure, BHP down 0.9% and FMG off 0.8%. Gold miners too wallowed on bullion falls, NST down 0.3% and NEM falling 2.5%. Lithium depressed, with IGO off 3.3% and PLS down 1.1%. Energy stocks also Billy no friends. Uranium stocks were depleted, and coal stocks were not so merry. WHC down 3.7%.
In corporate news, TWE rallied 5.3% on a guidance update, MPL fell slightly as civil penalty proceedings began, SEK sold its LATAM business, and XRO fell 4.5% on a convertible bond issue. On the economic front, GDP not great, Michele Bullock in Canberra. Canadian rate decision tonight. Asian markets mixed again, HK up 0.4% with Japan off 1.4% and China off 0.5%. Dow Futures up 97 points. NASDAQ Futures down 51 points.
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Stocks in the US finished slightly higher on Tuesday, as the S&P 500 and the Nasdaq added 0.1% each, while the Dow rose 140 points. Investors were digesting fresh data and assessing the health of the US economy and the future path of interest rates. The JOLTS job openings fell significantly more than forecast to 8.059m, the lowest level since February 2021, indicating a cooling labor market.
ASX to fall. SPI Futures down 4 points (-0.05%).
- Base metals lower across the board. Copper -2.24%, Nickel 2.05%, Aluminium -0.37%, Zinc -0.56%, Lead -1.86% and Tin 1.51%.
- Copper %
- Iron ore fell 2.71%, hitting near seven-week lows on signs of weakening short-term and long-term prospects from China. Dalian iron ore -1.56%.
- Gold fell 1.01% as the dollar steadied.
- WTI -1.31% and Brent Crude -1.38%.
- Currencies – AUD +0.06%, USD Index flat, Euro +0.01%, and Bitcoin +2.02%.
- 10Y Bond Yields – US 4.330%, Australia 4.232%, and Germany 2.542%.
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ASX 200 slips 24points to 7737 (+0.3%) in lacklustre trade. Banks held up after good gains yesterday, the Big Bank Basket at $212.35 (+0.6%). Insurers slipped back, and MQG went nowhere. REITs mostly weaker, GMG up 0.6% with others softer, SCG off 1.3% and GPT down 0.9%. Healthcare mixed CSL with a slight gain, SHL down 0.5% again. Industrials were flat, TLS up 0.3% and BXB down 1.2%. QAN rebounded 1.2% with retail still struggling. LOV down 2.2% on broker revisions. HVN off 0.7%. Resources were weaker with the exception of the gold miners, making up some lost ground from yesterday, NST up 1.0% and PRU up 3.0%. Iron ore stocks fell again, BHP down 1.2% as were RIO and FMG off 0.8% and 1.9% respectively. Lithium and uranium stocks fell, PLS down 1.8% and PDN off 1.5%. Oil and gas stocks smacked down on OPEC + news, WDS off 1.8% and BPT off 2.4%. In corporate news, 360 launched an IPO in the US. COE affirmed guidance, and John Borghetti was appointed chair of Crown On the economic front, the Balance of Payments came in a little undercooked. Asian markets mixed again, Japan down 0.4%, China flat, and HK up 0.5%. 10-year yields 4.31%. Dow Futures down 14 points. NASDAQ Futures down 6 points.
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Wall Street closed mixed in a choppy trading session amid soft manufacturing data, and a glitch on the NYSE caused trading halts in dozens of equities. The Dow fell 115 points (0.30%), kicking off June on a sluggish note. Up 49 points at best. Down 439 points at worst. S&P 500 turned green in the final minutes of trading, up 0.11%, buoyed by a rally in tech stocks offsetting a plunge in energy producers. The NASDAQ rose 0.56% while small caps Russell 2000 eased 0.50%. A glitch on the NYSE overnight triggered massive swings in Berkshire Hathaway and Barrick Gold. Trading in at least 60 stocks was halted due to volatility before the technical issues were fixed, and activity resumed as normal. May ISM manufacturing came in at 48.7 (Contraction), below expectations of 49.7, with new orders printing at 45.4, its weakest since May 2023, signalling ongoing soft demand as companies remain unwilling to invest due to current monetary policy. Treasury yields sank on US factory data strengthening the case for multiple rate cuts this year. 10Y down 11.4bps to 4.392% and the 2Y down 6.7bps 4.812%. Oil tumbled following OPEC+ meeting on Sunday and Bitcoin briefly topped $70k.
ASX to fall. SPI Futures down 12 points (-0.15%).
- Base metals mixed. Copper +1.15%, Nickel -1.42%, Aluminium +1.13%, Zinc -1.31%, Lead +0.62% and Tin -0.25%.
- Iron ore and Dalian iron ore fell 3.91% and 0.86% to their lowest level in more than six weeks on signs of weakening steel demand from China.
- Gold up 0.98% on weaker-than-expected US economic data cementing bets that the Fed would cut rates later this year.
- Oil prices tumbled to their lowest level in nearly four months following OPEC+ decision on Sunday to extend most of its oil output cuts into 2025. WTI -3.48% and Brent Crude 4.20%.
- Currencies – AUD -0.01%, USD Index -0.57%, Euro -0.01%, and Bitcoin +2.16%.
- 10Y Bond Yields – US 4.392%, Australia 4.298%, and Germany 2.584%.
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ASX 200 jumps 59 points to 7761(0.8%) as US gives a positive start to the week. Banks as usual leading the charge higher, the Big Bank Basket up to $210.96 (). WBC jumping 2.5%. MQG is up slightly with insurers doing well, QBE is up 2.6%, and SUN rallied 1.3%. REITs strong too, GMG up 1.9% and SGP up 1.8%. Industrials mixed, REA and CAR eased, WES up 0.8% and COL doing well, utilities also in demand, ORG up 1.2% and APA up 1.2%. Tech slipped WTC down 1.3% and the All -Tech Index down 0.3%. Healthcare mixed, PME up 0.9% and RMD slipping 0.8%. In resources, BHP moved another 0.7% higher, despite iron ore falling to a six-week low, PLS and the lithium players modestly better, IGO up 2.2% and LTR up 2.3%. Gold miners on the nose again, EVN down 1.0% and NST off 0.7%. Oil and gas stocks slightly firmer on OPEC Plus news. In corporate news, IMM raising $100m and signing up Merck with a new drug. LOV dropped 10.4% on the CEO succession plan, VUL tapped Gina for some more money, up 7.2%, APM agreed to a scheme from Madison Dearborn and RPL bought Merricks Capital for $235m. In economic news, China’s manufacturing activity expanded at the fastest rate in almost two years in May. Asian markets jumped Japan up 1.2% with HK up 2.3% and China unchanged. 10-year yields 4.37%.
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Wall Street closed mixed following PCE results. The Dow Jones jumped 575 points (+1.51%), registering its biggest daily percentage gain since Nov-23. S&P 500 broke 5,200 before rallying above that level as every sector rallied, gaining 0.80%, and the NASDAQ slipped 0.01%. For the week, Dow fell 384 points (-0.98%), S&P 500 -0.51%, and NASDAQ -1.10% breaking five straight weeks of gains. For May, indices rose rebounding after a weak April Dow +2.3%, S&P 500 +4.8% and NASDAQ +6.88%. PCE price index rose 0.3% MonM in April, matching forecasts and core PCE rose 0.2%, the slowest rate in four months, below expectations. While both annual headline and core PCE inflation remained steady at 2.7% and 2.8% respectively. Treasury yields fell after data showed US inflation stabilised, 10Y yield slid 4.3bps. On the month the 10Y yield has fallen 17.6bps.
ASX SPI up 34 points.
COMMODITIES
- Codelco and SQM ink pact set to reshape Chile's lithium sector.
- Saudi Arabia sets new test for international interest with $13.1bn Aramco sale.
- Hess shareholder vote on Chevron deal easily met majority required -filing.
- Saudi Arabia invites OPEC+ ministers to Riyadh for June 2 meeting, sources say.
- Oil settles down ahead of OPEC+ meeting, posts weekly loss.
- US oil producers maintain modest growth as OPEC+ eyes extended cuts.
- Gold posts fourth monthly rise on Fed rate cut hopes.
- Copper rebounds after US inflation data pushes dollar down.
- Iron ore posts weekly decline on softening near-term China demand.
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The Dow Jones Industrial Average slid 330.06 points, or 0.86%, to 38,111.48. The S&P 500 lost 0.6% to close at 5,235.48. The Nasdaq Composite dipped 1.08% to 16,737.08, underscoring the weakness in technology names.
The Nasdaq Composite and S&P 500 have jumped nearly 7% and 4%, respectively, in May. The Dow has risen 0.8% in the month. All three indexes hit record highs in May.
ASX to rise. SPI Futures up 50 points (+0.65%).
- Base metals lower across the board. Nickel -1.98%, Aluminium -2.86%, Zinc -0.93%, Lead -1.68% and Tin -2.33%.
- Copper fell 2.78% as funds sold off bullish positions.
- Oil prices are down for a second consecutive session on a surprise jump in stockpiles and the reports of weak demand in the US. WTI % and Brent Crude %.
- 10Y Bond Yields – US 4.550%, Australia 4.423%, and Germany 2.658%.
- Currencies – AUD +0.02%, USD Index -0.33%, Euro +0.01%, and Bitcoin +1.33%.
- Gold bounced back, up 0.18%, as the dollar and treasury yields slipped.
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ASX 200 drops another 37 points to 7629 (-0.5%) after a bounce off the 7600 support level. Bank held firm with small losses in CBA and NAB. The Big Bank Basket down to $205.46 (-0.1%). MQG fell 0.6% with insurers mixed, QBE up 0.1% as bond yields rose. SUN off 0.8%, with REITs down, SGP off 0.9% and GMG up slightly. Industrials saw buyers in defensives, WES up 0.8% and ALL up 0.9%, with BXB doing ok, up 0.6%. Tech mixed despite Nasdaq futures showing early losses. The All-Tech Index up 0.4%. REA, CAR and SEK all better. In the miners, BHP sank 1.7% after the bid was rejected again, RIO was down 1.5%, and FMG fell hard again off 3.1%. Gold miners dropped as bullion fell on a stronger USD, NST down 2.8% and EVN off 2.8%. Lithium and copper stocks also falling, PLS down 2.1%, and IGO dropping 4.4%. LTR pulled back 5.5%, with oil and gas stocks slipping. WDS down 1.2%, and STO off 1.8%. Uranium stocks eased back. In corporate news, quite apart from BHP news. AAC and ELD mixed on the rollback of Chinese beef tariffs. CAT lived up to its name with a 9.7% gain on a business update. On the economic front, we had building approvals. Not shooting any lights out to relieve pressure on housing. In Asian markets, a sell-off following US markets, Japan down 0.6%, HK down 1.5% and China off 0.5%. 10Y yields 4.44%.
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The Dow Jones Industrial Average fell 411.32 points, or 1.06%, to 38,441.54. The S&P 500 dipped 0.74% to 5,266.95, marking its first negative session of the last three. The Nasdaq Composite slipped 0.58% to 16,920.58, as Nvidia’s advance somewhat mitigated losses for the technology-heavy index.
All 11 sectors that comprise the broad S&P 500 retreated, underscoring the breadth of market weakness. More than 440 stocks in the index were lower on the day. 10 year Treasury yields jumped after another tepid Treasury bond auction.
ASX to fall. SPI Futures down 52 points (-0.68%).
- Base metals mixed. Copper -0.69%, Nickel -0.27%, Zinc -0.29%, Lead -1.08% and Tin +0.50%.
- Aluminium rose 1.68%, hitting its highest level in nearly two years on supply tightness and buying interest from funds switching from copper.
- Gold down 0.94% on a stronger dollar, higher bond yields and hawkish comments from Fed officials.
- Oil prices ease on demand concerns. WTI -0.82% and Brent Crude -1.29%.
- Currencies – AUD +0.02%, USD Index 0.47%, Euro +0.01%, and Bitcoin -1.36%.
- 10Y Bond Yields – US 4.616%, Australia 4.451%, and Germany 2.689%.
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ASX 200 fell another 101 points to 7666 (-1.3%) in lacklustre trade compounded by nasty CPI number that put rate rises back on the cards. Banks were smacked down, with ANZ down 2.5% and the Big Bank Basket down to $20587 (-1.9%). MQG smashed 1.3% and insurers off with IAG in a class action down 3.1%. ASX fell 1.5%, with fund managers under pressure. REITs also feeling the pain, SGP off 1.5% and SCG down 2.5%. Industrials too under pressure, WES continuing to slide down another 1.1% with WOW and COL falling between 1.3-2%. Tech slipped, and retail down again. JBH off 1.5%, and ALL falling 3.0% despite a bullish report from Macquarie. In resources, crunch day for BHP with its Anglo bid in the UK. The stock held firm. FMG down 3.6%, and RIO sold down 1.5% as iron ore fell for the third day in Asia. Base metals mixed, lithium escaping the wrath and gold miners continued to buck the negativity. Oil and gas stocks down with uranium mixed. In corporate news, IAG facing a class action over pricing for loyal customers, NWS unveiled significant changes falling 0.3%, LLC sold a US business to kick off its restructure, down 2.4%. In economic news, CPI came in hotter than expected and shelved any hopes for a quick rate cut. Asian markets lower, Japan down 1.0%, China up 0.1% and HK down 1.9%. 10Y yields spiked to 4.40% on the CPI news. AUD steady. BHP asks for more time. Again.
Dow Futures down 174 points. NASDAQ Futures down 81 points.
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Wall Street ended mixed overnight in an uneventful day of trading. The NASDAQ closed above 17,000 for the first time ever, up 0.59% supported by gains in Nvidia +7.0%, reaching a $2.8 trillion market cap boosting other chip stocks and the PHLX Semiconductor Sector index 1.86%. The Dow slipped 217 points (-0.55%), and the S&P 500 ended flat +0.02% following a sharp rise in treasury yields, with the 10Y treasury note advancing 8.1bps to 4.54% after an auction of 5Y and 2Y notes triggered a selloff. In economics, US consumer confidence improved unexpectedly, with the consumer confidence index rising to 102 in May from an upwardly revised 97.5 in April, remaining within a relatively tight range for more than two years. Nothing new on the narrative front from the Fed, Kashkari said he would need to see “many more months of positive inflation data” before contemplating rate cuts and stated the Fed should not rule anything out when asked about potential rate hikes.
ASX to fall. SPI Futures down 46 points (-0.59%).
- Base metals higher on prospects of rate cuts, a weaker dollar, and strong data from China. Copper +1.79%, Nickel +1.36%, Aluminium +2.86%, Zinc +1.68%, Lead +1.96%, and Tin +2.61%.
- Gold advanced 0.44%, helped higher by a weaker dollar as the market awaits inflation data later this week.
- Currencies – AUD -0.05%, USD Index +0.01%, Euro -0.01%, and Bitcoin -1.80%.
- 10Y Bond Yields – US 4.548%, Australia 4.348%, and Germany 2.601%.
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ASX 200 drifts 22 points lower to 7767 (-0.3%). A quiet session with some of Monday's exuberance fading. Banks were steady, with the Big Bank Basket at $209.80 (+0.1%). ANZ the best of the bunch. Insurers slightly firmer, SUN up 0.1% and NHF up 0.4%. REITs were pretty steady SGP up 1.8% and GMG down 0.6%. Industrials eased, TLS down 0.6%, WES down again off 0.4%, with TCL falling 1.6%. Tech eased back, with the All-Tech Index down 0.6%. WTC off 0.6%. In resources, BHP continues to hold steady ahead of the 'put up or shut up' deadline on the Anglo bid. Gold miners better, NEM up 0.3% and EVN up 0.5% on bullion rises. Oil and gas mixed, WDS down 0.3% and STO up 0.5%. Uranium stocks fell as the spot price eased back to $90. In corporate news, BOE sank 10.9% on news of three directors selling down considerably. WBC’s RAMS is being investigated over home loans. PWR dropped 12.6% on an earnings downgrade, and PME won another contract worth a minimum of $45m. PLY lifted its guidance too, and the stock jumped 6.1% in response. On the economic front, retail sales came in below forecasts at a weak 0.1% MonM rise. Asian trade mixed, Japan up 0.1%, China down 0.3% and HK off 0.1%. 10Y yields steady at 4.26%. Dow Futures up 18 points. NASDAQ Futures up 38 points.
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US and UK markets closed for holidays.
ASX to edger higher. SPI Futures up 6 points (+0.08%).
- Currencies – AUD +0.03%, USD Index -0.12%, Euro +0.01%, and Bitcoin +1.62%.
- Gold up 0.73%, bouncing from a two-week low as markets assess diminishing bets of rate cuts ahead of CPI data this week.
- Brent Crude rose 1.03% in muted trade due to public holidays in Britain and the US.
- 10Y Bond Yields – Australia 4.278%, UK 4.257 and Germany 2.554%.
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ASX 200 rose 61 points to 7788 (0.8%). Solid bounce off 7700 support on low volume and volatility. Banks led the market rally, the Big Bank Basket up to $209.51 (+1%) with ANZ the winner up 1.1%. MQG rose 0.7% with ASX up 1.7%. Insurers lightly better, SUN up 0.6%. REITs did better as GMG rallied 2.3% with SCG up 1.3%. Industrials were too back in demand, TLS up 2.3% as defensives were bid up, WOW up 1.2%, and WES rebounding 1.2%. Consumer stocks better, WEB up 1.3% with JBH better by 1,3% and BAP doing well up 3.6%. Resources a little mixed, lithium slightly depressed, PLS down 1.0% and MIN off 0.3% with BHP up another 1.1% going against the trend in RIO and FMG. Gold miners recovered from a sell off, NST up 1.8% and EVN up 2.6%. Oil and gas stocks flat. In corporate news, LLC rose 8.0% after announcing a serious strategic review and internation projects on hold. CTT rallied 10.1% after denying any truth in media reports, NEU rallied hard on Phase II test results. Up 15.5%. Nothing on the economic front, Asian markets better with Japan up 0.4%, China up 0.5% and HK up 0.8%. 10-year yields steady at 4.27%.
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Wall St bounced back from Thursday losses with a strong session overnight. The Dow Jones finished flat while the S&P 500 and NASDAQ gained 0.7% and 1.1%. The utilities and technology led rally came after economic data indicated a strong US economy with falling inflation expectations. Core capital goods orders increased by 0.3% vs expectations of a 0.1% rise. This is seen as a proxy for business spending while consumer inflation expectations fell from 3.5% to 3.3%. The five-year inflation outlook now sits at 3%. On the negative side, consumer sentiment dropped to a five-month low. Chances of a Fed September rate cut dropped again, now down to 49%. For the week, the Dow Jones lost 934 points or 2.34%, halting its five week rally. The NASDAQ in contrast gained 1.41% and the S&P 500 finished near flat. The ASX 200 closed out the week down 1.1%.
ASX SPI up 47 points
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The ASX 200 falls another 84 points to 7728 as US markets and commodities weigh. Down 1% for the week. No recovery from lows either, although it tried once; banks were hit as profit takers moved in, and the Big Bank Basket went down to $207.50 (-1.4%). CBA crashed 1.5% with WBC off 1.2% and MQG down 0.8%. Insurers slid too with QBE down 1.5%. REITS slipped away led lower by GMG off 1.5% and SCG down 1.6%. Industrials were hit with WES continuing its slide down another 3.8%. WOW and COL also in the doghouse today with falls around 1.2%. Tech down as XRO fell 2.7% and WTC off 1.4%. REA and others in the platform space fell, with healthcare seeing sellers ahead of a long US weekend. RMD down 3.2% and SHL falling 3.0%. Resources were a slight surprise, outperforming after the rout yesterday. BHP was down a modest 0.6%, FMG fell 0.8%, and lithium stocks fell hard again. PLS down 1.5% and MIN off 1.9%. Gold miners could have been worse, NEM down only 0.9% and EVN up 0.5%. Oil and gas stocks better, STO up 0.1% and WDS gaining 0.7%. In corporate news, APX rose 2.5% on an update, PPT lifted its stake in SGR to 8.8%. Nothing on the economic front locally. Asian markets all weaker. European markets set to follow the US lower. 10-year yields are relatively steady at 4.31%.
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U.S. stocks ended Thursday’s trading session in the red. The Dow Jones Industrial Average declined 605.78 points, or 1.53%, marking its worst day of 2024. The S&P 500 dropped 0.74%, and the Nasdaq Composite fell 0.39%.
Boeing falls over 7% dragging Dow lower. Nvidia up 9.3% helping Nasdaq.
ASX SPI Futures down 83.
- Oil falls for fourth straight session on US inflation jitters.
- Gold slips to over one-week low on hawkish Fed.
- Copper dips for third straight day on profit-taking, weak demand.
- Texas power demand to break May record in heat wave on Friday.
- China's food security dream faces land, soil and water woes.
- China state stockpiler aims to buy up to 15,000 T of cobalt.
- Copper’s M&A mania obscures a dysfunctional market.
- Russia finds it challenging to keep the lid on oil output.
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The ASX 200 falls 36 points to 7812 (0.5%) off the session lows as defensives rallied hard. NASDAQ futures improved helped by Nvidia results a positive. Healthcare and supermarkets did well. CSL up 1.4% with RMD rallying 1.0% and COH up 1.6%. WOW and COL also bucking the trend with WES continuing to fall. TLS managed a 1.2% rally after the recent drubbing. BXB put on 1.0% and SVW up 1.0%. Utilities doing ok, ORG up 1.9% on the power station news, and Tech better led by XRO with some good results rallying 8.7%. The All-Tech Index up 0.9%. In the banks, a little sloppy today The Big Four off around 1% and the Basket down to $210.38 (0.8%). Insurers better with QBE up 1.1% but MQG down 1.0%. REITS dipped with SCG off 0.9% and GPT down 1.1%. Resources were the problem today, BHP dropped 2.9% on its third and ‘final’ bid for Anglo being 9% higher and rejected again. RIO was dumped down 2.0% and FMG off 1.1%. Lithium and base metal stocks fell hard. Uranium was smacked down, PDN down 5.0% with BOE off 5.3%. PLS fell 1.5% and gold miners also on the seller’s lists. NST down 3.3% and NEM off 3.8%. AWC had a nasty day down 3.3%. Oil and gas unchanged. In corporate news, NUF sank 7.1% on falling profits and TRS fell 5.2% on a profit warning. NEU in a trading halt pending news on a drug trial. Nothing on the economic front today. Asian markets mixed with Japan up 0.6%. China down 1.3% and HK off 1.7%. 10-year yields steady at 4.26%.
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U.S. stocks ended Wednesday’s session in the red. The Dow Jones Industrial Average fell around 202 points, or 0.5%. The S&P 500 and Nasdaq Composite declined 0.3% and 0.2%, respectively.
Nvidia reports after hours beating expectation up around 5.5%
ASX to fall. SPI futures down 74 points.
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ASX 200 fell 4 points today to 7848 as we await Nvidia results in US. Mixed session all round. Banks were slightly higher with ANZ up 1.1% and the Big Bank Basket up to $211.98. MQG rallied 1.3%, with insurers doing well too, QBE up 1.1%. GQG had a good day, up 6.3% on a director's interest; REITs are generally better, with GMG up 0.5%. Industrials were weaker, APE crashed 15.0% on a profit warning, WES fell 1.8%, and WTC rose 1.5% in mixed techs. ‘Old Skool’ platform stocks eased, retailers fell, PMV down 2.2%, and SUL of 3.4%. In resources, iron ore picked up and the ‘Three Amigos’ rallied further, FMG up 1.1% and RIO up 1.6%. BHP a little left behind, but it is crunch day today in London. Lithium stocks fell, PLS down 2.2% and MIN off 1.0%. IGO tumbled 3.3%, with NIC under pressure off 2.4%. Gold miners, too, fell out of bed, NST down 1.6%. In corporate news, TLS gave us yet another reason not to buy it with the job losses and shrinking to mediocrity, down 4.2%. WEB took off as it floated plans to demerge the company and announced very positive results. TLX jumped 2.5% on US listing plans. PMT raised money at 85c. In economic news, the RBNZ kept rates unchanged. Asian markets mixed again, Japan down 0.8%, China and HK up a small amount. 10-year yields at 4.27%.
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The ASX200 holds onto most of yesterday's gains.
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ASX 200 fell 67 points to 7814 (-0.9%) as broad-based losses after a huge run yesterday. Index up 0.84% this week. Banks eased back despite an 8.2% run in BEN after results beat expectations. The Big Bank Basket fell to $210.47 (-0.6%). MQG dropped 1.3%, and other financials under pressure. Insurers slid, QBE down 1.5% and SUN off 0.2%. MPL dropped 2.2% as hacking concerns remain. REITs under pressure today, with GMG down 1.1% and GPT falling 2.9%. Healthcare was whacked, CSL down 2.4% and SHL off 1.5% with RHC falling 1.9%. Industrials also eased, WOW down 0.6% with COL off 0.9%. Tech fell back after a stellar run yesterday, XRO fell 5.1%, with the All-Tech Index down 2.1%. Retail is under pressure, with PMV down 2.0% and LOV off 2.7%. DMP stuffed crust down 3.2%. Travel stocks on the nose too. Resources were better, Iron ore stocks continued to find friends, BHP up 0.8% and FMG up 1.2%. Lithium, too, saw buyers, PLS up 2.2%, and LTR rising 4.9%. Gold miners fell as bullion dropped, NST down 1.7% and NEM down 1.3%. Oil and gas stocks continued to be unloved, WDS off 1.5%. In corporate news, BEN rose 8.2% as trading update, and margins were better than expected. LLC fell 2.1% after it agreed to sell its Asian businesses, SGR had the casino licences in QLD suspended now until December 24, down 2.2%. Nothing locally on the economic front, China saw some positive and negative data, as usual, it's complicated. Asian markets were quiet, Japan up 0.3%, HK up 0.6%, and China up 0.3%. 10-year yields at 4.21%.
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The Dow Jones Industrial Average closed slightly lower Thursday after briefly jumping above 40,000 for the first time. At its high of the day, the blue-chip average reached 40,051.05, the culmination of a bull market that began in October 2022.
Ultimately, the 30-stock Dow ended the day down 38.62 points, or 0.1%, closing at 39,869.38. The S&P 500 fell 0.21%, closing at 5,297.10. The Nasdaq Composite finished the day lower by 0.26%, ending at 16,698.32.
The Dow has climbed nearly 6% in 2024, while the Nasdaq and S&P 500 are up 11% each.
ASX to fall. SPI Futures down 44 points (-0.56%).
- Base metals are broadly higher. Copper +0.13%, Nickel +0.23%, Zinc +0.08%, Lead -0.20% and Tin +0.18%.
- Aluminium is marginally higher, +0.04%,as LME aluminium stocks rise to their highest levels since October 2021.
- Gold slipped 0.44% as the dollar rebounded.
- Oil prices edged higher on positive economic data. WTI +0.77% and Brent Crude +0.66%.
- 10Y Bond Yields – US 4.377%, Australia 4.219%, and Germany 2.456%.
- Currencies – AUD -0.01%, USD Index +0.15%, Euro +0.01%, and Bitcoin -0.97%.
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ASX 200 jumped 128 points (+1.7%) to 7881 as good US CPI and better-than-expected local jobs data created a tsunami of buying in large caps. Big banks closed higher, CBA was up 1.9% to fresh highs, and the Big Bank Basket was up to $211.81 (+2.0%), close to a record high. NAB the standout up 2.4%. MQG also doing well up 2.9%, with insurers and financials rallying hard. QBE up 1.0% and SUN up 0.8% with MPL under another hacking cloud down 0.5%, but it seems it was not them this time. REITS screamed higher on lower rates and possible rate cuts. 4.1% the headline number on the unemployed is good news for Bullock, just not such good news for the unemployed. GMG up 4.1% with SGP up 1.7% and SCG rallying another 2.8%. Industrials firm across the board. WOW up 1.7%, and COL up 1.5%. TCL rose 1.6%, and SVW had a good day up 3.2% with BLD rising in its wake. Tech stocks on a tear, with WTC up 4.4% and XRO up 4.8% as the All-Tech Index rose %. Resources were also in demand. The ‘Three Amigos’ all doing well, BHP up 1.0% and FMG up 2.2%, with lithium plays shrugging off some early losses, PLS up 0.8% and MIN up 1.6%. Gold miners were in demand, with big rallies in EVN up 2.6%, and BGL up 2.2%. Oil and gas stuck in the slow lane. In corporate news, ACCC has intervened in the bidding war for NAM, ALL jumped 12.3% on better-than-expected results. And IPL better by 5.3% on its results. On the economic front, revisions for March and a worse (better) than expected 4.1% in April on the unemployment number saw all bets on a rate hike erased. Asian markets better, with Japan up 0.2% HK up 1.7% and China up 0.4%.
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ASX 200 finishes up 27 points to 7754 (+0.4%), basking in a warm post-budget glow. The main driver of the advance was retail stocks and BHP, which was buoyed by talk it may just walk from Anglo discussions. Up 2.2%. Some budget winners in focus today, with some of the critical metal stocks finding some friends, although gains were muted in the end. Gold miners slightly better, with NST up 0.4% and PRU up 2.2%. Lithium stocks took the cue from better prices overseas, PLS up 0.3% and LTR rising 1.5%. Oil and gas stocks eased as oil prices fell. Banks were slightly easier, with the Big Bank Basket down to $207.72 (-0.1%). ANZ the big faller down 1.2%. MQG also in trouble off 1.0%, with ASX off 1.4% on a broker downgrade. REITs better across the spectrum, SCG up 1.6% and SGP up 2.4%. Industrials firmed, TLS having a good day up 0.6%, and informed me I had won a new phone. TCL slipped 1.8%, with healthcare mixed on budget news, RHC down 1.0%. Tech flat, retail better, PMV up 2.4% and JBH up 0.4%. In corporate news, STO announced 2000 job cuts, SXL rejected the ARN deal, and IRE sank 1.8% on data leak news. AAC dropped 1.4% after a challenging year, and CSR's aluminium operations sharply fell to an annual loss of $29m. In economic news, wage growth slowed to 0.8%. Asian markets mixed again, with Japan unchanged, HK closed and China off 0.5%. 10Y yields steady at 4.324%. Dow Futures up 14 points. NASDAQ Futures down 8 points.
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Wall Street ended higher overnight, near best levels in another lower volume trading session leading into CPI results tomorrow. Markets shrugged off a mixed reading on producer inflation, and Powell signalled that interest rates will be higher for longer. Dow +127 points (+0.32%). Up 185 points at best. Down 60 points at worst. S&P 500 gained 0.48%, just a few points away from its record, and the NASDAQ rose 0.75%, closing at record high, with Tesla +3.3% and Nvidia +1.1% leading gains in Megacap tech stocks. US PPI rose more than expected in April, up 0.52% MonM, significantly above expectations of 0.3% as the cost of services and goods rose sharply. Powell described PPI results as more mixed than hot, given the prior period was revised lower. US treasury yields slipped, following PPI results, 10Y down 4.5bps, 2Y down 4.7bps, with the inversion between the 2Y and 10Y little changed at -38.1bps. US President Biden unveiled steep tariff rises on Chinese imports, including EV batteries, computer chips, and medical products affecting $18bn in imported Chinese goods.
ASX to rise. SPI Futures up 30 points (+0.40%).
- Base metals mixed. Copper %, Nickel %, Aluminium %, Zinc %, Lead % and Tin %.
- Copper fell 1.32% on arbitrage trading and speculative buying by funds. Copper producers and traders are shipping more metal to the US to profit from higher prices for CME futures compared to LME.
- Gold gained 0.90% helped by a pullback in the USD and treasury yields.
- Oil prices eased after US data raised concerns that interest rates may stay higher for longer but supply concerns put a floor under prices. WTI down 1.35% and Brent Crude off0.76%.
- Currencies – AUD +0.03%, USD Index -0.19%, Euro +0.02%, and Bitcoin -1.87%.
- 10Y Bond Yields – US 4.445%, Australia 4.343%, and Germany 2.540%.
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ASX 200 closed down 23 points at 7727 (0.3%). Sloppy quiet markets across the board with banks down modestly. The Big Bank Basket unchanged at $207.93. ANZ fell 0.7% with MQG falling 0.1% and insurers down on lower yields, QBE off 1.3% and SUN off 1.3%. REITs dropped led by GMG down 0.8 % with SCG off 1.0% with VCX falling 0.8%. Industrials weaker but no real damage, TCL down 1.8% with COL off 1.2% and SVW down 3.1% as it increased its BLD shareholding to close to 92%. ALX saw IFM lift its holding to 26%. Tech stocks eased with the All-Tech Index down 0.5%. Resources slipped with BHP off 0.2% as Anglo knocked back the latest approach, FMG down 0.9% with gold miners weaker, NST off 1.2%. Oil and gas stocks lower and uranium shares easing back. In corporate news, GUD rose 12.2% on a late trading update yesterday. HLS up 4.7% on refinancing news and a lower debt facility. On the economic front, not much here ahead of the well-leaked budget. Asian markets slightly lower with Japan up 0.1%, HK and China pretty much unchanged.
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The 30-stock Dow posted its first losing session in nine at the end of Monday’s regular trading session, snapping what had been its longest daily win streak since December. The S&P 500 inched lower by 0.02%. The Nasdaq Composite was the outperformer, rising roughly 0.3%.
- S&P 500 barely changes as investors hold tight ahead of inflation data.
- Fed to cut rates in September, say nearly two-thirds of economists.
- Israeli forces press Gaza offensive from north and south.
- ASX to slip, S&P 500 dips as CPI awaited – AFR.
- Australia sees second straight budget surplus, inflation easing sharply.
- NY Fed survey finds general expectations of higher inflation.
ASX set to open slightly lower. SPI futures down 8 points.
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ASX 200 rose 1 point to 7750 in quiet pre-budget trade. Narrow trading range with banks weaker as ANZ and MQG went Ex Dividend. The Big Bank Basket up to $208.05 (+0.5%). Insurers tickled higher QBE down 0.1% and SUN up 0.4% with REITS slightly lower, GPT off 0.7% and SCG down 0.6%. Industrials mixed, WOW up 1.0% but REA off 1.6%, SVW fell 2.4% and WES up 0.8%. Tech stocks mixed too XRO down 1.9% with WTC up 0.7% and the All-Tech Index down 0.6%. In resources, BHP pushing higher as FMG fell 0.6% and RIO dropped %. Lithium and uranium stocks falling hard in places, NXG dropped % with PLS off 1.5% and MIN down 0.9%. Gold miners mixed as DEG cap raise weighed on the sector. Oil and gas stocks are falling, WDS is down 1.1%, and BPT is up modestly. In corporate news, FBU has yet another profit warning falling 10.9%, SXL fell 9.0% as part of the consortium pulled out, RMS upgraded its Mt Magnet outlook rallying 1.5% and SYA down 6.8% on drilling results in Canada. In economic news, plenty of leaks from the Budget due tomorrow night, NAB business survey was pretty much stable. Asian markets mixed, Japan down 0.3%, China unchanged and HK up 0.7%. 10-year yields 4.34%.
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Wall Street closed narrowly mixed after fresh data showed consumer sentiment fell to a six-month low and short-term inflation expectations picked up. Dow up 125 points (+0.32%), marking its eighth consecutive gain, S&P 500 rose 0.16%, and the NASDAQ ended marginally lower, off 0.03%. For the week, Dow +2.16%, S&P 500 +1.85%, and NASDAQ +1.14%. Q1 reporting season in the US is nearing the finish line. Of the 459 companies in the S&P 500 that have reported, 77% exceeded expectations, according to LSEG data. Treasury yields rose ahead of inflation data next week, with the 10Y up 4.1bps and the 2Y up 5.2bps.
ASX SPI Futures down 9 points. Quiet day ahead.
- Base metals mixed. Nickel +0.47%, Zinc +0.76%, Lead -0.23% and Tin -1.21%.
- Aluminium down 1.42% as LME registered warehouse reported an 88% jump in aluminium stocks to 903,850 metric tons, their highest level since January 2022.
- Copper up 0.80% as traders chased arbitrage opportunities with growing gaps between prices in Chicago, London and Shanghai.
- Gold up 0.78%, building on momentum fuelled by weaker US jobs data this week.
- Oil prices fell nearly $1 a barrel overnight on further comments from Fed officials reinforced higher for longer interest rates. WTI -1.30% and Brent Crude -1.52%.
- Currencies – AUD -0.26%, USD Index +0.07%, Euro -0.11%, and Bitcoin -3.01%.
- 10Y Bond Yields – US 4.500%, Australia 4.360%, and Germany 2.514%.
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ASX 200 finished up 27 points at 7749 (+0.4%) for a 1.6% rise this week. Bargain hunting from oversold levels in the banks and industrials after the rout yesterday drove the market higher. The Big Bank Basket up to $207.10 (+0.7%). WBC rebounded 1.3% with ANZ up 1.0%. MQG followed US Investment banks higher up 1.2%, other financials better, SOL up 1.2%, and MFG up 1.9%. REITs rallying again, GMG down 0.3 % with SCG up 0.3%. Industrials mixed. TLS rallied 0.6%, REA up 1.4% on broker upgrades. CAR doing well, up 0.6%, ALL bouncing 0.7% and tech slightly higher. The All-Tech Index up 0.1%. In resources, the three Amigos going nowhere, FMG down 0.8%. Lithium stocks slipping slightly. Gold miners on the up, with bullion pushing higher, NST up 1.2% and NEM up 1.9%. Oil and gas better as Albo backing helps, WDS up 1.9% and STO up 2.1%. In corporate news, 360 fell 2.5% on an update, SBM jumped 14.6% on its outlook for Simberi. SUN fell 0.7% on bad loan news QBE up 0.1% on premium update. Nothing significant on the economic front. Asian markets benign, Japan up 0.5%, HK up 2.1% and China +0.1%. 10-year yields steady around 4.33%. Dow Futures up 51 points. NASDAQ Futures up 11 points.
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Dow jumped 331.37 points, or 0.85%, to close at 39,387.76 and notch its longest win streak since a nine-day run in December. The S&P 500 added 0.51% to close at 5,214.08, while the Nasdaq Composite gained 0.27% and ended at 16,346.26.
ASX to rise. SPI Futures up 23 points (+0.30%). A bond auction met with strong demand helped drive yields lower on Thursday.
- Base metals higher across the board on a weaker USD and soft labour data. Copper +0.32%, Nickel +1.47%, Aluminium +0.71%, Zinc +0.66%, Lead +0.22% and Tin +1.39%.
- Gold gained 1.61% on fresh labour data that indicated a rising number of Americans filing for unemployment
- Oil prices rose to a one-week high on data from China and the US signalling stronger demand. WTI +0.36% and Brent Crude +0.44%.
- Currencies – AUD flat, USD Index -0.30%, Euro +0.01%, and Bitcoin +1.52%.
- 10Y Bond Yields – US 4.459%, Australia 4.340%, and Germany 2.486%.
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ASX 200 retreats significantly as bank weakness, retail woes and commodity issues pushed us down 83 points to 7722 (1.1%). CBA fell 2.2% on quarterly update, WBC crashed on ex-dividend down 5.6% with the Big Bank Basket down to $205.72 (-2.4%). MQG was a patch of green with REITs off too, GMG falling 1.67%, MGR falling 1.0%. Insurers steady QBE up 0.6% and SUN better as yields rallied to 4.35%. Flight to safety. Healthcare under pressure, CSL down 1.0% with RMD falling 2.3% and tech off as WTC fell 1.1% and XRO down 1.4%. The All-Tech Index fell 0.6%. Industrials swooned on some retail updates at Macquarie Conference, JBH down 2.5%, SUL off 5.5% and WES down 3.5%. QAN still finding some friends up 1.5%. In resources, BHP and FMG down around 0.8% with lithium stocks a little weaker, PLS down 0.2%. Gold miners under pressure, DEG pulling $600m from gold investors not helping. NST down 0.8% and RED off 1.1%. Oil and gas better, WDS up 0.8% and STO up 0.9% on new government commitment to gas. On the corporate front, BBN spat the dummy dropping 23.4% on a up(down)date. SUL down 5.5% on its sales update, and TPW gave up some serious ground on its latest sales numbers, falling 17.9%. JDO fell 0.4% on an update and ORI exploded 0.6% higher on its update. On the economic front, better Chinese export numbers. Locally weekly payrolls jobs down 0.6% in the month since March 16th. Asian better with Japan up 0.1% and HK up 1.1% with China up 0.9%. Yields higher at 4.35% in 10s.
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US equities finished mixed overnight in another low-volume trading session. The Dow extended its winning streak to six days, the longest since December, advancing 172 points. Dow up 210 points at best. Dow down 69 points at worst. The S&P 500 ended muted, remaining below the 5,200 snapping its four sessions of gains, while the NASDAQ fell 0.18%, pressured by losses in Tesla -1.7% on an autopilot probe, and Intel -2.2% after announcing its sales would take a hit after the US revoked some of the chipmaker's licences a move Beijing complained was going too far in the name of national security. Treasury yields moved up a touch after the $42bn auction of 10Y bonds saw tepid demand. In Fed speak, Fed’s Collins said getting to the 2% may take longer than expected, reinforcing the higher for longer mantra. No meaningful economic data overnight, markets now waiting for inflation data next week for insights into the economy.
ASX to fall. SPI Futures down 19 points (-0.24%). CBA in focus on trading update.
- Base metals lower. Nickel -2.91%, Aluminium -0.74%, Zinc -1.80%, Lead -0.89% and Tin -2.05%.
- Copper eased 1.42% after Indonesia announced that it would extend copper export permits for Freeport, which will help ease shortages.
- Oil prices edged higher after US crude stockpiles fell last week. WTI +0.75%, and Brent Crude +0.95%.
- 10Y Bond Yields – US 4.500%, Australia 4.326%, and Germany 4.131%.
- Currencies – AUD -0.03%, USD Index +0.10%, Euro +0.01%, and Bitcoin -2.34%.
- Gold fell 0.22%, pressured by firming bond yields and USD.
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ASX 200 trades quietly up 11 points at 7805 (+0.1%) after a great day yesterday. Banks stalled close to record highs, NAB fell 0.5%, with ANZ up 1.2% on broker upgrades, MQG unchanged with the Big Bank Basket up to $210.71 (+0.4%). Financials mixed as PPT cratered 7.1% after a strategic review presentation. REITs better, although GMG fell 0.3% on an update, SGP up 1.1% with industrials slightly firmer, REA up 0.8% with TCL up 1.4% and WOR pushing ahead 1.2%. Tech seeing a late surge, the All-Tech Index up 0.5%. Resources mixed, Iron ore miners fell as prices eased back. FMG down 0.5%, RIO off 1.2% and MIN off 0.7%. PLS up 0.2% in the lithium space but PMT continuing the run from yesterday’s drill results. Golds firm but idle as DEG went to shareholders and instos to raise $600m. Oil and gas stocks firmed, WDS up 0.1% and STO up 1.1%. On the corporate front, PPT announced some big changes, a sale of its name and Rob Adams to retire after doing a great job. Not. Olam upped its bid in NAM as a two-horse race continues. QIP saw a competing bid from IPH up 5.4%, and QAN up 0.8% on record demand for premium seats. FLT, ABB, DGH, and JIN have all reaffirmed guidance. LLL announced a deal to sell the entire Malian mine to Ganfeng for US$342.7bn (43cps). On the economic front, plenty of RBA analysis. Asian markets saw some selling, with Japan off 1.5%, HK falling 0.7% and China down 0.5%. 10y yields 4.30%. Dow Futures down 6 points. NASDAQ Futures down 3 points.
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US stocks closed edged higher overnight, just finishing above the flatline in a fairly uneventful day of trade. The Dow rose 32 points (+0.08%), rising for its fifth consecutive session its longest winning streak since December 2023. Dow up 125 points at best, and down 12 points at worst. S&P 500 briefly hit 5,200, finishing 0.13% higher, marking a four-day winning streak, while the NASDAQ slipped 0.10% in late afternoon trade. Treasury yields eased a touch, while the $58bn 3Y note auction garnered solid demand, ahead of this weeks $42bn 10Y note auction tomorrow. In Fed speak, Fed’s Kashkari said he questions the restrictiveness of current policy given inflation data and was the latest central banker to talk about a higher neutral rate, raising his projection by 50bps to 2.50%.
ASX to rise. SPI Futures up 14 points (+0.18%).
- Base metals are higher across the board. Nickel +0.31%, Aluminium +0.43%, Zinc +1.32%, Lead +1.44% and Tin +2.55%.
- Copper advanced +1.22%, pushing towards two-year highs as focus returned to tight supplies and hopes of stronger demand from China.
- Gold is off 0.39%, letting go of gains made in the previous session as the market focuses on the Fed's rate cut prospects.
- Oil prices edged lower on signs of easing supply concerns. WTI -0.16% and Brent Crude -0.63%.
- Currencies – AUD +0.02%, USD Index +0.29%, Euro +0.01%, and Bitcoin -0.68%.
- 10Y Bond Yields – US 4.461%, Australia 4.283%, and Germany 2.424%.
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ASX 200 charges 111 points ahead to 7793 (1.4%). Banks leading the charge higher as ANZ reports and announces a $2bn buyback and NAB goes ex-dividend by 84c. The Big Bank Basket up 1.3% to $209.82. MQG jumped 2.5% as the Equities Conference kicks off with no bad news so far. Early days. Insurers and other financials picked up too, QBE up 0.9% and SUN up 0.6%. REITs also back in demand across the sector with GMG up 1.2% and SCG up 1.6%. Industrials firmed too, WOW up 1.4% and WES continuing to push higher after investor day up 2.2%. Green across screens with Tech doing ok, WTC up 2.3% and the All-Tech Index up 1.6%. Utilities doing well after an upgrade from AGL. Resources better with BHP up 1.6% and FMG kicking 1.8%. Lithium in selected stocks was better, LRS doing well up 8.5%. Uranium stocks back in favour, PDN kicking goals up 8.4%. Even oil and gas doing better, WDS up 1.9% and STO rallying 0.9%. Gold miners pushing higher with NST up 1.2%. In corporate news, ANZ results, AGL upgrade, SGM downgraded and fell 6.4%, HMC upgraded guidance putting on 6.8%. On the economic front, retail sales dropped again, the RBA kept rates on hold as expected with ruling nothing in or out. Asian markets, Japan rose 1.4% with China down 0.2% and HK off 0.9%. 10-year yields fell to 4.31%.
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The Dow Jones Industrial Average climbed 176.59 points, or 0.46%, to close at 38,852.27. It was the fourth consecutive winning session for the 30-stock index. The S&P 500 advanced 1.03% to end at 5,180.74, and the Nasdaq Composite gained 1.19% to reach 16,349.25.
ASX to rise. SPI Futures up 38 points (+0.49%).
- London’s LME closed overnight for the Early May Bank Holiday.
- Gold +0.88%.
- Oil prices edged higher as ceasefire talks between Hamas and Israel failed to materialise. WTI +0.56% and Brent Crude +0.38%.
- 10Y Bond Yields – US 4.487%, Australia 4.386%, and Germany 2.465%.
- Currencies – AUD -0.02%, USD Index +0.06%, Euro -0.02%, and Bitcoin -0.50%.
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ASX 200 puts on another 53 points to 7682 (0.7%). Banks firing up with the Big Bank Basket up to $207.14 (+1.3%) with WBC up 2.7% reporting in line and a special dividend and an increased buyback. MQG is finding some broker love, up 1.5%, and Insurers are weaker as yields fall. MFG with FUM numbers unchanged and GQG continuing higher. REITs doing ok, GMG sees buyers on increased data estimates, up 4.4%. Industrials mixed with WES up 1.2% after an investor day last week, WOW and COL still struggling for support. QAN up 0.3% after settling with the ACCC on the ‘ghost flights’. Tech slightly higher, TLS up 0.3% and healthcare sideways. In resources, the ‘Three Amigos’ rallying on better Iron ore prices, BHP up 0.8% and FMG up 2.6%. Lithium not doing much. Same with golds and oil and gas going nowhere in a hurry. On the corporate front, GNC slumped 3.6% on margin issues, THL crashed 36.8% as van sales and bookings hit a wall. IGL chair Geoff Selig has passed away unexpectedly. On the economic front, nothing today. Asia markets better, China up 1.3% and HK down 0.1%. Japan closed for a holiday. 10-year yields 4.38%.
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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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ASX 200 kicks another 42 points higher to 7629 to finish the week up around 0.6%. Banks were better again post NAB with the Big Bank Basket up to $204.53(+0.5%). MQG disappointed again. Three in a row, starting to become a habit. Down 2.2%. Insurers mixed, GQG better on div announcement, REITs up as bond yields fell to 4.41%. GMG up 2.7% and SCG rallying 1.0%. Healthcare in the pink, CSL up 0.2% and COH up 1.4%. Industrials bouncing back. WES strategy day yesterday drew positive broker comments, up 2.8%, WOW bounced 0.3% with ‘old skool’ platforms doing well. REA up 2.0% and CAR up 2.2%. Tech better on Apple results, WTC up 1.2% and XRO up 1.3% with the All -Tech Index up 1.5%. In resources, slight improvement in the Three Amigos, FMG the best up 0.4%. Lithium stocks finding some friends for now, PLS up 3.0% and MIN up 1.9%. Gold miners sold off on bullion drop, NST down 1.7% and EVN off 5.6%. Oil and gas doing little. In corporate news, SQ2 rallied hard 9.8% on results despite question on money laundering. BAP now being talked of as a takeover target after 24% fall yesterday. On the economic front, HSBC forecast no change to rates in 2024 and new housing loans rose 17.9% since March. Asian markets mixed, China closed for a holiday, HK up 1.3%. 10-year yields at 4.41%.
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Stocks finished higher Thursday. The Dow Jones Industrial Average added 322.37 points, or 0.85%, to close at 38,225.66. The S&P 500 gained 0.91% to settle at 5,064.20, while the Nasdaq Composite surged 1.51% to end at 15,840.96.
Apple announces largest-ever $110bn share buyback as iPhone sales drop 10%.
ASX to rise. SPI Futures up 35 points (+0.46%). MQG Results out. US Jobs tonight.
- Base metals mixed. Nickel -0.64%, Zinc +0.59%, Lead +0.09% and Tin +1.38%.
- Copper extended losses, down 1.56% on concerns that the recent 2Y high was based on speculation while physical demand remains weak in China.
- Aluminium down 1.69% on data that showed rebounding inventories.
- Gold eased 0.63%.
- Oil prices under pressure from weaker global demand and rising inventories. WTI -0.14%, and Brent Crude +0.07%.
- Currencies – AUD -0.02%, USD Index -0.34%, Euro +0.02%, and Bitcoin +2.81%.
- 10Y Bond Yields – US 4.589%, Australia 4.430%, and Germany 2.537%.
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ASX 200 rallies 17 points to 7587 (0.2%) as banks take heart from NAB result and new buy back. NAB up 1.5% and the Big Bank Basket up to $203.54 (+1.0%). MQG rallying 1.2% ahead of its results tomorrow, with NWL also doing well up 2.0%. Insurers eased back. REITs slightly better with GMG up 0.8%. Healthcare finding a few friends, CSL up 0.3% and RMD up 0.6%. Industrials mixed, WOW fell 4.2% on quarterly results underwhelming, COL down 1.9% and TLS falling 1.4%. Tech better, XTC up 2.7% and XRO up 0.4% with the All-Tech Index up 0.1%. Resources better as BHP moved slightly higher, RIO down 0.2% and FMG up 1.0% with gold miners putting in a solid day, NST up 1.0% and EVN up 0.8%. Oil and gas down and dirty STO off 0.8% and WDS falling yet another 1.2%. On the corporate front, BAP lived up to low expectations with a bad trading update and cratered 23.9%, NAM got another bid at 70c, RIO was quiet at the AGM on the BHP bid for Anglo, SQ2 fell 5.6% on rumours that US regulators are examining the business. In economic news, Building Approvals missed expectations, falling 1.9% in February. The BoP also missed expectations on exports in commodities. In Asia, Japan unchanged, China closed for a long weekend and HK up 2.4%. 10-year yields at 4.44% slipping slightly lower.
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The Dow added 87.37 points, or 0.23%, to close at 37,903.29. The S&P 500 lost 0.34% to close at 5,018.39, while the Nasdaq Composite slid 0.33% to settle at 15,605.48. At one point, the S&P 500 was up 1.2%, while the Nasdaq climbed more than 1.7%.
Fed leaves rates unchanged. QT slightly reduced. Data-dependent but unlikely to see rate rises.
ASX to fall. SPI Futures down points (-0.07%).
NAB and WOW in focus.
- Copper fell 0.48% on profit-taking following the sharpest rally in years.
- Gold jumped 1.41% as the USD and treasury yields tumbled lower after the Fed’s interest rate decision.
- Oil prices fell sharply to a seven-week low on a surprise build in US crude stocks. WTI -3.34% and Brent Crude -4.85%.
- 10Y Bond Yields – US 4.641%, Australia 4.490%, and Germany 2.584%.
- Currencies – AUD -0.05%, USD Index -0.51%, Euro +0.01%, and Bitcoin -4.14%.
- Base metals finished lower as the USD Index was close to a six-month high ahead of the FOMC decision before tumbling. Nickel -1.96%, Aluminium -0.23%, Zinc -0.95%, Lead -1.74% and Tin -1.44%.
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ASX 200 falls another 94 points to 7588 (-1.2%) as US markets fall ahead of FOMC meeting results. Banks eased with results in focus, NAB flat with the Big Bank Basket down to $201.58 (-0.4%). Insurers slipped, with QBE off 1.2% and SUN down 2.3%, with other financials easing MQG down 0.9%. REITS slipped slightly, GMG down 0.6% and SGP off 1.6% Industrials weaker, QAN down 1.2% on data breach issues, WOW sold out of 5% of EDV down 3.9% with COL up 1.1%. Retailers in some trouble, JBH down 1.9% and PMV falling 2.1%. Tech a little mixed, WTC down 4.3% and XRO up 0.9% with the All-Tech Index down 1.5%. Resources weak across the board, BHP falling another 1.7% with FMG dropping 2.8%. Gold miners smashed on bullion falls, EVN down 3.5%, NST off 3.4%, and NEM down 2.1%. Oil and gas stocks in trouble on crude falls, WDS down 2.6% and STO falling 2.1%. In corporate news, quarterly results and a slight upgrade for AMC up 4.6%, AVZ will delist in a $2.8bn blow to existing shareholders. NXG in a halt on a capital raise, VCX reaffirmed earnings guidance, and QAN dipped 1.19% on a potential hack on their frequent flyer app. On the economic front, nothing significant. Asian markets holding up relatively well. 10-year yields 4.51%. Many European markets closed for May Holidays. Dow Futures down 5 points. NASDAQ Futures down 65 points.
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The S&P 500 dropped 1.57% to close at 5,035.69 The Dow Jones Industrial Average fell 570.17 points, or 1.49% to finish the session at 37,815.92. The Nasdaq shed 2.04% to 15,657.82.
It was an April for the major averages, with the Dow losing 5% for its worst monthly performance since September 2022. The S&P 500 slid about 4.2% this month, and the Nasdaq lost 4.4%. The three major averages snapped five-month winning streaks.
ASX SPI Futures down 92 points.
- Base metals mixed. Nickel +0.24%, Aluminium +0.41%, Zinc +1.86%, Lead +0.45% and Tin -3.81%.
- Copper eased -0.13% after four sessions of gains on slower manufacturing activity in China and a firm dollar.
- Gold tumbled 2.09% to a one-week low, pressured by rising bond yields and the US dollar.
- Oil prices extended losses from yesterday following rising US crude production and hopes of a Middle East ceasefire. WTI -0.91% and Brent Crude -0.73%.
- 10Y Bond Yields – US 4.682%, Australia 4.479%, and Germany 2.591%.
- Currencies – AUD +0.03%, USD Index +0.68%, Euro -0.01%, and Bitcoin -4.34%.
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The Dow Jones Industrial Average slid 375.12 points, or 0.98%, to close at 38,085.80, weighed down by steep declines in Caterpillar and IBM. The S&P 500 dropped 0.46% to finish the session at 5,048.42, and the Nasdaq Composite lost 0.64% to 15,611.76.
U.S. gross domestic product expanded 1.6% in the first quarter, the Bureau of Economic Analysis said. Economists polled by Dow Jones forecast GDP growth would come in at 2.4%.
US personal consumption expenditures price index increased at a 3.4% pace, well above the previous quarter’s 1.8% advance.
ASX 200 SPI down 26 for a two day total of 86 points lower.
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ASX 200 fell 1 point to 7683 (-0.01%) after a CPI gut punch stole the momentum. Inflation is once again higher than expected, and insurance costs and education continue to pressure the upside. Banks again led the charge higher, with the Big Bank Basket up to $203.73 (+0.4%). WBC the standout up 0.9% despite news yesterday on profit hit. REITs mixed as rates pushed higher, GMG up 1.7% with most of the sector down. Insurers better on bond yields. Healthcare mixed too, CSL taking a break. Industrials mixed, retail fell after the CPI number as rates now seem on hold for longer. Tech eased, the All-Tech Index flat. In resources, FMG gained 0.7% on production report, Gold miners found a level and bounced. NST up 1.0% and EVN up 0.5%. Lithium miners were better on Tesla sentiment moves, PLS up 1.3% and IGO up 1.5%. LTR had a good day, up 2.3%. Oil and gas stocks slightly better, copper still finding buyers, BOC up 15.4%. Must be a boom. In corporate news, NCK is raising money to push into the UK. Richard Goyder was elected Chair again at WDS with 80% voting for him. PPT fell 3.5% on FUM news, KGN crashed 27.5% on a business update, and CWY dropped back to where it started Tuesday morning on denial of takeover talk from WES. On the economic front, CPI came in above expectations and showed that inflation is still a clear and present danger with rents, insurance and school fees. Asian markets better with Japan screaming ahead by 1.7%. China up modestly with HK up 2.1%. 10Y yields boosted to 4.4%. European futures are set to open higher. Dow Futures up 61 points. NASDAQ Futures up 128 points.
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Wall Street ended higher overnight, near best levels, building on the positive momentum from yesterday's session as gains in mega-cap tech stocks lifted the broader market. Dow up 264 points (+0.69%), S&P 500 +1.20%, and NASDAQ +1.59%. Treasurys eased a touch following a solid $69bn sale of 2Y notes, and economic data showed US business activity cooled in April to a four-month low. Tesla 1.9% kicked off the earnings cycle for heavy-weight tech stocks, rising 10.68% in after-hours after announcing it would accelerate the launch of more affordable models, and United Parcel Service +2.41% (an economic barometer) beat profit expectations.
ASX to rise. SPI Futures up 27 points (+0.35%).
- Base metals are broadly lower on profit-taking and hedging by producers. Copper -1.0%, Zinc -1.29%, Nickel -2.66%, Tin -6.3% and Lead -0.83%.
- Aluminium down 3.53%. Traders found profits by taking Russian aluminium from the LME and returning it later to benefit from recent rule changes to comply with the latest US and UK sanctions on Russia.
- Gold eased 0.19% after briefly touching a more than two-week low.
- Oil prices advanced on a weak USD, with the USD Dollar Index falling to its lowest level in more than a week. WTI +0.42% and Brent Crude 1.49%.
- 10Y Bond Yields – US 4.607%, Australia 4.299%, and Germany 2.508%.
- Currencies – AUD +0.02%, USD Index -0.36%, Euro -0.02%, and Bitcoin -0.29%.
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ASX 200 has risen 34 points to 7684 (+0.5%) as the market waits for US earnings. Banks leading the charge higher with the Big Bank Basket up to $202.84 (+1.3%). CBA up 1.5%, WBC up 0.9% and MQG gaining 1.2% with insurers slightly higher. REITs better with GMG up 0.8%, SCG up 1.9%. Healthcare better again, with CSL up 1.3% and RHC up 2.9%, bid rumours from WES. Industrials firmed and tech better, with the All-Tech Index up 1.2%. Some slippage in spots as TLS down 0.3%, and BXB falling 6.3% on a 3Q trading update. Resources eased with iron ore stocks holding, but gold miners fell as bullion cracked. NST down 3.5%, NEM off 4.6% and EVN off 1.5%. Lithium slid a little, PLS down 1.3%. Oil and gas holding just, WDS off 0.7%. In corporate news, SVW up 2.0% as it moved to 82.4% of BLD, LIC announced lower settlements falling 13.5%. SHV off 9.5% on wet weather and soft conditions. PLT up 4.8% on revenue numbers and WBC gained 0.9% despite a $136m charge due to reporting changes. In economic news, Australia's Services PMI dips to a 2-month low of 54.2 in April. Asian markets mixed again, Japan up 0.1%, China down 0.6% and HK up 1.5%. 10-year yield easing to 4.27%. European markets opening up around 0.5%.
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The Dow Jones Industrial Average climbed 253.58 points, or 0.67%, to close at 38,239.98. The S&P 500 traded 0.87% higher to finish the session at 5,010.60, while the Nasdaq Composite advanced 1.11% to 15,451.31. Both the S&P 500 and Nasdaq ended a six-day losing streak.
ASX to rise. SPI Futures up 19 points (+0.25%).
- Base metals mixed. Copper -0.42%, Zinc +1.40%, Aluminium +0.23%, Nickel +1.40%, and Lead +-2.28%.
- Tin down % on profit-taking after prices touched a 22-month high.
- Gold sharply fell 2.67% as worries over a wider Middle East conflict subsided.
- Oil prices flat. WTI +0.04% and Brent Crude +0.01%.
- Currencies – AUD -0.05%, USD Index -0.02%, Euro flat, and Bitcoin +2.35%.
- 10Y Bond Yields – US 4.611%, Australia 4.298%, and Germany 2.489%.
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ASX 200 rallies 82 points to close at 7649 (1.1%) a long way from the high of the day at 7679. Euphoria gave way to some pre-tech result nerves. No news over the weekend on Israel or Iran helped early sentiment with broad-based gains across the board. Iron ore stocks in demand, BHP up 1.8% with RIO modestly higher despite copper heading to $10,000. Nickel stocks back as the metal hits a 7-month high, IGO up 2.3% and S32 doing well on a production report, up 5.6%. Gold miners slipped as tensions eased, EVN down 1.5% and NST off 1.4%. Oil and gas in a similar boat, WDS down 2.6% with STO off % and KAR copping some downgrades down %. Banks firmed but well off highs as Citi plays the ‘widowmaker’ trade and says sell banks. CBA up 0.9% and the Big Bank Basket up to $200.24 (+0.8%). MQG doing well up 1.8% with NWL in focus up 4.6%. REITs better despite bond yields rising, SGP up 1.6% and MGR up 0.9%. Industrials solid, WOW and COL up around 1.5%. QAN gained 3.6% on easing tensions and lower oil prices, TLS is up 1.4%, and CSL is doing very well, up 2.2% with COH to rallying 2.3%. In corporate news, some production reports out, BOE produced its first drum from Honeymoon. AIZ downgraded again, SGR fell again as inquiry continues. Dead man walking really. In economic news, China left rates unchanged. Asian market mixed, Japan up 0.6%, HK up 1.8% and China down slightly. 10-year yields higher at 4.32%
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Wall Street finished mostly lower overnight following a sharp sell-off of mega-cap tech stocks. Gains by American Express +6.22%, kept the Dow in the green, up 211 points (+0.56%). Up 327 points at best. Early gains on the S&P 500 and NASDAQ didn’t last, turning lower to book six straight sessions of losses, the longest streak of declines since October 2022. S&P 500 eased 0.88%, breaking below 5,000, and the NASDAQ stumbled over 2%. For the week, the S&P 500 fell 3.05%, NASDAQ 5.52%, and the Dow edged up 0.01%. Treasury yields eased marginally, oil eked out a miner gain after Iran downplayed the effect of Israeli strikes, and the VIX broke above 20 overnight before settling lower. The tech sector came under significant pressure this week after TSMC scaled back its outlook for a chip-market expansion and ASML Holdings posted disappointing orders, raising further concerns about what's to come from tech next week.
ASX set to rise. SPI futures up 27 points
- Copper hits two-year high, nickel surges on talk of China buying.
- Nickel price hits seven-month high on talk of Chinese government buying.
- Iron ore retreats but set for second weekly gain on improving China demand.
- Gold on track for weekly rise as Middle East risks loom.
- Oil settles slightly higher as Iran plays down reported Israeli attack.
- US EPA allows temporary expansion of higher-ethanol gasoline blend this summer.
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ASX 200 drops 75 points to 7568 (-1.0%). Anyone would think there was a war on. Down 2.8% for the week, News filtered through during the morning of an Israeli strike in Iran, US futures plummeted, gold shot higher to $2415 at one stage and oil catapulted above $90 again. Down around 150 at it nadir. Some bargain hunters returned with news that it was a limited strike and buyers found courage, banks were hit with CBA down 0.8% and ANZ off 1.1% with the Big Bank Basket down to $198.67 (0.9%)% as MQG tumbled 1.6%. Financials were generally weaker as insurers fell hard, with bond yields falling as bond buyers back on safety trades. REITS also under pressure GMG down 1.6% and SGP off 2.7%. Defensive healthcare stocks held up slightly, with CSL off 0.7% and RMD bouncing a little up 1.1%. Industrials slightly squished across the board, WOW down 1.1% and WES off 0.8%, travel stocks also under pressure, FLT down 5.0% and CTD hit 4.6%. In resources, gold miners are obviously finding some friends, NST up 1.3%, with modest gains only with iron ore miners falling, BHP down 1.0%, and FMG hitting 2.0%. Lithium stocks depressed, PLS down 2.3% after quarterly report, in line but no one cared, MIN down 3.5% and oil and gas stocks surprisingly weak considering. In corporate news, WDS saw revenue collapse 31% and fell 0.2%, Richard Goyder announced he would be handing over the Captain’s hot seat early at QAN. WHC unchanged after coal sales slipped 17% On the economic front, Japanese inflation came in better than expected at 2.7%. Asian markets tugged lower by events in Iran, Japan down 1.9%, HK off 1.5%, China off 0.5%. 10-year yields down to 4.26%. Dow and NASDAQ Futures sharply lower down 295 and 194 points. Rallying though. European markets down around 1%.
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The S&P 500 lost 0.22% to 5,011.12, while the Nasdaq Composite dropped 0.52% to 15,601.50. The Dow Jones added 22.07 points, or 0.06%, to finish at 37,775.38, still closing just above its flatline for 2024. The S&P 500 and Nasdaq each notched their fifth straight down day. For the S&P 500, it is the first losing streak of that length since late October.
ASX to fall. SPI Futures down 55 points (-0.72%)
- Base metals mostly higher. Copper +1.87%, Nickel +1.87%, Zinc -0.86%, and Lead +1.47%
- Aluminium gained 1.04% after LME inventories slid by 20k tons.
- Tin jumped 4.85% after one party took a large position, fund buying, and supply concerns. Tin is by far the top performer on the LME exchange this year, adding 31%, compared to copper, which is up 13%, as speculators pile into the market.
- Gold advanced 0.74%, as persistent tensions in the Middle East added to the metal's safe-haven appeal.
- Oil prices edged lower, nearing three-week lows on mixed US economic data and sanctions on Venezuela and Iran. WTI -0.10% and Brent Crude -0.51%.
- 10Y Bond Yields – US 4.637%, Australia 4.341%, and Germany 2.472%.
- Currencies - Aussie dollar flat, USD Index +0.20%, Euro +0.02%, and Bitcoin +3.88%.
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ASX 200 rose 37 points to 7639 (+0.5%) off highs but bounces off 7600. Jobs data fails to stir. Good news for Iron ore miners with BHP production numbers and higher ore prices in Asia saw BHP up 1.5%, RIO up 1.7% and FMG lagging. Base metals finding friends again, MIN up 1.9% and PLS up 2.1%, with S32 modestly better, up 1.3%. Gold miners slightly mixed, EVN off 3.9% on broker downgrades after big rally. NST up 0.4% and NEM up 1.3%. Oil and gas stocks eased, WDS down another 0.4%. STO off 0.9% on production numbers. Banks were back in vogue, CBA up 0.7% and NAB up 0.9%, with the Big Bank Basket at $200.47 (0.7%). Insurers mixed, MQG up 1.2%. Healthcare remains under pressure, CSL is down again, and RMD trashed 4.3% on new drug trials from Ely Lilly on an alternative to sleep disorders. Industrials firmed slightly, and QAN had a good day, up 3.4%. Solly Lew has crept up the register in MYR to 31%. In corporate news, DRO conducted its own drone strike to raise $75m after big surge yesterday. MRM provided a good update, BSL fell 2.4% on US steel tariff changes, and CGF did well up 5.3% after raising guidance. On the economic front, we had an inline jobs numbers coming in at 3.8% unemployment. Nothing to see here, ANZ says first rate cut in November. Asian markets firmed, Japan up 0.5%, HK up 1.2% and China up 0.5%. 10-year yields at 4.29%. Dow Futures up 91 points. NASDAQ Futures up 88 points.
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The S&P 500 dropped for a fourth consecutive session on Wednesday, as Nvidia and other struggling technology names put downward pressure on the market. The broad index lost 0.58% to 5,022.21, while the Nasdaq slid 1.15% to 15,683.37. The Dow Jones fell by 45.66 points, or 0.12%, to 37,753.31, despite rising nearly 238 points at its high of the day.
ASX to rise. SPI Futures up 20 points (+0.26%).
- Base metals are higher across the board, supported by a weaker USD and supply concerns. Copper +1.36%, Nickel +3.17%, Aluminium +1.19%, Zinc +2.73%, Lead %, and Tin +3.02%.
- Gold eased 0.92% but traded near record highs hit last week.
- Oil prices fell sharply pressure by a rise in US crude inventories and weak economic data from China, WTI -2.98% and Brent Crude 3.03%.
- Iron ore futures rebounded overnight to hit a more than five-week high in anticipation of pre-holiday restocking by steelmakers in China. Dalian Iron ore +4.95, and Iron ore +5.41%
- 10Y Bond Yields – US 4.589%, Australia 4.326%, and Germany 2.467%.
- Currencies - Aussie dollar flat, USD Index -0.30%, Euro +0.01%, and Bitcoin -4.09%.
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ASX 200 closes down 7 to 7606 (-0.1%) in an anaemic bounce snuffed out at the close despite better US futures. Nerves surrounding Israel continue. Banks staged a slight recovery as BOQ beat forecasts despite a dividend cut, up 5.2%. The Big Bank Basket rose slightly to $199.04 (+0.2%). MQG slid another 1.0% with insurers finding friends as QBE rose 1.4% and SUN up 1.3%. REITs mixed too with GMG up 0.5% and SGP down 0.7%. Healthcare mixed CSL down 0.8%, with RMD up 0.7%. Industrials were generally firm but uninspiring. WES up 0.7%, WOW and COL barely changed. Tech was better, with the All-Tech Index up 0.1% as XRO rose 0.7%. Retailers bouncing back too. In resources, BHP weighed in iron ore with a 1.2% loss. Gold shares finally perked up, with EVN shooting 7.5% higher on production numbers and falling AISC. Lithium stocks also slightly higher and LYC up 5.9% on Hancock stake. RNU up 26.5% in the graphite space after a government loan to develop Siviour. Oil and gas remain under pressure in the majors. Coal stocks slightly higher. In corporate news, RIO disappointed slightly with production numbers, DRO soared 18.5% on NATO news on drone orders. In economic news, nothing locally, Asian LNG prices hit highs not seen since January. Asian markets still suffering from the strong USD. Japan down 1.3%, China up 1.4% and HK off 0.5%. 10Y yields higher again at 4.38%. Dow Futures down 55 points. NASDAQ Futures down 82 points.
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Wall Street closed mixed overnight in choppy trading as the market weighed the latest round of quarterly reports and Powell's comments which drove bond yields to fresh 2024 highs. The Dow gained 64 points (+0.14%), getting a boost from UnitedHealth’s +5.2% better-than-expected Q1 results. Up 257 points at best, down 21 points at worst. The S&P 500 lost 0.21%, falling for a third consecutive session, and the NASDAQ slipped 0.12%. The S&P 500 and NASDAQ are now ~4% off record their record highs reached last month. Powell said recent inflation data has not given policymakers enough confidence to ease rates soon, noting that the Fed may need to keep rates higher for longer than previously expected. 2Y treasury yields briefly hit 5%, and the USD Index rose for a fifth consecutive session, hitting its highest level since November 1st.
ASX to fall. SPI Futures down 23 points (-0.30%).
- Base metals lower, Copper -1.72%, Zinc -0.90%, Lead -1.74%, and Tin -1.43%.
- Aluminium was little changed, slipping 0.41% after hitting 22-month highs on Monday, and Nickel gave back some recent gains, falling 2.83%.
- Oil prices edged lower, WTI -0.07% and Brent Crude -0.31%.
- 10Y Bond Yields – US 4.670%, Australia 4.373%, and Germany 2.485%.
- Currencies – AUD flat, USD Index +0.14%, Euro +0.02%, and Bitcoin +1.50%.
- Gold held steady at +0.01% amid ongoing tensions in the Middle East.
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ASX 200 falls hard by 140 points to 7613 (-1.8%) on Middle East tensions, US sell-off and Chinese data. Banks got sliced and diced, with CBA down 2.1% and the Big Bank Basket down to $199.47 (2.1%). MQG off 1.2%, and Insurers falling despite yields rising. REITs came under renewed pressure, with GMG down 2.0% and MGR off 3.6%. Healthcare fell too in defensives. CSL down 1.4% and COH off 1.1%. Industrials sold off across the board with tech hit hard, WTC down 0.4% and XRO off 1.6%, with the All-Tech Index off 1.6%. Supermarkets enjoyed a day in the red with a senate grilling on the menu with WOW off 1.2% with the CEO unable to say what ROE was. WES down 2.3% with TCL falling 1.4% and retailers finding willing sellers. PMV down 1.8%, APE off 1.5%, and JBH falling 2.9%. In resources, despite a falling AUD and rising commodity prices, iron ore stocks were under pressure BHP down 1.8% and RIO giving back all its gains from yesterday down 2.9%. FMG off 2.8%. S32 fell 4.7%, and MIN off 2.7%. Even gold miners enjoying a record bullion price fell again, NST down 0.6% and EVN down 1.5%. Lithium stocks eased, uranium fell too, PDN down 6.3%. Despite oil heading higher on Israel concerns, WDS fell yet again down 1.3%. In corporate news, DCG got a 30c bid from MAH. MAQ is in a trading halt pending a placement and strategic land acquisition. ZIP fell 11.0% on 3Q numbers. In economic news, Chinese data was the focus as GDP rose more than expected, but will it last. Asian market smacked, Japan off 2.0%, HK down 1.7%, and China falling 0.7%.10Y yields marching higher to 4.31% on safe-haven allure perhaps. Dow Futures 47 points. NASDAQ Futures down 19 points.
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The Dow Jones Industrial Average lost 248.13 points, or 0.65%, to close at 37,735.11. The 30-stock index relinquished an advance of more than 1% seen early in the session to mark its sixth straight losing day, a streak not seen since June.
The S&P 500 slipped 1.2% to finish at 5,061.82, despite trading up as much as 0.88% earlier in the session. The Nasdaq Composite tumbled 1.79% to 15,885.02 as Salesforce and other technology stocks dropped.
ASX SPI Futures down 63 points.
- Base metals broadly higher, Copper +1.79%, Zinc -1.38%, Lead +0.46%, and Tin +0.64%.
- Aluminium rose to 22-month highs, +3.14% and Nickel advanced 2.28%, hitting seven-month highs as the market digests the potential implications of the new restrictions on Russian metals.
- Gold gained 1.10% despite an uptick in the USD and treasury yields due to safe-haven demand triggered by rising tensions in the Middle East.
- Oil prices mixed after Iran’s weekend attack on Israel proved to be less damaging than anticipated, WTI -0.29% and Brent Crude +0.22%.
- Currencies - Aussie dollar flat, USD Index +0.16%, and Bitcoin -4.02%.
- 10Y Bond Yields – US 4.610%, Australia 4.291%, and Germany 2.438%.
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The ASX 200 has dropped 36 points to 7753 (0.5%) on US falls. Banks eased back led lower by CBA down 1.4% with the Big Bank Basket down to $203.73 (0.8%). Insurers fell away as did MQG off 0.8% and GQG off 4.2%. REITs fell too, GMG down 0.8% and SGP off 0.9%. Industrials with a light dusting of negativity across the board. Tech eased with WTC off 1.2% and XRO down 1.7%. Interest rate sensitive stocks fell TCL off 0.8% and REA falling 0.7%. Retailers also slipping lower, JBH down 0.5% and APE off 1.1%. In resources, Iron ore was the bright spot as BHP rose 0.6%, RIO shooting the lights out up 3.6% and FMG flat. Gold miners fell despite record high bullion prices, EVN down 1.3%, GMD falling 4.5% and GOR down 6.6% on a potential acquisition. Lithium stocks remain under pressure, PLS down 3.7% with LTR off 2.7%. Aluminium and Nickel stocks doing well on LME changes, AWC up 6.0% and NIC up 4.1%. Oil and gas modestly better, and coal is up slightly. In corporate news, TIE received a revised bid, NXT returned to trade following rights issue, little else. No economic news. In Asian markets, Japan slipped 0.2%, China up 1% and HK down 0.6%. 10-year yields rising to 4.26%.
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US equities ended lower, near worst levels, after major US bank results failed to impress, and geopolitical tensions rose after news reports that Israel was bracing for an attack by Iran on government targets. The Dow tumbled 476 points (-1.24%), down 582 points at worst. The S&P 500 lost 1.46%, and the NASDAQ slipped 1.62%. The Dow and S&P 500 have fallen for a second consecutive week, down 2.37% and 1.55% and the NASDAQ fell 0.45%, now down three weeks straight. Banks earnings season kicked off, JPMorgan fell 6.14% after NII forecasts fell short of expectations, Wells Fargo edged lower 0.39% after posting profits fell 7% as NII dropped on weak borrowing demand, and Citi -1.7% reported a loss due to costs on employee severance and deposit insurance. US treasury yields rose, with the 10Y and 2Y both falling more than 5bps each as geopolitical tensions spurred safe-haven buying and Wall Street's “Fear gauge”, the VIX, spiked 16.1%, levels not seen since October.
ASX SPI Futures down 49 points Saturday Morning
- Base metals higher, Nickel +0.40%, Lead +1.31%, and Tin +0.58%.
- Aluminium +1.26 and Zinc +2.04% at 14 and 12-month highs on signs of economic recovery in China.
- Copper gained 1.09% on expectations of a demand upswing on the back of potential rate cuts in the coming months.
- Gold fell 1.24%, paring earlier gains after hitting a record high.
- Brent Crude flat and WTI up 0.78%.
- Currencies – AUD -1.12%, USD Index +0.68%, Euro -0.36%, and Bitcoin -4.23%.
- 10Y Bond Yields – US 4.520%, Australia 4.211%, and Germany 2.368%.
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ASX 200 falls 26 points to 7788 (-0.3%). For the week, the index is up a mere 15 points. Quiet day, banks eased back slightly as yields push to 4.28%. The Big Bank Basket down to $205.36 (-0.4%). Insurers better, and GQG doing better up 0.4%. MQG slipped 0.1%. REITs under pressure, GMG down 0.1% and MGR falling 1.8%. Industrials lower, WES fell 0.7%, WOW down 1.1% with TLS falling 1.1%. Tech slightly higher in places, WTC up 1.2%, the All-Tech Index pretty flat. In resources, iron ore miners under a little pressure, BHP down 0.9%, with PLS bucking the trend up 0.8% as gold miners back in favour as AUD bullion hits $3650. Not racing away though, NEM up 0.8% and GMD up 3.7%. NST down 0.4%. Oil and gas weaker, WDS off to Crufts again down another 1.3%. Uranium stocks better. In corporate news, BLD got a special dividend to sweeten the deal, GNX received an increased bid, DMP had an investor day, Japan is the focus, market underwhelmed. SGR revealed that high rollers had moved on, CTT updated an unimpressed market falling 5.67%. Nothing on the economic front locally. Asian markets mixed again with Japan up 0.5% and HK down 1.8%. China up 0.1%. Dow Futures up 37 points. NASDAQ Futures up 5 points.
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The S&P 500 gained 0.74% to close at 5,199.06. The Nasdaq Composite added 1.68% to end the day at 16,442.20, a record level. The Dow Jones Industrial Average underperformed and slipped 2.43 points, or 0.01%, at 38,459.08.
Technology stocks lifted the S&P 500 and Nasdaq Composite into positive territory midday Thursday as investors bought into the dip from earlier in the week.
The producer price index, a measure of inflation at the wholesale level, increased 0.2% for the month, less than the 0.3% estimate from the Dow Jones consensus.
ASX to fall. SPI Futures down 29 points (-0.37%).
- Base metals broadly lower, Nickel -4.14%, Aluminium -0.30%, Zinc +0.95%, Lead -1.24%, and Tin -0.11%.
- Copper dips 0.30% on weak CPI data from China.
- Gold prices firmed 1.73% following softer-than-expected PPI data.
- 10Y Bond Yields – US 4.585%, Australia 4.306%, and Germany 2.461%.
- Currencies - Aussie dollar +0.05%, USD Index +0.01%, Euro +0.04%, and Bitcoin +0.83%.
- Oil prices edged lower as stubborn US inflation dampened near-term rate cuts, but concerns Iran may attack Israel kept crude prices near six-month highs, WTI -1.37% and Brent Crude -0.46%.
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The Dow Jones Industrial Average led Wednesday’s losses, tumbling 1.09%, while the S&P 500 dropped 0.95%. The Nasdaq Composite sank 0.84%. Ten of the 11 S&P 500 sectors finished the session in negative territory, with real estate bearing the brunt of the selling pressure and posting decline of more than 4%. The rate on the 10-year Treasury note topped 4.5%, while the 2-year Treasury yields surged close to 5%.
ASX to fall. SPI Futures down 65 points (-0.82%).
- Base metals found buyers despite a stronger USD with Copper down 0.42%, Nickel +1.07%, Aluminium +0.16%, Zinc +1.18%, Lead +0.58%, and Tin +2.36%.
- Gold prices fell 0.84% coming off record highs as the USD and treasury yields firmed.
- Oil prices advanced after three sons of a Hamas leader were killed in an Israeli airstrike feeding worries that ceasefire talks might stall. WTI up 1.09% and Brent Crude up 1.35%.
- Currencies - Aussie dollar flat, USD Index +1.0%, Euro +0.01%, and Bitcoin +0.79%.
- 10Y Bond Yields – US 4.546%, Australia 4.220%, and Germany 2.446%.
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ASX 200 kicks another 24 points higher to 7849 (+0.3%) as resources took centre stage. Iron ore stocks back in demand on China hopes, BHP up 0.7% with FMG up 1.9%. Lithium stocks also doing well on a price bounce in Asian trade, PLS up 1.3%, MIN up 0.5%, with LRS up 14.3%. Gold miners missed out despite higher bullion prices, NST down 1.5% and EVN off 0.8%. Oil and gas stocks weaker again, WDS down 0.9% and KAR falling 0.9%. Coal stocks in demand. Banks were slightly easier, with the Big Bank Basket down to $208.61 (-0.51%). CBA the culprit falling 0.8%. REITs gained as yields eased, GMG up 1.6%. Tech stocks fell, with WTC crumbling 3.0%. Industrials firmed, TLS up 0.5% and WES up 1.0%. SVW a standout, with mining exposure up 1.6%. Healthcare stocks better, with CSL up 1.2%. In corporate news, PRU fell 2.6% after Silvercorp accepted the offer for ORR. BBT in a trading halt after a 20.0% jump on potential scrip bid. On the economic front, we had dwelling commencements again somewhat disappointing, and Fitch downgraded the Chinese outlook to negative on debt rise. In Asian markets, Japan slid 0.4%, China down 1.1%, and HK headed 1.4% higher. 10-year yields back to 4.11%. Dow and NASDAQ Futures up 13 and 12 points, respectively.
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The Dow slipped 9.13 points, or 0.02%, at 38,883.67. At its session low, the Dow was down 320.71 points, or 0.82%. The S&P 500 gained 0.14% to end at 5,209.91, while the Nasdaq Composite added 0.32% and closed at 16,306.64.
ASX to rise. SPI Futures up 24 points (+0.31%).
- Base metals rallied with Nickel +2.99%, Aluminium +0.18%, and Lead +0.77%,
- Copper gained 0.36% as fund buying offset the impact of higher inventories.
- Tin advanced 4.45%, hitting a 14-month high, and Zinc rose 1.98%, reaching a 12-month high.
- Iron up strongly.
- Gold extended its record run, rising 0.59%, fuelled by buying momentum and geopolitical risks.
- Oil prices lost ground as talks for a ceasefire in Gaza continued. WTI -1.38% and Brent Crude -1.31%.
- Currencies - Aussie dollar -0.02%, USD Index -0.03%, Euro +0.01%, and Bitcoin -3.45%.
- 10Y Bond Yields – US 4.362%, Australia 4.119%, and Germany 2.372%.
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Resources and big miners lead the ASX higher.
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US equities kicked off the week essentially unchanged following a choppy day of trade, with the solar eclipse offering a distraction leading into a busy week including CPI and the start of first-quarter earnings.
All three major indices ended near flat, the Dow closed down 11 points (-0.03%). Up 109 points at best, down 46 points at worst. The S&P 500 eased 0.04% while the NASDAQ edged up 0.03%. US 10Y treasury yields rose to their highest level since November coming within striking distance of the 4.5% level in the wake of Friday’s blowout employment report. Mega cap stocks were mixed,
Tesla jumped 4.9% after Musk said the company would unveil its self-driving Robotaxi, Nvidia eased 1.0%, while cryptocurrency-related stocks outperformed tracking bitcoin +3.64% prices Coinbase +6.7% and MicroStrategy +5.1%.
ASX to rise. SPI Futures up 36 points (+0.46%).
- Base metals firmed on a weaker USD. Nickel flat, Zinc +1.01%, Lead +1.61%, and Tin +3.65%.
- Copper gained 0.70%, hitting a 14-month high. Aluminium up 0.27% reaching a 13-month high.
- Gold advanced 0.62% for a seventh straight session.
- 10Y Bond Yields – US 4.422%, Australia 4.194%, and Germany 2.434%.
- Currencies - Aussie dollar flat, USD Index -0.15%, Euro -0.01%, and Bitcoin +3.64%.
- Oil prices eased overnight, ending a multi-session rally. WTI was down 0.51%, its first fall in seven sessions, while Brent lost 0.28%, its first fall in five sessions.
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The ASX 200 rises 16 points to 7789 (0.2%) in quiet range bound trade. Solid across the board except oil and gas with WDS easing 1.6% and STO down 1.0% as oil drifts lower on diminished risks. Coal stocks better, Gold miners kicking higher, NST up 2.0% and NEM rocketing up 6.6%. GOR and GMD also in demand. Lithium stocks finding some support on higher Asian prices, PLS up 1.1% and MIN up 0.6%. BHP still struggling for traction down 0.2% despite iron ore kicking 4% higher in Asian trade. FMG up 0.3%. Banks were solid but dull, the Big Bank Basket up to $207.95 (0.2%). MQG slid 1.1% with GQG having a good day up 6.6% on a broker upgrade. Insurers better on bond yields. REITs mixed, GMG fell 0.6% with SCG up 1.2%, healthcare stocks firmed, CSL up 0.5% and RMD rallying 1.1%. Industrials firm with QAN stands out up 4.8% on buyback and new FF program. Tech better as the All-Tech Index rose 1.0%. In corporate news, ELD was slammed 24.4% on a trading update, BPT crashed 15.0% as costs continue to blow out at Waitsia, APM dropped 29.5% as it resumed trade with another suitor in tow and a substantially decreased bid price. In economic news, lending numbers and auction clearances remain strong. Asian markets are back online, with China down 0.7% and HK unchanged, and Japan better again. 10-year yields rose to 4.20%.
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ASX 200 finished down 44 points to 7773 (-0.6%) to close out a miserable week down around 1.5%. Broad-based losses following the dip in the US last night. Jobs number tonight shaping up as a crucial data point. Banks eased back slightly, the Big Bank Basket off to $207.53 (-0.2%). MQG fell 0.9% with insurers off too. GQG bucked the trend up 4.1% with good increase in flows and FUM. REITS fell slightly, GMG down 1.0%, and healthcare eased back as CSL dropped another 0.7%. Industrials were weak, but no real damage done, tech slid with the All-Tech Index down 1.4% as WTC fell 1.7% and XRO dropped 1.7%. Resources were again weaker iron ore stocks under pressure despite no trade in China today for iron ore. BHP fell 0.9%, with RIO off 1.0%. Lithium stocks slipped after some gains yesterday, with PLS down 1.3% and LTR off 1.7%. Gold miners mixed as bullion consolidated. SBM had a good day on a production guidance report, up 7.9%. Oil and gas were better as expected, coal stocks and uranium fell. In corporate news, MFG fell 3.7% on its FUM news, and WAF confirmed guidance falling 0.8%. On the economic front, BoP and retail sales did nothing for market sentiment. Asian markets are muted given China is still closed for a holiday. Japan eased back. 10-year yields fell back to 4.1%. Dow Futures up 35 points. NASDAQ Futures up 44 points.
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The Dow Jones Industrial Average lost 530.16 points, or 1.35%, to close at 38,596.98. The 30-stock Dow suffered its worst session since March 2023, and it logged its fourth consecutive losing day. The S&P 500 dropped 1.23% to end at 5,147.21. The tech-heavy Nasdaq Composite dipped 1.40% to close at 16,049.08.
ASX to fall. SPI Futures down 63 points (-0.80%).
- Base metals advanced, supported by a falling USD which dipped to a two-week low. Nickel +1.93%, Aluminium +0.84%, Lead +2.42%, and Tin +1.72%.
- Copper up 1.34% hitting a 14-month high.
- Zinc rose 3.54%, its biggest daily gain in more than six months.
- Gold fell 0.39% after hitting an all-time high earlier in the session.
- Oil prices extended gains on geopolitical tensions, with Brent Crude settling above $90 (+1.60%), its highest level since October, while WTI gained 1.33%.
- Currencies - Aussie dollar +0.34%, USD Index -0.04%, Euro +0.32%, and Bitcoin +3.22%.
- 10Y Bond Yields – US 4.307%, Australia 4.117%, and Germany 2.358%.
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ASX 200 rose 35 points to 7817 (0.5%) in quiet trade. Banks and industrials are making gains after the drubbing yesterday, The Big Bank Basket up to $207.93 (0.4%). MQG did ok, and insurers mixed, with SUN up 0.2% and QBE slipping slightly. REITs are back in demand, led as always by GMG, up 0.5% and SCG rebounding 0.6%. Tech had a good bounce as WTC rose 2.5% and XRO slightly better with the All-Tech Index up 1.0%. Industrials uninspiring with a mixed showing in healthcare, COH up 1.1% and RMD down 0.4%. Resources were better with the exception of iron ore stocks. FMG down 1.0% the worst, Lithium stocks rebounded hard, PLS up 1.3% and S32 doing very well up 4.6% with AWC continuing to climb as Alcoa in the US climbs higher. Gold miners also doing nicely, NST up 0.8% and EVN rising 1.1%. DEG having a nice time of it up 2.8%. Oil stock generally better, as were coal and uranium. On the corporate front, not much to write home about. Economic data was confined to disappointing building approvals, lowest since3 2013 and household spending which rose. Asian market subdued as China and HK closed. Japan continuing its run up 1.7%. 10-year yields up to 4.17%.
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Dow fell 43.10 points, or 0.11%, to close at 39,127.14, marking its third straight negative day. The S&P 500 inched higher by 0.11% to finish at 5,211.49 for its first winning session of the week. The Nasdaq Composite traded up by 0.23%, ending at 16,277.46.
ASX SPI Futures up 26 points.
- Base metals were higher across the board as the US dollar softened. Nickel +2.0%, Aluminium +1.7%, Zinc 2.5%, and Tin 1.37%.
- Copper rose 2.73%, reaching a 13-month high.
- Lead advanced 3.12%, after data showed 80%-89% of lead warrants are now owned by one company.
- Gold gained 0.82% to a new record high following Powell's commentary. Gold is up over 11% so far this year.
- Oil prices settled higher, reaching 5-month highs with WTI up 0.31% and Brent Crude up 0.25% after senior OPEC+ ministers kept oil output policy unchanged.
- 10Y Bond Yields – US 4.349%, Australia 4.143%, and Germany 2.378%.
- Currencies - AUD up 0.72% to 65.64US cents. USD Index -0.53%, Euro +0.09%, and Bitcoin -0.24%.
- Gold gained 0.82% to a new record high following Powell's commentary. Gold is up over 11% so far this year.
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ASX 200 fell 105 points to 7776 (1.3%) as worries about rate cuts and post-Easter blues weighed on banks and industrials. The Big Bank Basket got the wobbles down to $207.01 (-1.6%) with CBA off 1.9% and ANZ falling 1.5%. MQG also in the doghouse falling 1.5% with insurers holding up with 10-year yields rising to 4.14%. Financials are on the nose with REITs in trouble, too, GMG down 2.6% and SCG off 3.6%. With many now ex-distribution may be the reason to be there is less. Industrials suffered, TCL down 0.5%, WES off 1.8% and REA dropping 3.9%. Tech in trouble as WTC fell 5.0% and XRO slid 5.7%. The All-Tech Index dropped 2.8%. In resources, BHP and RIO mixed, RIO rallied 0.6%, FMG dropped 0.9% with lithium stocks following Tesla down, PLS off 2.1% and MIN off 0.9%. Gold miners were mixed but generally weaker after WGX downgraded production on weather issues and halts to production, falling 14.8%. Oil and gas going nowhere, coal stocks better. Not much in corporate news today, HMC Capital sold down some SIG ahead of the Chemist Warehouse deal. Nothing on the economic front locally. Asian markets weaker, Japan down 0.6%, HK off 0.7% and China down 0.3%. Taiwan was hit with its biggest earthquake in 25 years.
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Dow dropped 396.61 points, or 1%, and settled at 39,170.24. At its session low, the benchmark was down more than 500 points. The S&P 500 slid 0.72% to settle at 5,205.81. The Nasdaq Composite shed 0.95% to finish at 16,240.45. It was the worst day since March 5 for the Dow and the S&P 500.
ASX to open lower. SPI futures down 30 points.
- Gold shatters new records as Mideast tensions add to bullish mix.
- Oil settles up on supply threats, hits 2024 highs during session.
- Robust Chinese manufacturing data boosts copper.
- Ukrainian drone hits Russia's third-biggest refinery, damage not critical.
- India proposes national iron ore exchange to tackle price anomalies, document shows.
- Shanghai exchange to work on nickel futures internationalisation, industry association says.
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ASX 200 fell 9 points to 7888(0.1%) as profit-taking in banks and industrials weighed. Banks slid with the Big Bank Basket down to $210.39 (0.1%). CBA down 0.2% and ASX off 1.0% in financials. Insurers also slipped a little, QBE down 0.5% and SUN off 1.2%. REITs mixed, GMG falling 1.3% with MGR better by 0.4%. Industrials soft in quiet trade, WES off 1.0%, BXB falling 2.2% and TLS down 1.0%. WOW and COL slid with tech easing back too, XRO down 0.6% and the All -Tech index down 0.5%. Resources were the bright spot, BHP and RIO bounced as iron ore in Asian trade hit $100 and rebounded. Lithium miners were a little better, PLS up 0.5% with gold miners doing well, NST up 2.6%, and NEM better. Oli and gas stocks are also in demand, STO up 1.2% and KAR up 0.9%. Coal stock very firm as were uranium explorers, PDN rose 4.7% on modest first production. In corporate news, ASB got a bid from a South Korean firm rising 10.5%, CTT crashed again on a broker downgrade and ORA cratered 14.7% on a trading update with Saverglass the issue. On the economic front, we had RBA minutes and a speech from Chris (Clarke) Kent on the mechanism of the financial system. Asian markets mixed, Japan off 0.2% HK up 2.4% and China down 0.3%. 10-year yields 4.07%.
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Dow Jones Industrial Average lost 240.52 points, or 0.6%, and settled at 39,566.85. The S&P 500 dipped 0.2% to close at 5,243.77. The tech-heavy Nasdaq Composite, on the other hand, added 0.11% to finish at 16,396.83.
Federal Reserve Chair Jerome Powell said Friday that economic growth remains strong and inflation is still above target.
“That means we don’t need to be in a hurry to cut,” the central bank chief told a Public Radio station program.
ASX SPI FUTURES CLOSED
- Oil up 1%, US WTI at 5-month closing high, market seen tight.
- Gold pares gains as higher US dollar, bond yields weigh.
- Iron ore gains on strong China factory activity data.
- Vale Indonesia targets 2024 output of about 70,800 metric tons nickel in matte.
- OPEC oil output falls in March, led by Iraq.
- Japan's JERA starts ammonia co-firing trial at coal power station.
- US pump prices set to climb on Russian refinery outages.
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ASX 200 finds the Easter Bunny. Up a huge 77 points at 7897 (+1.0%) hitting a record high. Seems appropriate. The end of the quarter and end of the month helped stimulate optimism. Banks took a breather with the Big Bank Basket up slightly to $210.48 (0.3%). MQG rose 0.9% with insurers mixed, REITs once again in demand. When aren’t they. GMG up another 1.9% with SGP rising 1.9%. TGP was a stand out on the sale of its HPI stake, up 17.8%. Industrials shot out of the box, WOW continuing its rally up 0.5% with TLS up 2.1% and WES up 1.2%. Utilities also finding friends, ORG up 1.3%. Retail sales helped the sector getting a boost from the Swift effect. JBH up 0.6%, SUL up 3.2% and BAP up 3.6%. Resources were the stars today, iron ore miners lifting, BHP up 1.4%, RIO up 0.7% and FMG rising 2.0%. Lithium stocks also in favour as auctions from Albemarle and SQM helping sentiment. PLS up 2.1% and LTR up 2.6%. Gold stocks enjoyed another solid day with NST up 1.7% and NEM rising 3.3%. Oil and gas stocks slightly better with old king coal stocks having a strong day, WHC up 5.3%. In corporate news, REA has ditched its deal to buy Dynamic Methods on ACCC concerns. BPT rose 3.7% after announcing savage job cuts. RMS has abandoned its potential takeover bid for Canadian miner Karora. On the economic front, Retail sales were slightly worse than expected despite a Swiftie bounce. Maybe brings rate cuts closer. Asian markets mixed, Japan down 1.3%, China up 1.1% and HK up 1.6%. 10-year yields fell to 3.96%.
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ASX 200 kicks another 39 points higher to 7820 (0.5%), posting a better-than-expected CPI number. 3.4% slightly ahead of consensus. Good news and bad. Banks as usual the winners with the Big Bank Basket up to $209.95 (0.8%). Insurers jumped after the CPI showed price hikes still above and beyond inflation. QBE up 1.2% and SUN up 2.2%. GQG had a good day rising 2.7% but PTM cratered 21.1% on cost cutting and FUM loss news. REITs mixed, GMG up 0.7% and MGR down 0.9%. Healthcare solid, CSL pushing up 1.4% on a bond issuance program, COH rising 0.6% and RMD up 2.0%. WOW and COL doing well in the industrials. Up over 1.5%+. Even TLS managed a solid 0.5% bounce. Tech a little weaker, WTC falling 1.1%. The All-Tech Index flat lined. Resources staged a fight back after early losses. RIO down 0.4% and BHP up 0.1%. Gold miners selectively doing ok, NST up 2.2% and NEM up 0.4%. Lithium finding some temporary support, PLS up 0.3%, uranium stocks a little soggy. Oil and gas stocks mixed. In corporate news, WBC announced a cunning plan to play catch up on IT spending. APM in suspense after CVC walks away and the SXL chair has retired. On the economic front, CPI came in a notch below expectations. Asian markets. Japan up 1.1%, HK off 0.6% and China off 0.5%. 10-year yields 4.00%.
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The S&P 500 fell for a third consecutive session on Tuesday.
The broader market index slid 0.28% to close at 5,203.58, while the Nasdaq lost 0.42%, finishing at 16,315.70. The Dow Jones Industrial Average inched down by 31.31 points, or 0.08%, to settle at 39,282.33.
ASX to fall. SPI Futures down 19 points (-0.24%).
- Base metals lower across the board, Nickel -1.94%, Aluminium -0.17%, Zinc -2.03%, Lead -0.84%, and Tin -0.38%.
- Copper prices touched its lowest level in two weeks before finishing down flat, -0.05%.
- Gold gained 0.17% as rate cut expectations by the Fed firmed.
- WTI -1.0% and Brent Crude -0.91%. Lithium fell 2.4% in Asian trade yesterday.
- Iron ore futures prices are down amid mounting risk-off sentiment. Iron ore off 4.01% and Dalian Iron ore down 3.45%.
- 10Y Bond Yields – US 4.236%, Australia 4.044%, and Germany 2.347%.
- Currencies - Aussie dollar -0.11% to 65.32c, USD Index -0.15%, Euro -0.01%, and Bitcoin -1.67%.
- US durable goods orders rebounded by 1.4% in Feb-24, surpassing expectations of 1.1%, indicating potential resilience in the manufacturing sector.
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ASX 200 fell 32 points to 7780 in quiet trade. Winding down for Easter early it seems. Conflicting consumer sentiment surveys not helpful. Resources once again the problem. Iron ore down in Asian trade hurting commodity stocks across the board. After a steady start, lithium in China slid and iron ore under pressure. FMG dropped 1.2%, BHP off 0.6% and lithium stocks under serious pressure again. PLS down 3.6% and MIN dropping 2.8%. Gold stocks were a small voice of calm, NST up 1.6% and EVN up 0.6%, Oil and gas also doing ok finally, WDS completed the sale of part of a gas project rising 1.0%. Coal stocks flat, uranium stocks falling hard too. Banks falling slightly, the Big Bank Basket falling to $208.36 (-0.3%). Tech slipped, XRO down 2.7% and WTC off 2.3%. Healthcare fell too, CSL down 0.4% and RMD off 1.1%. In corporate news, MSB surprised with some rare good news from the FDA rising 45.5% on a serious short squeeze, SVW pushed back on the BLD independent valuation, PMV rose 4.4% as Lew talked about demerging Smiggle and Peter Alexander. On the economic front, consumer surveys from ANZ and WBC showed divergence. Asian markets pretty flat on low commitment days. 10-year yields pushed back up to 4.04%.
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The Dow Jones Industrial Average fell 162.26 points, or 0.41%, closing at 39,313.64. The S&P 500 dipped 0.31% to finish at 5,218.19, while the Nasdaq Composite was down 0.27% and settled at 16,384.47.
The market is on track for its fifth consecutive month of gains, with the major U.S. stock benchmarks crossing new all-time closing high levels last week. The S&P 500 has officially gone 100 sessions without a pullback of at least 2% from a closing high.
ASX to fall. SPI Futures down 29 points (-0.37%).
- Base metals mixed, Copper +0.18%, Nickel -0.98%, Zinc +0.34%, Lead -0.20%, and Tin -0.38%.
- Aluminium +0.87% hitting an 11-week high over concerns of a slow recovery in production in China.
- Oil prices rose after Russia ordered companies to reduce oil output, WTI +1.62% and Brent Crude +1.25%. Lithium falls 6% plus in Asian trade.
- 10Y Bond Yields – US 4.249%, Australia 4.070%, and Germany 2.368%.
- Currencies - Aussie dollar flat, USD Index +0.22%, Euro +0.01%, and Bitcoin +6.80%.
- Gold up 0.28%.
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ASX kicked another 41 points higher to a record close of 7812 (0.5%). Banks were solid again, CBA up 1.1% and ANZ slightly higher. The Big Bank Basket trading at $208.94(0.6%). MQG slid 0.8% despite stories of a bid for part of Heathrow Airport. Insurers flat. REITs rallied with GMG leading the way up 3.7% and MGR up 2.2%. Industrials too were solid, WOW up 0.2% and TCL running 1.1% higher. Tech stocks better, REA up 2.3% and XRO rallying 1.4%. The All-Tech Index up 1.0%. In resources, iron ore rallied dragging FMG up 3.5% on news that Twiggy is looking at copper, RIO up 0.9% and S32 continuing to rally up 1.7%. Gold miners mixed. EVN up 2.4% and SFR up 2.8% as copper stocks are in focus. Lithium stocks under a little pressure as Citi turned bearish. Oil and gas better, WDS up 1.2% and coal and uranium better. In corporate news, two more bids today, MRM and MEA and A2B voted in favour of the takeover and will be delisted in early April. Nothing on the economic front today. Asian markets were mixed, Japan down 0.6%, HK up 0.3% and China up 0.3%. 10-year yields back at 4% .
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The Dow dipped 305.47 points, or 0.77%, to close at 39,475.90. The S&P 500 inched lower by 0.14% to end at 5,234.18. The Nasdaq Composite added 0.16% and closed at 16,428.82 for another record.
The Dow was up just shy of 2% for its best week since December. The Nasdaq is the outperformer of the three, jumping nearly 2.9%.
ASX SPI Futures up 7
- Base metals broadly lower, Nickel -2.11%, Aluminium +0.24%, Zinc -1.62%, Lead -1.59%, and Tin -0.68%.
- Copper prices pulled back 1.07% on profit-taking ahead of the weekend.
- Gold eased 0.73% as the dollar strengthened.
- 10Y Bond Yields – US 4.200%, Australia 4.040%, and Germany 2.320%.
- Currencies - Aussie dollar -0.84% to 65.14, USD Index +0.97%, Euro -0.37%, and Bitcoin -2.69%.
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ASX finished the week down 11 points at 7771 (0.2%). No real damage, more apathy and quiet trading. The index rose 1.3% for the week. Weakness in banks after a stunning day yesterday, CBA down 0.4% and WBC off 0.8%. The Big Bank Basket slipped to $207.75 (%). MQG dropped 0.3%. Insurers rose slightly with QBE up 1.1% and SUN up 0.9%. REITS better, GMG screaming ahead up 3.4%. SCG up 1.2% and MGR rising 1.4%. Industrials mixed, TLS slipped 0.8% and WOW up 0.7% with the tech sector slightly higher, WTC up 0.8% and the All -Tech Index up %. Healthcare better, CSL up 1.7% and RMD doing well up 1.2%, on a FPH upgrade. In resources it was a sloppy day, BHP fell 0.8% with FMG easing 2.1%. Lithium stocks down too, PLS off 1.0% as lithium fell 2% plus in Asian trade. Gold miners took a break, with EVN falling 2.0% and GMD revealed a 5-year plan and fell 6.3%. Oil and gas stocks under pressure as were coal stocks. In corporate news, pretty quiet. The RBA released its Financial Stability Report, Japanese inflation came out a little higher. Asian markets a little mixed, HK down 3%, China down 1.5% with Japan unchanged. 10-year yields fell hard to 4.03%.
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The Dow Jones Industrial Average jumped 269.24 points, or 0.68%, to close at 39,781.37. The S&P 500 advanced 0.32% to end at 5,241.53, while the Nasdaq Composite edged up 0.20% to finish at 16,401.84. Micron Technology jumped 14% on strong earnings and notched its best day since December 2011. The news lifted the semiconductor sector, with Nvidia and Marvell Technology adding more than 1% each. Apple fell 4% on a DoJ antitrust investigation.
ASX to fall though. SPI Futures down 14 points (-0.18%).
- Base metals higher across the board despite a stronger dollar, Copper +0.22%, Nickel +0.20%, Zinc +0.64%, Lead +0.31%, and Tin +2.27%.
- Aluminium up 1.14%, hitting an 11-week high as demand from China improves.
- Oil prices settled lower pressured by weaker US gasoline demand, WTI down 0.97% and Brent Crude off 0.77%.
- Iron ore futures gained ground on renewed hope of further monetary policy easing in China. Dalian Iron ore up 2.48%, and Iron ore advanced 3.71%.
- 10Y Bond Yields – US 4.269%, Australia 4.114%, and Germany 2.402%.
- Currencies - Aussie dollar -0.23% to 65.7c, USD Index +0.18%, Euro +0.31%, and Bitcoin -3.03%.
- Gold eased 0.25%, hitting pause after a strong rally.
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Markets lose small gains to finish flat. Energy and resources perform best, tech the worst.
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Tech optimism outweighs central bank nervousness. Wall St closes higher.
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ASX 200 kicked off the week fighting back from early losses to close up 6 at 7676. Quiet trading ahead of a big week. Local banks moved from losses to gains with the Big Bank Basket up to $205.68 (0.7%). Insurers better, IAG up 0.5% and SUN ahead by 1.1%. GQG up 0.5% and MFG kicking 1.3% higher. REITs are under pressure after solid rise last week, GMG down 3.6% and SCG off 1.8%. Industrials firmed as the session wore on, Tech slightly better, XRO up 0.2% and WTC up 0.1% with the Index up 0.1%. Mining services slid after BHP announcement on nickel lay-offs, MND down 0.8% and WOR off 1.3%. In resources, iron ore dipped then rallied dragging BHP and RIO ever so slightly higher. FMG down 1.1% with lithium and uranium stocks better. PLS up 0.3% and IGO rallying 3.4% with PDN up 3.3%. Oil and gas mixed.
In corporate news, Cyclone Mega wreaks havoc on S32 Port, though stock rallies 4.7%. ABB has been told to sell part of its stake in SLC, with MIN acquiring POS’s nickel concentrator plant. Nothing on the economic front locally, but Chinese data stronger than expected. Asian markets better with Japan up 2.6% and China up 0.5%. 10-year yields falling slightly to 4.11%.
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Quadruple witching in the US boosted volumes. The Dow dropped 191 points (-0.49%), the S&P 500 by 0.65%, and the NASDAQ by 0.96%. Major tech players Microsoft, Apple, Amazon, and Alphabet saw notable losses. Nvidia also dipped 0.1% after Thursday's 3.2% loss. Adobe's disappointing quarterly revenue guidance led to a 13.67% drop in its shares.
ASX SPI Futures down 13.
- Base metals mixed, Nickel -1.19%, Aluminium +0.93%, Zinc +0.24%, Lead -1.30%, and Tin +1.18%.
- Copper up 1.74% supported by fund buying propelling prices to new highs.
- Gold is steady, down 1.15% for the week, its first weekly decline since mid-February. Uranium slightly higher on Kazatomprom production outlook.
- WTI off 0.27% but finishes the week up ~4% on rising demand.
- Currencies - Aussie dollar -0.3% to 65.60c, USD Index flat, and Euro -0.36%.
- 10Y Bond Yields – US 4.308%, Australia 4.154%, and Germany 2.434%.
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ASX 200 fought back from large losses to close down only 43 points at 7670 (-0.6%). ASX 200 off 2.2% for the week. Weakness across the board from the outset, but bargain hunting took over in the afternoon. Banks found some buyers as the day wore on. CBA down 0.6% and WBC down 1.1%, with the Big Bank Basket at $204.23 (-0.3%). MQG rose 0.2%, with insurers slightly lower, SUN off 0.5%. REITs in demand, SCG up 1.5%, SGP up 2.3% with TLS also doing well, up 1.1%. Supermarkets found some defensive buyers, WES down 0.3%, with WOW unchanged. Tech eased, XRO off 0.6% but WTC fell 2.2%, and the All-Tech Index dropped 1.2%. In resources, big trouble again in little China, with iron ore continuing to fall and no reprieve from copper for BHP and RIO down around 1.5% -2%. FMG off 2.3%. Lithium stock selectively crunched, PLS down 6.2% as the shorts pummelled the stock, MIN down 2.7% and IGO off 5.1%. Gold miners are also weaker, with some end-of-week profit-taking and bullion weakness. Oil and gas stocks finally woke up, with WDS up 2.5% and STO up 2.4%. In corporate news, IRE rose 1.4% on the sale of a UK business, and TAH fell 5.2% after the CEO fell on his sword over inappropriate comments. EML up 11.5% on the sale of one of its businesses in the UK. No economic news, but China kept its key policy rate unchanged. Asian markets slid lower on Chinese news. 10Y yields hit 4.15%. Dow Futures down 36 points. NASDAQ Futures down 44 points.
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The 30-stock Dow pulled back 137.66 points, or 0.35%, to close at 38,905.66. The Nasdaq Composite fell 0.3% to 16,128.53, while the S&P 500 slipped 0.29% to finish the session at 5,150.48.
US PPI worse than expected as were Retail numbers.
ASX SPI Futures down 56 points.
- Base metals are broadly weaker, Nickel -1.06%, Aluminium -0.81%, Zinc -0.97%, Lead -0.69%, and Tin +0.60%.
- Copper retreated from its 11-month high, down 0.54% on doubts over plans by Chinese smelters to cut output. Lithium falls 7% in Asia.
- Gold fell 0.59% after a larger-than-expected rise in February’s PPI data.
- 10Y Bond Yields – US 4.292%, Australia 4.152%, and Germany 2.436%.
- Currencies - Aussie dollar flat, USD Index +0.56%, Euro -0.02%, and Bitcoin -2.90%.
- Oil prices settled at four-month highs following IEA’s forecasts for a tighter market in 2024, raising its expectations on oil demand growth this year. WTI +1.85% and Brent Crude 1.51%.
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ASX 200 slipped 16 points to 7714 (-0.2%) as banks came under pressure finally. The index bounced off the 7705, around the level of the sell-off on Monday. Banks saw big sellers as Macquarie downgraded, WBC down 3.8%, CBA off 1.1%, and ANZ falling 3.8%. The Big Bank Basket down to $204.87 (-2.1%). MQG also fell 1.1% as financials sold off. Insurers mixed, REITs better as GMG rose 0.4%. Industrials were slightly weaker, WES off 0.3%, REA down 4.2%, and tech slipping. XRO off 1.5%. WOW gained 0.9% as buyers took advantage of a sale. Resources were a highlight. BHP and RIO rallying hard on copper dreams, FMG solid but uninspiring. Lithium stocks mixed, PLS down 0.2% after a fresh auction, S32 bouncing hard up 5.2%, and gold miners better. NST up 1.9%, and NEM moving 1.2% higher. In corporate news, ARU soared 76.3% as a new funding deal was announced with government backing. ABB crashed 18.0% on news it had lost a contract to SLC. Interesting, given ABB is trying to buy SLC. Will need a far better offer now. News that Singtel is in discussion to sell Optus to Brookfield in a $12bn deal. LNW denied that it had stolen ALL technology and Olivia Wirth has found a new home as the CEO of MYR. Up 7.6% on the news. Nothing on the economic front today, Asian markets little changed. HK down 0.6%. 10Y yields at 4.07%. US PPI and retail numbers tonight. Dow Futures up 36 points. NASDAQ Futures up 56 points.
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USStocks closed lower on Wednesday and struggled to continue momentum from a session earlier, with Nvidia pulling back alongside the broader technology sector.
The S&P 500 slipped 0.19% to close at 5,165.31, while the Nasdaq Composite fell 0.54% to 16,177.77. The Dow Jones Industrial Average pulled back 37.83 points, or 0.1%, to finish the session at 39,043.32.
ASX SPI FUTURES up 22
- Gold rebounds on dollar retreat as Fed still seen cutting rates.
- Uranium sinks. Lithium steady.
- Iron ore at over 6-month low on mounting fears of easing Chinese demand.
- Oil prices up 3% to 4-month high on US crude stock drop, Russian refinery attacks.
- US gasoline stockpiles slump more than forecast on rising demand -EIA.
- OPEC says IEA commentary on oil security encouraging.
- Ukrainian drones damage Russian oil refineries in second day of attacks.
- Copper soars to 11-month high on Chinese plans to cut output.
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The Dow Jones Industrial Average gained 235.83 points, or 0.61%, to close at 39,005.49. The S&P 500 ticked up 1.12% to finish the session at 5,175.27, surpassing the previous record high close from March 7. The Nasdaq Composite advanced 1.54% to 16,265.64.
ASX SPI Futures up 14. Could see more today.
- Base metals mixed, Copper flat, Nickel +1.82%, Zinc -0.35%, Lead +0.78%, and Tin -0.63%.
- Aluminium is up 0.67%, nearing a six-week high on positive demand forecasts.
- Gold fell 1.10%, coming under pressure after US CPI results dimmed prospects of imminent rate cuts. Uranium falls again and Lithium rises.
- Oil prices settled lower following higher-than-expected forecasts for US crude oil production, WTI -0.46% and Brent Crude down 0.16%.
- Currencies - Aussie dollar -0.12%, USD Index flat, Euro -0.13%, and Bitcoin -1.63%.
- 10Y Bond Yields – US 4.153%, Australia 4.013%, and Germany 2.326%.
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ASX 200 limped 8 points higher to 7713. The market is waiting for direction from the US, with banks trying to rebound slightly as the Big Bank Basket flatlined at $207.93(0.1%). NAB slipped 0.4%. Other financials slightly better, QBE up 1.3% and SUN up 1.7% as GQG fell again down 2.3%. REITs mainly higher with GMG down 0.2% the rest better. Industrials a little higher, BXB up 1.4% and REA up 0.6%. Tech stocks rallying with the All-Tech Index up 0.7%. Retail better too, JBH up 2.0% and LOV up 0.9%. Resources suffered as the iron ore price fell again, BHP down 0.7% and FMG off 1.2%. Lithium stocks better as prices lifted in Asia, PLS up 4.3% on the back of an offtake agreement. MIN up 1.3% and LTR up 4.4%. Gold miners finally picked up with NST up 1.7% and NEM up 3.5% and oil and gas stocks eased WDS down 1.2% and STO off 0.6%. In corporate news, APX in a trading halt after a big rise of 30.1% and now an ASX query. AWC agreed a scheme with Alcoa, rising 8.1% and STX up 9.5% on a production update. Philip Lowe has become the chair of FGX with BGL up 10.3% on a production update. QVE and WLE announced a merger of unequals. Dalian iron ore hit a five-month low as China recovery disappoints. Asian markets mixed as Japan slipped a little and HK better. China flat. 10-year yields steady around 3.95%.
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The S&P 500 and Nasdaq Composite both ended lower on Monday, while the Dow edged higher. The broad S&P 500 and technology-heavy Nasdaq closed 0.1% and 0.4% lower, respectively. Both saw their second negative sessions in a row.
Oracle up 13% on results after hours.
ASX SPI Futures up 5 points
- Base metals broadly higher, Nickel +1.23%, Aluminium +0.62%, Zinc +1.48%, Lead +1.0%, and Tin -0.09%.
- Copper up 0.69% as the market awaits Chinese loan data for indications of demand.
- Gold up 0.21% trading near its highest levels after a record rally last week.
- Oil prices held steady, WTI fell 0.11% and Brent Crude %.
- Currencies - Aussie dollar down 0.23% to 66.12c, USD Index +0.14%, and Euro -0.07%.
- 10Y Bond Yields – US 4.096%, Australia 3.991%, and Germany 2.302%.
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ASX 200 cratered 143 points to 7704 (-1.8%) as banks gave up frothy gains from Friday and iron ore weakened in Asian trade dragging down the big miners. BHP fell 2.6% with RIO off 3.6% and FMG down 3.5%. Base metal stocks also slid with MIN off 2.4% and S32 down 2.3%. Lithium stocks were mixed, LTR down 3.1% and PLS holding up as lithium firmed in Asian trade. Rare earth leader LYC dropped 3.5% with IGO in trouble too. Uranium stocks sub-optimal, PDN fell 0.4%, BOE off 2.9% and DYL returning from a capital raising off 4.7%. Gold miners also suffered despite bullion prices heading higher, NST fell 4.0%, EVN down 3.3% and GOR off 3.7%. Oil and gas stocks also smacked down, WDS down 2.6% and STO off 1.8%. Banks were a source of serious weakness. Having led the market up to records, it was all about locking in profits. CBA fell 2.7%, ANZ down 1.9% and the Big Bank Basket falling to $208.22(-2.7%). MQG dipped 0.9% and GQG fell 2.7% on rumours of the founder selling down. Insurers also slipped, IAG down 1.1% and SUN off 0.3%. REITs also falling hard, GMG down % and SGP off %. Healthcare saw losses as CSL went ex-divided and fell 1.5%, RMD off 3.7%. Industrials down across the board. Tech escaped a little down only 0.8% on the Index. WES fell 1.5% and REA, CAR and SEK all under serious pressure. In corporate news, TSK rose 90.0% on a takeover deal. REX moved 4.4% on a code share with Etihad and WOR won a Shell contract. Nothing on the economic front. Asian markets were mixed on Japanese GDP numbers, with the Nikkei dropping 2.8% and China and HK both positive.
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The S&P 500 lost 0.65% to 5,123.69, while the Nasdaq Composite slipped 1.16% to 16,085.11. Both swung into negative territory after rising to new all-time highs earlier in the session. The Dow Jones Industrial Average relinquished 68.66 points, or 0.18%, to end at 38,722.69.
ASX SPI Futures fell 47 points.
- Oil dips 1% on way to weekly loss as markets weigh Chinese demand.
- China's coal industry doesn't expect imports to rise this year.
- Copper production by Chile's Codelco slides, others climb in January.
- Gold marches higher as US jobs data boosts bets of an early rate cut.
- Iron ore retreats as lower demand and higher inventories weigh.
- Copper retreats from five-week high after US data.
- Public holiday in Victoria today (stock market open).
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ASX 200 finished at record highs of 7847up 83 points (1.1%). Up 102 points for the week. Banks were as usual the big driver, hitting highs, the Big Bank Basket up to $214.07(). CBA pushed 1.8% ahead, NAB up 2.3% and WBC up 2.6%. MQG continued higher up 2.0% and insurers up as VUK screamed ahead on a deal with UK Building Society up 33.0%. Even the ASX managed a 1.6% gain. Industrials in demand, TLS up 1.1%, WOW up 1.7% and COL running 1.2% ahead, WES up 0.8%. Healthcare did well, CSL recovered 1.3% and RMD underperformed the US listing up only 0.5%. REITs solid and Tech up 1% on the Index, WTC up 2.3% despite ex dividend. Resources were the ugly sister that did not go to the ball. BHP unchanged, RIO down 0.6% and FMG off 0.3%. A stronger AUD not that helpful. Lithium stocks mixed PLS down 0.7% and MIN up 0.6%. Oil and gas stocks up on crude prices, WDS up 1.7%. In corporate news today, GQG off 1.8% on a sell down from a shareholder, MAG surged 37.8% on a deal with MIN and SQM spoke of aggressive Australian expansion. On the economic front, US jobs data tonight, 200k is the magic number. Asian markets generally higher, HK up 1.2%, Japan up 1.0% and China unchanged. 10-year yields 4.0%.
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The S&P 500 advanced 1.03% to 5,157.36, while the Nasdaq Composite climbed 1.51% to 16,273.38. Both hit all-time highs during the session, while the S&P 500 also managed a closing record. The Dow Jones Industrial Average gained 130.30 points, or 0.34%, to close at 38,791.35.
ASX to rise. SPI Futures up 45 points (+0.58%).
- Base metals are higher across the board, supported by a weaker USD. Nickel +1.67%, Aluminium +1.03%, Lead +2.03%, and Tin +1.90%.
- Zinc up 1.64%, and Copper up 0.88%, hitting five-week highs.
- Gold rose 0.59% to hit a new all-time high, extending its record run this week.
- Oil prices edged lower as markets asses the latest economic data from China. WTI -0.34% and Brent Crude -0.13%.
- Dalian Iron ore / Iron ore %
- 10Y Bond Yields – US 4.087%, Australia 4.008%, and Germany 2.298%.
- Currencies - Aussie dollar up 0.82% to 66.17US cents, USD Index -0.53%, and Japanese Yen -0.89%.
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ASX 200 finished up 30 points to 7758 (+0.4%) despite the heavy weight of large-cap ex-dividends. Once again, banks leading the way with the Big Bank Basket up to $209.87 (+0.7%). MQG rose 0.8%, and CBA hit record highs up 0.8%. GQG rose 2.8% on FUM news, ASX up 0.8% despite being fined by ASIC. Industrials firm WES up 1.5%, and TCL up 1.0% as rates fall. WOW and COL better, utilities firmed with ORG up 1.3% and tech better, WTC up 1.1% and XRO up 0.1%. REITs slightly better. Healthcare rose on RMD moving up 5.5%. Resources were mixed, BHP and RIO fell on dividends, FMG rose 1.1% with base metals finding buyers, S32 up 0.7% and MIN up 3.9%. Gold miners better on record bullion prices, NST up 2.6% and EVN up 2.8%. Lithium stocks mixed, PLS down 1.0% and uranium stocks static as DYL moved to raise $220m in a placement. In corporate news, RMS in a trading halt pending news on an acquisition, TIE rose 0.8% after rejecting a takeover, MAU rose 13.9% on its PFS for Lady Julie project. In economic news, CBA is staying dovish on rates with forecast of 75bps easing in 2024. Capex is increasing in large caps, pointing to increased M&A perhaps. In Asian markets, a little weaker across the board, HK off 0.5% and China down 0.2% with Japan falling 0.3%. 10-year yields steady at 4.02%. Dow Futures down 42 points. NASDAQ Futures down 69 points. ECB day today and State of the Union in US.
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The S&P 500 added 0.51% to 5,104.76, while the Nasdaq Composite gained 0.58% to 16,031.54. The Dow Jones Industrial Average traded higher by 75.86 points, or 0.2%, to close at 38,661.05. The blue-chip average was weighed down by a drop of more than 2% in Disney. Shares of NYCB rose about 7.5% after tumbling more than 40% earlier in the session. Trading in the stock was halted several times throughout the day.
ASX to rise. SPI Futures up 37 points (+0.48%). But lots of big companies going EX Div BHP, RIO and WDS.
- Base metals broadly higher, buoyed by a weaker dollar, Copper +0.89%, Aluminium +0.29%, Zinc +1.71%, Lead +0.95%, and Tin +1.17%.
- Nickel down 0.34% from improved supply prospects from Indonesia.
- Gold extends record run, up 0.78%, driven by bets for rate cuts as early as June.
- Oil prices edged up on smaller than expected build in US crude inventories. WTI +1.23% and Brent Crude +1.0%.
- 10Y Bond Yields – US 4.108%, Australia 4.007%, and Germany 2.330%.
- Currencies - Aussie dollar up 0.92% to 65.62US cents, USD Index -0.40% and Japanese Yen -0.42%.
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ASX 200 flips to close at 7734 up 9 (+0.1%), turning positive as GDP number disappoints and hopes for a rate cut brought forward. Banks once again the drivers of the market, with the Big Bank Basket up to $208.37 (+1.1%). MQG kicked 0.5% higher, ASX up 0.4% and health insurers up. REITs mixed, GMG up 0.3% and SCG up 1.9%. Industrials and tech weak, WTC down 2.6%, XRO off 0.9% and the All-Tech Index down 1.0%. WOW slid 0.8%, and SVW down 2.4%. REA continued to fall down 0.1%, and retailers were mixed. CTT had a horror day, down around 22% at one stage as an AFR article on duty paid weighed on the stock, and closed down 14.4%. Resources flat too. The Three Amigos BHP, RIO and FMG down slightly, Lithium stocks trying hard to find support after big falls in the US. Gold miners seem to have done their dash, NEM down 0.7% and GOR up 1.6%. Oil and gas mixed. Coal stocks flat. In corporate news, DDR fell 10.0% as the founder sold down as a result of his divorce. IRE fell 6.0% as it denied it had been approached. MFG rose 7.9% on better FUM numbers. On the economic front GDP came in at 1.5% or just 0.2% in the last quarter, underwhelming. In Asian trade, HK rose 2.3%, China up modestly, and Japan's TOPIX is up 0.5%. 10Y yields 4.03%. Dow Futures up one point. NASDAQ Futures down 55 points.
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The Nasdaq Composite pulled back by 1.65% to 15,939.59 as technology stocks felt the brunt of the market’s drop. The Dow Jones Industrial Average lost 404.64 points, or 1.04%, to 38,585.19. The S&P 500 dipped 1.02%, closing at 5,078.65.
ASX to fall. SPI Futures down 10 points (-0.13%). Bitcoin swoons and falls. Gold close to record high.
Powell Testimony ahead.
- Base metals came under pressure amid disappointment at the lack of big-ticket stimulus from China. Copper -0.38%, Nickel -0.84%, Aluminium -0.38%, Zinc +0.35%, Lead -0.37%, and Tin -0.09%.
- Gold up 0.63% at $2,129 per ounce, after having hit a record $2,141 earlier.
- Oil prices fell on doubts about China Achieving its economic growth target. WTI -0.70% and Brent Crude -0.97%. Lithium falls hard.
- 10Y Bond Yields – US 4.139%, Australia 4.041%, and Germany 2.319%.
- Currencies - Aussie dollar down 0.12% to 65.03US cents, USD Index flat, and Japanese Yen -0.37%.
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ASX fell 12 points at 7724 (-0.2%). Some weakness in a few sectors weighed. Banks eased back with the Big Bank Basket down to $206.08 (-0.8%). CBA leading the loss, off 1.0%. MQG slipped 0.3%, and GQG fell 1.8%, with REITs down a tad. Industrials weaker across the board, looking a little tired after reporting season. ‘Old Skool Platform’ stocks dropped, with REA off 2.0% and CAR down 1.8%. Tech eased, with the All-Tech Index off 0.3% and supermarkets down. WES off 1.8%, and COL and WOW falling too. Ex-dividends weighing. In resource stocks, iron ore miners perked up on Chinese stimulus hopes (again), BHP up 0.9% and FMG bouncing 1.9%. Lithium stocks pummelled as the rally ended abruptly. PLS dropped 7.0%, and MIN off 3.6%. Lithium in China fell, and Tesla ran into sellers in US. Gold miners in demand as bullion hit records. NST up 3.0%, and NEM up 5.5%, playing some catch-up. Oil and gas stocks slipped, with WDS down 0.8%. In corporate news, MPL and NHF rose on premium increase news, HLS was a star performer as the CEO stepped down up 14.7%, and in economic news, the current account returned to a surplus, beating forecasts. GDP tomorrow. Asian markets sank on Chinese GDP news, HK off 2.2% and China up 0.2%, with Japan still at all-time highs up 0.6%. 10Y yields falling to 4.1%. Dow Futures down 68 points. NASDAQ Futures down 61 points.
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Wall Street finished slightly lower overnight in a quiet session while the market awaits economic data later in the week.
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ASX 200 slid 10 points to 7736 (0.1%) off all-time highs as iron ore and healthcare stocks weighed. BHP off 1.5% and FMG getting whacked down 3.2%. Lithium stocks gave back some early solid gains, prices slipping slightly in China. MIN down 2.1% and PLS up only 0.7% with IGO falling 1.7%. Gold miners were strong on bullion rises, NST up 6.0% and NEM up 0.6% with EVN rising 4.4%. Oil and gas mixed, WDS down another 1.1% and STO slightly better. Tech continued to push higher as WTC up 1.4% and XRO up 0.4% on broker upgrades. Industrials flat, defensives eased back as risk appetite took over. Healthcare mixed, CSL down 1.0% and RMD doing OK, up 0.9%. Banks were firm again, CBA up 0.7% and WBC up 1.0% with the Big Bank Basket up to $207.74( 0.6%). MQG slid 0.8% on an AFR article on assets write downs on Indian asset, GQG eased 0.9%. REITs very firm again, GMG up 2.3% and MGR up 0.5%. In corporate news, GNX received a NBIO from J-Power UP 32.4%, DOW fell 1.2% on a class action update. CTT also fell 6.0% as founder Dean Mintz sold a further 7.2% stake. In economic news, Building approval numbers out today and an unexpected slip in business activity indicators adding to some concerns on GDP numbers Wednesday. Asian markets saw Japan hit record highs, China and HK flat with National Congress in focus. Bitcoin hit US$64,000 with plans for an ASX ETF. No RBA meeting tomorrow.
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- S&P 500, Nasdaq close at fresh records on AI boost, easing yields.
- US stocks drive higher, boosted by tech, chips, lower yields.
- Europe's STOXX 600 hits record high in strong start to March.
- US yields fall on weak data, Fed comment on balance sheet reset.
- US manufacturing contracts further, rays of light on the horizon.
- WTO ekes out meagre outcomes in overtime Abu Dhabi meeting.
ASX set to rise. SPI futures up 11 points.
- Oil climbs 2%, notches weekly gains ahead of OPEC+ decision.
- Iron ore falls for second straight week on soft China data, doubts around stimulus.
- Gold advances to 2-month peak as US rate cuts expected soon.
- Copper reverses loss on shrinking China factory activity.
- Canada bans indirect imports of Russian diamonds.
- US firm BlackRock reduces stake in miner Polymetal International.
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The tech-heavy Nasdaq jumped 0.9% to close at an all-time high at 16,091.92, as tech stocks and chips rallied into the close. The S&P 500 also popped to a record close, rising 0.52% at 5,096.27. The Dow Jones Industrial Average ticked higher by 0.12% at 38.996.39.
ASX SPI Futures up 20 Record High beckons.
- Base metals OK, Copper +0.30%, Aluminium +1.46%, Zinc +0.56%, and Tin -0.47%.
- Nickel climbed 0.85% after rising as much as 1.3%, touching a more than two-month high as the market predicts that prices have hit their floor following supply concerns from Indonesia.
- Lead eased 1.27% after LME inventories rose by 11,350 tons to their highest level since May-17.
- Gold scaled to a one-month higher, up 0.49%, as the dollar slipped after US PCE data came in line with expectations.
- Oil prices mixed, WTI -0.28% and Brent Crude +0.04%.
- Lithium up 2.07%, pushing ALB up 4.4% and giving SQM a boost up 8% on the back of their results.
- Currencies - Aussie dollar flat, USD Index +0.14$, and Japanese Yen -0.46%.
- 10Y Bond Yields – US 4.262%, Australia 4.143%, and Germany 2.424%.
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ASX 200 shrugs off early weakness to close up 38 points at 7699 (+0.5%). So close. Good gains in industrials, led by WES up 1.1%, ALL up 1.5% and supermarkets COL and WOW better. Banks were flat, the Big Bank Basket flat at $205.05 (+0.4%). MQG kicked 0.6% and QBE up 0.5%. REITs firm with GMG leading the charge on data centre attractions, up 3.8%. Retail stocks were firm on sales numbers, a little underwhelming in places but rate cut hopes stoked buyers appetite. ‘Old Skool’ platform stocks firmed, REA up 2.3% and CAR racing ahead up 2.1%. Resources were mixed, Lithium stocks pushing ahead again in places, PLS up 0.7%, and PMT up 6.6%, with S32 up 4.6% on the sale of a coal business for $2.5bn. BHP and RIO flat, Gold miners better, NST up 1.8 % and EVN up 2.4%. Oil and gas stocks firmed, WDS up 0.6% and STO slipping 0.1%. In corporate news, last day of results, HVN defied the critics with better numbers up 4.4%, ALX down 1.1% to explore special dividends, and SGR jumped 8.3% on a net profit and remediation talk. IRE up 1.7% after it denied any knowledge of private equity interest. In economic news, retail sales 1.1% below expectations of 1.5%. Asian markets mixed again, Japan up 0.1%, China up 0.7%, and HK up 0.2%. 10-year yields steady at 4.15%. Dow Futures up 5 points. NASDAQ Futures down 11 points.
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The S&P 500 pulled back 0.17% to close at 5,069.76. The Nasdaq Composite fell 0.55% to 15,947.74. The Dow Jones Industrial Average shed 23.39 points, or 0.06%, to end at 38,949.02 and notch a third straight day of losses.
ASX to fall. SPI Futures down 11 points (-0.14%).
- Base metals broadly lower, Copper -0.32%, Aluminium -0.30%, Zinc -0.47%, Lead -0.19%, and Tin +0.99%.
- Nickel advanced 1.03% on tighter supply after government delays in Indonesia in issuing new mining quotas have prompted smelters to curb production.
- Oil prices mixed, WTI fell 0.45%, and Brent Crude gained 0.24% as US crude inventories rose by 4.2m barrels last week, surpassing expectations.
- 10Y Bond Yields – US 4.264%, Australia 4.148%, and Germany 2.455%.
- Aussie dollar down 0.76% to 67.93US cents, USD Index +0.11%, and Japanese Yen +0.13%.
- Gold ticked up 0.18% in a quiet trading session.
- Bitcoin approaching all-time highs. Hits US$64,000 briefly.
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ASX 200 closes flat at 7660 despite better-than-expected CPI numbers. Only monthly though. We flipped between small gains and small losses. Big short squeeze happening in the likes of CHN, PLS, NXT and BRN. Looks like someone wanted their stock back. Banks eased back, with CBA slipping 1.0% lower. MQG down 1.0%, and insurers better. SUN up 0.9%, and QBE pushing 1.1% higher. REITs a little mixed, GMG up 0.2% and SCG up 1.0%. Industrials fell, with WES seeing some profit taking off 1.0%, WOW off 1.7% as it went ex-dividend, COL slid 0.4% and TLS off 1.0% on its ex-dividend. Tech mixed, XRO pushing 4.4% ahead. REH fell 4.4% after a good day yesterday. Resources were strong in places, especially places with big short positions. MIN up 4.8%, PLS up 7.5%, uranium stocks doing well, DYL up 5.6% and PDN up 6.4%. STO better in the oil and gas sector, and WDS unchanged. FMG ex-dividend in the iron ore miners. In corporate news, APM caught an increased bid at 200c, up 13.5%, NEU dropped 10.9% on US sales update from Acadia. LNW +5.9% did just that, and KLS stumbled 12.0% lower on disappointing results. FLT fell 3.9% as TTV were a little light on. On the economic front, monthly CPI came in below forecasts, and RBNZ kept rates unchanged in a small surprise. Asian markets mixed again, with Japan +0.1%, China down 0.7% and HK off 0.3%. 10Y yields steady at 4.18%. Dow Futures down 27 points. NASDAQ Futures down 19 points.
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The S&P 500 inched up 0.17% to 5,078.18. The Nasdaq added 0.37% to end at 16,035.30. The Dow Jones Industrial Average fell 96.82 points, or 0.25%, to close at 38,972.41.
ASX to rise. SPI Futures up 21 points (+0.28%).
- Base metals mixed, Aluminium +0.59%, Zinc -0.06%, Lead -0.29%, and Tin +0.46%.
- Copper up 0.25%, supported by its technical 50-day moving average at $8,450.
- Nickel jumped 2.10%, extending its recent rally caused by concerns linked to lengthy Indonesian mining licence renewals.
- Gold flat. Uranium and Lithium higher.
- WTI and Brent Crude gain over 1%, following reports OPEC+ is considering extending voluntary oil output cuts into Q2.
- Iron ore rebounded 1.91%, and China’s Dalian Iron ore advanced 3.40%, buoyed by hopes of demand recovery from China.
- AUD and USD Index finished flat, while the Japanese Yen fell 0.13%.
- 10Y Bond Yields – US 4.309%, Australia 4.184%, and Germany 2.468%.
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ASX rose a modest 10 points to 7663 (+0.1%). Off early lows. Results the focal point again. Once again, the banks doing the heavy lifting with the Big Bank Basket up to $205.96 (+0.8%). CBA leading the charge up 1.0%. MQG up 0.8% and GQG up 1.4%. While NAB, WBC and ANZ hit 52-week highs. Insurers slid, with QBE up 0.4% and SUN down 1.9%. REITs falling, GMG down 0.6% and SGP off 1.1%, with MGR down 1.8%. Industrials going well, WES up 0.7% and WOW up 0.9% with COL shooting the lights out on results, up 5.5%. Telcos down led by TPG on broker reaction falling 4.3%. In resources, iron ore stocks shrugged off weaker prices, BHP up 0.2% and RIO up 0.5%. Lithium stocks mixed, IGO up 1.2% and MIN up 0.9%. Uranium pushed ahead with PDN getting some positive broker comments. Gold miners fell, with NST down 0.9% and NEM off 3.8%. Oil and gas mixed, WDS up 0.9% on results. In corporate news, CSR announced a binding agreement with the French up 5.0%, good results from REH, GEM and HLI, but the market didn’t like JLG crashing 13.2% and TYR giving back recent gains despite better results, falling 10.0%. ZIP had a volatile day spurting ahead before a rethink, closing down 14.4%. PNV swung to a profit though falling 1.7%, and ABC announced the nod to CRH’s bid. Nothing on the economic front. Japanese CPI only thing of note. Asian markets mixed, Japan flat. China up 0.5%, and HK down 0.4%. 10Y yields slightly higher at 4.15%. Dow Futures down 19 points. NASDAQ Futures down 25 points.
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US stocks ended Monday’s trading session in the red. The Dow Jones Industrial Average fell around 62 points, or 0.16%. The S&P 500 and Nasdaq Composite dropped 0.38% and 0.13%, respectively.
ASX SPI Futures down 4 points.
- Base metals broadly lower, Copper -1.12%, Nickel -2.20%, Aluminium -0.82%, Zinc +0.71%, Lead flat, and Tin -0.49%.
- Gold inched lower, down 0.22% as focus shifts to US inflation data this week.
- Oil prices gained ground as European diesel demand pulled prices higher. WTI +1.20% and Brent Crude +1.09%.
- 10Y Bond Yields – US 4.276%, Australia 4.151%, and Germany 2.432%.
- AUD down 0.35% to 65.38 US cents. USD Index -0.15%, and Japanese Yen +0.14%.
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ASX closed up 9 at 7653 (0.1%) after a very solid start evaporated. Big Monday with M&A and results in focus. First up Alcoa bid for AWC after a 20-year life on the ASX, ABB bid for SLC and CSR in a trading halt pending an announcement on a material transaction. Banks mixed, CBA firing another 1.0% ahead with the Big Bank Basket up to $204.23 (0.6%), MQG rose 0.6% and GQG up 0.9%. Insurers gained as SUN came out with better-than-expected insurance results, up 3.5%. QBE up 0.6% and NHF down 5.6% on its results. REITs mixed, GMG up 0.7% and SCG taking a break down 0.7%. Healthcare better, CSL up 0.7% and RMD gaining 0.9% as Barnaby set to star in SBS health show. Industrials firm but focus on results. WES continued higher up 1.8% with tech better, WTC up 1.4% and XRO up 2.1%. Retail mixed, KGN results and dividend restored kicked 23.7% higher. In resources, iron ore stocks on the nose again, BHP down 1.3% and FMG off 1.3%. Lithium stocks caught a bid, PLS up 5.7% after results last week. LYC rose 1.0% on no bad news, MIN also doing OK, up 2.8%. Gold miners were better on bullion price increases, NST up 1.2% and EVN up 1.4%. Oil and gas smashed, WDS down 1.7% and STO ex-dividend down 5.3%. In corporate news, results the key, NAN fell 16.0% on Trophon2 slow down, TPG fell 8.0% on results, ADH rose 15,0% on its results, SLC up 14.3% on the bid and AWC up 6.9% on its bid from Alcoa. Both scrip bids. Nothing on the economic front. In Asia, Japan returned after a holiday up 0.6%, China down 0.4%, and HK off 0.4%. 10-year yields slid to 4.10%.
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- Dow up 62. NASDAQ -0.28%. S&P 500 +0.03%.
- Big Tech calmed down overnight on Friday but didn’t sell off particularly.
- Nvidia up 0.36% - hit a $2 trillion market cap. Now the fourth biggest company in the world. AMD -2.9%, Apple -1%. Super Micro Computer dropped 11.8% after pricing a convertible note.
- SPI Futures up 4.
- Oil price down 2%. The US has ramped up sanctions against Russia after Navalny's death
- Fedspeak in the US continues to push back on expectations of early rate cuts. "Later this year" is about as specific as they got overnight.
- Bond yields dropped a bit overnight – a positive.
- Iron ore price up 0.2%. BHP down 0.1% and RIO up 0.5% in the US.
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The S&P 500 and the Dow reached record highs overnight, driven by growth and tech stocks following Nvidia's strong earnings and outlook. The Dow Jones rose by 4567 points (+1.18%), the S&P 500 gained 2.11%, and the NASDAQ Composite added 2.96%. Nvidia's optimistic Q1 revenue forecast and outperformance in Q4 revenue pushed its shares higher, up 16.4% along with other AI-related companies like AMD +10.7%, Super Micro Computer +32.87%, and Arm Holdings +4.16%. The Philadelphia Semiconductor Index, along with major tech and growth stocks such as Alphabet, Microsoft, and Meta, also saw significant gains. In contrast, EV startups Rivian and Lucid fell 25.6% and 16.75%, respectively, as they forecasted lower-than-expected 2024 production due to a demand slowdown.
ASX to rise. SPI Futures up 32 points (+0.42%).
- Base metals mixed. Copper +0.26%, Aluminium +3.63%, Zinc -0.42%, Lead +0.67%, and Tin -0.50%.
- Nickel prices rose to their highest level in 14 weeks over US sanctions concerns, up 2.80%.
- Oil prices settled higher as hostilities continued in the Red Sea, though an increase in US crude inventories weighed on gains. WTI +0.95% and Brent Crude +0.54%.
- 10Y Bond Yields – US 4.341%, Australia 4.190%, and Germany 2.437%.
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ASX 200 rose 3 points today to 7611 as Nvidia and results were the focus. Banks eased across the board, insurers mixed SUN up 0.8%. The Big Bank Basket down to $201.82(0.2%). MQG slightly higher, up 0.5%. REITs slipped a little. Healthcare better, CSL up 0.3% and RHC up 0.5%. In the industrials, TCL rose 1.3% on broker comments, WOW continued to slide after CEO retirement, down 1.8%. ALL fell 1.9% on AGM comments. Tech flat with the All-Tech Index going nowhere, XRO up 2.3% and WTC down 2.0%. Resources mixed, BHP off 0.4% with RIO down 1.1% after results and broker analysis, FMG had good results, up 2.1%. MIN sold out of AZS rising 3.1%. PLS reported and was becalmed. No panic from shorts at all. Oil and gas slightly firmer. In corporate action, QAN had a soft edge today with the new CEO announcing a $400m buyback, still fell 6.8%. IFL did well on its results up 13.7%, LOV defied the shorts and powered 10.4% ahead. DMP caught some love after results yesterday up 7.7%. MAF down 20.5% and TAH off 10.3%, both suffering after results, PLL sold out of SYA with the stock falling 28.1%. NEC showed how bad TV advertising is and fell 8.7%. In economic news, we had some more wage data out, Asian markets firmed Japan up 1.6%, China up 0.2% and HK up slightly. 10-year yields slightly lower at 4.17%
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The Dow Jones Industrial Average added 48.44 points, or 0.13%, settling at 38,612.24. The S&P 500 gained 0.13% to end at 4,981.80. The tech-heavy Nasdaq Composite lost 0.32% to close at 15,580.87.
Minutes from the Federal Reserve’s January meeting indicated that central bankers are in no hurry to cut interest rates.
ASX SPI down 19 points. CSR Bid. Super Thursday Results.
- Base metals were broadly higher with the exception of Tin, down 0.93%, Copper +0.30%, Zinc +0.27%, and Lead +1.22%.
- Aluminium hits a three-week high, up 2.0%, and Nickel hits a four-week high, up 1.45%
- Gold flat.
- Oil prices edge higher on signs of near-term supply tightness, WTI +0.22% and Brent Crude +0.76%.
- Iron ore futures fall for a third consecutive session to hit their lowest level in nearly four months. Dalian Iron ore -3.89% and Iron ore -1.53%
- 10Y Bond Yields – US 4.321%, Australia 4.227%, and Germany 2.451%.
- AUD flat, down 0.05%% to 65.45US cents. USD Index -0.04%, and Japanese Yen +0.15%.
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ASX 200 fell 51 points to 7608 (+0.7%) as results the focus. CBA ex-dividend sent the Big Bank Basket down slightly to $202.22 (-1%), knocking some points off the index, too. ANZ recovered 0.8% of the losses yesterday, MQG flat, insurers slid, QBE down 1.8% and SUN off 2.3%. REITs generally down, GMG off 0.1% with SCG up 2.7% on better-than-expected results. In industrials, WOW results were a sideshow to the resignation of CEO Brad Banducci after a nasty few weeks, down 6.6%. COL fell 4.2% with WES up 1.3%. Telcos under some pressure, TLS down 1.3% and ‘old skool’ platforms off, REA down 1.0% and SEK falling 1.3%. Tech stocks were mixed, WTC rose 11.2% on good results whilst HSN tumbled 8.6% on growth outlook. CSR was an odd one with a massive spike of 17.4% before a trading halt. That will be the French! Rumours of a takeover appraoch. Resources on the nose today, although lithium stocks found buyers with a good bounce in lithium in China, PLS up 2.8% ahead of results tomorrow, IGO also better and LRS up 7.5%. Uranium stocks fell hard. Iron ore stocks under pressure, BHP fell 2.4% on broker downgrades and iron ore falls in China., FMG down 3.4% as we wait for RIO results.FY23 profit of US$11.8bn and no inconvenient writedowns. Base metals stocks tried to rally after a wobbly start, S32 up 0.4%. Oil and gas slipping on STO results down 0.8%. In corporate news, results from CDA cheered with the stock up 16.6%, DMP also found a few buyers up 2.3% on the outlook. CTD was smashed down 20.2% on news that the UK contract isn’t really happening, ORI raising $400m for an acquisition. HLS fell hard on results as did OBL with an update. On the economic front, wage growth came in higher than expected at 0.9% for the Dec quarter. In Asian markets, Japan fell 0.2%, HK having a strong day up 3% and China also up 3%. 10Y yields back to 4.19%. Dow Futures down 43 points. NASDAQ Futures down 52 points.
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Wall Street began the holiday-shortened week lower in a quiet day of trade, with the S&P 500 down 0.6%, NASDAQ off 0.92%, while the Dow Jones hovered around flatline (-0.17%). NASDAQ weighed down by Nvidia, tumbling 4.4% ahead of its earnings report, while small-caps Russell 2000 fell 1.41%, erasing last week's gains. US Treasury yields edged lower with the yield curve steepening, with the spread between 10Y and 2Y US Treasury yields widening to -33.5 basis points. Among stocks, Walmart rose to a record high, up 3.2%, on positive forecasts and raising its annual dividend by 9%. Home Depot finished flat despite a disappointing 2024 outlook, while Capital One announced a $35.3bn all-stock deal to acquire Discover Financial Services (+12.6%).
ASX to fall. SPI Futures down 21 points (-0.28%).
- Base metals mixed. Nickel +0.82%, Zinc -0.69%, Lead +0.42%, and Tin -0.23%.
- Aluminium rose 1.07% despite LME inventories rising to a six-week high.
- Copper advanced 1.06% on a weaker dollar.
- Gold is up 0.40%, hitting a one-week high.
- Iron ore fell 1.07% hitting its lowest level in over three months, weighed down by demand outlook in China, despite China’s easing its 5-year loan prime rate.
- 10Y Bond Yields – US 4.277%, Australia 4.187%, and Germany 2.378%.
- Aussie dollar up 0.18% to 65.49US cents, USD Index -0.21%, and Japanese Yen -0.05%.
- Oil prices slipped on demand concerns. WTI off 1.23%, and Brent Crude down -0.94%.
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ASX 200 slips slightly by 6 points to 7659 (0.1%). Big day again for results, ANZ also got the green light for its SUN Banking business acquisition. Good for SUN, not maybe so good for ANZ down 2.2% on the news. WBC rose 2.6% on broker upgrades, the Big Bank Basket rose slightly to $204.22(0.1%). MQG sold off slightly following Investor Day reactions. Insurers rose with SUN news, QBE up 2.4% and MPL up 2.4%. REITs better, GMG up 2.2% and SCG down 0.7%. Industrials were better, TLS rose 1.0%, REA up 2.4% and ALL doing well up another 0.5%. WES slipped 1.5% after a good run. Tech a little mixed with WTC up 1.2% and XRO off 1.0%. Healthcare showing positive vibes, CSL up 0.4% and COH finding broker friends up 0.8%. Resources under pressure again, BHP results today underwhelmed falling 1.1%, RIO down 2.2%, FMG off 0.7%. Lithium fell again as PLS dropped 1.7%. MIN down 1.2% and IGO down another 3.7%. Gold miners mixed, NST up 0.3% and RMS off 0.7%. Corporate results dominated with MMS reporting a good set of numbers, up 11.8% and ARB flying 10.2% on numbers, SGR cratered 19.6% again on a second inquiry, SGM down 9.7% on results, SHL fell 7.8% on numbers. THL fell 9.8% on a CFO recruitment update. On the economic front, RBA minutes today alluded to a potential rise on rates (!). Meanwhile in China, banks cut mortgage rates by a more than expected 25bps. Iron ore falling again in Asia down another 3.6% on the Dalian exchange.
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US Markets Closed for Presidents Day
ASX to open flat. SPI Futures up 1 point (+0.01%).
- Base metals mixed, Nickel flat, Aluminium -0.81%, Zinc +1.05%, Lead -0.92%, and Tin -1.80%.
- Copper prices fell 0.54% after PBoC held its policy rates steady, but falling inventories data contained losses.
- Gold edged up 0.17% as the US dollar retreated marginally.
- Oil prices were steady as supply concerns from the Middle East conflict were offset by weakening demand. WTI and Brent Crude finished flat.
- Dalian Iron ore gained 7.49%, buoyed by the prospect of further stimulus after China’s Premier on Sunday urged departments under the cabinet to do more work to boost public confidence.
- 10Y Bond Yields – Euro 2.417 %, Australia 4.205%, and Germany 2.417%.
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ASX 200 finished slightly higher by 7 points to 7666 (0.1%) in a quiet day. Results once again dominated as US market closed tonight for Presidents' Day. Resources were the steadying influence today on hopes of Chinese stimulus and better economic news post the LNY. BHP up 0.9%, RIO up 1.6% and FMG flat. Selected lithium stocks showed promise; PLS dropped 2.4% after a volatile session, LTR up 7.2%, S32 gained 2.1%, and MIN up 0.6%, IGO fell 3.2% despite nickel moves, gold miners eased back slightly and oil and gas stocks drifted lower. Banks were firm as WBC results cheered, positive comments from CEO helping, CBA up 0.7% and the Big Bank Basket up to $204.04 (0.8%). MQG eased back again as fund managers and ASX fell. REITs also in the doghouse as bond yields rose again, 4.18%. GMG dropped 1.9% and VCX off 1.0%. Healthcare too fell as CSL slid 1.1% and RMD down 0.9%. Tech also slid with XRO down 2.3% and the All-Tech Index down 0.4%. TLS found some friends up 1.0% and industrials were flat.. WES a standout again up 1.7%. In corporate news. APM revealed a private equity approach, A2M surged higher after a solid first half, BLD saw a bid by SVW to tidy things up, NXL and LLC disappointed, RWC couldn’t make up its mind post results finishing up 6.6% and BSL announced plans to take Colorbond to US. Asian market back online, but China struggled to find a footing up only 0.7%, HK fell 1.0% and Japan up 0.5%. US markets closed for President’s Day.
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US equities fell overnight, with the NASDAQ leading the losses, as a hotter-than-expected producer prices report tempered expectations for immediate interest rate cuts by the Fed. The S&P 500 fell by 0.48% but managed to close above 5,000 for the fourth time this year, the Dow Jones slid by 145 points, and the NASDAQ lost 0.82%. Following five consecutive weeks of gains, all three indexes ended the week lower, Dow -0.11%, S&P 500 -0.42%, and NASDAQ -1.34%. US Treasury yields rose in response to the producer prices data, with the 10Y Treasury note climbing by 4.3bps to 4.285%, marking its second consecutive weekly gain. Similarly, the 2Y note yield increased by 6.3bps to 4.646%, marking its third consecutive weekly gain, the longest streak since September.
ASX SPI Futures up 8 Points
- Base metals - Nickel +0.89%, Aluminium -0.22%, Zinc +1.19%, Lead +0.78%, and Tin -1.57%.
- Copper up 2.11%, gaining 3.8% for the week its best weekly performance since March last year.
- Gold ticked higher, up 0.43% but down for the week after hot US inflation cooled rate cut expectations.
- 10Y Bond Yields – US 4.285%, Australia 4.245%, and Germany 2.393%.
- AUD +0.11% to 65.31c. USD Index -0.02%. Japanese Yen +0.20%.
- Oil prices settled higher overnight as geopolitical tensions in the Middle East more than offset the forecast from the International Energy Agency for slowing demand. WTI +1.50% and Brent Crude +0.47%.
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ASX 200 finished up 53 points to 7658 (0.7%) off early highs but still a very solid day. Up 10 points for the week. Most cylinders firing today, Banks firm as usual with the Big Bank Basket up to $202.34 (). CBA bounced 1.9% the best of the four. MQG rose 0.3% after big run yesterday, insurers slipped as big premium increases may have peaked. QBE and IAG reported falling 1.7% and 3.8% respectively. REITs better again as bond yields steady at 4.17%. GMG kicked a little higher, consolidating gains up 0.5%. SGP up 1.1%. Industrials were steady with results in focus, TLS slipped 1.0% on broker comments, WES rose again by 1.7% and Tech was more muted with WTC up 1.8%. Resources saw some solid buying today. Lithium stocks came back hard, PLS up 7.2% and MIN up 4.7% with LTR roaring ahead up 11.9%. Gold miners too found friends, NST up 3.1%. Iron ore miners pushed back up ahead of China reopening and signs of life on Lunar New Year celebrations. BHP is up 1.0% shrugging off write-down woes. Oil and gas stocks also gained. Uranium steady. In corporate news, NEU dropped 14.2% on a short report on its US partner, GQG rose another 3.3% on results better than expected. ING dropped 12.5% on the outlook statement, and BRN held a virtual roadshow, gaining another 26.3%. Nothing on the economic front, US PPI tonight. Asian market strong, Japan heading for an all-time high. Yields pretty steady here at 4.19%
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US stocks closed higher on Thursday as retail sales data disappointed, fuelling expectations of potential interest rate cuts by the Fed in the coming months. The S&P 500 rose by 0.58%, the NASDAQ by 0.30%, and the Dow Jones climbed by 350.07 points or 0.91%. US Treasury yields edged lower, with the 10Y Treasury note down 2.4bps 4.242%, marking its second consecutive decline after a rally earlier in the week. The USD also weakened for a second day amid mixed economic data, reinforcing beliefs that the Fed might begin cutting interest rates by June. Betting odds for a rate cut of at least 25bps in May rose to 40%, with June standing at roughly 79%, according to the CME Group's FedWatch Tool.
ASX SPI up 72 points
- Base metals mixed. Nickel -0.52%, Aluminium -0.63%, Lead +1.21%, and Tin -0.26%.
- Copper rose 1.30%, posting its biggest daily gain in three weeks.
- Zinc advanced 1.69% after touching a one-week high during trade despite another 5,000 tons of inflows into LME warehouses in Singapore, reaching its highest level since Jun-21.
- Gold spot prices gained 0.70%, settling above key $2,000-per-oouncd level.
- Oil prices gained following a sell-off in the dollar. WTI up 1.79%, and Brent Crude gained 1.71%.
- Aussie dollar up 0.49% to 65.22US cents. USD Index 0.42%, and Japanese Yen -0.39%.
- 10Y Bond Yields – US 4.242%, Australia 4.180%, and Germany 2.354%.
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ASX 200 made up yesterday’s losses closing up 58 points to 7601 (+0.8%). First ‘Super Thursday’ of results. BHP lost 1.7% on a huge write-down on nickel assets (more like liabilities) and Samarco issues. RIO dropped 0.7% with FMG 1.4% to the good. S32 results were greeted by a thud, down 4.6% and lithium stocks mixed. Oil and gas were down heavily as crude fell, WDS was off 3.0% (impairments announced after hours), and STO was down 0.8%. Coal stocks not such a merry old place as WHC fell 5.7% on disappointing earnings. Financials were firm, CBA modestly but the Big Bank Basket rose to $199.60 (0.6%). MQG had a very good day up 3.3%, coattailing on GMG and data centre outlook with it AirTrunk business. GQG up 4.9% following MFG up 4.4% on new CEO news and results. Insurers mixed ahead of results. REITs enjoyed a day out, GMG leading the pack with a guidance upgrade and a 7.0% rise. Yields fell on the jobs numbers giving the RBA room to move. SGP up 2.9% and MGR rising 1.3%. Industrials were firm with a good result from Kmart helping WES to a 5.0% gain. Supermarkets were higher, Tech gained on a bid for ALU, XRO up 5.8% and WTC rising 4.8%. Retailers were in demand on rate cut chatter, JBH up 3.6% and CTT still charging up 3.1%. Good comments on TPW helping it rally 6.4%. Plenty happening in corporate news: TLS drifted 2.3% lower on a quasi-guidance cut, PME was trashed 13.0% after meeting expectations, and DTL smashed on an earnings miss down 13.1%. BLX shone on its results up 5.3%. On the economic front, the headline unemployment the rate rose to 4.1%. The RBA will be pleased, yields dropped, Asian markets firmed, HK up 0.2% and Topix up 0.1%. Dow Futures up 5 points. NASDAQ Futures down 5 points.
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The 500-stock index advanced 0.6%, while the Nasdaq Composite climbed 0.9%. The Dow Jones Industrial Average added 82 points, or 0.2%.
Six of the seven Magnificent Seven tech stocks were higher, though Apple slumped for a third day. And bitcoin briefly rose through $US52,000.
ASX 200 to rise. SPI Futures up 52 points (+0.69%).
- Base metals mixed, Copper -0.46%, Nickel +0.46%, Aluminium +0.70%, Lead +1.10%, and Tin -0.60%.
- Zinc up 0.33% despite more inflows of the metal into LME warehouses.
- Oil future prices fell following reports of rising US crude inventories pushing prices down, WTI -1.52% and Brent Crude -1.28%.
- 10Y Bond Yields – US 4.265%, Australia 4.239%, and Germany 2.336%.
- Gold down 0.12%, hovering around the $2,000-per-ounce level.
Michele Bullock, RBA governor, is also scheduled to appear before the Senate Economics Legislation Committee (Additional Estimates) this morning.
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ASX 200 fell 56 points bouncing off 7500 to close at 7538 (-0.7%). Results and broker talk dominated again with a negative lead from Wall Street colouring the landscape. Banks under pressure following CBA results showing NIM remains under pressure CBA fell 1.7% well off lows. The Big Bank Basket down 1.6% with CBA in profit-taking mode post results, WBC off 1.8% and MQG falling 0.2% but could have been worse. Other money managers eased, CGF slipped 0.8% on broker comments. Insurers fell slightly, QBE off 1.2% ahead of results. REITs saw sellers, SCG off 1.6% and SGP down 1.7%. Healthcare under pressure as CSL slipped 0.7% with RMD down 0.5%. Tech also down, WTC off 1.6% and REA down 0.8%. SEK results and comments saw selling down 5.2% with the All-Tech Index down 0.7%. Industrials mixed, Defensives held but retailers suffered. TPW rose 2.9% on good numbers. Resources were once again under pressure as commodities slipped, BHP down 0.8% and FMG falling hard down 2.1%. Lithium stocks a little depressed, PLS off 0.9% and MIN down 1.0% but some, SYA and CXO, seeing good bottom fishing. Gold miners eased, NST down 3.3% as bullion fell in USD. Oil and gas unchanged, Coal eased. In corporate news, AMP rose 10.3% on better than expected numbers and outlook, GNC got smashed 12.3% on guidance halved, FBU returned and no good news. DOW added 11.1% as the turnaround continues, IEL up 8.3% on better numbers. SVW also a winner from results up 7.0%. In economic news, all quiet. Some Asian markets back from NY, HK up 0.2% and Japan off 0.9%. 10Y yields up to 4.28%. Dow Futures down 16 points. NASDAQ Futures up 12 points.
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The Dow Jones Industrial Average lost 524.63 points, or 1.35%, to close at 38,272.75 in its worst session since March 2023 on a percentage basis. At its lows, the 30-stock index sunk 757.52 points, or 1.95%. The S&P 500 slid 1.37% to close at 4,953.17, while the Nasdaq Composite fell 1.8% to settle at 15,655.60.
ASX to fall. SPI Futures down 90 points (-1.19%).
- Base metals mixed, Copper flat, Nickel +1.31%, Aluminium -0.34%, Zinc -0.69%, Lead -1.28%, and Tin +1.57%.
- Gold down 1.35% falling below the key $2,000 per ounce level hitting a two-month low.
- Oil prices rose overnight as geopolitical tensions continued in the Middle East and western Europe, WTI +1.22% and Brent Crude +0.60%.
- Aussie dollar down 1.18% to 64.52US cents and USD Index +0.68 % at 104.88.
- 10Y Bond Yields – US 4.322%, Australia 4.294%, and Germany 2.403%.
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ASX 200 slipped 11 points to close at 7606 (-0.2%) as results dominated. CSL and MQG were a little disappointing but off lows, JHX dropped 8.5% on a slightly bearish update for Q3, and SEK also suffered a sell-off as results missed expectations down 4.6%. Banks once again the rock steady beat with the Big Bank Basket up to $201.69 (+0.4%) as ANZ announced some job cuts. NAB doing fine up 0.9% and CBA slightly higher pre-results tomorrow. Financials were mixed with CGF doing well on annuity sales up 8.4% and insurers firming. Industrials mixed, retail saw BRG drop 8.5% on results, JBH firmed on broker upgrades, up another 5.6%, and CAR slid into the slow lane on comments post results, off 2.0%. Tech stocks saw a sell-off sparked by SEK, with the All-Tech Index down 1.2%. In resources, some support for gold miners as NST found buyers up 1.0% and NEM up 2.0%. Iron ore stocks mixed, FMG down 0.7% and lithium mixed. Uranium sideways and oil and gas are steady. In other corporate news, SWM slumped 10.9% on ad sales numbers, STX crashed 25.0% on flow issues at South Erregulla 3 in the Perth Basin. On the economic front, WBC-MI consumer confidence rose to its highest level since Juen 22. RBA’s Kohler holding forth on the inflation outlook. 10Y yields steady at 4.18%. Asian markets still mostly closed for NY, Japan up 2.7%. Dow Futures down 57 points. NASDAQ Futures down 33 points.
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Stocks in the US remained relatively steady, with all three major indices holding near record highs ahead of the upcoming US CPI release. The NASDAQ briefly surpassed its previous closing high from Nov-21 before slipping 0.30%, while the Dow saw modest gains, up 126 points (+0.33%), and the S&P 500 closed marginally lower but stayed above the 5,000-point mark (-0.09%). Nvidia (+0.2%) briefly surpassed Amazon (-1.2%) to become the fourth-largest US company by market cap, with its stock up nearly 50% for the year.
ASX SPI up 20 points. CSL results in focus. MQG loses Nick O'Kane.
- Base metals are broadly higher, with Lead the only laggard off at 0.42%, Copper +0.78%, Nickel +0.75%, Aluminium +0.59%, and Tin +1.70%.
- Zinc advanced 0.93% after touching its lowest price since Aug-23, pressured by surpluses of the commodity. Zinc stocks in LME warehouses have risen ~25% since late December.
- Gold -0.20%.
- Oil prices are steady following last week's 6% jump, WTI +0.10% and Brent Crude -0.12%.
- AUD up 0.09% to 65.29US cents. USD Index and Japanese Yen flat.
- 10Y Bond Yields – US 4.172%, Australia 4.472%, and Germany 2.359%.
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ASX 200 falls 30 points to 7615 (0.4%) as a CSL drug trial fails. A Phase III trial for CSL saw the stock down 4.8% with RMD off 1.4%. Industrials solid with good results from JBH lifting the retail sector, JBH up 7.1% APE up 2.2% and LOV up 4.8%. WES and supermarkets fail to fire, Tech slightly firmer, XRO up 1.5% and WTC rallying 0.5% with the All-Tech Index up 1.1%. Banks solid on ANZ Basel update, the Big Bank Basket up to $200.92 (0.1%). CBA down 0.4% ahead of numbers Wednesday, ANZ star up 1.3%. MQG slid 1.4% with GQG down 1.9%. Resources weaker again despite Lunar New Year, BHP down 0.5% and RIO off 0.7% with lithium off again, PLS down 2.5% and S32 falling 1.6%. Gold miners slightly easier, WDS dropped 2.2% and BPT up 3.3% on results. In corporate news, AZJ reported better than expected numbers, SM1 fell 15.1% on a profit warning, APX rose 16.1% as it moved to cut US costs. Nothing on the economic front today. 10-year yields up to 4.15%. Japan barely changed.
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The S&P 500 achieved a historic milestone, closing above 5,000 for the first time, while the Nasdaq briefly reached above 16,000. Gains were driven by mega-caps and chip stocks. Notably, Nvidia, up 3.6%. The Dow Jones slipped by 55 points, the S&P 500 gained 0.57%, and the NASDAQ Composite rose 1.25% coming within 0.4% of its previous record high set in Nov-21. This marked the fifth consecutive weekly gain for all three indexes, with the S&P up by 1.4%, the Nasdaq rising by 2.3%, and the Dow climbing by 0.04%.
US Treasury yields rose, paring earlier gains, with the 10Y note reaching 4.195%, the highest level since January 25, and the 2Y note hitting 4.499%, the highest since December 13. The yield curve between 2Y and 10Y notes remained slightly inverted at minus 30bps.
ASX SPI Futures unchanged. CAR and JBH results out.
- Base metals mostly lower. Copper -0.32%, Nickel -1.39%, Aluminium -0.34%, Lead 1.17%, and Tin +2.77%.
- Zinc down 1.35% to its lowest level in five months.
- Gold slipped 0.42%, pressured by elevated yields.
- Oil prices settled higher overnight and up ~6% for the week as supply concerns mount. WTI +0.77% and Brent Crude +0.10%.
- 10Y Bond Yields – US 4.173%, Australia 4.167%, and Germany 2.375%.
- Aussie dollar up 0.51% to 65.24US cents, USD Index -0.10%, and Japanese Yen flat.
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ASX 200 managed to eke out a 6-point rise to 7645 (+0.1%) in relatively stable trade. Results kicked off this week and plenty of stock volatility to keep us amused. Mixed session with banks flat, Big Bank Basket back above $200 (+0.1%). MQG down 0.2% and GQG seeing some end-of-week profit-taking. REITs are back in demand led by SGP up 1.1% and SCG up 0.6%. Industrials better, WES up 0.5%, REA up 5.9% on broker upgrades, BXB better by 1.1%, tech also in demand, WTC up 1.4% with the All-Tech Index up 1.5%. Resources are back under pressure, except in selected lithium stocks, LTR had a stellar bounce ahead of Gina being clear to bid perhaps, up 10.4%. PLS went nowhere, shorts being patient, IGO dropped 0.8% and LYC falling 1.3%. Uranium stocks hit the skids today after spot prices slipped under $100. Cameco results were a factor. BOE lost 12.7% and PDN off 7.0%. Gold miners eased, EVN off 0.7% and NST falling 0.4%. Iron ore stocks mixed, RIO up 0.5% and FMG losing 0.8%. Oil stocks down, WDS dropped 1.5% and coal not such a merry old soul. In corporate news, BLD showed the joy of pricing power with a guidance upgrade and an 8.3% gain. COH up 5.9% on broker upgrades, CHC to sell $500m of assets as write downs hit. Not much on the economic front, RBA governor Bullock in front of a Senate Committee saying rates can fall before inflation gets to 2.5%. Meanwhile, it is relatively quiet in Asia ahead of Lunar New Year celebrations kicking off tomorrow. HK open, but China closed for a week. Japan hitting fresh highs. Dow Futures down 32 points. NASDAQ Futures up one point.
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The S&P 500 closed flat on Thursday after briefly topping the 5,000 mark for the first time on record to finish at 4,997.91 after reaching a high of 5,000.40 heading into the close. The Dow Jones rose 48.97 points, or 0.13%, to end at 38,726.33, while the Nasdaq gained 0.24% to close at 15,793.71.
ASX SPI Futures down 4
- Base metals mixed, Copper -1.28%, Nickel +1.16%, Aluminium +0.23%, and Lead -1.86%.
- Tin rose % after January Tin shipments from Indonesia dropped by 99% YonY after miners suffered delays to work plan approvals.
- Zinc prices fell 2.65%, hit by rising inventories and China property woes, touching $2,322 during trade its weakest since August-23.
- Oil prices rallied after Israel rejected a ceasefire offer from Hamas. WTI +3.225% and Brent Crude +3.09%.
- 10Y Bond Yields – US 4.154%, Australia 4.152%, and Germany 2.359%.
- AUD -0.40%, USD Index +0.07%, and Japanese Yen +0.77%.
- Gold flat.
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The ASX200 has finished the day up 23 points in a narrow day of trade. Utilities was the best-performing sector thanks to AGL’s big 10% rise. The company reported a quadrupling in first-half earnings and expects full-year revenue to come in at the top end of guidance.
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S&P 500 hits record high with earnings, rate outlook in spotlight. The Nasdaq Composite jumped 0.95% to settle at 15,756.64, while the Dow Jones Industrial Average rallied 156 points, or 0.4%, to close at 38,677.36 and an all-time high.
Disney beats estimates up 7% after hours.
ASX SPI Futures up a mere 3 points.
- Oil climbs on US fuel stocks draw, geopolitical tensions.
- Gold flat as traders await more Fed cues; palladium hits 5-yr low..
- Nippon Steel says on track to close US Steel deal by Sept.
- China's CMOC eyes further growth in Congo and beyond after taking cobalt crown.
- US crude stocks rise as oil refiners take in less oil – EIA.
- Copper falls to 3-week low on demand uncertainty.
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ASX 200 slips from highs to end up 34 points at 7616 (+0.5%). Banks pretty much unchanged with CBA up 0.2% and NAB losing 0.2% on a change of CEO. MQG rallied 0.7% with insurers doing well again, QBE up 1.8% and GQG having a good day up 7.4%. FUM numbers helped. REITS recovered GMG up 0.3% and SGP rallying 1.1%. Industrials mixed, CSL up 1.0% and RMD down 0.4% with TLS and WES hit hard today. WES off 0.9%. COL and WOW up and down, Retail stocks boosted again by NCK on broker talk, up 5.9% and CTT shooting the lights out on bullish numbers, up 25.2%. SUL slid 1.1% and MYR off 2.0% after the run yesterday. TPW feeling the love on CTT run, HVN also hitting 52-week highs up 2.3%. Tech slightly better with the Index up 0.5%. Resources back baby. For now. Chinese stimulus helping things although momentum running out in Asia. BHP up 1.0%, FMG bouncing 1.0% with lithium finding a bottom perhaps. Chinese authorities talking about support for the NEV sector. PLS up 5.6% and MIN up 2.9%. PMT had a good day on drill results, up 13.6%, and LYC is rallying 3.4% on rare earth news from China. Oil and gas stocks news dominated by WDS/STO calling off talks. STO the loser down 5.8%. In corporate news, AMC up 1.4% despite results miss, CSR cut to a sell-down 4.5%, NAB saw its CEO retire, and his replacement named Andrew Irvine. In economic news, little locally, Asian market well off stimulus highs, Japan up 0.3%, China up 0.7%, HK down slightly. 10Y yields steady. Dow Futures up 4 points. NASDAQ Futures down 5 points.
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Stocks rose on Tuesday as Wall Street assessed the latest batch of corporate earnings and the timeline for rate cuts from the Federal Reserve.
The S&P 500 rose 0.23% to settle at 4,954.23, while the Nasdaq Composite inched up 0.07% to close at 15,609.00. The Dow Jones Industrial Average jumped 141.24 points, or 0.37%, to end at 38,521.36.
ASX SPI Futures up 55 points.
- Base metals higher supported by a weaker USD. Aluminium +1.13%, Zinc +0.83%, Lead +0.28%, and Tin +1.13%.
- Copper rose by +0.37%, buoyed by efforts from China to stabilise its market.
- Nickel fell 0.13% after touching its lowest point since November at $15,850.
- Gold firmed 0.53% after a pullback in Treasury yields.
- Lithium advanced 2.09%
- 10Y Bond Yields – US 4.087%, Australia 4.099%, and Germany 2.280%.
- Aussie dollar +0.59% to 65.20c. USD Index 0.28%. Japanese Yen -0.54%.
- Oil prices rose after the US Energy Department said crude oil production would grow less than forecast. WTI +0.85% and Brent Crude +0.78%.
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The ASX 200 falls another 44 points to 7582 (-0.6%). Off the lows and relatively unchanged post the RBA decision to keep rates unchanged and a surprising bias to the upside on rates. Growth forecasts were downgraded slightly. Once again banks were steady despite flashing overbought levels, CBA down 1.0%. The Big Bank Basket $198.15 (-0.5%), MQG dropped 1.0%, with GQG pushing ahead up 2.9% on Indian exposure. MFG up 1.3% on FUM numbers. REITs under a little pressure as bond yields rose, GMG down 1.3% and GPT off 2.0%. Tech slipped as the All-Tech Index fell 0.9%, with WTC down 3.9% and XRO off 2.8%. Industrials holding firm, healthcare mixed with COH down 6.9% on a broker downgrade, CSL up 0.6% and RMD off 0.8%. Resources once again led the falls, iron ore falling again, BHP down 1.0% with RIO off 0.6% and FMG slipping 2.9%. Lithium stocks once again smashed, PLS off 1.5% and MIN down 1.7%. Gold miners are under a little pressure, NST off 0.8% and NEM down 1.2%. Oil and gas unchanged, coal stocks are a little weak on falling coal prices. In corporate news, MYR ran hard on slightly better numbers, up 14.3%, and NCK had a great day, up 16.6% on better-than-expected numbers, beating guidance. On the economic front, retail sales a little underwhelming, with the RBA adopting a slightly hawkish bias. Asian markets seeing some signs of recovery with Chinese moves to bolster the market. HK up 3.3%, and China up 1.9%. India Nifty 50 up 0.2%. 10Y yields up to 4.155%. Dow Futures up 1 point. NASDAQ Futures up 47 points. European markets expected to open slightly higher. UBS results in focus.
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The Dow Jones Industrial Average dropped 274.30 points, or 0.71%, to settle at 38,380.12. The S&P 500 slipped 0.32% to close at 4,942.81. The index hit a record high last week as Big Tech stocks moved higher. The Nasdaq Composite edged down 0.2% to end at 15,597.68.
ASX to fall. SPI Futures down 33 points (-0.43%).
- Base metals lower across the board. Nickel -1.69%, Aluminium -1.47%, Lead -1.36%, and Tin -2.53%.
- Copper prices hit two-week lows, off 1.09%, as the dollar climbed and pessimism towards China’s property sector weighed.
- Zinc down 1.27%, hitting its lowest level in almost 8 weeks on weak consumption in China’s construction sector.
- Gold dropped 0.70%, weighed down by rising bond yields.,
- Oil prices rise on concerns that rising tensions in the Middle East and the Russian invasion of Ukraine could curb supply. WTI +0.67% and Brent Crude +1.19%.
- 10Y Bond Yields – US 4.166%, Australia 4.182%, and Germany 2.316%.
- USD Index +0.53% at 104.47, nearing a three-month high. Aussie dollar down -0.46% to 64.81c. Japanese Yen +0.22%.
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The ASX 200 closed down 74 points at 7626 (1.0%) as commodity stocks suffered. Most major sectors are in the red with big miners and REITs the worst performers. BHP, FMG and RIO all down around 2.5% as Iron Ore continues its slide. GMG rising 0.7%, rallying from a down open and other REITs dropping as bond yields rise following the US weekend jobs number. Financials are seeing profit taking from overbought levels with but well off morning lows. The Big Bank Basket unchanged. WBC up 0.5% and CBA drifting 0.3% lower. MQG fell 0.5%. Higher bond yields are also impacting consumer spending stocks, JBH and HVN down 1.7% and 1.4%. In miners golds lower NST and NEM down 3.8% and 4.7%. Sentiment driven lithium continues to fall. PLS, MIN and LTR down 3.4%, 4.9% and 8.2%. Uranium stocks took a break after huge gains last week. PDN, BOE and DYL down 0.7%, 1.0% and 4.2%. Oil and gas stocks fell with WDS down 1.3% and STO down 0.8%. Health Care is the only sector in the green thanks to a positive trading update from PME (+3.6%) while CSL and RMD are up slightly. Tech stocks mixed with the All-Tech Index unchanged. WTC better with XRO slipping slightly.In corporate news, APX fell 5.4% on CEO replacement news, hitting a record low. ARG fell 0.6% and MTS in a trading halt raising $300m for an acquisition. RED announced a merger with SLR seeing the latter falling hard. Asian markets down with China off another 0.4% and HK off 0.2% with Japan up 0.6%.
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The S&P 500 notched a fresh record high on Friday as quarterly results from technology companies including Facebook-parent Meta topped expectations and the January jobs report came in much better than expected.
The broad market index added 1.1% to close at 4,958.61, above its previous record close of 4,927.93 reached on Monday. The Dow Jones Industrial Average added 134.58 points, or 0.4%, to 38,654.42, also a record close. The Nasdaq Composite climbed 1.7% to 15,628.95.
ASX to open lower. SPI futures down 0.7%.
COMMODITIES
- Iron ore sinks to 2-week low on persistent China property sector concerns.
- Oil falls as US jobs data dents hope for near-term rate cuts.
- Gold drops as dollar, yields rise on stronger US jobs data.
- Copper falls under pressure from dollar growth.
- LME clearing house reshuffles management.
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The ASX 200 powered back up another 111 points to an all-time high of 7699 (+1.5%) as US tech took off. Green across the screen, banks found buyers again with the Big Bank Basket up to $199.37 (+1.4%). CBA jumped 1.5%, with MQG up 1.7%, but the real stars were the REITs GMG up a massive 6.2% on a Citi research report into the sector. SCG rose 2.7%, and DXS up 0.8%. Industrials rocketed higher, TLS up 1.2%, with WOW gaining 1.8%, WES up 1.5% and ALL running 1.6%. Some relative weakness in the retailers, with JBH unchanged and BAP losing 0.9%. Resources picked up the baton today, shrugging off weaker commodity prices and taking heart from Meta. BHP rose 1.1%, with FMG up 0.8%. Uranium stocks running hard as Kazatomprom cut production guidance, sending the bulls back in. BOE up 8.0%, and DYL up 12.8%, with lithium shares also finding some friends, PLS up 2.6% and MIN rising 1.2%. Gold miners were firm on a rise in bullion prices, NST up 4.1%, NEM up 2.7%, and GMD doing well up 5.6%. Oil and gas stocks were a little uninspiring, WDS up 0.6% and STO up 1.8%. In corporate news, skinny today. On the economic front, CBA says no rate increase next week and 75bps cuts in 2024. Housing finance fell 4.1% to $26.3bn. Asian markets mixed again, with Japan up 0.4%, HK up 0.4%, China down 1.1%, while India rose 1.1%. 10Y yields fell below 4%. Oil up 0.4% in Asian trade. Dow Futures flat, up 3 points. NASDAQ Futures up and away, advancing 169 points.
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Stocks in the US closed higher on Thursday, as the S&P 500 rose 1.25%, the Nasdaq advanced 1.3% and the Dow Jones added 369.
Meta soars after hours on first dividend payment and Buy Back. Amazon and Apple results too.
ASX to rise. SPI Futures up 30 points (+0.40%).
- Base metals are broadly lower. Nickel +0.52%, Aluminium -1.08%, Zinc -2.0%, Lead -0.21%, and Tin -1.56%.
- Uranium up to $107lb on Kazatomprom output guidance cuts.
- Copper prices fell 2.03%, though losses were limited by tighter supply and a weaker dollar.
- Gold gained 0.88%, nearing a one-month high after US Jobless claims rose last week.
- Oil prices fell after false market speculation that Israel had agreed to a Gaza ceasefire proposal. WTI 2.52% and Brent Crude 3.54%.
- Dalian Iron ore dipped 0.47% as the market reassessed demand prospects from China amid property woes.
- Aussie dollar rose 0.11% to 65.72c. USD Index fell 0.19% to 103.08. Japanese Yen -0.33%.
- 10Y Bond Yields – US 3.871%, Australia 3.958%, and Germany 2.157%.
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ASX 200 gives back 93 points, back down to 7586 (+1.2%) on US FOMC news and profit-taking after an end-of-month rally sent stocks to all-time highs. Banks that have led the market higher taking a hit, with the Big Bank Basket down to $196.69 (-2.4%). CBA dropped 2.9%, and NAB down 2.2%, the most targeted. Other financials also suffering, MQG dropping 1.2% with GQG off 1.3%. Insurers were flat, with REITs slipping as GMG fell 0.7% and VCX down 2.4%. Industrials were weaker across the board as expected, TCL down 1.5%, WOW fell 0.6%, and healthcare in trouble, CSL down 1.6%. Tech also came under pressure as WTC fell 1.4% and XRO off 1.3%. The All-Tech Index down 1.2%. Resources continued to be unloved, the 'Three Amigos' saw selling, BHP down 0.3% with FMG off 1.3%, lithium remains depressed as BoA cut forecasts. MIN down 2.6%, PLS down 2.5% and LYC falling 3.4%. Gold miners eased except NST up 1.7%. Base metal stocks continue to fall, IGO down 4.2%. Oil and gas stocks sold off slightly, WDS down 0.5% and STO falling 1.2%. In corporate news, S32 served a royalty claim on IGO, never rains eh? NUF warned of challenging times. Been a while since we have heard that. SQ2 prepared to cut jobs falling 2.3%. On the economic front, building approvals disappointed and Chinese factory activity expanded. In Asian markets the Hang Seng is up 1.3%, the Shanghai Composite +0.1%, and the Japanese TOPIX is down 0.6%. Dow Futures up 46 points. NASDAQ Futures up 70 points.
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US stocks fell on Wednesday as traders digest the latest FOMC monetary policy decision and comments from Chair Powell. The Fed kept interest rates steady as expected and Chair Powell said it will be appropriate to start cutting rates at some point this year although he doesn't think a March cut is likely. Traders pared bets for a rate cut in March after such comments. The S&P 500 fell 1.61%, the Nasdaq 100 declined 2.23% and the Dow Jones lost 317 points.
ASX 200 SPI Futures down 84 points
- Base metals mixed as China’s manufacturing activity contracted for a fourth straight month in January, Nickel -1.76%, Aluminium +0.20%, Zinc -1.69%, Lead -0.94%, and Tin +0.27%.
- Copper up 0.83%, hitting a one-month high as the USD retreated.
- Gold flat.
- Oil prices settled lower, pressured by a surprise build in US crude inventories, WTI down 2.58% and Brent Crude off 1.44%.
- Iron ore futures hit a more than one-week low, down 0.35%, with China’s weak factory data hitting market sentimentamid renewed worries over the country’s property sector.
- 10Y Bond Yields – US 3.929%, Australia 4.006%, and Germany 2.168%.
- Aussie dollar down 0.56% to 65.64US cents. USD Index +0.18% at 103.59. Japanese Yen -0.44%.
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ASX regrouped after an early swoon jumping 81 points to 7681 (+1.1%). The CPI number turned things around coming in below forecast and pointing to zero chance now of a rate rise. Rate cuts could be sooner rather than later. Looked like some month end window dressing helping things along too. Banks continue to lead the market ever higher, CBA up to another record up 1.3%, WBC up 1.5%, and ANZ up 1.5%. MQG rose 1.3%, with financials and REITs kicking higher. Insurers doing exceptionally well, QBE up 2.7% and SUN up 1.9% as CPI showed strong insurance growth. Industrials were solid, TLS up 0.5%, with supermarkets finding friends COL up 1.3% and EDV up 1.6%. Utilities doing well, ORG numbers helped this morning, APA up 1.6%, and TCL managing a 1.1% gain. Tech slightly higher despite US slipping slightly. Resources were once again a mixed bag; Oil and gas were better as crude prices rose, WDS was up 1.7%, and coal was better. Iron ore stocks heading sideways, lithium remains an outpost of negativity, PLS down 1.4% and MIN slipping back 1.5%. Gold miners fell, NST down 1.4%. In corporate news, plenty of quarterlies dropping. WBT fell 9.8% on royalty timing concerns, IGO down 2.2% after placing Cosmos on care and maintenance, CCP dropped 2.6% and posted a net loss. On the economic front, Chinese factory activity shrank again, local inflation slowed to 0.6% in Q4. Over the last 12 months, CPI fell back to 4.1% from 5.4%. Asian markets slipped again, with Japan down 0.3% HK off 1% with China off 0.2%. 10Y yields dropping to 4.05%. Dow Futures up 22 points. NASDAQ Futures down 140 points.
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US equities finished mixed overnight. The NASDAQ fell 0.76% ahead of Microsoft and Google's quarterly results after the closing bell. The S&P 500 closed nearly unchanged, down 0.06%, near the previous day's all-time closing high, while the Dow finished near session highs, up 134 points (+0.35%). US 10Y Treasury yields remained near two-week lows as the market considered unexpected job market strength. The USD Index fell 0.19% to 103.42, consolidating ahead of the Fed decision and the key US jobs data for January. Among stocks, UPS fell 8.2% following a disappointing annual revenue forecast. Conversely, GM rose 7.8% on a positive 2024 earnings outlook and increased capital return commitments to shareholders. Citigroup 5.5% and BofA +3.5% saw gains after receiving rating upgrades from Morgan Stanley, lifting the S&P 500 banks index.
ASX flat. SPI Futures up 1 point (+0.01%).
Tech stocks eased on results. Alphabet down 4% Microsoft down 1.3% and AMD off 3%
- WTI and Brent Crude advanced 1.36% and 0.40% despite concerns around China demand, buoyed by positive global growth forecasts and rising tensions in the Middle East.
- Gold climbed to a two-week high, supported by a softer dollar, up 0.22%.
- 10Y Bond Yield – US 4.041%, Australia 4.153%, and Germany 2.266%.
- China’s Dalian Iron Ore fell 0.56% as sentiment took a hit over China’s struggling property market.
- Base metals higher. Copper +0.75%, Nickel +0.06%, Aluminium +0.53%, Zinc +0.29%, Lead +0.25% and Tin the only laggard off 1.17%.
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ASX closed up 22 points to 7600 (0.3%) after shooting higher in morning trade. It hit near record highs before a sell-off. Banks eased back very slightly with WBC down 0.5% and Big Bank Basket down to $ (%). Insurers eased back with QBE down 2.2% and SUN off 2.0%. Other financials eased back too, MQG the exception up 0.2%. REITs better led by GMG up 1.0% and SCG up 2.1%. Tech better WTC up 1.3% and the All-Tech Index up 1.1%. Telcos slightly better, TLS up 0.5%. Industrials mixed, REA better by 1.5% and WOW down 0.8% on broker calls, CPU down 1.6% and BXB off 1.7%. In resources, iron ore stocks firmed on stimulus hopes, Gold miners better as GOR bounced 10.0% on broker commentary. Lithium stocks showing some early signs and uranium stocks finding their feet with oil and gas falling slightly as crude slipped. In corporate news, plenty of quarterlies and earnings updates, MP1 lived up to its name with a gush higher on better than expected numbers and commentary, up 27.6%, 29M fell 16.8% on quarterly numbers missing, MAD dropped 5.3% surprising consider it looked ok, DJW ex div and NIC up 20.8% on a div increase and buyback. In economic news, retail sales came in below forecast, down 2.7%, Godfreys went into administration. In Asian markets, China slipped lower as stimulus hopes fade. China down 0.8% and Japan up 0.3%. Bond yields fell back to 4.14%.
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The Dow Jones Industrial Average added 224.02 points, or 0.59% to close at 38,333.45, while the Nasdaq Composite gained 1.12% and settled at 15,628.04.
ASX SPI Futures up 38 points. It was the sixth record close for the S&P 500 and the Dow.
- Base metal broadly lower as the USD firmed. Nickel -1.02%, Aluminium -0.48%, Zinc -0.54%, Lead +0.58% and Tin -0.86%.
- Gold firmed 0.64% as rising tensions in the Middle East lifted demand for the safe-haven asset.
- Oil prices fall as China’s ailing property sector sparked demand worries. WTI down 1.53%, and Brent Crude off 1.44%.
- Copper gained 0.30%, although it came under pressure on demand concerns in China following news from the country's property sector.
- 10Y Bond Yields – US 4.082%, Australia 4.152%, and Germany 2.230%.
- Aussie dollar up 0.50% to 66.08US cents, and the USD Index edged higher to 103.51
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ASX 200 finished up 23 points to 7578 (0.3%). A positive start to the week with some big events to come. Once again, we saw a divergence in the markets with financials continuing to defy analysts and power up, The Big Bank Basket up to $198.84 (0.9%). MQG rose 0.6% with insurers under a little pressure today. REITS back in demand despite no real change in bond yields, Industrials relatively firm, COL up 0.6% and WOW unchanged despite some Kiwi woes. Gaming stocks did well, TLC up 1.4% and ALL up 0.6% with healthcare mildly positive, CSL up 0.1% and RMD unchanged. Tech stocks sagged a little on Nasdaq softness, WTC down 2.5% and XRO off 3.0%, with the All-Tech Index falling 0.3%. In the resource space, BHP slumped 1.4% on Samarco news over the weekend. FMG powered another 1.0% higher on broker upgrades, gold miners were mixed, NST was up 0.4%, but GOR crashed 18.4% on a quarterly report. Lithium stocks pushed a little higher as PLS rose 2.0% and IGO with plans to cut back on production rose 1.7%. Oil and gas stocks were in demand as oil rose on further tensions after US casualties in the Middle East. In corporate news, BAP saw a winning streak on M&A suggestions after an earnings downgrade up 5.9%, PPT announced FUM dropped $4.3bn, KAR boosted sales in last quarter, WOW announced a write down in NZ and with its EDV holding, SUN saw $568m in claims from recent wild weather. Nothing on the economic front, in China, Evergrande went into liquidation, little effect so far. Asian markets saw gains, Japan up 1%, China up 0.1% and HK bouncing back 0.9%. 10-year yields steady around 4.22%
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Stocks in the US closed mixed on Friday, as investors weighed the latest corporate results and economic data. The S&P 500 edged lower, snapping 6-day winning streak and the Nasdaq 100 lost 0.5%, while Dow Jones finished higher by 60 points.
ASX 200 SPI Futures up 14
- Copper slips on doubts over China's stimulus measures.
- Iron ore posts best week since November on China optimism.
- Gold holds steady with spotlight on Fed verdict.
- Oil edges higher, on track for weekly gain on strong economic growth.
- OPEC+ unlikely to decide oil policy on Feb 1, will wait several weeks.
- Chinese copper smelters propose output cuts on concentrate tightness.
- BHP Group to review court decision on $31.53bn Fundao dam claim.
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ASX 200 closes up 36 points in another strong day at 7556 (+0.5%) on Chinese stimulus hopes. The index is up 2.8% since last Friday. Resources were passed the baton today, with quarterlies dominating too, FMG leading the iron ore stocks higher up 2.0%, production numbers beating expectation, Iron ore picking back up in Asia, helping BHP up 1.5% and RIO up 2.8%. MIN powered ahead on its quarterly on some short covering and bargain hunting up 7.1%. PLS kicked a little on broker comments up 2.0%. Gold stocks were mainly firmer, with NST up 0.7% and EVN gaining 1.6%. Oil and gas stocks slightly higher, with both WDS and STO up around 0.7%. Coal stocks better too, WHC up 1.2%. Banks pushed ahead slightly, the Big Bank Basket shrugging off cooling broker talks with a push to $197.02 (+0.2%). MQG eased 0.2%, Insurers doing well, with QBE up 1.4%. Industrials were mixed, healthcare punched higher on RMD results up 6.4%, COH also better, REITs eased, and tech fell slightly on Tesla results. The All-Tech Index down 0.2%. In corporate news, Is Don, is bad apparently as DMP were stuffed crust on lower Asian sales, falling 31.0%, NAN rallied 4.5% after a day to forget yesterday, SYA dropped 9.1% on a strategic review, IPL added 4.7% on plans to return $500m to shareholders. In AAC, its biggest shareholder pleaded guilty to insider trading, the stock rose 1.7%. On the economic front, all eyes on Chinese stimulus and US results. ECB tonight. Tesla falls after hours. In Asian markets, China stimulus hopes. Japan +0.2%, China up 2.1%, HK up +1.3%. Dow Futures up 70 points. NASDAQ Futures down 11 points.
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Wall Street finished mixed overnight. The S&P 500 marked its fourth consecutive record-high close, driven by strong quarterly results from Netflix +10.7% and positive reports from chipmaker ASML +8.85%. NASDAQ Composite rose 0.36%, now ~4% below its 2021 all-time high, while the NASDAQ 100 advanced 0.3%, hitting record highs. The Dow Jones fell 99 points (-0.26%). Up 159 points at best. Down 110 points at worst. Treasury yields rebounded following strong US business activity data and ahead of a Federal Reserve meeting. Among stocks, Microsoft +0.9% reached a record high, surpassing a $3 trillion market value for the first time. Netflix gained 10.7%, reaching a two-year high, as robust subscriber growth boosted confidence.
Tesla down 2.84% in after-hours trade, following a decline in Q4 gross margin to 17.6%, down from 23.8% a year earlier, attributing it to price cuts and incentives aimed at boosting electric vehicle demand. Tesla recorded record deliveries in the quarter, achieving its 2023 deliveries target of 1.8m cars, but lost its top EV maker spot to China's BYD in Q4. Q4 revenue rose 3% to $25.17bn, marking the slowest pace of growth in over three years.
ASX poised to rise. SPI Futures up 18 points (+0.24%).
- Base metals broadly higher gaining as the USD dropped. Nickel +1.69%, Zinc +2.5%, Lead -0.16%, and Tin +1.36%.
- Copper rose to a three-week high, up 1.95%, on hopes of more stimulus measures from China.
- Aluminium edges 0.09% higher as markets gauge risks of potential EU import sanctions on major producer Russia.
- Gold down 0.81% after data showed US business activity.
- Dalian Iron ore extended gains for a second consecutive session, up 1.76% as markets eagerly await details of stimulus measures from China.
- WTI was up 1.02%, and Brent Crude advanced 0.85% to a four-week high on a bigger-than-expected US crude storage withdrawal, a drop in US crude output and a weaker US dollar.
- 10Y Bond yields – US 4.180%, Australia 4.279%, and Germany 2.349%.
- Aussie Dollar edges lower 0.05% to 65.75US cents, and the USD dropped after rising in eight of the last 10 sessions.
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The ASX 200 has finished near flat, remaining close to unchanged since midday. Individual stocks had a different story with plenty of volatility around during confessions and results season. NAN was the worst performer in the All Ords, falling 33.4% as revenue dropped and costs rose. KGN was one of the standout performers, rising 14.9% on a profit upgrade thanks to improved margins and selling inventory. Lithium saw some buyers thanks to PLS reporting well and news of a bullish outlook from the AFIC fund manager. PLS rose 6%, LTR gained 3.3% and SYA up 12.5%. Rare earth miners also saw strong buying along with Aluminium on commodity price rises. LYC up 4.5%, ILU up 8.5% and AWC up 3.3%. Big miners and Gold stocks performed well, offsetting losses in the big banks on more news of Chinese government intervention in the stock market. Doubtful how sustainable this may be. BHP and FMG both rose over 1%. NST and GOR up 6% and 3.6%. The big bank basket fell 0.6% to $196.70. Tech uninspiring despite a positive NASDAQ lead. WTC down 2% and XRO down 0.9%. ZIP was up almost 13% at midday before giving up gains to finished up 1.4%. Healthcare and consumer discretionary stocks saw profit taking after a strong run. Dow Futures flat and NASDAQ futures up 0.4%.
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Wall Street closed mostly higher overnight on continued tech enthusiasm and the upcoming “magnificent seven” mega-cap results. S&P 500 up 0.29%, NASDAQ up 0.43%. The Dow Jones fell 96 points (0.25%) after 3M dropped 11% on results. The biggest news was a 7% jump in the after-hours Netflix share price after the company reported 13.1m new subscribers in Q4. Well ahead of expectations for ~9m. Other companies to report included General Electric (-1% on disappointing outlook), Verizon (+6.7% on upbeat forecast), Procter and Gamble (+4.1% on strong margins) and Johnson Johnson (-1.7% after meeting expectations).
ASX to open higher, SPI futures up 0.17%.
- Iron ore +2.6%. Oil price down 1%. Gold price +0.2%.
- Shaw & Pertners says panic buying could rocket uranium prices to US$150.
- Glencore warns about plight of nickel sector in Australia.
- Andrew Forrest draws up policy wish list to save nickel industry.
- Goldman Sachs sees much wider copper deficit in 2024.
- Red Sea oil tension may revive Russia Saudi spat.
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ASX 200 rises another 38 points to 7515 (0.5%) as banks and iron ore miners lead the market higher. The Big Bank Basket continuing higher, $197.85(0.75%). MQG doing well on market rally, up 1.6%. Insurers firm as QBE rises 0.6% and IAG up 1.5%. REITS steady not going too far. Industrials firm, staples doing ok, WOW up 0.8% and COL up 0.6%, ‘old skool’ stocks up too, CAR up 1.1% and REA up 1.7%. Tech mixed, XRO down 1.2% and WTC up 2.7%. All-Tech Index up 0.7%. Resources picking up a little, iron ore stocks better on China stimulus moves, BHP up 1.0% and FMG up 0.8% with base metals finding some friends, S32 up 4.1% and IGO up 2.7%. Lithium stocks a little mixed, nothing in the oil and gas stocks. Coal similar. In corporate news, KAR issued a production update highlighting some technical issues with Bauna, down 4.0%. JDO had a great day on far better results than expected, up 16.6%, IEL dropped 5.9% on moves by Canada to limit student numbers. VEA lost 0.3% on gross refiner margins. Nothing on the economic front local, BoJ kept rates unchanged and China threatening to throw big money at the market. Asian markets mixed, Japan at 34-year high. China flat but good bounce from HK up %. 10-year yields down to 4.19%.
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US Stocks closed higher on Monday, marking another record-breaking session.
The Dow added 0.36%, finishing above the 38,000 level for the first time ever. The S&P 500 added 0.22%, also recording a fresh all-time high. The Nasdaq Composite also ended the session higher with a 0.32% advance.
ASX SPI Futures down 1 point.
- Oil climbs 3% as conflicts, weather tighten supply.
- Gold slides on trimmed US rate cut bets, rallying equities.
- BHP to suspend some operations at Australian nickel plant from June.
- Focus on poor demand prospects weighs on copper.
- Red Sea disruptions push antimony prices to 16-month highs.
- Saudi Arabia's November crude exports hit 5-month high.
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ASX 200 has started the week in a very positive fashion, up 55 points to 7477 (0.8%) on the US market rally and stronger US futures. Banks leading the charge with CBA up 1.3% and NAB up 1.1% with the Big Bank Basket up %. REITs too in demand despite yields remaining around 4.25% in the 10-years. GMG leading with a 1.3% gain. Industrials also doing well, TLS up 0.8% and BXB rallying 1.8%. Consumer stocks also finding buyers, WOW up 1.4%, COL up 1.4% and QAN rallying 2.3%. Retailers and healthcare strong too. JBH up 1.5% and CSL improving 0.5%. Tech modestly higher, improviong as the day wore on, the All-Tech Index up 0.9% with WTC up 0.9% and XRO up 0.6%. A very different story in resources, iron ore stocks barely moving, BHP up slightly, by 0.3%, but lithium stocks smashed on a funding update from LTR which dropped 21.3% on the news, PLS smashed too down 4.0% and LYC with a production report this morning fell 1.3%. MIN is also under serious pressure, falling 9.6% on metal woes and mining services, which could be affected by recent nickel project shutdowns due to low prices. Coal stocks also under pressure, WHC down 2.1%. Gold stocks steady but uninspiring. In company news, S32 fell 2.8% on a production downgrade, CHN is cutting costs by 40% dropping 4.7%, ZIP jumped 16.5% on a very positive quarter and APX lost a meaningful customer in Google and a meaningful fall down 40.2%. Nothing on the economic front today. In Asia, Japan kicks again up 1.3%, China unchanged and HK down 2%. 10-year yields eased back to 4.23%.
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Last Friday, the S&P 500 achieved a record-high close, up 1.13% to 4840, propelled by chipmakers and tech stocks amid optimism surrounding AI. This milestone confirmed the S&P 500's bull market status since Oct-22, signalling the end of a bear market. The NASDAQ rose 1.7%, and the Dow advanced 395 points (+1.05%), up 465 points at best. Notably, Nvidia and AMD rose 4.2% and over 7.1%, respectively, following an optimistic profit forecast from server maker Super Micro Computer. The Philadelphia SE Semiconductor index also soared 4% to a record high. The week saw the S&P 500 rising by 1.17%, the NASDAQ by 2.26%, and the Dow Jones by 0.72%. Additionally, positive economic indicators included Michigan consumer sentiment reaching unexpected 2021 highs and a decline in inflation expectations for the year ahead to the lowest in three years.
ASX SPI Futures up 26 points
- Gold firmed 0.35%, but down 1% for the week.
- Copper advanced 0.66% as technical factors and lower available stock supported recovery from the previous sessions' six-week low.
- Base metals broadly higher. Nickel -0.62%, Aluminium +0.16%, Zinc +0.45%, Lead +2.16%, and Tin +0.04%.
- 10Y Bond Yields – US 4.128%, Australia 4.286% and Germany 2.302%.
- Oil prices settled lower overnight, with WTI off % and Brent Crude down % but managed to record a weekly gain as Middle East tensions and disruptions to oil output offset concerns about China’s economy.
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ASX 200 bounces 75 points to 7421 (1.0%) in a solid yet unexciting day. Third weekly decline still and down 77 points on the week. Banks led the charge up with CBA hitting record highs up 0.7%. The Big Bank Basket up to $193.89 (+1.0%). MQG rallied 1.5% with insurers up as QBE rallied 0.5% and SUN up 0.9%. REITS found friends, GMG up 1.7% and SGP up 1.2%. Healthcare had a good bounce CSL up 2.2% and RMD rallying 2.2%. Industrials firm too, REA up 1.5% and ALL up 3.2%. TLC up 6.0% as Powerball hits $150m next week. Tech rallied in line with Nasdaq gains, The All-Tech Index up 2.0% with WTC up 2.9% and XRO rallying 4.8%. ZIP had a good day up 11.4% on a broker upgrade. Retailers mixed, JBH down 1.2% with PMV up 1.3%. Resources a mixed bag, oil and gas better, WDS up 1.6% with coal stocks lifted by WHC production up 3.8%. BHP flat, RIO up 0.9% and FMG up 2.0%. Lithium stocks mixed, PLS up 0.3% with gold miners finding buyers, even EVN up 1.9% as bargain hunters stepped in. In corporate news, MSB jumped 13.2% on FDA approval. Iron ore futures are better on some pre-holiday restocking, and Dalian Futures are up 1.2%. Asian markets mixed, Japan up 1.1%, China down 0.3% and HK down 0.2%. 10-year yields heading higher still up 4.29%
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US stocks closed higher on Thursday, propelled higher by AI-related optimism that bolstered chip stocks, notably Nvidia and Taiwan Semiconductor Manufacturing (TSMC). The Dow Jones rose by 202 points, or 0.54%, closing at 37,469 points. The S&P 500 gained 0.88%, while the NASDAQ advanced 1.35% to 15,055.81. TSMC's US-listed shares jumped by 9.79% after the semiconductor manufacturer projected a 2024 revenue growth exceeding 20%, driven by high demand for high-end chips utilised in AI applications. Nvidia (+1.9%) reached an intraday record high, emerging as the most-traded company on Wall Street, with over $24bn worth of shares exchanged. Other chip giants, including AMD, Broadcom, and Qualcomm, also experienced gains, contributing to the rally in the Philadelphia SE semiconductor index (+3.36%). Elsewhere, Apple gained 3.3% after BofA Global Research upgraded its stock to "buy," leading the S&P 500 information technology index to reach a new record high.
ASX to rise. SPI Futures up 72 points (+0.98%).
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ASX 200 fell for the fifth day down around 47 points to 7347 (0.6%). Losses across the board with local jobs data showing a slow down with the headline steady at 3.9%. Seasonal factors may be a issue. Banks held steady on jobs number. The Big Bank Basket pretty much unchanged. Insurers better on higher yields, MQG down 0.7%. REITs falling fast, GMG down 1.6%, SCG off 2.4% and SGP down 3.9%. Industrials falling away, REA down 2.5%, WOW off 0.3%, TLS falling 0.5% and tech sliding too. WTC off 0.4% and XRO down 0.4%. The All-Tech Index down 0.4%. Healthcare slid, CSL down 1.1% and RMD down 1.1%. Resources back on the nose again, BHP production numbers solid but nickel an issue, off 1.8%. FMG up 1.0% and lithium stocks heavy, PLS down 2.0% and LTR falling 10.7% as Albemarle threw in the towel. Gold miners were mixed after the Red Wedding yesterday, EVN managed a small rise of 0.3%, uranium stocks seeing some profit taking. In corporate news, EML bounced 22.2% on Irish news of TSCIL withdrawal. APM was thumped 40.8% on a profit warning. In economic news, Jobs data dominated, whilst in Asian, Japan was up 0.3%, HK up 0.6% and China down another 0.6%. 10-year yields at 4.26%.
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The Dow Jones Industrial Average declined 94.45 points, or 0.25%, to close at 37,266.67. This marked the third straight day of losses for the 30-stock index. The S&P 500 slid 0.56% to close at 4,739.21, and the Nasdaq Composite lost 0.59%, ending the session at 14,855.62.
Treasuries under pressure with curve bear flattening; 2Y back near 4.35%.
December retail sales came in stronger than expected with the control group +0.8% vs the +0.2% consensus.
ASX to fall. SPI Futures down 20 points (-0.27%).
- Gold stumbles to a more than one-month low, down 1.05%, following strong economic data, USD and yields.
- Copper prices fell to their lowest level in over four weeks, down 1.02% on worries about China’s economy after disappointing data.
- Dalian Iron Ore fell 1.56% after weak economic data from China weighed on market sentiment.
- 10Y Bond Yields – US 4.106%, Australia 4.288%, and Germany 2.288%.
- Oil prices ended near flat, as severe cold disrupted some US oil production, helping offset poor growth data from China. Brent Crude up 0.39%, and WTI up 0.22%.
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ASX 200 falls another 22 points today to 7393 (0.3%) to a four-week low as banks start to slip. Late rally helping slightly. The Big Bank Basket dropped to $191.54 (0.4%). CBA leading the fall down 0.6% with WBC off 0.7%. MQG lost 0.6% though insurers better on higher yields. 10-year yields back to 4.20%. REITs slid too, GMG off 0.1% and SCG down 1.0%. Healthcare a little higher CSL up 0.4% and RMD up 1.1%. Industrials held relatively firm, supermarkets still under a little pressure, WOW down 0.1% and COL off 0.1% too. Tech slightly better and utilities bouncing off bottom, Retail stocks on the nose, LOV down 2.2%, PMV down 1.7% and SUL down another 2.3%. JBH lost 2.5%. In resources, the Three Amigos held firm, gold miners were smashed as EVN disappointed the true believers, Red Lake turned into the Red Wedding and the stock collapsed 17.3% on production numbers. The rest of the sector fell in sympathy. AUD bullion prices hardly changed but NST down 4.4% and NEM lost 5.1%. Lithium stocks depressed, PLS down 1.9% and S32 headed south by 3.5%. Oil and gas in trouble, WDS down 1.4% and STO off 0.7%. In corporate news, TLC has a new chair, WA1 raising money at 1000c. On the economic front, Chinese GDP grew at 5.2% last year. National Australia Bank now expects the Reserve Bank to remain on hold until November, before the central bank starts cutting from the current cash rate of 4.35%. Meanwhile in Asia, everyone is bearish China and down she went again, off 0.7% and HK down 2.8%. Japan unchanged.
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The Dow Jones Industrial Average fell Tuesday as bond yields ticked higher and Wall Street pored through the latest batch of fourth-quarter earnings. Boeing took a hit on a broker downgrade falling nearly 8%.
The Dow declined 231.86 points, or 0.62%, to close at 37,361.12. The S&P 500 slipped 0.37% to end at 4,765.98, and the Nasdaq Composite dropped 0.19% to 14,944.35.
ASX SPI Futures up 5. AUD takes a hit as US Bond yields rise.
- Oil little changed as stronger dollar counteracts Red Sea disruptions.
- Gold dips over 1% as dollar, yields rise on hawkish remarks by Fed's Waller.
- US oil output due to drop in February, for fifth straight month EIA says.
- Iron ore investors mine irrational exuberance.
- Copper's dollar-induced dip offset by China stimulus hopes.
- Australia sends biggest copper concentrate shipment to China since 2020.
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ASX 200 dropped 82 points to 7415 (1.1%) in a perfect storm as major stocks all saw sellers appear. No lead-in from the US, but futures are pointing to a weaker start all the same. The ‘Three Amigos’ saw selling as Iron ore prices fell again in Asia, BHP off 1.4% and FMG copping a 2.2% loss. RIO reported production numbers and reaffirmed guidance falling 1.3%. Lithium stocks mixed, PLS up 1.1% and IGO continued its own halving falling 1.8%. Gold stocks also found willing sellers, EVN down 3.4% and NST falling 1.9%. Uranium stocks came to a halt, PDN off 1.5% and DYL up 1.0%. Oil and gas stocks also on the nose, WDS down 1.6% and STO off 1.8% with coal stocks also easing. Banks saw some long overdue profit taking, CBA down 0.6% and WBC and NAB down 0.7-0.8% with the Big Bank Basket down 0.7% to $192.54. Other financials slid, MQG off 0.8%. REITS eased and industrials sold down. Retail under pressure, SUL down 2.6% and JBH off 1.4% with LOV down 5.2%. Tech eased with the All-Tech Index down 0.7%. Supermarkets are not quite so super as ACCC muscling up. WES down 1.0%, WOW off 1.5% and COL off 2.0%. 10-year yields bounced back to 4.14%, sending rate-sensitive stocks lower. In corporate news, DTL to beat profit guidance up 1.5%, HUB fell 2.1% on its FUA number and we had RIO production numbers. On the economic front more pessimistic consumer sentiment numbers. In Asia, Japan down 0.7%, HK falling yet another 1.9% and China down 0.4%.
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US markets closed last night.
The pan-European STOXX 600 ended 0.5% lower, as government bond yields across the region perked up after ECB’s chief economist pushed back against rising expectations for rate cuts.
ASX 200 SPI Futures down 21 points.
- Copper closed up 0.56% at $8,381 after falling as far as $8,308.
- Zinc jumped 1.57% after Nyrstar said it will suspend zinc smelting operations at its Dutch plant in Budel in the second half of January.
- Base metals mixed, pressured by a rising dollar. Nickel -0.61%, Aluminium -0.83%, Lead +0.81%, and Tin -0.94%.
- Gold advanced 0.40% on safe-haven demand on rising tensions in the Middle East.
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Wall Street closed mixed overnight, with the Dow Jones closing 118 points lower (-0.31%), while the S&P 500 and NASDAQ remained mostly unchanged. Markets grappled with the impact of corporate quarterly results and softer-than-expected PPI data. BofA (-1.1%) and Wells Fargo (-3.3%) fell as their results fell short of estimates, while JPMorgan, despite posting upbeat results, lost 0.7%. UnitedHealth fell 3.36%, and Delta Airlines sank 8.9% after adjusting its 2024 earnings forecast downward. Tesla also saw a 3.7% drop following the announcement of a production halt in its Berlin plant due to conflicts in the Red Sea. Citigroup, gained 1% after revealing plans to reduce its workforce by 10%.
ASX SPI Futures up 5 points.
- Base metals broadly slipped on a firmer dollar. Copper -0.38%, Nickel -0.58%, Aluminium -0.69%, Zinc +0.70%, Lead -1.30% and Tin up 1.61%.
- Gold rallied 0.96% on safe-haven buying following an escalation in conflict in the Middle East.
- Iron ore off 1.17%. China iron ore imports in 2023 hit a record high, up 6.6% YonY.
- Brent Crude up 0.80%, and WTI advanced 1.09% as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the US and Britain on Houthi targets in Yemen.
- 10Y Bond Yields – US 3.945%, Australia 4.078%, and Germany 2.153%.
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ASX 200 limped into the weekend down 8 points to 7498 to finish the week relatively unchanged. Quiet with low volumes again. US PPI and Chinese CPI in focus. Banks 'sagged' with the Big Bank Basket down to $193.63(-0.1%). NAB down 0.2% and ANZ falling 0.6%. MQG slid 0.2%, with insurers a little better, SUN up 0.8%. REITS mixed with GMG down 0.3% and SGP up 1.1%. In the industries, supermarkets are under pressure as the government pushes for price cutting. The rest of the industrials also drifting lower, TLS off 0.3% and BXB down 0.9% with tech under a little pressure, XRO off 0.8% and utilities falling too. ORG down 0.7% (Ex-Div) and APA down 1.9%. In resources, the ‘Three Amigos’ were a little mixed, FMG up 1.2%, with BHP down 0.2%. Lithium stocks mixed, PLS down 1.1% and MIN off 1.4%. Gold miners were slightly higher, and oil and gas stocks better as the UK and US launched an attack against the Houthis in Yemen. Crude rallying around 2%. Uranium stocks on a charge as the price hit a fresh post Fukushima high, DYL the standout. In corporate news, NXL warned of higher legal fees falling 12.9%, HLS fell 7.6% after a downgrade by Morgan Stanley. SYR rallied 1.9% as cold weather hit Louisiana. There was nothing locally on the economic front; Chinese CPI fell 0.3%, and PPI fell 2.7%. In Asian markets, Japan up 0.4%, China down 0.1% and HK unchanged. 10-year yields, 4.07%. Dow Futures down 25 points. NASDAQ Futures down 16 points.
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Stocks ended Thursday near the flat line after a fresh round of inflation data reflected an uptick in consumer prices for December. The Nasdaq Composite closed at the flat line, settling at 14,970.19. The Dow Jones Industrial Average eked out a gain of 15.29 points, or 0.04%, to close at 37,711.02. The S&P 500 edged lower by 0.07% to end at 4,780.24. Earlier in the session, the broad market index briefly traded above its record closing high of 4,796.56.
ASX SPI Futures down 34 points.
- Base metals firmed on a weaker dollar. Nickel +0.37%, Aluminium +0.02%, Zinc +0.12%, Lead +1.58%, and Tin +0.49%.
- Gold dipped to a one-month low, before finishing up 0.23%
- Iron ore recouped losses overnight, up 0.50% after falling for five consecutive sessions, helped by the latest support for the property market and renewed hope of monetary easing in China.
- WTI gained 0.81%, and Brent Crude rose 1.30% after Iran seized an oil tanker off the coast of Omen, raising the possibility of escalating conflict in the Middle East.
- 10Y Bond Yields – US 3.981%, Australia 4.082%, Germany 2.194%.
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Stocks closed higher Wednesday, with investors awaiting the release of fresh U.S. inflation data and earnings.
The S&P 500 gained 0.57% to end at 4,783.45, while the Dow Jones industrial Average added 170.57 points, or 0.45%, to close at 37,695.73. The Nasdaq Composite advanced 0.75% to settle at 14,969.65.
ASX SPI Futures up 13 points.
- Copper up 0.33% on arbitrage buying and a softer dollar.
- Dalian Iron Ore down 2.12%, for a fifth consecutive session, nearing a three-week low on muted demand by a weaker steel market and lack of fresh stimulus from China.
- Base metals mixed. Nickel +0.80%, Aluminium -0.44%, Zinc -0.50%, Lead +1.48%, and Tin +0.72%.
- Gold eased 0.28%, ahead of inflation data, although a softer dollar kept a floor under prices.
- WTI -1.19%, and Brent Crude is down 1.04% following a surprise jump in US crude stockpiles raising concerns about demand in the largest oil market.
- USD Index down 0.16%, and Aussie dollar up 0.24% to 66.98 US cents.
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ASX 200 finished flat at 7502. Xmas apathy took over despite a rally on Wall Street. Inflation numbers tonight but not expecting much. Banks were flat with the Big Bank Basket down to $189.53(-0.1%). The $190 level has been resistance in the past. Financials also slipped. MQG down 0.5% with insurers drifting slightly lower, QBE off 0.4%. REITs powered ahead with GMG up 0.7% and SCG rising 0.3%. 10-year yields once again under some pressure at 4.03%. Chinese yields hit a 30-year low. Industrials sagged, TCL down 0.4%, WES off 0.3% and TLS falling 0.3%. Tech slightly better with NXT up 0.5% and WTC moving 0.9% higher. Old Skool Platform stocks tickled higher with REA up 0.5% and SEK doing well. Retailers mixed. Always so. KMD fell again, LOV up 0.4% with APE bouncing back 2.4%. In resources, CXO collapsed 21.2% on a strategic review as lithium prices have been trashed this year. PLS up 3.0% and LYC up 2.9% on China rare earth moves, iron ore miners still firm FMG up 1.1% on a new high. Gold miners flat and oil and gas better. Plenty going on in the M&A space, PBP up 15.5% on a bid, A2B also getting a bid up 19.9% and ASB jumped 7.2% on a new US Navy contract. MIL raced 73.4% ahead with a bid too. Nothing on the economic front. US inflation numbers tonight another piece in the jigsaw. Asian markets better with Japan up 0.2%, HK up 1.3% and China up 0.7%.
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Stocks rose on Thursday, with the S&P 500 recovering from its worst day since September as the year-end rally resumed.
The Dow Jones Industrial Average gained 322.35 points, or 0.87%, to 37,404.35. Meanwhile, the
Nasdaq Composite advanced 1.26% to 14,963.87.
The S&P 500 added 1.03% to 4,746.75. That places the broad market index about 1% from its closing high and 1.5% from its intraday record.
ASX to open higher. SPI Futures up 35 points (+0.47%).
Gold bounced 0.5% ahead of PCE data tomorrow.
Brent Crude down 0.26%, and WTI off 0.87% after Angola said it would exit OPEC.
Copper gained 0.17% after US economic growth was revised down, raising expectations for interest rate cuts early next year and pushing the USD lower.
Base metals finished mixed. Nickel +0.51%, Aluminum +0.22%, Zinc -0.66%, Lead -0.63%, and Tin -0.12%.
10Y Bond Yields – US 3.931%, Australia 4.097%, and Germany 2.022%.
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ASX 200 falls only 34 points to 7504 (0.5%). We performed better than SPI suggested as US futures rallied a little. Volume and news was a little light on as we approach the Xmas break. Banks eased back slightly with the Big Bank Basket down to $189.72(-0.3%). ANZ slightly higher after AGM comments, MQG slid 0.9% and other financials eased, GQG down 5.0%. REITs eased too as bond yields fell to 4.01%. Industrials were mixed with TCL up 0.9%, BXB up 1.0% and staples a little weaker. Nothing significant. Healthcare in a similar vein, CSL eased 0.5% with RMD up another 0.7%. In resources, lithium stocks under pressure as Macquarie downgraded underlying lithium prices, PLS fell 3.4%, LTR down 8.3% on a royalty issue. Gold miners slipped a little, NEM down 1.6% and oil and gas off too. In corporate news, In corporate news, SFR has issued an update on the Motheo copper mine. TIE maintains its unanimous recommendation for holders to reject Zhaojin's offer. RPL fell 2.2% after it successfully concluded the acquisition of PM Capital Ltd, as previously announced. Meanwhile, BUB has secured $17m for its US expansion efforts. Nothing on the economic front except a jump in household wealth by 2.3% in Sept quarter. Asian markets fell on US falls, Japan down 1.6%, HK down 0.2% and China up 0.5%.
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The Dow Jones Industrial Average slid 475.92 points, or 1.27%, to 37,082.00. The Nasdaq Composite was lower by 1.50% to 14,777.94. Both indexes ended a nine-day advance, and they had their worst session since October. The S&P 500 declined 1.47% to 4,698.35, marking its worst day since September.
ASX SPI Futures down 73 Points.
- All sectors in the S&P 500 finished in the red, with consumer discretionary falling the sharpest, down 1.28%.
- Base metals finished mixed. Nickel +0.66%, Zinc +0.58%, Lead +0.27%, and Tin +0.16%.
- Copper fell 0.17% after touching its highest levels in more than four-and-a-half months on restocking in China before a stronger dollar weighed on the market.
- Aluminium fell for a second consecutive session, down 1.04% after rising over 8% in the past week.
- Dalian iron ore rebounded 1.14%, supported by low inventories and expectations of a flurry of restocking for winter.
- 10Y Bond Yields – US 3.853%, Australia 4.352%, and Germany 1.967%.
- Gold fell 0.48%.
- USD Index gained 0.32%, and the Aussie dollar fell 0.46% to 67.30US cents.
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ASX 200 up another 49 points to 7538 (0.7%). Another day another push towards 7600. Across the board gains with banks in demand again, ANZ up 0.7% and WBC up 1.0%. The Big Bank Basket trading at $190.21(0.5%). MQG kicked 0.9% higher with GQG doing very well up 1.5%. Insurers slightly better, REITS in demand, SCG up 1.0% and SGP up 1.6%. Industrials better again, WES up 1.0%, WOW up 0.8% and TLS up 1.8%. Tech a little mixed, WTC down 1.3% and XRO up 0.2% with the All-Tech Index up 0.2%. Retailers in demand, PMV up 0.3%, SUL up 1.7% and LOV doing well up 2.5%. Xmas is coming. Not for KMD which warned on sales falling 8.0%. Resources better, iron ore stocks seem to be running out of juice, FMG down 0.8% and BHP up only 0.4%. Lithium stocks rebounding a little, IGO up 2.3% and MIN rising 0.5%. Gold miners better again, GMD up 2.3% and NST rallying 1.6%. Oil and gas stock in the green, WDS up 0.6% and KAR up 2.0%. In corporate news, CHN CEO called for a ban on short selling, ORI dropped 2.5% on a Canadian acquisition, Terra for $560m. PXA fell 11.8% on a Smoove update and TCL saw some board changes. Nothing on the economic front, In Asia China left rates unchanged, Japan up another 1.6%, China down 0.5% and HK up 1%. 10-year yields steady at 4.05%
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Wall Street finished higher overnight near best levels, extending its rally while shrugging off warnings from Fed officials trying to rein in rate cut expectations. The Dow nabbed another all-time closing high, up 252 points (+0.68%). Dow up 257 at best. The S&P 500 rose 0.59% and is now within one percentage point of its all-time closing high. The NASDAQ 100 hit another all-time high, and the NASDAQ Composite advanced 0.66%. US small caps Russell 2000 rose 1.97%, rising over 11.7% in December so far. Bond yields dipped slightly despite Atlanta Fed President Bostic predicting the Fed would only cut rates twice in 2024, well below market expectations for at least five cuts. Among stocks, Boeing gained 1.2% after German airline Lufthansa revealed it ordered 40 737-8 MAX jets, Meta advanced 1.6%, trading at levels not seen since Sep-21, and Amgen rose 1.1% on broker upgrades.
ASX to open higher. SPI Futures up 35 points (+0.47%).
- Base metals finished broadly higher, with the exception of Aluminium, which fell 0.92% as LME aluminium inventories continue to rise. Nickel +1.40%, Zinc +1.61%, Lead +1.07%, and Tin +1.63%.
- Gold rose 0.63% as the US greenback and treasury yields slipped.
- Copper up 1.49%, as supply concerns fuelled by mine closures and a sliding dollar triggered buying.
- Dalian iron ore up 0.10% despite dampening demand, buoyed by low inventory levels and restocking.
- 10Y bond yields – US 3.929%, Australia 4.090% and Germany 2.022%.
- USD Index fell 0.40%, and the AUD rose 0.82% to 67.6US cents.
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ASX 200 up 63 points to 7489 (0.8%) in another strong across the board rally. RBA minutes helped, BoJ staying pat helped and takeovers helped. Solid gains across the board. The Banks continue to march higher, CBA up 0.6% and WBC charging 0.8% ahead. The Big Bank Basket up to $189.23 (+0.5%)). MQG kicked and insurers firmed, QBE bouncing 3.9%, SUN up 2.2%. REITs also in demand, GMG up 2.0% and SCG better by 0.3%. Industrials grinding higher, TCL up 1.7% WES up 1.3% and ALL up 2.0%. QAN slipped slightly down 1.7% with Tech better, WTC up 1.1% and XRO rallying 1.6%. Healthcare also better, CSL up 0.6% and RMD finding buyers up 0.6%. In resources, iron ore miners hitting highs despite Singapore iron pre slipping again. BHP up 0.6% and FMG up 1.1% putting Krug on Twiggy’s table. Gold miners slightly positive, NST up 1.4% with lithium stocks mixed. LTR up 11.3% as shorts worry about Gina and Albemarle teaming up perhaps. AZS up 1.7% as SQM and Gina teamed up with a $1.7bn bid. Oil and gas stocks better on Red Sea issues, WDS up 1.7% and BPT finishing 3.2% higher. In corporate news, AKE shareholders say yes, here at least, AGL up 0.6% on plans for its 500MW battery plant. GEM surged 13.6% on a marked improvement in the second half, PFP buying 3 funeral business, and ORG up 3.2% after getting its hands on another GBP280m investment in Octopus (UK). On the economic front, RBA minutes out, considered a rate rise but as we know didn’t raise rates. Somewhat sidelined now, ANZ-Roy Morgan survey out, slight improvement, Japan kept policy on hold for the third or fourth decade. Japan up 1.1%, HK continues to slide down 0.6% with China unchanged. 10-year yields down to 4.11%.
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US equities kick off the week on a positive note, continuing its seven-week bull run. The Dow closed flat, up one point. Up 88 points at best. Down 20 points at worst. The S&P 500 gained 0.45% as more than $40bn of mergers and acquisitions hit the wire, following months of disappointing volumes. The NASDAQ Composite is up +0.61%, and the NASDAQ 100 gained 0.64% to close at a record high for a second consecutive session. Wall Street’s fear gauge the VIX up 1.3%, hovering around 12, but within striking distance of recent multi-year lows. Mounting attacks by militant groups on ships in the Red Sea pushed oil prices higher over supply concerns, which in turn boosted energy stocks. US treasuries edged higher after Fed officials pushed back against market pricing of interest rate cuts. Among stocks, US Steel Corporation jumped 26.09% on reports that Japanese Nippon Steel secured a deal to buy the company for $14.9bn in cash. Meanwhile, Apple fell 0.9% after announcing a halt in Apple watch sales in the US due to patent rights violations.
ASX to rise. SPI Futures up 6 points (+0.8%).
- Base metals mixed. Nickel -3.79%, Zinc +0.32%, Lead -1.37%, and Tin -1.78%.
- Copper down 0.94% on demand concerns from China.
- Aluminium up 1.94% after stocks in LME-approved warehouses jumped more than 13% on Friday, indicating a surplus of the metal in transport.
- Gold up 0.43% on dip buying.
- 10Y Bond Yields. US 3.945%, Australia 4.123% and Germany 2.073%.
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ASX 200 lost 16 points to 7426 (0.2%) in lacklustre trade dominated by M&A activity in LNK, ABC and PSQ. Monday M&A day ahead of Xmas break. Banks drifted lower with the Big Bank Basket unchanged at $188.20. Insurers suffered as yields fell again, QBE down 0.6% and SUN off 1.8%. Fund managers lower with REITs under pressure, GMG up 0.1% and VCX down 2.4%. Industrials weaker, TLS off 0.9% with staples easing, WES down 0.5% and WOW down 0.7%. Tech held up on lower rates, WTC up 0.1% with the All-Tech Index up 0.2%. Resources mixed, PLS up 1.3% and AKE running 1.7% higher ahead of the vote this week, Iron ore miners mixed, Oil and gas faltered, WDS down 0.3% and STO falling 1.6%. Gold miners flat and coal mixed. In corporate news, LNK had a bid from Mitsubishi, up 27.0%, ABC saw the Barro Group bid 320c in cash, up 31.3% and PSQ also saw a NBIO rally 18.0%. ZIP fell 2.4% on a funding package. TAH up 23.1% after saying it would keep its Victorian wagering and betting business. SGP fell 3.6% after announcing a deal to buy 12 LLC communities. Nothing substantive on the economic front. Asian markets weaker, Japan down 0.9% China down 0.2% and HK off 1%%. 10-year yields fell again to 4.07%.
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US markets closed mixed after a day of high-volume trading. The Dow Jones gained 57 points (+0.15%), a record-high close for the third session in a row. Up 2.92% for the week marking a ninth straight winning week. The S&P 500 finished flat, NASDAQ +0.35% and Russell 2000 -0.77%. The S&P 500 and NASDAQ registered a seventh straight week of gains, up 2.50% and 2.85%, its longest winning streak since 2017. The session also marked the expiry of quarterly derivatives tied to stocks, index options and futures, known as “triple witching”. US treasuries finished little changed, short-dated 2Y yields did rise, up 6.1bps after fed officials dampened expectations of an imminent rate cut in Q1 next year. Quite on the corporate front, but in economics, the S&P Global PMIs highlighted a strong service sector, though manufacturing fell short of expectations.
ASX SPI Futures down 74 points.
- Gold fell 0.81%.
- Copper prices dipped 0.44%, on a strong dollar.
- Based metals mixed. Nickel +1.24%, Aluminium +1.52%, Zinc +1.65%, Lead +0.27% and Tin -0.67%.
- US Treasuries were little changed to modestly lower following latest Fed comments. 10Y yield down 0.6bps to 3.911%, 2Y yield up 6.1bps to 4.445%.
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ASX 200 finished up 65 points at 7443(0.9%) in another strong day but well off highs as some profit taking creeping in. Big caps in focus. The iron ore miners shooting the lights out, BHP close to all-time highs up 2.4%, RIO up 2.2% and FMG giving Twiggy a very happy Xmas up 1.4%. Lithium stocks saw short covering across the board as lithium carbonate prices rally in China. PLS up 3.4% and MIN up 2.1% with IGO rallying 6.1%. Gold miners not so hot despite bullion rallying, NEM up 2.2% and EVN up 0.3%. Oil and gas stocks rebounded WDS up 1.4% and STO better by 3.2%. Coal stocks also better, WHC up 0.8% and uranium at 15-year highs giving PDN a flip higher. Up 2.1%. Banks too in demand still, CBA up 0.5% and ANZ the star up 1.2%. The Big Bank Basket up to $188.28(+0.7%). Financials doing well, even ZIP up 17.8%. MQG continues its rally up 0.5% with insurers steadying. REITs a little mixed DXC down 3.6% on a revaluation of properties. GMG slipped 1.8%. Healthcare better with CSL up 0.7%. Industrials pausing a little, TCL in demand on yields falling, up 1.9%. Tech a little flat, the All-Tech Index up 0.4%. In corporate news, AMP down 1.6% after it has provided an update on its $1.1bn capital management program, revealing a return of $750m since Aug-22. ABC has shared news on the Kwinana Upgrade Project and provided a trading update, projecting the 2023 underlying EBITDA to fall within the $310 - $315m range. Stock up 8.6%. HLS fell 0.7% on an announcement that ACL intends to withdraw its offer. No surprise there. In economic news, NAB chair says Australia will avoid a recession. PMIs out. In Asian markets, a positive reaction to more stimulus from the PBoC, Japan up 1.2% China up 0.7% and HK up 3.0%. 10-year yields back to 4.14%.
**Quadruple Witching in the US tonight. Around US$3.1 trillion of derivatives to expire. Last major liquidity event for 2023. Will add to the volatility. US markets experiencing serious jump in volumes****
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Wall Street closed modestly higher overnight, extending weekly gains in the final hour of trade. The Dow added 158 points (+0.43%) to hit an all-time high. Up 197 points at best. Down 39 points at worst. S&P 500 and NASDAQ are both up over 3% for the week so far, advancing 0.26% and 0.19%, while the Russell 2000 is up over 7% for the week, adding another 2.72% overnight. The VIX pulled away from almost four-year lows, up 2.4%, as piles of derivative contracts tied to stock indexes are due to expire tomorrow, which may amplify instability. Benchmark 10Y yields dropped 10.7bps to 3.917%, and the greenback tumbled against a basket of world currencies, USD Index down 0.87%. Meanwhile, retail sales data unexpectedly rose last month, and initial jobless claims came in below forecasts. Though data did little to change rate cut expectations. Among stocks, Adobe fell 6.35% after giving lukewarm revenue forecasts for 2024, and Intel gained 1.37% after announcing new chips for PCs and data centres.
ASX to open higher. SPI Future up 48 points (+0.65%).
- Base metals rallied following a fall in the US greenback. Copper +2.95%, Nickel +2.76%, Aluminium +3.12%, Zinc +2.60%, Lead +1.77% and Tin +2.46%.
- Oil prices extend yesterday’s gains, boosted by a weaker dollar and the IEA lifting its oil demand forecast for next year. Brent Crude +2.95% and WTI +3.07%.
- Dalian iron ore slipped 2.70% after the market digested a lack of new stimulus measures and data that showed weaker-than-expected bank lending last month.
- 10-year yield: US 3.917%, Australia 4.100%, and Germany 2.121%.
- Gold prices touched a 10-day high overnight, up 0.65% as the USD and treasury yields fell for a second consecutive session.
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ASX 200 powers to a 5-month high of 7378 up 120 (1.7%) as the Fed delivers in time for a very happy Xmas. A leap this morning on the open following the dot plots and the Q&A session. Bond yields tumbled with the Australian 10-year yield back to 4.12%. Financials, REITs rallied hard, the Big Bank Basket at $187.00(+1.1%), CBA leading the charge higher but MQG had a great day up 3.5% together with other financials. Insurers slid a little on lower yields, but REITs took off too. GMG up 3.0% and SCG up 3.9%. Industrials and tech doing well, TCL rallying another 1.4% on lower rates, TLS up 1.8% and tech giants XRO and WTC all doing nicely nicely. The All-Tech Index up 2.1%. Healthcare in a strong place, CSL up 1.6% and RMD up 1.9%. Resources played catch up, iron ore majors in demand. All-time highs across the board, RIO, FMG and BHP if you add back the WDS. Gold miners soared after a couple of down days. NST rebounding 8.1% and GMD up 5.1%. Lithium stocks were the stand out as a short squeeze and perhaps a change in sentiment dragged the buyer back in. PLS up 8.6% and LTR rallying with LRS the standout. Oil and gas doing ok on a slightly higher oil price, WDS up 0.5% and KAR up 1.6%. In corporate news, some takeover action in small caps, VHT up 41.3% and WSP under siege with a 57c offer. GMD bought some gold projects off Kin Mining. VEA got the nod to acquire the OTR group, AWC jumped 8.7% on WA approvals, PAN called in the administrator. On the economic front, unemployment rose slightly to 3.9% with an increase in 61500 jobs created. Asian markets mixed, Japan down 0.9%, China up 0.3% and HK bouncing 1.1%. 10-year yields 4.11%
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ASX 200 rose another 23 points to 7258 (0.3%) in another solid day. Once again banks led us higher with the Big Bank Basket up to $185.04 (+0.8%). WBC leading the charge. MQG had a good day up 1.5% but insurers slid with IAG down 3.2% and SUN off 1.0%. REITs were mixed, GMG bouncing nicely, SCG down %. Healthcare also picking up, CSL up another 1.1% and RMD doing ok, up 1.2%. Tech stalled and industrials a little flat, WOW down 0.7% and EDV down 1.0%. TCL picked up 0.2% on lower rates. Resources once again dominated by iron ore stocks with FMG up 1.3% to an all-time high, BHP rose 0.7% and RIO up 0.8%. Lithium stocks flat, gold miners under pressure again, NST down 1.1% and NEM off 2.8%. Sentiment turned full circle in a week. Oil and gas stocks fell, WDS off 1.1% and STO down 0.1%. Not even a merger could save them today. In corporate news, SIG returned to trade up 40.00% having raised $400m to fund operations and get the Chemist Warehouse deal done. AIZ fell 2.5% on a downgrade. On the economic front, the Albanese government released the MYEFO, no real surprises and no real stimulus or help for those suffering from cost-of-living pressures. In Asian markets, Japan up 0.3%, China off 0.9% and HK off 0.7%. 10-year yields fell back to 4.27%.
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US equities closed mostly higher overnight, finishing near best levels after inflation data did little to alter views for the timing of a rate cut by the Fed next year. The Dow Jones advanced 173 points (+0.48%). Dow up 191 points at best. Dow down 32 points at worst. The S&P 500 hit a fresh year-to-date high.
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ASX 200 pushed on to a three-month high on a low volume day. Up 36 points to 7235 (+0.5%). Banks up, with CBA up 0.4% and ANZ rallying 0.8%, with the Big Bank Basket up to $183.67 (+0.5%). MQG up 0.4%, with insurers slightly weaker, QBE down 0.2%. REITs firmed, GMG up 0.7% and VCX up 2.6%, with industrials also in demand, BXB up 1.6% and WOW doing well up 1.8%, with JBH up 0.6%. Tech also in demand, with XRO leading the charge of broker optimism. WTC up 2.68% and the All-Tech Index up 1.2%. Healthcare better too, COH up 2.4% on a broker upgrade. CSL improved 0.7%, and RMD gaining 1.3% on a positive court ruling. In resources, Iron ore miners mixed, FMG up 1.6% with BHP flat and RIO weaker. Lithium stocks once again sold off, PLS down 2.8% and LYC tanking 4.6% gold miners were mixed, NST down 0.2% and NEM up 0.1%%. Oil and gas stocks firm, coal up with WHC up 1.8%. In corporate news, SIG returns to trade tomorrow, IPL has a new CEO, and on the economic front, a positive Q&A from RBA chief helped sentiment. Asian markets trading with a positive bias, Japan down 0.2%, HK bouncing 0.9%, and China up 0.1%. Dow Futures up 10 points. NASDAQ Futures up 20 points.
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Overnight on Wall Street, stocks edged up ahead of the Federal Reserve’s last meeting of the year. The S&P 500 rose 0.4%, Nasdaq was up 0.2% and the Dow Jones added 0.4%.
SPI Futures up 13 points.. Oracle falls 7% after hours on latest results.
- Base metals mixed. Nickel -1.51%, Zinc +1.05%, Lead +1.73%, and Tin -1.44%.
- Gold down 1.10%, hitting a three-week low as the USD and treasury yields firmed.
- Aluminium off 0.68%, touching three-month lows on expectations of rising inventories.
- Iron ore up 0.53% despite disappointing economic data from China.
- Copper -1.33% as mine closures and disruptions have changed the landscape for copper supplies.
- Brent Crude +0.4%, WTI +0.25% as OPEC+ cuts failed to full offset worries around crude oversupply and softer demand growth next year.
- 10Y Bond Yields – US 4.239%, Australia 4.368%, Germany 2.253%.
- Bitcoin down 6.82%.
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The ASX 200 rose only 4 points to 7199 (0.1%) after a promising start was ambushed by resource stocks falling. Lithium and gold stocks fell with some of the big lithium names seeing selling resume. PLS down 3.0% as a new chair was appointed. MIN off 1.1% and AKE up 1.0%. Iron ore stocks stalled, BHP down 0.4% and RIO unchanged. Gold miners eased back as bullion suffered from the higher USD. NEM down 1,2% and NST off 2.1%. Oil and gas saw some buying, WDS/STO both slightly better with KAR up 0.5%. Banks up but off highs with the Big Bank Basket stable at $182.79. MQG fell 0.1% and insurers eased back slightly. Healthcare was better with CSL and RMD up 0.3% and REITs mixed, GMG down 0.4%. Industrials flat amidst pockets of strength, WES up 1.1% and WOW up 0.8%. Tech mixed with the All-Tech Index unchanged. In corporate news, PGH saw another bid from Kin at 84c, up 22.6%, BUB unchanged on a trading forecast update, CGC fell 3.9% as the outlook dims, SKC has settled with Macquarie over its car park stoush. In economic news, immigration targets the big news today. IEL fell 2.2% on the news. Asian markets mixed with China and HK still weak. 10-year yields around 4.33%.
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Wall Street closed higher Friday with notable gains for the S&P 500 and NASDAQ, reaching their highest closing levels since early 2022, up 0.41% and 0.45%, respectively. The Dow finished near highs, up 130 points (+0.36%). Dow up 179 at best. Dow down 56 at worst. The rally was sparked by robust non-farm payroll and unemployment data, fuelling optimism for a soft landing, while also scaling back expectations the Fed will cut rates in March. Bonds were sold off, pushing yields higher again. 10Y and 2Y treasuries up 11bps. Among stocks, Paramount jumped 12% after reports of takeover interest. DocuSign rallied 4.8% after raising its annual revenue forecast, and Honeywell dipped 1.6% after it announced it would buy Carrier Global’s security business.
ASX 200 SPI Futures up 16 points.
- Base metals mixed. Nickel +2.09%, Aluminium +0.12%, Zinc -0.58%, Lead +0.27% and Tin +0.04%.
- Copper up 1.28%, lifted by firm demand from China.
- Gold down 1.11% as the US greenback and Treasury yields strengthened.
- Brent Crude and WTI oil prices rose 2.17% and 2.74%, but ended the week lower, marking its seventh consecutive weekly decline.
- 10Y Bond Yields – US 4.231%, Australia 4.359%, and UK 4.024%.
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Wall Street rallied overnight after Google and AMD triggered a mega cap rally on renewed optimism surrounding artificial intelligence. The Dow gained 63 points (+0.18%). Up 110 at best. Down 32 at worst. The S&P 500 halted a three-day decline, up 0.80%, and the NASDAQ gained 1.37% to mark its highest close of 2023. US Treasuries were subdued, 10Y yield finished little changed after an initial rise on hawkish signals from the BoJ. China lithium prices were down another 4.83%, gold was flat, and the USD Index fell 0.54%. Among Stocks, Google gained 5.3% following the launch of Gemini, saying the new AI model could narrow the gap in the race between OpenAI. Advanced Micro Devices rallied 9.7% after the company estimated the potential market for its data centre AI chips could reach $45bn this year.
ASX to slip. SPI Futures down 15 points (-0.21%).
- Base metals mixed. Aluminium -0.47%, Zinc -0.54%, Lead -0.44% and Tin +0.18%.
- Lithium continues its downward trend, down 4.83%.
- Iron ore remains elevated, up 1.11%
- Copper halted a three-session decline, up % helped by strong Chinese export data and a weaker USD.
- Nickel up 1.48%, as Nickel stocks in warehouses registered with LME rose to 10-month highs.
- Gold flat in the run-up to US non-farm payrolls data.
- US 10Y yields fell 0.2bps to 4.119%, holding steady near three-month lows ahead of jobs report tomorrow.
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ASX 200 fell 5 points to 7173 (-0.1%) in a day of consolidation. Plenty of corporate news around, from Chemist Warehouse's reverse takeover to MFG FUM and MGF deal. Plus, we saw a bid for PPT up 6.7%. Banks eased back slightly, with NAB down 0.4% and MQG down 1.4%, with the Big Bank Basket steady at $181.97. Insurers fell heavily as yields slipped to 4.28% in the 10s. QBE down 2.8%, and SUN down 1.8%. REITS mostly formed though GMG fell 0.7%. Healthcare eased back, with CSL down 0.4% and RMD off 0.6%. Industrials were lower, BXB down 1.0%, ALL off 1.2%, and TLS fell 0.3%. Tech mixed, All Tech Index up 0.4%. Resources were mixed again, iron ore miners better, RIO up 1.0% and FMG up 1.6%, with BHP lagging on some C-Suite changes. Lithium stocks pushed higher as PLS continued its rally up 5%. MIN up 1.7%, and IGO rallying 2.7%. Gold stocks struggling to gain traction, EVN trying to stabilise up 1.4%. Uranium stocks remained under pressure after BOE acquisition and placement. Oil and gas are remarkably stable, WDS up 0.4% and STO rising 0.7%. In more corporate news, 4DX readies $30m placement, rumours that WDS and STO have been exploring a merger. SWM announced its CEO was stepping down and GQG partners revealed FUM grew US$9bn. In economics, our trade surplus widened in October on exports driven by metal ores and minerals and a decline in imports. Asian markets eased again, with Japan down 1.2%, China off 0.2% and HK off 1.3%. Dow Futures down 26 points. NASDAQ Futures down one point.
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Wall Street finished lower near worst levels, pulled back by mega-caps and energy stocks after signs of a cooling job market reinforced bets the Fed could start cutting rates early next year. The Dow Jones fell 70 points (-0.19%). Dow up 168 points at best. Dow down 100 points at worst. S&P 500 lost steam amid a slide in energy producers, down 0.39%, with 7 of the 11 sector indices lower led by energy -1.67% and tech -0.76%. The tech-heavy NASDAQ Composite slid 0.58%, and small caps Russell 2000 fell 0.21%. 10Y yields extended their decline down 5.9bps to 4.121%, while the 2Y yield edged slightly higher. ADP employment data provided fresh evidence of labour market weakness following yesterday’s JOLTS report. WTI Oil fell below $70 a barrel -4.13%, its lowest since early July, on demand concerns and increased supply shown in an EIA report. Among stocks, mega cap tech stocks showed weakness, with Google, Apple, and Microsoft losing between 0.6%-1%.
ASX to fall. SPI Futures down 34 points (-0.47%).
- Euro Area retail sales rose by 0.1% in Oct-23, falling short of the expected 0.2% increase.
- Copper fell For a third consecutive session, down 0.73%, touching a two-week low as the USD firmed.
- Dalian Iron ore rose 1.64% on positive economic data and persistently strong demand from China.
- Golf firms 0.39% as treasury yields ease, stabilising after a rapid fall from a record high earlier this week.
- Lithium down again, off 4.61%.
- 10Y yield: US 4.121%, Australia 4.245%, and Germany 2.199%.
- Brent Crude and WTI sharply lower, down % and % respectively, hitting June lows following EIA reports of a larger-than-expected rise in US gasoline inventories, raised demand concerns.
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ASX 200 romped ahead by 117 points to 7178 (+1.7%). All is forgiven after the losses of yesterday, even lithium staged a significant comeback. This despite falls in international lithium stocks. AKE up 3.0%, PLS up 5.6% with some large blocks traded, MIN rose 4.2% with iron ore miners not even stirred by news from RIO on Simandou, RIO up 0.7% and BHP rising 1.5%. Base metals better, Gina will be happier as LTR rose 6.1% and CHN up 10.8% on access permits. Gold miners mixed with EVN dropping 13.0% on the placement and acquisition fallout. Looks overdone. NST up 1.0%, and oil and gas stocks rallied too. WDS up 1.1%, and BPT rising 1.4%. BPH continued to backfill down 9.6%. Banks shot up, with NAB leading the way, up 1.9% and CBA up 1.6%. The Big Bank Basket up to $182.15 (+1.6%), with MQG up 1.8%. REITs kicked, GMG up 1.8% and SCG up 3.7%. 10-year yields down to 4.3%. Other financials also doing well, PPT up 6.3% and MFG up 3.6%, with its latest FUM up despite outflows. Healthcare better, CSL rallying another 1.7% with RMD up 0.9%. Industrials firmed across the board, TLS up 1.9%, TCL up 0.7% and staples rallying hard, WOW up 1.9% and COL up 2.4%. Tech sparking higher, WTC up % and XRO up %. The All-Tech Index up 1.7%. In corporate news, EVN was the standout story, Chemist Warehouse is heading for a reverse takeover listing through SIG. EDV held an update with a hotel earnings target of $150m. WDS signed a sales deal with Mexican Pacific. On the economic front, GDP expanded 0.2% in the third quarter, less than the previous quarter’s 0.4% and consensus. Asian markets firmed, Japan up 1.8%, HK up 0.7% and China down 0.1%. Dow Futures up 64 points. NASDAQ Futures up 66 points.
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US equities ended mixed while treasury resumed their rally following fresh economic data reinforced bets the Fed will cut rates in Q1 of next year. The Dow Jones fell 80 points (-0.22%). Dow down 194 points at worst. S&P 500 ended marginally in the red, down 0.06%, and the NASDAQ gained 0.31%. Treasuries fell after job openings data hit its lowest since March 2021. 10Y yields down 8.2bps breaching 4.2% levels, and the 2Y yield fell 4.6bps to 4.587%. Key non-farm payrolls report out Friday, whichwill offer more insight into the health of the labour market. Bitcoin is up 4.8%, Gold eased 0.48%, and the Aussie dollar fell sharply, down 1.03% to 65.51US Cents. Among stocks, the tech sector outperformed as treasuries dipped Nvidia and Apple gained over 2% each, while Amazon and Telsa rose over 1% each.
ASX to rise. SPI Futures up 27 points (+0.38%).
- Base metals down. Zinc -1.84%, Aluminium -1.03%, Lead -2.03%, and Tin -0.56%.
- Nickel fell 2.88%, continuing its downward trend on expectations of excess supply.
- Copper is down 1.46%, hitting its lowest level in two weeks after Moody’s cut its outlook on China’s credit rating.
- Dalian Iron ore fell 0.91% on lingering fears over China’s supervision of the markets to ensure price stability.
- Oil prices lower, hovering around five-month lows on a stronger USD and demand concerns. Brent Crude -1.32% and WTI -1.07%.
- 10Y yield: US 4.180%, Australia 4.315%, and Germany 2.249%.
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ASX 200 fell 63 points to close at 7062 (0.9%) on weaker international leads and falling commodity prices. RBA left rates unchanged again, but limited ASX reaction. Resources hit hard with iron ore miners under pressure, BHP down 1.3% and FMG off 0.9%, Lithium stocks remain depressed with IGO falling 6.7%, PLS down 8.5% and MIN copping a 4.3% fall. Gold miners retreated from the heady times of yesterday with NST down 4.0% and NEM slipping 2.7%. EVN raising $525m for an acquisition. Oil and gas stocks also fell hard as crude failed to launch, WDS down 2.7%, STO off 0.9% and coal stocks also down. Industrials held up in places, WOW and COL showed modest gains, WES fell only 0.6% despite its lithium exposure, tech saw profit taking, WTC down 1.0% and XRO off 1.0% with the All-Tech Index down 0.8%. Healthcare better with RMD up 1.8% as the recovery continues. Banks eased back slightly with the Big Bank Basket down to $179.29c. MQG fell 0.7% and insurers eased back again. In corporate news, ORG returned after the cunning Plan A was rejected by Aussie Super and rallied 2.2%, CMM dropped 8.4% on some director selling, same with 360 falling % and MSB returned from its 150th capital raise and dropped 18.0%. MPL up 0.3% on an agreement to increase stake in My Health. On the economic front, the much-anticipated Xmas present from Michele was delivered with a pause in rate rise. Not much movement on this AUD slid around 0.5% and 10-year yields at 4.41%. Asian markets weaker with Japan down 1.1%, China off 0.8% and HK down 1.8%.
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The Dow Jones Industrial Average shed 41.06 points, or 0.11%, to close at 36,204.44. The S&P 500 dropped 0.54% to 4,569.78. The Nasdaq Composite declined 0.84% to 14,185.49 as investors sold Big Tech shares, which have led the market’s gains this year.
November was the best month for the 30-stock Dow since October 2022. The S&P 500 and Nasdaq Composite both enjoyed their biggest monthly gains since July 2022.
ASX to fall. SPI Futures down 38 points (-0.53%).
- Base metals were broadly lower as the USD strengthened. Copper -2.2%, Nickel -2.11%, Zinc -2.4%, Aluminium -1.02%, Lead -1.55%, and Tin +0.88%.
- 10Y yield: US 4.263%, Australia 4.464%, and Germany 2.344%.
- Brent Crude and WTI fell % and % overnight, nearing four-month lows as markets took a wait-and-see attitude about plans by OPEC+ to cut production in Q1 2024.
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ASX 200 rose 52 points to 7125 (0.7%) in a very solid day although off highs. Gains in most sectors with the Banks up again CBA up 0.9% and NAB up 0.8% with the Big Bank Basket at $179.61(0.7%). MQG rose 0.7% with other financials doing well, ASX up 0.6% and SUN up 0.4% on ACCC hopes. QBE dropped 3.2% with other insurers easing back. REITs higher again, GMG up 1.4% and SCG up 1.5% with healthcare also firm, CSL up 0.5% and RMD bounce continues up 1.5%. Industrials looking good, TCL up 0.4%, WOW and COL firmed despite inquiries proposal into price gouging. WES rose 1.0% with tech better led by WTC up 1.9% and XRO up 1.7%. Iron ore miners and gold the stand outs in resources, BHP up 1.7% and RIO firing 1.6% higher. Gold hit an all-time high with NEM doing well up 2.9% and NST up 3.7%. Lithium stocks remain depressed but uranium in demand DYL up 6.4% with PDN up 1.9%. Oil and gas under pressure, WDS down 1.6% and STO off 1.2%.
In corporate news, ORG Plan A was voted down as expected, the stock halted down 3.9%, MTS up 1.1% after 1H results, PGH unchanged as its offer was extended and ORA is now officially the owner of Saverglass.
In economic news, The value of new owner-occupier loan commitments for dwellings rose 4.9%in October 2023. Asian market were weaker with Japan down 0.6%, China down 0.3% and HK down 0.6%. 10-year yields at 4.46%. Gold at all-time highs.
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All three major US indices advanced overnight, with the Dow finishing near best levels up 295 points (+0.82%), up 314 points at best. S&P 500 achieved its highest close for the year, up 0.59%,and the NASDAQ rose 0.55% starting December on a positive note following Powell’s latest comments bolstering the view that policy rates have peaked. Powell, despite expressing the Fed's readiness to tighten further if necessary, noted that policy is currently in "well into restrictive territory," leading to a decline in bond yields, with the 2Y yield down by 15bps and the 10Y yield down by 12.9bps. Gold and base metals experienced an uptick due to a weaker dollar, while oil prices continued their decline post the OPEC+ meeting on Thursday. Among stocks, Alibaba slipped 1.2% on broker downgrades, and Paramount jumped 9.8% after reports Apple have discussed bundling their streaming services at a discount.
ASX SPI Futures up 65
- Base metals are higher across the board. Nickel +2.59%, Aluminium +0.64%, Zinc +2.20%, Lead +0.05%, and Tin +2.62%.
- Copper rose to an almost four-month high, gaining 2.09%.
- Brent Crude down 2.0%, and WTI fell 1.89% on Friday after a volatile trading week following the latest rounds of OPEC+ production cuts and sluggish global manufacturing activity.
- 10Y yields: US 4.213%, Australia 4.400%, and Germany 2.359%.
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ASX 200 fought from early big falls to close down only 14 points to 7073 (-0.2%). Banks flat, the Big Bank Basket at $178.32 (-0.3%). MQG slid 0.8%, with other financials pulling back slightly. Insurers held in, with SUN up 0.2% and MPL up 2.0%. REITs mixed, GMG up 1.3% and VCX down 2.1%. Healthcare flat, Industrials saw some losses in staples, WOW off 1.0% and COL down 1.0%, with WES off 0.9%. Tech eased, XRO down 1.9% and WTC falling 1.0% with the All-Tech Index off 0.5%. In resources, Iron ore slightly better, BHP up 0.1% and FMG up 0.8%. Lithium stocks falling again, PLS off 0.8% despite a new substantial shareholder, gold miners mixed, NEM up 0.9% and NST down 2.3%. Oil and gas slid on OPEC Plus news, WDS down 0.5%, and STO off 0.1%. In corporate news, MSB tapped shareholders yet again, it must be Xmas after all, PMV posted record Black Friday sales rising 2.8%. COL got the ACCC thumbs up to purchase Sapputo’s milk facilities. In economic news, Chinese manufacturing PMI came in better-than-expected at 50.7. In Asia, not much happening, Japan +0.3%, China down 0.5% and HK down 0.8%. 10-year yields 4.499%. Dow Futures up 19 points. NASDAQ Futures down 34 points.
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The Dow hit a new high for the year, up 520 points (+1.47%), driven by a 9.2% jump in Salesforce shares and a moderation in PCE inflation. The S&P 500 gained 0.38%, while the NASDAQ fell 0.23%. October saw a slowdown in PCE inflation measures and a moderation in personal spending, reinforcing expectations that the Fed has finished its tightening cycle, potentially leading to rate cuts in spring 2024. US treasuries lost steam after a historic rally, with the 10Y yield up 7.9bps and 2Y yield up 6.2bps. November marked the strongest performance for the S&P 500 +7.8%, NASDAQ +8.9%, and Dow +8% since late 2022. Among stocks, Nvidia weighed heavily on the S&P 500 and NASDAQ, falling 2.8%. In contrast, data cloud company Snowflake advanced 7.1% on better-than-expected Q4 product revenue forecasts, while Ford slipped 3.1% after setting the cost of a new labour deal at $8.8bn and cut its full-year forecast.
ASX to fall. SPI Futures down 9 points (-0.13%).
- Base metals fell as the USD firmed, and weak China manufacturing data weighed on prices. Nickel -3.09%, Aluminium -0.88%, Zinc -1.08%, Lead -0.86%, and Tin -1.02%.
- Copper hovered near 10-week highs, up 0.42%.
- Oil prices fell after OPEC+ producers agreed to cut oil production for the first quarter of next year. Brent Crude -0.24% and WTI -2.45%.
- 10Y yield: US 4.342%, Australia 4.510%, and Germany 2.455%.
- Gold fell 0.41% in response to a rebound in the greenback.
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ASX 200 finished up 52 points at 7087 (+0.5%) after a late afternoon surge.ASX 200 up 4.6% for November. A turnaround in the iron ore miners helped on news that nickel from Indonesia would not get a IRA break. BHP up 0.2%, RIO up 0.4% and FMG up 0.9%. Lithium turns around too, with PLS reversing early losses to close up 2.3%, with gold miners steady despite seeing some profit taking in places. Oil and gas were in pause ahead of OPEC, coal stocks eased. Meanwhile, Banks once again pushed ahead, CBA up 1.3% and the Big Bank Basket up to $178.88 (1.2%). MQG spurted ahead by 2.1%, with insurers doing well. QBE up 1.3% and SUN up 2.5% on its bank appeal. Healthcare better overall, with CSL unchanged after a good day yesterday, RMD up 2.3%. REITS slightly better SCG up 0.8%. Industrials firm TLS up 1.1% and staples higher, WOW up 1.8% and COL up 0.9%. Interest rate sensitive stocks doing ok, TCL up 1.0% and AIA up 1.0%. Tech also in demand, WTC up 1.2% and XRO up 1.0%, with the All-Tech Index up 1.0%. In corporate news, ORG knocked back Plan B, falling 1.9% in the process. IRE jumped 14.9% on an update. LTR rose 2.2% on a new director appointment. In China we saw some disappointing economic data, and we await the virtual OPEC meeting. Asian markets firmed Japan up 0.3%, China up 0.1% and HK up 0.1%. 10Y yields falling down to 4.38%. Dow Futures up 134 points. NASDAQ Futures up 32 points.
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The ASX200 rose 20 points to 7035 this afternoon as an inflation optimism rally faded. Technology was the stand-out, gaining all day on hopes the RBA will halt rate rises next year. WTC, XRO and NXT up 2%, 2.9% and 1.4%. Discretionary spending, REITs and Gold sectors also rallied in a similar vein. WES, JBH, HVN up 1%, 2.3% and 4.2%. NEM and EVN flew 5.4% each. Healthcare enjoyed strong demand from the open with CSL and RMD up 2.1% and 2.5%. Banks were mostly down. NAB, WBC and ANZ all lower while CBA and MQG stayed flat. Energy stocks were the worst performers as investors go risk-off ahead of Thursday’s OPEC+ meeting. WDS, STO and KAR down 0.7%, 0.9% and 2.4%. Big miners also fell as Dailian Iron Ore Futures dropped for the fifth straight session. BHP and FMG down 0.5% and 0.4%.
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Vale Charlie Munger
The Dow Jones Industrial Average added 83.51 points, or 0.24%, to close at 35,416.98. The S&P 500 inched higher by 0.10% to 4,554.89, and the tech-heavy Nasdaq Composite.
SPI up 15.
- Base metals mixed. Zinc +0.65%, Aluminium +0.34%, Lead +-0.35%, and Tin +1.33%.
- Nickel prices jumped +5.87% after an industrial report raised the prospect of a change in the way top supplier Indonesia prices the metal.
- Copper prices rebounded on news of disruptions at major mines in Panama and Peru raising supply concerns, up 1.27%
- Oil prices settled higher overnight, on the possibility OPEC+ will extend or deepen supply cuts. Brent Crude +1.96% and WTI +2.19%.
- 10Y yield: US 4.332%, Australia 4.453%, and Germany 2.491%.
- USD Index fell 0.41%, its lowest point in 15 weeks, and on track to end the month ~3% lower.
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ASX 200 clawed back some losses closing up 28 points to 7015 (0.4%). Early euphoria gave way to apathy again. Banks were a strong sector with the Big Bank Basket up to $177.31 (0.8%). NAB leading the charge up 1.2% and MQG managing to eke out a 0.1% rise. QBE and insurers flat, REITs did well as yields fell again, GMG up 1.3% and SCG running hard up 2.0%. Industrials too doing ok, WOW up 0.9%, TCL unchanged as Rozelle Interchange opens up. QAN up 0.4% and TLS pushing ahead. Tech stocks eased, WTC down 0.6% and XRO falling 0.8%. Utilities mixed as ORG fell again. Iron ore stocks tried valiantly to rise early but gave way to gravity with BHP down 0.2% and RIO off 0.3%. FMG clearly didn’t get the memo rising 1.5%. Iron ore in Asia fell 2% on intervention talk. Lithium stocks mixed, PLS up 0.9% and MIN down 1.2%. Some action in second liners but low volumes. Hold miners once again in demand, NST up 3.5% and finally NEM up 0.6%. Oil and gas fell, Coal mixed. In corporate news, IMU rose 9.9% on positive drug news, PLT rallied 64.7% on solar panel and car loan news, PBH jumped 5.5% on revenue update, CKF rose 9.0% on results and a dividend increase. Did someone say KFC? Asian markets eased, Japan down 0.3%, HK off 0.5% and China unchanged. 10-year yields back to 4.51%.
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The Dow Jones Industrial Average lost 56.68 points, or 0.16%, to 35,333.47. The S&P 500 shed 0.20% to 4,550.43. The Nasdaq Composite edged lower 0.07% to 14,241.02.
Wall Street is coming off its fourth straight positive week, as stocks have rallied since the 10-year Treasury yield retreated from the 5% mark it briefly topped in late October.
ASX to edge higher. SPI Futures up 8 points (+0.11%).
Base metals mixed. Copper -0.73%, Aluminium -0.29%, Zinc -1.12%, Lead -1.55%, and Tin -4.61%. Gold +0.62% hit a six-month higher as a soft dollar and fed pause expectations helped bullion prices consolidate above the key $2,000 mark. Nickel (-2.16%) fell to a three-year low at $15,840 a ton. Oil prices continue to fall ahead of OPEC+ meeting Thursday. Brent Crude down 0.67%, and WTI down 0.50%. 10Y yield: US 4.383%, Australia 4.473%, and Germany 2.543%.
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ASX 200 frittered away early gains to close down 53 points at 6987 (0.8%) in a mixture of apathy and low volumes. Iron ore weakness in Asia the turnaround, as China authorities move to more supervision on stockpiling and hoarding. BHP, RIO and FMG all took on water down around 1.5%, lithium stocks depressed again, PLS down 2.5%, IGO off 3.3% and MIN off 2.6%. Gold miners were one of the few sectors doing well, GMD up 3.8% on AGM comments NST up 1.7% with NEM still struggling down slightly. Oil and gas stocks weaker ahead of OPEC Plus. Banks fell with CBA off 1.0% and ANZ down 1.1% as the Big Bank Basket fell to $(). MQG slid 0.6% with insurers steady after QBE rose 2.2% on a premium update. Healthcare fell, CSL under pressure again, down 0.7%, REITs slid, GMG down 0.3%, tech better led by WTC and XRO up 1.6% and 0.4% respectively. Retail and staples also eased, WOW down 0.9%, WES off 0.6% and QAN down 0.8%. Utilities under pressure as ORG look to Plan B and C. In corporate news, ABY knocked back an offer from a UK company, HLS rallied 2.3% on the chair resigning. On the economic front, Michele Bullock has a new No 2. Asian markets weaker, Japan down 0.6%, HK off 1% and China down 1.2%
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Wall Street finished little changed overnight in a holiday-shortened trading day following the Thanksgiving break, with low volume and conviction as markets watch the beginning of seasonal shopping for signs of consumer resiliency. The Dow finished near session highs, up 117 points (+0.33%). Up 126 points at best. The S&P 500 finished flat, and the NASDAQ fell 0.11%. All three indexes notched their fourth consecutive weekly gains. The latest economic data in the US paints a mixed picture, with Manufacturing PMI contracting more than expected and Services rising at a faster pace than expected. US Treasury securities booked some losses, pressuring tech stocks, with Meta, Apple and Microsoft all lower. Among stocks, Nvidia fell 1.9% on delays in the launch of its new China-focused AI chip designed to comply with US export rules.
ASX SPI Futures up 20 points.
- Base metals mixed. Copper +0.25%, Aluminium -0.16%, Zinc +0.45%, Lead -0.90%, and Tin 0.93%.
- Nickel (-2.38%) fell to a two-and-a-half-year low, falling below $16k/t during trade, coming under pressure from a looming market surplus and a build-up on short positions.
- Iron ore +0.28%. Iron ore Futures on the Singapore Exchange is up 10% this month on hopes that Beijing will kick start the property sector.
- Lithium fell 2.25%, hitting a 26-month low after a trial delivery of the metal to Guangzhou Futures indicated a larger-than-expected supply in the world’s top producer of the metal.
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The S&P 500 rose on Friday and clinched a third straight winning week amid a red-hot November rally.
The broader index added 0.13% to settle at 4,514.02. The Dow Jones Industrial Average ended the day higher by 0.01%, or 1.81 points, closing at 34,947.28. The Nasdaq Composite crept up by 0.08% to end the session at 14,125.48.
The major averages each notched their third straight positive week. The S&P 500 added 2.2%, while the Nasdaq jumped about 2.4%. The Dow closed the week with a 1.9% advance. This is the first three-week win streak for the Dow and S&P 500 since July, and the first since June for the Nasdaq.
ASX SPI 200 up 28 points.
- Wall St Week Ahead-After breathtaking surge, US stocks' path may rest on economic soft landing.
- ASX to rise; energy stocks in focus after oil boost. OPEC meeting Nov 26th.
- Israel-Hamas hostage deal edges closer despite fierce fighting in Gaza.
- Argentina votes in nail-biter election with libertarian slight favourite.
- Germany, France and Italy reach agreement on future AI regulation.
- SpaceX Starship launch failed minutes after reaching space.
- G20-led summit for Africa highlights renewed interest in fast-growing continent.
- Finland’s Olkiluoto 3 - B3 nuclear reactor is expected to restart.
- Australian Forrests' Tattarang acquires 'iconic' hat company Akubra.
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ASX 200 rose strongly holding above 700 closing up 58 points at 7007 (+0.8%). Resources are back in fashion as FMG led the iron ore miners higher up 2.7%, with BHP and RIO also doing well. Lithium had a rare day in the green, PLS up 0.9% and MIN up 3.1%. Gold miners slightly higher, Base metals are also better, with IGO up 1.8% and SFR rallying 2.5%. Oil and gas stocks rose as crude prices bounced, WDS up 2.6% and STO up 2.5%. Coal stocks also in demand. Industrials were solid, CSL up 0.7% and FPH rallying 1.6%. Staples better, WOW up 0.4% and EDV rising 0.8%. Tech too in demand, XRO up 1.3% and WTC up 1.7%. The All-Tech Index rallied 0.8%. Banks flat with the Big Bank Basket up to $176.02(+0.2%) as NAB went Ex Dividend. MQG better, and Insurers doing well, SUN up 3.3% and QBE up 1.8%. In corporate news, CBA results today up 1.0%, with TLS confirming guidance down 2.0% and OFX dropping 10.5% in profit numbers. ALQ up 8.5% on better-than-expected numbers despite lowering dividend and guidance. ORG eased 3.2% after AustraliaSuper upped its stake. On the economic front, consumer sentiment dropped on November rate rise. Asian markets mixed, Japan up 0.5%, China +0.1% and HK down 0.1%. 10Y yields rose to 4.66%. Dow Futures down 6 points. NASDAQ Futures up 24 points.
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Wall Street finished mixed overnight in a quiet day of trade as markets wait for crucial inflation data tomorrow. The Dow Jones gained 55 points (+0.16%). Up 123 at best. Down 77 at worst. The S&P 500 fluctuated near its key 4,400 mark before edging lower 0.08%, while the NASDAQ fell 0.22% on cautious trading with CPI results tomorrow, as well as PPI and retail sales data later in the week. Treasury yields are stable, with the 10Y yield flat, down 0.8%, the USD Index fell 0.19%, and Oil prices firmed on the OPEC+ monthly report. Among stocks, Nvidia +0.6% announced updates to its H100 AI processor, and HP gained 0.58% on broker upgrades from Citigroup.
ASX to open higher. SPI Futures up 68 points (+0.98%).
- Bullion prices ticked higher overnight, up 0.45% ahead of US inflation results this week.
- Base metals are broadly higher. Copper -0.60%, Zinc +% Nickel +1.26%, Aluminium +0.09%, Lead %, and Tin +0.53%.
- Iron ore rose for its fourth consecutive day of gains, up 0.23%, buoyed by optimism over Chinese property market sector-related stimulus.
- WTI and Brent Crude oil gained more than 1% after the OPEC+ monthly report eased worries about waning demand in China and the US.
- 10Y yield: US 4.63%, Australia 4.66%, and Germany 2.71%.
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The ASX 200 falls 28 points to 6949 (0.4%) in a quiet start to a big week. ANZ results dominated with a small sell-off after missing some targets and dividend franking levels. The Big Bank Basket dropped to $175.71(0.2%) with ANZ down 3.0%. The other three held firm, MQG slid 2.6% as it went ex-dividend. Other financials slipped, GQG off 0.4% and PAC down 6.3% on a takeover update. Industrials drifted lower, REA down 2.1%, XRO slipping 1.4% and QAN lower by 1.1%. Healthcare little changed, CSL unchanged and RMD off 0.1%. In resources, iron ore still the place to be.. just. BHP up 0.3% and lithium once again in the toilet, PLS down 0.9%, IGO off 1.8% and AKE tumbling 3.1%. Gold stocks also in trouble, with NST off 2.6% and EVN down 1.6%. Oil and gas easing back too. In corporate news, ELD ran hard on results up 18.3% and a squeeze with BLD up 5.1% on a decent upgrade. 4DX had a great day on US reimbursement news up 70.7%. TPG fell 11.7% as the Vocus deal fell apart. ORG declares a special dividend if deal goes through. In economic news, Marion Kohler (RBA), said that the “next stage in bringing inflation back to target is likely to be more drawn out than the first”. Asian markets flat, Japan unchanged, HK down 0.1% and China off 0.5%. 10-year yields up slightly to 4.67%. European markets set to open weaker. Oil down 0.9% in Asia.
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The Dow lifted near 400 points, the S&P 500 retook the 4400-point mark and the Nasdaq 100 is poised to have risen 10% from its late October low. The catalyst: a surge in demand for tech stocks, both megacaps and others. Helping market sentiment was a steadier US Treasury market. After yields tumbled on Wednesday and surged on Thursday, they were little changed on Friday.
- All 10 S&P 500 sectors ended in positive territory, led by a 2.20% gain for the tech sector.
- The NASDAQ posted 61 new highs and 353 new lows.
- Base metals fell sharply across the board. Copper -1.21%, Nickel -3.29%, Aluminium -1.20%, Zinc -1.69% Lead -0.32%, and Tin +0.69%.
- Gold fell 1.13%, slipping for a second consecutive week as safe-haven demand eased and an increasingly hawkish stance from the Fed added to the downside.
- Oil prices gained overnight as Iraq voiced support for OPEFC+ oil cuts. Brent Crude +2.10%, and WTI +2.32%.
- 10Y yields: US 4.618%, Australia 4.632%, and Germany 2.715%.
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ASX 200 finishes the week down 38 points to 6977 (-0.6%). Quiet trade ahead of the weekend. Broad-based losses across most sectors, except iron ore and gold. Banks eased back with yields pushing higher, CBA down 0.8%, and NAB suffering from some downgrades falling 1.7%. The Big Bank Basket slipped to $176.11 (-1.1%). MQG eased 0.4%, and SUN down 1.6%. REITs mixed GMG, holding up with a 0.1% gain. Industrials eased, but no real damage, tech mixed, XRO continuing to fall on downgrades down 0.5% with WTC up 0.5%. The All-Tech Index down 0.9%. Iron ore stocks still holding very firm, our own magnificent three, BHP up 0.7% and FMG up 1.3%. Lithium stocks depressed again, PLS down another 5.9%, with MIN falling 2.6%. Gold miners also down and dirty, NEM continuing to fall, down 0.5%. NST slipped 1.9%. Oil and gas stocks down WDS off 2.2%, and coal eased. In corporate news, NWS fell % after 1Q results, REA off % after similar results. MIN fell 2.6% after it pounced on some of PNR’s assets, AVH rose 16.7% on quarterly report. In economic news, SOMP today from RBA, inflation adjustments. In Asian markets, Japan down 0.1%, China down 0.5%, and HK off 1.6%. 10-year yields 4.63%.
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Wall Street finished in negative territory overnight, snapping an eight-day winning streak after Treasury yields jumped as Fed Chair Powell stated that it is too early for the central bank to definitively announce the conclusion of its rate hike cycle, despite not presenting a case for further rate increase. The Dow finished 220 points lower, near worst levels (-0.65%). Dow up 55 points at best. Dow down 253 points at worst. While the S&P 500 and the NASDAQ lost 0.81% and 0.94%, respectively. US treasuries jumped, 10Y yield up 12.4bps and 2Y yield up 9.7bps. A weak 30Y note auction also weighed on market sentiment, raising concerns about the market’s ability to absorb new debt. The USD Index rose, pressuring commodity prices, and the VIX gained 6.9%. On the corporate front, Disney gained 6.7% after its earnings topped forecasts, while Arm Holdings fell 5.2% on weak forecasts, and Telsa fell 5.4% after HSBC analysts rated its stock to the equivalent of sell with a target price 30% lower than its current valuation.
ASX to slip. SPI Futures down 5 points (-0.07%).
- Base metals are broadly lower, pressured by a rising USD. Copper +0.1%, Zinc -0.57%, Nickel -1.77%, Aluminium -0.97%, Lead -0.21%, and Tin -0.26%.
- Gold firmed following Powell’s hawkish speech, up 0.45%.
- 10Y yields: US 4.638%, Australia 4.641%, and Germany 2.661%.
- Oil prices flat, finishing just below $80 a barrel after a sell-off earlier this week. Brent Crude up 0.05%, and WTI up 0.65%.
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ASX 200 up another 20 points to 7015 (+0.3%), off highs but holding up. Banks continue to find buyers with NAB volatile post results, WBC Ex-Dividend with the Big Bank Basket up to $178.05 (+0.6%). MQG kicked 1.5% higher, with insurers doing well too, SUN up 0.7% with SOL up 1.5%. REITs mixed, SCP and VCX down. Industrials holding up relatively well, Tech in a hole made by XRO with WTC down 2.7% following XRO after results and a bad reception, falling 12.2%. Healthcare better with CSL better, up 1.8%, but RMD falling back 3.6%. Resources were better as iron ore stocks recovered, BHP up 0.6% and FMG kicking 1.5%. Lithium finding some support from depressed levels, PLS up 1.1%, and gold miners slipping lower. NEM having another bad day off 4.3%, down 10% this week post the merger. Oil and gas eased, WDS down 1.8% and coal better, WHC up 1.0%. In corporate news, ORI rose 2.8% on better-than-expected results. NAB results were solid, ZIP fell 5.1% after AGM comments. CGF up 1.9% on an agreement with Apollo. On the economic front, business turnover increased. Chinese CPI slipped on pork price falls. Asian markets mixed, Japan up 1.2%, China off 0.1% and HK down 0.3%. 10-year yields down to 4.53%. Dow Futures up 3 points. NASDAQ Futures down 14 points.
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The S&P 500 rose for an eighth consecutive day on Wednesday, extending its longest win streak in two years.
The broad market index added 0.1% to finish at 4,382.78 and match an eight-day string of gains it notched in November 2021. The Nasdaq Composite inched up 0.08% to end at 13,650.41. The Dow Jones Industrial Average lost 40.33 points, or 0.12%, to close at 34,112.27 and snap its best win streak since July.
ASX 200 Futures up 28 points. NAB results out. WBC Ex dividend.
- Base metals are broadly higher. Copper -0.60%, Nickel +1.26%, Aluminium +0.09%, Lead flat, and Tin +0.53%.
- Zinc hits one-month high on supply concerns after a fire hit a large Russian mine, up 1.77%,
- Gold retreated for a third consecutive session, down 0.93%
- 10Y yields: US 4.515%, Australia 4.521%, and Germany 2.617%.
- Oil prices slid to their lowest level in more than three months on concerns of waning demand from top consumers US and China. Brent Crude -2.21%, and WTI down 2.71%.
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ASX 200 pushes 18 points higher to 6995 (+0.3%). A tale of two cities with banks and industrials doing well and resources falling by the wayside. No sooner had a couple of brokers raised their forecast for iron ore than the miners staggered and slumped. Iron ore price easing and Chinese data not helping from yesterday. BHP down 1.9%, RIO off 2.0% and FMG falling 1.1%. Base metal stocks were under pressure too, with lithium also slipping away, IGO down 2.4% and MIN off 1.4%. Gold miners gave back some recent gains as safe haven bullion buying eased on a stronger USD. NEM down 4.7%, and NST off 1.2%. Oil and gas eased back, but not by much despite crude falls, WDS down 0.6%. Coal stocks steadied. Meanwhile, banks once again pushed higher, with WBC bouncing around up 1.5% and CBA firming by 0.7%. The Big Bank Basket up to $177.07 (+0.7%). MQG had a better day up 1.1%, with insurers also finding friends. MFG held a fiery AGM and got a first strike against pay. The stock rose 0.6%. REITs are in positive territory, led as always by GMG up 1.8%, and SGP rising 1.9%. Industrials firmed, interest rate sensitive stocks doing well, TCL up 1.3%, and REA firing 1.6% higher. TLS and ABB were winners from the Optus outage. Rising 1.3% and 1.9% respectively. Tech in demand, WTC up 2.3% and XRO rising 1.5%, with the All-Tech Index up 1.7%. In corporate news, JHX shot the lights out with quarterly results up 13.8%. Nothing on the economic front local, RBA produced its chart pack, always a highlight for economists. In Asian markets, Japan slipped 1.0%, China down slightly 0.1%, and HK higher, up 0.1%. 10Y yields continue to fall to 4.59%. Dow Futures down 20 points. NASDAQ Futures down 15 points.
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Wall Street rose overnight, buoyed by gains in mega-cap tech stocks and a fall in US treasury yields. Dow Jones rose 57 points (+0.17%). Up 111 points at best. Down 69 points at worst. The S&P 500 and NASDAQ notched their longest winning streak in two years, up 0.28% and 0.90%, respectively. The tech sector did most of the heavy lifting, led by gains in Amazon +2.1%, Apple 1.4%, Meta +1.0%, Tesla 1.3%, and Microsoft 1.1%, advancing for an eighth straight session. US Treasury yields continue their descent, the 10Y yield fell 7.2bps, its fifth decline in the last six sessions on expectations the Fed is done with its rate hike cycle.
ASX SPI 200 down 1 point.
- Base metals mixed. Copper -0.75%, Nickel -2.95%, Aluminium -0.96%, Zinc +0.20%, Lead +0.41%, and Tin -0.06%.
- Gold hit a two-week low overnight as the safe haven rally losses steam, down 0.52%.
- Bond Yields Lower - 10Y yield: US 4.579%, Australia 4.605%, and Germany 2.659%.
- Oil prices dive to July lows on the rising dollar and mixed economic data from China and OPEC+. Brent Crude -4.21%, and WTI down 4.40%.
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ASX 200 fell 20 points to 6977 (0.3%) after the RBA raised rates as expected by 25bps. Slight rally after the RBA decision and Melbourne Cup. Banks were soft, WBC down 2.7% and ANZ off 1.1% with the Big Bank Basket at $175.44 (-0.9%). MQG down 1.5% under pressure on downgrades across the board, insurers eased, QBE down 0.9% and SUN off 2.1%. REITs mixed, GMG unchanged and GPT up 0.5% with SCG off 1.2%. Tech stocks in demand with WTC up 3.6% and XRO rallying another 1.1%. The All -Tech Index up 0.9%. Industrials firm TLS up 0.3%, TCL up 0.3% and ORG putting on 1.2% as media reports plans in the wind. Healthcare better again, CSL gave up early gains to close up slightly, COH up 1.23%, RMD down 0.5%. Resources were again weaker, lithium stocks slid, PLS down 3.7% and IGO off 0.6%. Gold miners flat, oil and gas eased and coal down again, WHC off 3.0%. Iron ore slightly higher with RIO going well up 0.3%. In corporate news, all quiet as Victoria had a holiday and the Cup took centre stage. GQG fell 1.8% on its latest FUM numbers. On the economic front, RBA raised rates. Asian markets fell Japan down 1.0%, HK down 1.5% and China down 0.4%. Chinese data disappoints. 10-year yields around 4.72%.
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US stocks eked out narrow gains Monday to build on last week’s strong rally, with the Nasdaq Composite notching its longest positive streak since January. The Nasdaq jumped 0.3% to finish at 13,518.78, while the S&P 500 edged up 0.18% to end at 4,365.98. The Dow Jones Industrial Average inched up 34.54 points, or 0.1%, to settle at 34,095.86.
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ASX 200 rose 19 points to 6998 (0.3%) in cautious trade ahead of the RBA tomorrow. Banks were firm and WBC results helping with the stock up 2.0% on a $1.5bn buyback and a $7.2bn profit. The Big Bank Basket up another 0.8% to $177.42. MQG giving back some of its gains from Friday down 1.0% and MFG slipped 0.4% following its latest FUM numbers. Insurers easing back as 10-year yields fall to 4.70% and REITs mixed. GMG reaffirming guidance down 0.4%. Industrials firm but few stand out's. Tech a little weaker with WTC up 1.0% and XRO down 0.4%. The All Tech Index down 0.4%. SQ2 fell 6.3% on profit taking. Healthcare doing well as CSL and RMD leading the charge from oversold levels up 1.7% and 3.1%. RMD now up almost 12% in a week. In resources, BHP down 0.1% and RIO off 0.9%, some talk of BHP wanting to bring Brazilian compensation to a head. Lithium stocks generally weaker, although WC8 up 9.6% on some new drilling results. PLS rose 1.3% with AKE up 1.2%. AZS unchanged as MIN buys in. Gold miners better with NEM up 1.0%. Uranium stocks taking a bath today with DYL off 8.7% and PDN falling 5.0%. Oil and gas stocks ease back on crude falls. In corporate news, WBT up 2.1% on first revenue, WSP gets a 48c cash bid, up 60%. Nothing on the economic front today locally. In Asia, China’s Li says it will boost imports and expand access. Japan plays catch up rising 2.5%, HK up 1.7% and China up 1.3%. 10-year yields at 4.72%.
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US equities gained Friday as bond yields sharply off the back of US jobs data, which showed signs of slowing growth and an uptick in unemployment, boosting hopes that the Fed is done with its interest rate hike campaign. The Dow Jones traded higher all day, finishing up 222 points (+0.66%). Up 325 points at best. S&P 500 posted its fifth straight gain, up 0.94%, and the NASDAQ logged its sixth consecutive gain, closing up 1.38%. Treasuries rallied, with the 2Y yield falling 15 basis points to 4.84% and the 10Y dipping 9 basis points. Wall Street fear gauge, the VIX fell 4.5% and saw its largest weekly plunge since Dec-21 (-29.7%). The USD Index slid almost 1% the most since July, and Oil sank below $81 before finishing down 2.23% at $81.09 a barrel. On the corporate front, tech struggled, weighed down by losses in Apple -0.5% after its earnings and revenue beat forecasts, but sales declined for a fourth consecutive quarter. Conversely, Block jumped 10.3% after raising its annual adjusted profit forecast.
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ASX 200 closes up 79 points to 6878 (1.1%). Strength straight out of the blocks on US moves to the upside. Banks as always leading the charge with CBA up 1.5% and WBC doing well too, up 1.6%. The Big Bank Basket up to $176.09 (+1.5%). MQG results this morning, an initial sell-off but closing better by 1.8%. Not convincing but some shorts happy to cover. Insurers eased led by QBE off 0.8% as 10-year yields fell to 4.74%. REITS in favour with the yield news, GMG up 1.7% and CLW rallying 3.8%. Healthcare too rallying from oversold levels. CSL up 2.5% and SHL up 1.1%. RMD lagged but had been going well in previous days. Industrials firmed, TCL bounced 2.5% on rate hopes, WES up 1.7% and QAN up 2.0% despite a tricky AGM to say the least. Tech better with the All-Tech Index up 1.5%, XRO continued 1.4% higher. Retailers were slightly better, JBH the stand out up 1.6%. In resources, BHP rose only % with RIO the best of the iron ore stocks up 0.7%. Gold miners fell, NEM up 1.2% but most down. Lithium stocks catching a bid but not convincing, although AZS roaring ahead by 4.1%. LTR up 4.4% too. Oil and gas steady and coal stocks eased. In corporate news, the ORG saga continues, down 1.1%. MQG saw a profit slide, TWE returned after the cap raise for Daou and fell 7.8%. SQ2 rallied hard on an update, QAN gets a roasting but survived. RPL bought PGF and in economic news, household spending increased 4.9% through the year. In Asia, Japan closed for a holiday, HK up 2.1% and China up 0.9%.
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US equities rose sharply higher overnight, a day after the Fed hinted it may be done with interest rate hikes and a batch of upbeat quarterly earnings updates added to the bullish sentiment. The Dow ended near best levels, up 565 points (1.70%). Dow traded higher all day, with a high of +578 points and a low of +175 points. The S&P 500 posted its fourth consecutive gain and its biggest one-day percentage gain since April, up 1.89%. Also, the benchmark closed above its 200-day moving average for the first time since October 24th. The NASDAQ rose for its fifth consecutive day of gains, up 1.78%, and the Russell 200 Index rose 2.7%, its biggest one-day percentage gain since June 6th. The VIX fell below 16 and breached a key technical level, down 7.3%. Long-dated Treasurys fell, 10Y yield down 9.8bps, and the USD Index fell -0.67% as the pound gained after the BoE pushed back on talk of rate cuts. Among stocks, Starbucks is up 9.5% on good results. Roku jumped 30.7% on strong Q4 guidance, and Paypal’s shares rose 6.6% after the company raised its full-year adjusted profit forecast.
ASX to rally. SPI Futures up 85 points (+1.23%).
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ASX 200 pulled back from intra-day highs to close up 61 points at 6900 (0.9%). Banks led the market higher with CBA up 1.6%, NAB up 1.5% and the Big Bank Basket up to $173.54 (+1.7%). Fund managers also better but MQG set to report tomorrow were flat. REITs soared on falling yields, GMG up 2.22% and GPT up 3.0% as 10-year yields fell to 4.80%. Healthcare also finding support from oversold levels, CSL up 1.3% and RMD rallying another 3.3%. Tech too had a good day on lower rates with XRO up 3.5% and WTC up 3.4% with the All-Tech Index rising 2.7%. Old skool platform stocks too in the green with REA up 4.8% and CAR rising 2.3%. Industrials not so great except interest rate sensitive stocks, TCL up 1.0%, QAN up 2.6% and JBH up 0.9% with solid support for retailers. Utilities slipped back after ORG saw an increased offer from Brookfield and a rejection from AussieSuper again. Resources were mixed, gold miners slipping back as risk appetite increased, NEM down 1.3% and NST off 2.6%. Oil and gas stocks also slid lower, WDS off 2.5% and STO down 3.0%. Coal stocks better and iron ore stocks still in demand, BHP up 0.4% and FMG rallying 1.7%. Lithium stocks saw a few buyers, nothing spectacular, PLS up 0.6% and LYC up 0.6%. In corporate news, CSR held its AGM talking of solid demand, SUN appointed a bank CEO, STO lost a court battle for Barossa project and A4N rose strongly on news of insto support for a capital raise. On the economic front, some lending numbers but it’s all about the RBA next week. Asian markets better, Japan up 1%, HK up 1.3% and China up 0.1%. 10-year yields down to 4.79%
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ASX 200 kicked 58 points higher to 6838 (+0.9%) after a tentative start. Plenty going on in resources today. BHP commits to potash in Canada up 1.6%. RIO and FMG also kick higher on better iron ore prices. Gold miners a little flat, with NEM down 2.3% and CMM off 1.3%. Lithium producers under pressure again, but the dreamers and schemers were on a roll, AZS up 4.6%, WC8 up 7.1% and TG6 going well again, up 45.5%. Uranium is the new lithium boom as PDN rose 7.9%, BOE up 4.9%, and DYL racing 6.8% ahead. Coal stocks slipped with oil and gas modestly better. Banks were slightly better, with the Big Bank Basket at $170.64 (+0.4%). Insurers better led by QBE, but MQG still out of favour with results pending. REITs had a great bounce, with GMG up 2.2% and SCG rallying 1.7%. Sector looks oversold. Industrials were mixed, staples eased back again, WOW down 0.6%, COL up 0.4%, and TLS unchanged. Elsewhere, some green on screen, WES up 1.0%, ALL up 1.3%, and BXB doing well up 2.4%. Tech was slightly better with the All-Tech Index up 1.0%. In corporate news, MIN took a 19% stake in WC8, ORI fell 1.4% on legal news, ACL up 0.4% after extending the HLS bid. ABB in a trading halt with a capital raising to fund the SYM deal. On the economic front, building approvals cratered, the IMF recommended that the RBA raise rates. Asian markets better, Japan the stand out, up 2.4%. 10Y yields hovering just below 5% at 4.96%. Dow Futures down 67 points. NASDAQ Futures down 25 points.
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US equities closed out October on a positive note, with all major indices finishing in the green. The Dow Jones traded in a narrow range before closing near best levels, up 124 points (+0.38%). Up 141 points at best. Down 142 points at worst. The S&P 500 and the NASDAQ gained 0.65% and 0.48% respectively. US equities were down for the month of October, Dow down 1.7%, S&P 500 -2.8%, and the NASDAQ down 3.3%. The S&P 500 and NASDAQ in both in correction territory after falling more than 10% from their July peaks. US Treasurys steady before Fed rate decision tomorrow, 10Y yield up 3.4bps. Meanwhile, the USD halted a two-day decline, with the USD Index gaining 0.57% and the VIX fell sharply lower, down 8.2%. Among stocks, Nvidia slipped 0.9% after reports they may be forced to cancel $5bn worth of chip orders to China in compliance with new restrictions. Pinterest rose 19.09% on upbeat earnings, while Caterpillar fell 6.6% on an underwhelming sales outlook.
ASX to rise. SPI Futures up 35 points (+0.52%).
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US equities rallied overnight, with all three major indices finishing up more than 1% following last week’s sell-off, kicking off a busy week of earnings reports, economic data and the Fed’s FOMC meeting. The Dow traded in the green all day, finishing near best levels, up 511 points (+1.58%). S&P 500 rose 1.2%, and the NASDAQ gained 1.16%, buoyed by gains in mega-cap tech stocks, Alphabet +1.9%, Meta +2.0% and Amazon +3.9%. Earnings season has reached its halfway point, with 251 companies in the S&P 500 reported earnings. Oil prices settled more than 3% lower as fears eased over the Middle East war disrupting supply from the region. On the corporate front, McDonald’s rose 1.7% on better-than-expected results, driven by demand for its affordable food, and Tesla dipped 4.8% after supplier Panasonic Holdings said it cur automotive battery production in September, reaffirming concerns of a global EV slowdown.
ASX to rise. SPI Futures up 29 points (+0.43%).
- Base metals are mostly higher. Nickel +0.85%, Aluminium +1.94%, Zinc -0.24%, Lead +0.19%, and Tin +0.20%.
- Copper up 0.26%, hitting four-week highs due to steadying growth in China.
- Brent Crude -2.65%, and WTI fell 3.50% as supply fears eased.
- 10Y yield: US 4.88%, Australia 4.93%, and Germany 2.82%.
- Gold is down 0.51%, hovering around the key $2,000 level.
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ASX 200 closed down another 54 points to 6773 (0.8%). A brief rally after the retail sales fizzled out as banks sold off, CBA fell 1.6% and the Big Bank Basket slid to $169.11 (-1.5%). Insurers also under pressure with QBE off 0.7% and SUN falling 1.0%. REITs lower with GMG escaping the sell-off up 1.4%. Healthcare mixed, CSL down again off 1.5% but RMD finding support from brokers up 1.2%. Industrials fell, WOW off 1.5%, WES down 0.3% and TLS down 0.3%. Retail stocks slipped despite better-than-expected retail sales numbers, LOV down 1.9%, SUL off 0.7% and HVN falling 1.3%. QAN rose 0.8% after firing back on charges for ghost flights. Resources were mixed, iron ore stocks tried to hold the line, RIO up 0.5%. Lithium stocks once again under pressure in the producers but some action in the speculative space, PLS fell 2.8% and AZS unchanged despite Hancock taking a 18% stake. LTR fell 3% again. Gold miners were better on bullion pricing, NEM up 3.1% and NST rallying 0.4%. Oil and gas stocks slid as Asina trade saw crude down around 1%. WDS off 2.5% and STO down 2.0%. In corporate news, IGO fell 9.0% after warning of volatile lithium prices, WHC fell 5.6% as a hedge fund sold down, CXL dropped 11.7% on a licence deal with Heirloom, and TIE rose 33.0% on a bid from a Chinese group. On the economic front, Retail Sales rose 0.9% better than expected. Asian markets were mixed with 10-year yields back up to 4.88%.
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Wall Street closed mixed overnight as markets grappled with weak earnings reports and data that supported the possibility of sustained low interest rates. The Dow tumbled 367 points (-1.12%). Up just 3 points at best. Down 457 points at worst. The S&P 500 erased earlier gains and fell 0.48%, while the NASDAQ added 0.38% amid mixed earnings reports. Fresh data showed the Feds preferred inflation reading rose 0.3% MoM, while spending data topped estimates. Treasury yields initially rose on economic data before easing lower. 2Y yield, which typically moves in step with interest rate expectations, fell 3.3bps. USD Index flat, Gold topped key $2,000 level, and Oil jumped 2% in a choppy day of trade after the US military struck Iranian targets in Syria. On the corporate front, Amazon rose 6.8% after beating earning expectations and bullish comments around AI. Intel jumped 9.29% after results exceeded expectations, lifting the whole sector. Philadelphia SE Semiconductor index advanced 1%. Chevron and Exxon Mobil fell 5.9% and 1.6%, both missing profit estimates, while Ford sank 11.8% after it withdrew its full-year forecast due to uncertainty over the pending deal with UAW union and warned of continued pressure on EVs.
On the economic front, core PCE prices (excluding food and energy) rose 0.3% MoM, in line with expectations, accelerating from 0.1% from the previous month. The annual rate, regarded as the Fed’s preferred inflation measure, eased to 3.7%, its lowest level since May-21. Additionally, US personal spending rose by 0.7% MoM in Sep-23, up from 0.4% in August, exceeding market expectations of a 0.5% advance.
- Base metals are higher. Copper +1.58%, Nickel +1.33%, Zinc +1.11%, Lead +1.01%, and Tin +0.67%.
- Oil prices rose sharply, hitting a one-week high on Middle East Tensions. Brent Crude +2.19% and WTI +2.68%.
- Gold up 1.05%, climbing over $2,000, marking its third consecutive week of gains.
- 10Y yield: US 4.837%, Australia 4.813%, and Germany 2.814%.
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ASX 200 closed up 15 points at 6827 (0.2%), down only 1% for the week. Banks better after a run yesterday, the Big Bank Basket up to $171.72 (+0.7%). CBA leading the charge up %. MQG remain under pressure ahead of results due soon, down 0.5%. Insurers slid as yields stabilised, QBE down 1.7% and SUN off 1.0%. REITs finally found some friends, GMG up 0.2% and GPT up 1.4%. Healthcare flat, RMD down 4.0% on quarterly report. Defensive staples on the up, WOW up 0.7% and COL rallying 2.1%. Tech flat despite Nasdaq futures rallying, All Tech Index down 0.7%. Resources were mixed. Iron ore continues to do OK, BHP up 0.3% but RIO and FMG unchanged. Lithium stocks marginally better as support continues, PLS up 1.8% and MIN up 2.2%. Gold miners were better again, with NST up 0.3% and EVN up 0.6%. Oil and gas stocks better as crude rises in Asian trade. In corporate news, HVN rose 4.8% on sales update and buyback announcement, Hancock gets a $2.14bn dividend from Roy Hill, ORG up 0.2% on LNG news on a SA terminal. On the economic front, PPI rose 1.8% this quarter. Asian markets slightly better, Japan up 1.2%, HK up 1.0% and China up 0.4%. European markets set to open slightly higher. 10Y yields fall to 4.80%. Dow Futures up 118 points. NASDAQ Futures up 124 points.
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Wall Street finished lower overnight amid mixed earnings, robust economic data showing resiliency and falling bond yields. The Dow ended near worst levels, down 252 points (-0.76%). Up 69 points at best. Down 292 points at worst. S&P 500 fell 1.18%, edging closer to a correction, with the index now down ~10% from its July peak. The NASDAQ slumped 1.76%, after Meta fell 3.7% on weaker advertising demand despite Q3 results exceeding estimates. US small caps Russell 2000 rose 0.34% and the VIX climbed 2.7%. US Treasurys eased on stronger-than-expected GDP and Durable Goods data. 10Y yield eased 10.6bps and 2Y yield down 8.3bps. Reporting season kicked up a gear, nearing its halfway point with nearly a third of the S&P 500 posting results this week. Among stocks, IBM +4.9% on upbeat earnings and solid demand for its products, UPS fell 4.7% on lowered revenue forecasts, and Amazon dipped 1.5% ahead of results although is up 2.41% in after-hours trade.
- ASX to edge lower. SPI Futures down 3 points (-0.04%).
- Gold up 0.27%, as safe-haven demand helped bullion prices weather pressure from strong US data.
- 10Y yield: US 4.85% Australia 4.87%, and Germany 2.86%.
- Aluminium climbed to a two-week high as demand from China and lower inventories in LME warehouses created momentum before ending down 1.01%.
- Base metals are broadly lower. Copper -0.49%, Nickel -1.15%, Zinc -1.71%, Lead +0.40%, and Tin -2.12%.
- Oil prices fell sharply as fears of a wider Middle East conflict eased. Brent Crude -1.96% and WTI -2.64%.
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ASX 200 fell 42 points to 6812 (-0.6%), rallying off a one-year low. Resources held up relatively well on some more Chinese stimulus and a falling AUD. BHP up 0.5%, and RIO up 1.2%. Lithium stocks on the nose, although some big winners, in AZS on a bid from SQM up 43.1% and RDN as a ‘nearolgy’ play. PLS fell 0.5% on production report, gold miners slid with NST down 0.8% and NCM recovering some early losses down 1.3%. Oil and gas stocks higher, with WDS flat and STO up 0.3%. Coal flat. Banks fell, with WBC off 1.1% on taking a small hit on provisioning, the Big Bank Basket down to $170.56 (-0.4%). Healthcare eased back, CSL once again bleeding red down 0.7%, and RMD bucking the trend up 0.4%. REITS off as yields rose on worries on further rate hikes after CPI. GMG off 2.6%, and GPT falling 2.2%. Industrials hit hard across the board, WOW off 1.3%, TLS falling 1.6%, and QAN dropping 0.8%. Interest rate stocks also down, TCL off 1.3%. Tech too, in the kennel today, WTC off 1.9% and XRO down 2.0%. The All-Tech Index fell 2.5%. In corporate news, plenty of production reports, quarterlies and broker upgrades. MP1 tumbled 16.3% on an update, COL up 0.2% on revenue up 4.7% in the first quarter, and JBH reported a slowdown in sales down 0.2%. FMG rose 0.9% on its production report. In economic news, Michele Bullock sparked an AUD sell-off after her first senate estimates. Asian markets weaker, with Japan down 1.3%, HK off 0.7%, and China falling 0.2%.Dow Futures down 66 points. NASDAQ Futures down 153 points.
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ASX 200 falls another 57 points to 6842 (0.8%) as resources weighed on sentiment. The big iron ore miners under pressure, BHP off 2.4% with RIO falling 2.4% and FMG off 2.7%. Lithium stocks well and truly on the nose with PLS sinking another 7.3% as AKE fell 3.0% and MIN down 5.2%. Gold stocks eased too as bullion came off the boil, NCM down 2.0% and EVN down 1.4%. Base metals also under pressure as S32 had production numbers losing 3.0%. Oil and gas stocks whacked as oil fell in Asian trade, WDS down 3.2% and STO off 2.5% with coal stocks a little weaker as NHC went ex-dividend and then some. Industrials were mixed but painted a far more optimistic picture, healthcare managed a good day led by CSL and RMD up 1.6% and 3.5% respectively, SHL also rose 0.9% with other defensives also in demand, WOW up 0.7% and COL rising 0.7%. Tech saw modest losses as the All-Tech Index fell 0.5%. WBT continued its strong run, up another 15.2%. REITs eased as rates continued upwards, the 10-year yield at 4.79%. Banks with modest losses, the Big Bank Basket down to $172.44 (-0.6%). In corporate news, once again speculation in some takeovers in the lithium space, WC8 hit some great intersections, AZS in a halt pending a deal being announced, LRS returned having raised $35m and PFP up 2.7% talked of multiple parties interested in the business. Nothing on the economic front today although news on a wine cooler in China helped TWE up 1.4%. In Asian markets, Japan off 0.8% China down 0.6% and HK fell -0.7%.
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All three major US indices closed sharply lower overnight as unrest in the Middle East, rising yields and mixed earnings weighed on market sentiment. The Dow Jones finished near worst levels, down 287 points (-0.86%). Dow up 12 points at best. Dow down 296 points at worst. S&P 500 fell 1.26%, with all sectors in the red as well as falling below its 200-day moving average, a key level seen as a harbinger for more losses. NASDAQ fell 1.53%. Notable laggards include Apple off 1.5%, Meta down 1.3%, and Tesla fell 3.7%, marking its worst weekly performance since December. Russell 2000 is down 1.29%, while the VIX edged higher 3.6% (up 17.73% for the week). Oil pulled back after hitting $90 a barrel, down 0.26%, while Gold rose 0.29%, up for a second consecutive week on its safe-haven appeal. On the earnings front, American Express fell 5.4% despite posting record levels of revenue and profit for Q3.
In the upcoming week, the focus in the US will be on critical economic data, including the Q3 GDP growth rate, the PCE Price index, and personal income and spending, as well as durable goods orders and PMI readings from S&P Global. Major tech firms like Alphabet, Microsoft, Meta, and Amazon are set to release their earnings reports. Central bank interest rate decisions from the ECB, and Bank of Canada will be key, while economic indicators from Japan, Germany, the Euro Area, and the UK will also be closely watched. On the domestic front, Inflation data out Wednesday and RBA Bullock Speech the following day.
- All sectors lower on the S&P 500 overnight, Energy and Financials dragged, down 1.92%.
- Copper down 0.61% on sluggish global growth and lack of stimulus from China.
- Base metals are broadly lower despite a weaker USD. Nickel -1.94%, Aluminium -0.23%, Zinc +0.76%, Lead +0.10%, and Tin -1.01%.
- 10Y yield: US 4.907%, Australia 4.730%, and Germany 2.894%.
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ASX 200 managed to cling to 6900 falling 81 (1.2%) points today. Across the board selling as yields and geo-political events take centre stage. ASX 200 down 2.1% for the week. 10-year yields stable at 4.74% with US rates breaching 5.00% briefly. Banks sold off with CBA down 1.0% and NAB down 1.6%. Banks have been very good performers this month ahead of results but profit taking creeping in. The Big Bank Basket down to $173.53 (-1.2%%). MQG dropped another 1.5% with insurers easing despite higher yields. REITs under some pressure as GMG fell 1.6% and GPT down 1.3%. Healthcare down with the exception of RMD which continues to buck the trend. Industrials weak, WES down 0.8% , TLS falling 1.6% and tech in trouble with the All -Tech Index down 1.2% with WTC off 2.6%. In resources, iron ore miners fell back a little again, BHP down 1.8% and FMG off 2.2%. Lithium stocks under pressure with MIN off 2.4% and AKE falling 3.9%. LTR though took the spotlight with a massive 32.0% loss as it returned to trade and no sign of Gina. Gold stocks eased too after a good week, oil and gas mixed, STO up 1.9% on a broker upgrade and WHC slightly higher again on broker comments. In corporate news, LRS in a halt pending a capital raise, IFL fell 12.8% on CEO resignation, ALX fell to a two year low on US traffic data, QLD has intervened to get the SUN/ANZ deal done and BSL cut guidance. Nothing significant on the economic front. Asian markets weak, Japan down 0.2%, China off 0.2% and HK off 0.4%.
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Wall Street’s major indexes finished lower overnight after a choppy trading session as the market digested Powell’s comments, and the US 10Y yield approached 5%. The Dow Jones closed 251 points lower (-0.75%). Up 187 points at best. Down 297 points at worst. The S&P 500 notched its third straight loss, down 0.85%, the NASDAQ fell 0.96%, and the Russell 2000 is down 1.15%. Wall Street’s fear gauge the VIX, jumped 8%, and the 10Y treasury yield approached 5% sitting at 4.988%, while the 2Y fell after Powell said the Fed will proceed carefully with rate hikes. Gold firmed for a third consecutive session on safe-haven buying, up 1.28%, and oil prices rose, with Brent up 2.11% and WTI up 1.13% on nagging worries over Middle East conflict. In corporate news, Netflix rose 16.1% following yesterday’s results unveiling sharp subscriber growth, Telsa fell 9.3% after posting its smallest quarterly profit in two years and Blackstone slipped 7.9% after reporting weaker-than-expected results.
ASX to fall. SPI Futures down 45 points (-0.64%).
- Base metals are lower. Nickel -0.22%, Aluminium -0.02%, Zinc -0.51%, Lead -0.19%, and Tin down 0.94%.
- Copper prices rose on firmer economic data from China with hopes for more stimulus to come, up 0.21%.
- 10Y yield: US 4.99%, Australia 4.78%, and Germany 2.93%.
- Gold firms for a third consecutive session as growing concerns in the Middle East sparked safe-haven demand, up 1.28%.
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ASX 200 dropped 96 points to 6982 (1.4%) as a broad sell-off hit the market as bond yields and Middle East conflict weighed on risk-takers. Big Banks down in the dumps, with CBA off 1.6% and the Big Bank Basket falling to $175.68 (-1.4%). MQG fell hard on US investment bank sell-off, down 2.7%. Insurers off too, despite 10-year yields rising to 4.78%. REITs in trouble, GMG down 2.5% and SGP off 1.3%. Healthcare too under pressure with CSL falling once again down 1.3%, although RMD managed to gain a mere 1.2%. Industrials weaker, WOW off 1.3%, TCL down 2.0% on traffic update, WES falls 1.7% on lithium woes. Retail fell, ALL off 1.7%, JBH off 1.1%, and TPW falling 3.3%. Travel stocks under pressure, WEB down 1.4% and FLT falling 3.6%. Tech fell hard, WTC off 1.6%, and XRO dropped 2.5%. The All-Tech Index down 1.5%. In resources, gold stocks were better, NST up 4.4% on production report. NCM unchanged ahead of impending Newmont deal, Lithium stocks taken out the back on an analyst downgrade to some majors overnight. PLS off 5.4%, MIN down 4.0% and LTR still scrambling around to get its equity raise away. Shorts will be happy. Iron ore miners fell, with BHP off 1.4% and RIO down 1.7%. Oil and gas stocks also under pressure WDS down 0.9%, and STO unchanged on production numbers. WHC fell 1.2% as a large block trade went through the market. In corporate news, WBT surged 6.8% on a deal with a large foundry, TLX dropped 10.1% in some disappointment on prostate cancer trial. QAN fell 2.5% as it terminated its AQZ deal finally. On the economic front, the jobs number headline was weaker than expected at only 3.6% unemployed. Asian markets weaker, Japan off 1.9%, HK down 2%, and China down 1.6%. Dow Futures down 36 points. NASDAQ Futures down 15 points.
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All three major indexes in the US closed sharply lower overnight, near worst levels, as escalating Middle East conflict dampened risk appetite. The Dow Jones fell 333 points (-0.98%), trading lower all day, down 399 points at worst. The S&P 500 and NASDAQ are now down for the week, losing 1.34% and 1.62% overnight. US Small caps Russell 2000, down 2.11%, and Wall Street’s Fear gauge, the VIX, jumped 7.5%. Higher risk-free treasury yields also dulled the appeal for stocks, with the 10Y yield rising another 7.7 basis points and safe haven gold hitting its highest level in more than two months, up 1.36%. Reporting season is in full swing. Morgan Stanley fell 6.8% on disappointing profit figures, and Netflix and Tesla reported after the closing bell, with Netflix jumping 12.2% while Tesla fell another 1.62% after falling 4.8% during regular trade.
ASX to fall. SPI Futures down 83 points (-1.17%).
- Base metals mixed from better-than-expected economic data from China. Copper -0.06%, Nickel -0.13%, Aluminium +0.18%, Zinc +0.14%, Lead ++0.50%, and Tin up 0.55%.
- Oil prices rose as to a two-week higher on bigger-than-expected US storage draw and supply concerns after Iran called for an oil embargo on Israel over the conflict in Gaza. Brent Crude up 1.06%, and WTI up +0.98%.
- 10Y yield: US 4.90%, Australia 4.65%, and Germany 2.92%.
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ASX 200 rose 22 points to 7078 (0.3%) rallying into the close in cautious trade again. Middle East’s tragic events have been weighing on sentiment as gold and oil move higher in Asia. Banks were becalmed with NAB the best of the bunch up 0.6% with the Big Bank Basket up to $178.24( +0.24%). Insurers pushed higher again as yields rushed higher on RBA chief’s comments. 10-year yields up to 4.65%. QBE up 2.5% and SUN up 0.9%. MQG unchanged. REITs slid with GMG off 0.6% and CLW down 1.6%. Industrials generally were weaker, Tech eased, XRO down 2.0% and the All-Tech Index unchanged . TLS fell 0.3% whilst TPG rose 1.3% on fibre diet. Healthcare saw some gains, CSL up 1.1% and RMD up 0.9%. Miners were better, BHP sold its coal business to WHC on BNPL terms, WHC up 11.5% on the deal, BHP slightly higher up 0.7% on production numbers too. Gold miners back in the green as the tragic events in Gaza push bullion higher. GMD up 7.3% as the DCN deal looks to be done already. In the lithium space, PLS rose 0.3% despite some negative broker talk on production numbers to come. AKE up 0.9% and IGO up 0.3%. LPI got the much-anticipated 57c bid from Codelco and rose 27.7%. Oil and gas stocks in demand, WDS up 2.2% on a production report and STO following in its wake up 2.0%. BPT made a gas discovery and rose 1.6% Even BRU, long in the canine club, rose 16.3%. In corporate news, CCP crashed 30.5% on debt collection issues in the US. On the economic front, RBA head teller spoke about the need to ensure that inflation does not become entrenched. Not shying away from more rate rises if needed. Asian markets were weak with Japan down 0.2%, China off 0.6% and HK down 0.1% despite better-than-expected data from China on GDP and retail sales.
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Wall Street’s major indexes finished mixed overnight, losing earlier gains to end near flatline amid rising bond yields and renewed fears of higher for longer after higher-than-expected retail sales data. The Dow closed marginally in the green, up 13 points (+0.04%), up 163 points at best and down 130 points at worst. The S&P 500 ended slightly lower, down 0.01%, while the NASDAQ lost 0.25%, weighed down by heavy losses in chip companies after President Biden said it planned to halt shipments of advanced AI chips to China, Nvidia down 4.7%. US Treasuries rose to 2006 and 2007 highs, with the 10Y yield up to 4.838% and the 2Y yield at 5.216% following hot retail sales data, which advanced 0.7% MoM in September, significantly higher than expectations of 0.3%. Spending strength reinforces the Fed’s higher-for-longer thesis. Among stocks, Goldman Sachs slipped 1.6% after reporting profit slid 33%, BofA rose 2.3% after traders reported their best Q3 results in more than a decade, and Johnson & Johnson fell 0.8% despite posting upbeat results and outlook.
ASX to rise on opening bell. SPI Futures up 20 points (+0.28%).
- 10Y yield: US 4.83%, Australia 4.54%, and Germany 2.88%
- Base metals mixed. Copper falt, Nickel +0.13%, Aluminium -0.07%, Zinc -0.92%, Lead ++0.82%, and Tin up 0.18%.
- Oil prices rose as markets await Biden’s trip to Israel in the hope of preventing conflict in the Middle East from widening. Brent Crude up 0.26%, and WTI up 0.67%.
- Gold gained 0.14% as Middle East conflict buoys safe-haven appeal.
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ASX 200 slipped from strong early gains to close up 29 points at 7056 (+0.4%) as geopolitical events hang and RBA minutes show RBA thought about a rate rise. Plenty of green on screen today with the Big Banks doing well, CBA up 0.5% and the Big Basket Basket up to $177.81 (+0.7%). Insurers rallied, with QBE up 1.7% and MQG rising 0.6%. REITs were better again despite 10-year yields rising to 4.55%. GMG up 1.0%, and VCX leading the gains, up 2.3%. Industrials were weaker as defensive slipped, WOW was flat and WES off 0.3%. Healthcare under pressure again as CSL slipped another 1.5% despite every broker being bullish as normal. RMD managed to flatline, but Retailers struggled on RBA minutes. JBH down 1.3%, SUL fell 0.9%, and BAP was dumped 11.5% following bearish AGM comments. HVN down 2.4%. Tech better following the Nasdaq higher, WTC up 1.0% and the All Tech Index up 1.0%. Meanwhile, resources once again better, RIO production report failed to dampen enthusiasm as iron ore rose in Asian trade. BHP up 0.9% and FMG up 1.4%. Gold miners were a little mixed, NST down 1.1%, and NCM getting another court approval for its merger rose 0.2%. Lithium miners were mixed, PLS off 1.0% and AKE bouncing back 2.8%. Oil and gas are a mixed picture too, with WDS up 0.1% but STO up 0.5% on shareholder agitation. In corporate news, COH fell 0.5% on AGM guidance, HUB up 1.4% on its FUA, and A2M fell 0.9% on its ongoing dispute with SM1. On the economic front, RBA minutes and ANZ consumer confidence, RBA looks still live for another hike. In Asian markets, Japan up 0.6%, China up 0.3% and HK up 0.7%. Dow Futures down 45 points. NASDAQ Futures down 23 points.
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The Dow Jones Industrial Average traded 314.25 points higher, or 0.93% to close at 33,984.54, marking its best day since September. The S&P 500 climbed 1.06% to end the day at 4,373.63, while the Nasdaq Composite added 1.2% to 13,567.98.
Nike and Travelers Companies led the Dow higher on Monday with advances of around 2.1%. All 11 S&P 500 sectors traded higher in the session.
Earnings season heats up this week with 11% of the S&P 500 slated to report results. Some notable names on deck include Johnson & Johnson, Bank of America, Netflix and Tesla.
- Gold slipped -0.48%, but holds firm above key $1,900 per ounce level.
- Base metals are broadly higher thanks to a weaker dollar. Copper +0.31%, Nickel +0.08%, Aluminium -0.61%, Zinc +0.39%, Lead +1.37%, Tin +0.76%.
- Oil fell as expectations rose for the US and Venezuela could reach a deal soon easing sanctions on crude exports. Brent crude down 0.92%, and WTI down 0.87%.
- 10Y yield: US 4.71%, Australia 4.46%, and Germany 2.78%.
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ASX 200 lost 25 points to 7027 (0.4%) as caution prevailed. It is a big week ahead with results, AGMs and economic data. Many players happy to hug the sidelines. Banks eased back with the Big Bank Basket down to $176.66 (0.5%). WBC the worst of the bunch down 0.8%. MQG off 1.4% with insurers mixed and fund managers easing. MFG fell 4.1% after moves in MGF to change its structure next year. REITs a little weaker with GMG down 1.0% and SGP off 1.3%. Industrials flat across the board, TLC off 0.9%. QAN fell 2.4% after Olivia Worth resigned to go on the Myer board. Retailers under pressure, JBH down 1.2% and LOV off 3.0%. DMP lost 3.2% as ozempic effects may hurt pizza sales. Tech under pressure again following Nasdaq falls, WTC off 2.3% and XRO down 3.4%, the All Tech Index off 2.2%. Iron ore miners were firm on higher Asian iron ore pricing. Lithium stocks fell as Albemarle took their bat and ball and went home on its LTR bid. PLS down 1.0% and MIN off 0.6%. AKE dropped 3.1%. Gold miners were the stars of the show, NCM up 3.3% with NST up 3.2% as AUD pushed ahead, oil and gas stocks slightly higher, WDS up 0.9% STO up 0.3% despite a rush in the crude price. Uranium stocks under pressure today as one broker downgraded forecasts. In corporate news, GMD made a play for DCN, LTR in a trading halt pending a funding update and capital raise. FBU dropped 8.6% on WA woes. WBC got a new chair-elect and TWE updated trading conditions to a second half story. Nothing on the economic front today. Asian markets slipped and 10-year yields steady around 4.46%.
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- S&P 500, Nasdaq fall with data, geopolitics offsets strong results.
- Treasuries, gold prices rise, stocks fall on Mideast fears.
- US yields slide on worries Israeli raids inside Gaza could escalate.
- European shares fall on global risk-off mood but log weekly gains.
- Novo Nordisk raises full-year guidance again as US sales of Wegovy, Ozempic fly.
- Microsoft closes $69 billion Activision deal after Britain's nod.
- UAW says new strikes at Detroit Three will come without notice.
- New US SEC rules to shine a light on short-selling.
- EU industry chief warns Alphabet CEO on tech rules compliance after Hamas attack.
- Major US banks show profit boost, but some caution from consumers.
- US House Republicans to vote on new leader amid 'lack of trust'.
- Biden eyes adding AI chip curbs to Chinese companies abroad.
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ASX 200 performs only slightly better than expected, falling only 40 points to 7051 (-0.6%). Volumes seemed light, and some book squaring ahead of US results helped sentiment. Banks eased back, with CBA down 0.6% and the Big Bank Basket down to $177.48 (-0.7%). Insurers slightly better IAG up 0.2%. Fund managers eased back, and REITs fell back as 10-year yields rose to 4.47% again. Industrials slid, with TCL down 1.4%, REA off 2.7% and CAR off 1.5%. Tech stocks fell as rates rose, WTC down 1.6%, and the All-Tech Index dropped 1.5%. Utilities rock solid, but rate-sensitive stocks came under pressure. Healthcare still suffering the fallout from GLP-1 drug factors, CSL finding some support up 1.3%, and RMD hits a fresh 52-week low, down 2.8%. Miners were better in the iron ore and lithium space. BHP up 0.4% and FMG rising 0.7%. Lithium stocks squeezing a little higher, MIN down 0.4% and AKE up 0.9%. Gold miners slid, NST down 2.6%, EVN off 3.4%, and NCM up 0.8% ahead of Newmont deal conclusion. Oil and gas stocks eased, WDS down 0.4%, and STO up 0.1%. Coal stocks are slightly higher. In corporate news today, PGH rejected the takeover bid from Raphael Geminder. PPT rose 2.6% on FUM news. FBU in a trading halt, denying allegations that manufacturing faults were to blame for some failures. In Asian markets, a weaker end with Japan down 1.5%, China down 0.7% and HK off 2.1%. **Dow Futures up 31 points. NASDAQ Futures up 5 points.
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Wall Street finished in the red overnight after a US treasury auction sent bond yields higher, and CPI data came in hotter than expected. September monthly headline CPI came at 0.4%, higher than consensus of 0.3%, down from 0.6% in August. Headline YonY remained unchanged at 3.7%, although higher than expectations of 3.6%. Monthly Core CPI rose 0.3% in line with expectations, while annualised core inflation came in at 4.1% down 0.2% from August. Rising energy and shelter costs largely contributed to the elevated inflation reading. The Dow fell 174 points (-0.51%). Dow up 59 points at best. Dow down 349 points at worst. The S&P 500 and the NASDAQ broke four straight days of gains although still on track to post weekly gains, down 0.62% and 0.63%, respectively. An auction for 30Y bonds showed poor demand, sent Treasury yields higher, 10Y yield up 13.7bps and 2Y yield up 8.2bps. USD is up 0.71%, and the VIX rose 3.5%. On the corporate front, Ford (-2.04%) says its offer of a 23% raise to UAW is the best that it can do. Delta Air fell 2.3% after cutting its outlook for 2023 on rising fuel prices, and Dominos Pizza (-1.1%) reported revenue for Q3, missing analyst expectations.
- ASX to fall. SPI Futures down 58 points (-0.81%).
- Gold eased as the USD and treasury yields rose, down 0.29%.
- Nickel bounced, up 1.85%, after hitting its slowest level since July 2022.
- Base metals are broadly lower, pressured by a stronger USD. Copper -0.47%, Aluminium -0.43%, Zinc -1.49%, Lead -1.81%, and Tin +0.06%.
- 10Y yield: US 4.70%, Australia 4.37%, and Germany 2.78%.
- Oil prices mixed overnight. Brent Crude up 0.35% and WTI fell 0.99%. After a large build in US crude stockpiles outweighed expectations that interest rates had peaked.
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ASX 200 limped to a 3-point gain to 7091 (0.04%) ahead of US CPI. Six sessions in a row. Just. CSL was the biggest drag on the index as positive drug trials in US marred outlook for medical companies. The stock fell 6,3%, RMD down 5.3% on same effect. Banks once again did the lifting with CBA up 1.0% and NAB up 0.9% as the Big Bank Basket rose to $176.90(+1.0%). Insurers better and even MQG rose 0.4%. REITS did well as yields continued to fall, GMG up 1.5% and SCG up 1.2%. Industrials had modest gains, WES up 0.6%, TLS eased 0.3% and TAH dropped 6.2% on a soft trading outlook statement. Tech stocks slightly mixed, WTC down 0.5%, XRO up 1% and the All-Tech Index up 1.0%. Mining stocks better again. Gold stocks are higher with NCM leading the charge up 2.1% as Newmont deal nears conclusion. NST up 0.8% and lithium back in demand, PLS up 4.2% and AKE up 2.8%. LTR dropped 1.7% as Albemarle only granted 7 days for more DD. Oil and coal stocks eased. Big iron ore firmed as Chinese markets saw support. In corporate news, FOR rallied % on announcement it may delist, RBL rallied 9.0% on its trading update. Nothing substantial on economic front, APRA suggested that the banks’ stress test were not showing any issues. CBA forecast a November RBA has a 40% chance of another rate rise. Asian markets perked up, China up 1%, HK up 1.9% and Japan up 1.6%. 10-year yields fall again to 4.36%.
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US equities finished higher overnight after a choppy session following the release of FOMC meeting minutes, which showed caution among policymakers, fuelling bets that rates would stay steady. The Dow edged higher, up 66 points (+0.19%). Up 143 at best. Down 127 at worst. The S&P 500 rose for a fourth straight session, up 0.43%, and the NASDAQ rose 0.71%, with Nvidia gaining 2.2%. Short-dated 2Y Treasuries rose 3.1bps, while the 10Y yield fell 8.7bps. The US dollar saw its longest losing streak since March, with the USD Index down 0.10%. In corporate news, Exxon Mobil fell 3.59% after agreeing to buy Pioneer Natural Resources and German sandal maker Birkenstock’s IPO flopped, with the stock ending more than 12% below its IPO price.
ASX to edge up. SPI Futures up 6 points (0.08%).
- Russell 2000 -0.15%.
- Producer Prices in the US rose 0.5% MonM in September following a 0.7% in August but above market consensus of 0.3%. Results signal we haven’t seen the end of sticky inflation.
- Gold climbs on lower treasury yields, up 0.73%
- Copper steadied overnight, down 0.21% as markets found comfort that China will unleash more economic stimulus.
- Base metals broadly are mixed. Nickle -1.52%, Aluminium -0.09%, Zinc +0.14%, Lead -0.21%, Tin +0.79%.
- Oil prices fell overnight over disruption concerns to supplies due to conflict in the Middle East. Saudi Arabia pledged to help stabilise the market. Brent Crude down 1.70% and WTI down 2.55%.
- 10Y yield: US 4.56%, Australia 4.43%, and Germany 2.71%.
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ASX 200 rose another 48 points to 7088 (+0.7%) up for a fifth consecutive session, bouncing back from 6,890 levels just last Wednesday. Almost all sectors finished higher. Consumer discretionary is the top performing sector today as RBA rate hike expectations tapered off, ALL up 1.1%, DMP up 2.9%, and TLC gained 1.3%. Iron ore got a nice boost from Chinese stimulus package talks, BHP, RIO and FMG all up over 1.3%. Tech and REITS held onto gains despite a turnaround in short-term treasury yields. WTC up 2.1%, CPU up 1.7% and SCG gained 0.8%. All-Tech Index up 1.3%. Bullion prices hold steady around US$1,860, up ~1.5% this week, NCM in demand, up 0.2%, while NST and EVN finished lower. Lithium stocks rallied, LKE up 5.4%, PLS gained 2.0% and AGY up 2.9%. Citi has forecast the commodity price to track sideways for the next 12-18 months but is long-term bullish. Big banks mixed, NAB and ANZ in favour up 0.5% and 0.3% while CBA and WBC finished in the red. Big Bank Basket up 0.1% to $177.02. Insurers OK, QBE up 1.6% and SUN gained 1.5%. Healthcare traded in the red almost all day before an afternoon rally got them over the line, CSL down 0.3% RMD up 0.5%. In corporate news, BOQ fell 7.4% on ugly results. TLS +0.8% announced its intention to acquire Versent for $267.5m. CXL up 10.1% on positive investor presentation. QAN +2.7% Chairman Richard Goydor to retire prior to the next AGM, and IAG +0.2% held its AGM presentation and reiterated FY24 guidance. Nothing noteworthy on the economic front today. FOMC meeting minutes early tomorrow morning. Market to comb through for interest rate clues, but information is likely moot now following the latest rounds of Fed Speak. Asian markets are up, Hang Seng up 1.2%, TOPIX up 0.1%, Shanghai Composite 0.2%. Bond yields mixed, 10Y yield down 3bps to 4.43%, 2Y yield up 4bps to 3.99%. AUD let go of earlier gains, down 0.2% to 64.21US cents. **Dow Jones futures down 5 points, and NASDAQ futures up 24 points.
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US equities rose for a third consecutive day following more dovish comments from Fed officials pushing bond yields sharply lower. The Dow Jones ended up 135 points (+0.4%). The Dow traded higher all day, up 294 points at best. Meanwhile, the S&P 500 approached 4,400 but fell short, up 0.52%, and the NASDAQ gained 0.58%. US treasuries tumbled, with the 10Y yield down 14.6bps and the 2Y down 12.6bps, along with the US dollar, with the USD Index falling 0.29% as risk appetite improved. On the corporate front, US earnings season has commenced with PepsiCo (+1.9%), surpassing revenue and earnings expectations. Among stocks, Amazon rose 1% at the beginning of its Prime Day Sale, and Rivian advanced 4.6% on broker upgrades.
ASX to open higher. SPI Futures up 30 points (+0.42%).
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ASX 200 blasted 70 points higher to 7041 (+1.0%) as bond yield fell hard on safe-haven buying of bonds. Talk of rate cuts as Israel/Hamas conflict the focus. Gold miners are better but not spectacular, with NST up 1.5% and EVN up 0.3%. Lithium plays bouncing hard as a short squeeze takes hold. PLS up 6.2%, and IGO up 3.5%. LRS having a good day too on broker upgrades, up 7.6%. Big miners off highs with BHP unchanged, FMG up 0.8%. Oil stocks modestly higher as crude rolled over WDS up 1.3% and STO up 0.5%. Some buyers emerged in base metals, although uranium stocks eased back, PDN down 1.5% and BOE off 4.8%. Banks better again ahead of results next month, CBA up 0.7% and ANZ rising another 0.6%. The Big Bank Basket up to $176.90 (0.6%). Insurers better, and MQG up 1.3%, with MFG bouncing slightly up 4.2%. REITS rallied hard on yield falls, GMG up 2.4% and VCX up 2.0%. Tech also rallying on lower yields, XRO up 4.4% and WTC better by 2.1%, with the All-Tech Index up 2.3%. Industrials firmed, CSL and healthcare stocks better, TLS did well, up 2.1%, and staples also in demand. In corporate news, ORG rallied 5.5% as the ACCC gave Brookfield the green light, WBT up 4.9% on Israel update, CXO up 7.4% on a broker upgrade. In economic news, NAB Business survey out and steady as she goes. ANZ Consumer sentiment rose slightly. Asian markets were better as Japan returned from Sports Day, up 2.1%, China down 0.5%, and HK struggling with Typhoons. 10Y yields fell to 4.45%. Dow Futures up 6 points. NASDAQ Futures up 23 points.
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US markets finished higher overnight, recovering earlier losses following fresh remarks from Fed officials bolstering confidence the Fed will refrain from lifting rates this year amid rising oil prices and conflict between Israel and Hamas. The Dow finished near best levels, up 197 points (+0.59). Dow at best up 224 points. Dow at worst down 154 points. The S&P 500 is up 0.63%, and the NASDAQ rose 0.39%. US bond markets were closed overnight for Columbus Day. Traditional safe-haven assets were in demand amid conflict. Gold rose 1.58% and the USD Index edged higher, up 0.04%. Among stocks, US energy companies led gains buoyed by higher oil prices, Exxon Mobil up 3.5% and Chevron up 2.8%. Defence stocks also rallied, with the Aerospace & Defence index ending 5.6% higher, its largest one-day gain since November 2020. Conversely, Airlines and travel companies were hit hard, with Carnival, United Airlines, Delta Airlines and American Airlines all down over 4% on travel disruption concerns.
ASX to open higher. SPI Futures up 30 points (+0.43%).
- Russell 2000 up 0.60%.
- November CME FedWatch Tool now at 87.5% probability the Fed will hold rates at the next FOMC meeting up from 72.9% yesterday, and December FOMC meeting at 73.2% probability up from 57.6% yesterday.
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The ASX 200 gave back most of its gains to end up only 16 points to 6970 (0.2%). After a strong start, caution prevailed, US futures pointed to a negative open and confidence was sapped. Events in the Middle East in focus with gold miners and oil stocks in demand. NCM up 4.7%, NST up 4.0% and EVN up 6.3% leading the charge, lithium stocks on the nose again except for LTR unchanged on the latest assault from Camp Gina. Iron ore stocks mixed, FMG dropped 1.9% despite an announcement on power, RIO unchanged and BHP up slightly. Oil and gas stocks also doing well as crude prices held the 4% gains on the war, WDS up 3.1% and STO rising 4.2% with KAR up 5.7%. Coal stocks also benefitted, WHC up 2.2%. Banks were slightly higher with ANZ up 0.4% the standout. The Big Bank Basket pretty much unchanged at $175.84. Insurers slipped and MQG fell back again, down 0.6%. REITs also off slightly, GMG down 0.1%. Industrials lacklustre with TLS off 0.3%, tech slipping as the All-Tech Index dropped 0.2%. Travel stocks are down, QAN falling 3.8% on higher oil and war issues. In corporate news, MYR appointed a new chair, and on the economic front, the RBA ordered the ASX to “redouble its efforts” to improve its corporate governance and risk management culture. Asian markets ease with China back from holiday break, Japan closed for Sports Day China off 0.6% and HK closed for a typhoon. 10-year yields ease to 4.52%.
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US equities rallied Friday, led by gains in mega-cap tech stocks after non-farm payrolls rose the most in eight months, signalling a tight labour market. The Dow Jones rose 288 points (+0.87%) in a choppy day of trade. Up 438 at best. Down 273 at worst. The S&P 500 and NASDAQ registered their largest daily gain since late August, up 1.18% and 1.6%. Markets initially fell after jobs data but rallied back late morning. Notable gainers include Nvidia +2.4%, Microsoft +2.5%, Meta +3.5%, Google 2.0% and Apple +1.5%. US 10Y yields rose over 13bps after the jobs report, hitting a fresh 16-year high of 4.8874%, adding to this month’s steep sell-off before easing back slightly, finishing up 8.9bps. USD Index eased 0.19%, snapping an 11-week winning streak after hitting its highest level in 11 months earlier in the week. Among stocks, Exxon Mobil slipped 1.67% on news the company is closing in a deal to buy Pioneer Resources for ~US$60bn. GM and Ford rose 1.9% and 3.2%, respectively, after UAW said there would be no new strikes this week.
- Weakening dollar speeds up copper gains ahead of China market re-opening.
- Gold attempts rebound, but heads for second weekly dip on rate-hike fears.
- OPEC raises oil demand view in long-term outlook, sources say.
- Russia lifts ban on most diesel exports.
- Oil prices rise, but post biggest weekly decline since March.
- Europe’s gas stocks at record high going into winter 2023/24.
- Norway's oil production seen rising 5% in 2024.
- US drillers cut oil and gas rigs for third week in a row.
- Copper Study Group expects big supply surplus in 2024.
- Rystad sees oil at $60 a barrel by 2027 as demand peaks.
- Resilient China demand supports copper prices, boosts local aluminium prices.
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ASX 200 rose 29 points to 6954 (+0.4%) ahead of NFPs tonight. Banks led the charge higher with the Big Bank Basket at $175.74 (+1.2%). CBA up 1.1%, with WBC the standout, up 2.1%. Insurers rallied, QBE up 2.7%, and MQG doing better up 0.5%, but MFG fell 18.5% on lower FUM numbers again. REITs slightly easier after a good day yesterday. GMG down 0.9% and SGP down 0.5%. Healthcare mixed, although CSL finding some support, up 0.3%. RMD eased 1.7% after gains yesterday. Industrials slightly better, WOW up 0.3% and COL doing well up 0.6%, with Tech relatively flat. The All-Tech Index flat, with XRO falling 0.6%. Meanwhile, in resources, lithium stocks remained under pressure as brokers rushed to downgrade. PLS down 0.8%, and IGO falling another 4.4%. Iron ore miners are better, BHP up 1.2%, with gold miners finding some friends. EVN up 2.5%, and NST up 1.3% on some bargain hunting. Oil stocks eased slightly as crude steadied a little, WDS down 0.4%. In corporate news, RIO rose 1.1% on news of a US$100m loan to infrastructure builders for Simantou in Guinea. GQG rallied 3.1% on FUM news. In economic news, the RBA released its latest financial stability report, showing no significant rise in loan issues as employment stays strong. Asian markets mixed as Golden Week nears an end. HK up strongly. European markets to open around 0.4% higher. 10-year yields steady at 4.54%. Dow Futures down 35 points. NASDAQ Futures down 5 points.
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The Dow Jones Industrial Average lost 9.98 points, or 0.03%, to close at 33,119.57. The S&P 500 dipped 0.13% at 4,258.19, and the Nasdaq Composite traded down 0.12% to end at 13,219.83.
Energy is this week’s biggest loser, followed by the beaten-down utilities sector. Both sectors are down 5.9% and 4%, respectively.
Weekly Jobless Claims came in at 207,000 for the week ending Sept. 30, up just 2,000 from the prior week’s numbers. Economists had forecasted 210,000.
The 10-year Treasury yield initially ticked up after the jobless claims report before inching down. It was last yielding at 4.714%.
- US mortgage rates rose for a fourth straight week, reaching the highest level since December 2000.
- U.S. online sales to grow 4.8% in crucial holiday season -report.
- The CNN Fear and Greed index remains in Extreme Fear territory, holding at 22.
- WTI at lowest level in over a month after this week's selloff.
- Gold extends decline for ninth day as fears of higher US rates weigh.
- Economic news today: China CPI and PPI September; China trade balance, exports and imports September
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ASX 200 shrugged off early indifference to push off the 6900 level to close at 6925, up 35 points (+0.5%). Banks and industrials leading the bounce from oversold levels. The Big Bank Basket rose to $173.59 (+0.9%). CBA up 0.9%, and NAB up 0.7%. Insurers steadied, fund managers found their feet, and MQG up 1.1%. REITs found support as GMG rose 2.6% and SCG up 2.9%. Industrials too finding bargain hunters, TLS up 1.1%, REA up 2.6%, and WOW rallying 1.5%. Healthcare isbetter, although CSL still wallowing. Tech following US tech higher, with the All-Tech Index up 1.4% and ALU up 1.6%. Resources dragged. BHP down 0.7%, RIO off 1.5% and lithium stocks under pressure, PLS down 2.7% and IGO off 4.0% on some broker chat on downgrades. Gold miners steadied, NCM up 1.8% on a $1.10 special dividend. Oil and gas recovered from early lows. In corporate news, not much around again, WGX rallied 2.5% production guidance, PXA fell 1.8% after announcing a UK acquisition. On the economic front, trade numbers cheered, and spending data suggested the economy is still doing ok. Asian markets rallied on slightly higher oil prices and better US sentiment, Japan up 1.8% and HK up 0.8%. Dow Futures down 13 points and NASDAQ Futures down 2 points.
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U.S. stocks closed higher on Wednesday.
The Dow Jones Industrial Average added 127.17 points, or 0.4%, to close at 33,129.55. The S&P 500 gained 0.81% at 4,263.75. The Nasdaq Composite rose 1.35% at 13,236.01.
Tesla up 5.9% and Amazon, Google, and Microsoft all up around 2%. Growth in US services sector slowed along with US private payrolls increasing less than expected. Equity markets viewed these results as reducing the chance of a Fed rate rise however all eyes remain on the key US jobs number expected Friday night (our time). In Washington, republicans Steven Scalise and Jim Jordan announced they will seek to replace Kevin McCarthy as Speaker for the House of Representatives.
ASX futures are up 31 points. EU markets were mixed with the STOXX 600 down slightly, FTSE down 0.77% while Germany up 0.1% and France flat. UK PM Sunak officially scrapped the northern leg of the proposed HS2 high-speed rail (from Birmingham to Manchester). The project was aimed at reducing Britain’s geographic income gap and turns a spotlight on the long delays and blown out budgets often experienced by major infrastructure projects in the country. This move is expected to free up ~£36bn which Sunak has declared will be invested into other transport areas.
Oil suffered heavy losses overnight with Brent and WTI both falling over 5% as gasoline stocks rose by 6.5m barrels, far exceeding expectations of a 200k barrel rise. Reasons for the decline reported on newswires included the overnight economic releases, flooding in NY and depressed demand after a 30% spike in prices in Q3 caused a “counter season plunge”. How long the price remains on decline is unclear however with the Saudis continuing their voluntary 1m barrel / day supply cuts until at least the end of the year.
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ASX 200 fell another 53 points to 6890 (0.8%), an 11-month low with banks and industrials in the firing line today. The Big Bank Basket dropped to $172.06 (-1.6%), with CBA down 1.6% and MQG falling 2.1%. Insurers are once again under pressure despite rising bond yields, usually good for the sector. QBE down 1.0%, SUN off 1.6% and REITs sold off yet again. VCX down 1.5% and SGP off 1.3%. Tech eased, with WTC down 0.8% and XRO off 0.8% as the All-Tech Index dropped 0.7%. Industrials fell across the board, TCL down 0.9%, WES off 0.6%, and TLS falling 1.3% on the TPG/VOC news of the DD period expiring. Resources found a little support on the falling AUD with BHP down only 0.3% with RIO up 0.7%. Gold miners saw a few brave souls venture out with NCM up % and EVN up %. Lithium stocks tried to steady, LTR pushed 0.7% higher on more Gina buying. Oil and gas stocks slid slightly, with WDS down 0.9% and STO off 1.1%. In corporate news, MIN dipped 1.3% after finalising a $1.1bn debt deal. Nothing on the economic front. RBNZ kept rates unchanged over the ditch. Asian markets weaker again, with Japan down 2.0% and HK off 0.9%. 10Y yields up to 4.66%. Dow Futures down 56 points. NASDAQ Futures down 34 points.
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The blue-chip average is down around 470 points, or 1.4%, on Tuesday. The Dow last performed worse on March 22, when the index slid 530 points, or 1.6%.
The S&P 500 slid 1.37%, touching its lowest level since June during the session and closing at 4,229.45. The tech-heavy Nasdaq dropped 1.87% to end at 13,059.47 as growth stocks saw some of the biggest losses.
- US job openings (JOLTS) post largest increase in two years; quits rate unchanged.
- Indexes ended sharply lower as data adds to rate worries.
- Stocks slip, yields rise after US jobs data suggest higher rates.
- Yields hit 16-year highs; technical factors add to pressure.
- Toronto market falls to 1-year low as bond yields jump.
- Hong Kong-listed China shares experienced their worst session since July.
- Yen surges against dollar, leads some to suspect intervention.
- Banks stocks back in vogue for hedge funds in September -Morgan Stanley.
- Meta to lay off employees in metaverse silicon unit on Wednesday.
- US senators hope to meet with Xi during China trip next week.
- McCarthy ousted as House Speaker.
- US warns China it plans to update chip export rules to prevent China accessing advanced AI chips.
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ASX 200 fell another 90 points to 6943 (1.3%) after weak leads from overseas and bond yields pushing higher. RBA leaves cash rates unchanged in Bullock’s first meeting. Low volume and only tentative signs of some bargain hunting appeared. Resources once again the problem as iron ore fell in Singapore. BHP down 1.2%, and FMG off 1.6%. Energy stocks were also under pressure as crude continued to backtrack, WDS down 3.7% and STO off 4.3%. Coal miners are also seeing selling, with WHC down 3.6%. Bullion has been falling hard on stronger USD and rates. NST fell 4.3%, and EVN down 4.9%. Lithium stocks also see sellers gain the upper hand, PLS down 2.9% and AKE dropping 4.8%. Banks held up relatively well as yields rose, CBA down 0.2%, NAB down 0.6% with the Big Bank Basket down to $174.94 (-0.5%). Insurers fell, QBE off 2.0%, and fund managers also fell, with MQG down 0.6%. Industrials slightly weaker, REITs under pressure, GMG down 2.0% and tech stocks also eased, with WTC down 3.0% and XRO off 1.2%. CPU did better after selling its US mortgage business. Unchanged on the news. The All-Tech Index finished down 1.3%. Healthcare and defensive stocks saw some buying as CSL rallied 1.0% on a broker upgrade, RMD better, and WES and ALL both found support. In corporate news, thin on the ground for announcements. On economic news, new dwelling approvals rose 7% in August, and RBA kept rates unchanged as expected. Asian markets eased, with China still closed for Golden Week. HK down 3.2%, and Japan down 1.7% as the Yen weakens. 10-year yields falling slightly to 4.54%. Dow Futures down 84 points. NASDAQ Futures down 37 points.
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Dow declined 74.15 points, or 0.22%, to 33,433.35. The S&P 500 inched higher by 0.01% to close at 4,288.39. The Nasdaq Composite added 0.67% to close at 13,307.77 and notch its fourth consecutive positive day.
The yield on the 10-year Treasury topped 4.7% at its session high, marking its highest level since October 2007.
Technology, communications services and consumer discretionary were the only positive sectors in the broad market index.
- Rate-sensitive utilities were the worst-performing S&P 500 sector, down 4.68%. Energy also sharply fell 1.95%, while Tech showed resilience despite rising bond yields, up 1.41%.
- 10Y yield: US 4.68%, Australia 4.48%, and Germany 2.92%.
- Gold fell for its sixth consecutive session, nearing a seven-month trough. Down 1.15%.
- Aluminium prices hit five-month highs overnight before some profit-taking weighed. Down 0.81%.
- Base metals broadly sold off overnight. Copper -2.62%, Zinc -2.23%, Lead -1.42%, Tin -1.90% Nickel up 0.62%
- Oil fell sharply lower. Brent down 1.72%, and WTI fell 2.16% as higher for longer lifted the USD and dampened the outlook for energy demand.
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The Dow Jones Industrial Average retreated on Friday as investors followed the latest news about a potential government shutdown and ended what has been a tough month for stocks.
The Dow lost 158.84 points, or 0.47% to finish at 33,507.50, led down by Travelers Companies. The S&P 500 dropped 0.27% to 4,288.05. The Nasdaq Composite traded up 0.14% to 13,219.32.
The S&P 500 finished the month down 4.9% and the quarter lower by 3.7%. The Nasdaq Composite was off 5.8% in September, and down 4.1% for the quarter. Both posted their worst months this year. The Dow notched a 3.5% decline this month and a 2.6% fall for the quarter.
The Latest personal consumption expenditure index price index, which is the Federal Reserve’s preferred inflation metric, came Friday morning. So-called core PCE, which strips out volatile food and energy prices, rose 0.1% in August and 3.9% annually. Economists polled by Dow Jones expected that the core PCE would advance 0.2% on a monthly basis and 3.9% year over year.
- Labour Day holiday in other states on Monday, October 2 (ASX open).
- China National Holiday 1st October - kicking off a one-week national holiday. Markets closed from 29th September until 6th October. Reopen 9th October.
- Eurozone Unemployment rate tonight.
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ASX 200 rallied 24 points to 7049(.3%) in quiet trade. Holiday in VIC today. China closed too. Miners have been in focus in the last few days, BHP up another 1.2% with RIO and FMG joining the party. Lithium shrugged off its recent depression with PLS up 1.9% and AKE up 2.1%. LTR slipped 1.3% on a KV update. Costs up 6% since January. Gold stocks also in demand as bargain hunters scratched around in the ashes, NST up 2.1% and EVN up 1.2%. Oil stocks eased slightly with some profit taking, coal down too, uranium stocks continue to push higher as DYL up 1.9% and BOE doing well too on drill results up 3.0%. Industrials firmed with tech steady, XRO up 0.4% and the All-Tech Index up slightly. Healthcare mixed, CSL still bleeding down 0.5% and RMD taking a break down 2.1%. Banks were solid yet unspectacular. The Big Bank Basket rose to $175.85 (0.2%). MQG bounced after some dismal days, up 1.6%. Other financials also finding buyers. In corporate news, CXO rallied hard on better-than-expected results and short covering, up 19.1% BOQ announced job cuts. Nothing on the economic front. Asia markets mixed with China closed and HK up 2.7%. 10-year yields pushing higher again to 4.49%.
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The Dow Jones Industrial Average climbed 116.07 points, or 0.35% to 33,666.34. The S&P 500 added 0.59% to 4,299.70 — just shy of the key 4,300 level. The Nasdaq Composite jumped about 0.83% to 13,201.28.
The S&P 500 is due to finish the month down 4.6% and the quarter off by 3.4%. The Nasdaq is on target to finish the month and quarter lower by 5.9% and 4.3%, respectively.
- Wall St ends higher as investors digest economic data ahead of inflation report.
- Global stock index rises as oil, 10-year yield and dollar pull back.
- US stocks close lower after choppy trading, bond yields ease – AFR.
- Nike up 8.5% in after hours trade - beats profit estimates as higher pricing pays off.
- Oil eases 1%, reversing rally, on profit taking, interest rate worries.
- US Jobless Claims 204K v consensus 215K – further pressuring rates.
- Shutdown looms as US Senate, House advance separate spending plans.
- White House says economy faces headwinds from possible shutdown, restart of student debt repayments, higher rates and UAW strike.
- Fed to enter a phase of structurally higher rates than policymakers and investors anticipated.
- UAW plans to strike additional facilities on Friday absent serious progress in negotiations.
- US GDP growth unrevised at 2.1% in second quarter as economy shows resilience.
- Fed's Goolsbee sees risk of 'error in view that low inflation needs high unemployment.
- Fed's Barkin says it's too soon to say if another hike needed.
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The ASX 200 dropped another 6 points today to 7025 (0.1%) after an early rally fizzled out. Retail sales were slightly worse than expected and suggest the RBA will be on hold next week. Volumes dropped ahead of holidays here and in China. Banks eased back slightly after holding firm recently. The Big Bank Basket down to $175.44 (-0.3%). MQG continued to slip again down another 0.8% with insurers better. Fundies and other financials weak as were REITs with some Ex-dividend. Industrials were sloppy, WES down 0.8%, WOW and COL eased around 0.7% to 1%. ‘Old Skool’ platforms down with REA off 1.3%, CAR down 3.4% and tech stocks easing back too. The All-Tech Index dropped 0.9%. In the big miners, BHP up 0.6% with RIO up 1.2% on higher iron ore prices. Lithium stocks lifted slightly as bargain hunters stepped in, PLS up 2.9% and MIN rallying 1.4%. Gold stocks under pressure as DEG launched a big raising, NCM down 5.0% and NST off 2.1%. Oil and gas stocks benefitting from crude strength, WDS up 2.9% and STO up 3.8%. KAR a standout up 4.7%. In corporate news, SOL reported and dropped 6.0% on private asset worries perhaps and BKW also under pressure on housing shortfalls, down 6.4%. On the economic front, Retail sales came in up only 0.2% M/M and had little effect really. Asian market partially closed, Japan down 1.4%, China up 0.2% and HK down 1.1% as Evergande gets suspended. Again. 10-year yields pushing ahead again to 4.44%.
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The Dow fell 68.61 points, or 0.20%, landing at 33,550.27. Earlier in the session, it was up as much as 112.77 points.
The S&P 500 edged up 0.02% to close at 4,274.51, while the Nasdaq Composite added 0.22% to end the session at 13,092.85.The S&P 500 is down by 5% month to date, while the Dow is down more than 3%. The Nasdaq is the laggard of the three, losing more than 6% this month.
The benchmark 10-year Treasury yield rose Wednesday, reaching its highest level in more than 15 year.
- Among S&P 500 sectors Energy rose 2.5% while rate-sensitive sectors Real Estate fell 0.83% and Utilities down 1.84%.
- 10Y yield: US 4.61%, Australia 4.37%, and Germany 2.84%.
- Base metals mixed. Nickel +0.37%, Aluminium +0.04%, Zinc -1.04%, Lead -1.44%, Tin -1.54%.
- Copper finished flat, up 0.02%. hovering around four-month lows as uncertainty surrounding China’s property market was reinforced by mounting problems for major developers.
- Gold down 1.36% pressured by rising treasury yields and the USD.
- Oil prices rose sharply after a steep drop in US crude stocks heightened concerns about tight global supplies. Brent up 2.57% and WTI up 2.62%.
- Crude oil inventories in the US fell 2.17m barrels in the week ending September 22, way more than the market forecast of a 0.32m drop, data from the EIA Petroleum Status Report showed.
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ASX 200 fell 8 points today to 7030 (0.1%) as a late rally saved the day after early losses. The market managed a rally post the monthly CPI number coming in as forecast at 5.2% and kicked in the matchout. Banks were once again a pillar of strength with the Big Bank Basket up to $175.96. CBA up 0.5%, and WBC up 0.7%. Higher yields seem to be helping the big four. Other financials sagged. MQG down 0.7%, and insurers fell too with QBE down 1.0% and SUN off 2.0%. Healthcare was mixed. RMD bounced slightly 4.8% on broker upgrades after its recent falls. CSL is still under pressure, down 1.4%. Tech stocks also down in the dumps, XRO fell 1.3% and WTC off 1.6%, with the All-Tech Index down 0.6%. Industrials mixed, WES fell 0.2%, BXB off 0.8%, and EDV picked up slightly. Resources were mixed, BHP up 0.4% with cheques for the 70c div dropping into accounts tomorrow. Gold stocks fell again, EVN down 3.5%, NCM off 2.1%. Oil and gas stocks eased, WDS off 1.1% and STO up 0.1%. Lithium stocks fell, MIN down 1.2% and AKE falling 0.7%. In corporate news, SGR cratered 9.1% as it completed its capital raising without new funds from Bruce Mathieson. On the economic front, August CPI came in at 5.2% (as forecast), driven by surging fuel prices. Core inflation fell to 5.5% down from 5.8%. Asian markets are biased to the upside, China up 0.3%, HK up 0.6%, and Japan up 0.3%.10Y yields 4.38%. Dow futures up 85 points. NASDAQ futures up 42 points.
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US markets extended gains for a fourth straight session following more economic data pointing to moderation, cementing bets the Fed is approaching the end of its rate hikes. Dow up 38 points (+0.11%). Dow at best up 173 points. Dow at worst down 41 points. S&P 500 breached 4,500, up 0.54% led by tech mega-caps, while regional banks fell. Nasdaq gained 0.54% as bond yields and the USD softened. US small caps Russell 2000 up 0.40%. US ADP private payrolls came in softer than expected, private businesses hired 177k workers in August, the least in five months, missing expectations of a 195k rise and Q2 US GDP also missed expectations, up 2.1% vs 2.4% consensus marginally rising from Q1’s 2.0%. Among stocks, Nvidia rose 1.0% and Apple gained 1.9% after the company sent invitations to unveil the iPhone 15 on Sep-12.
- ASX to edge higher. SPI Futures up 4 points (+0.06%).
- Gold firmed, up 0.62%.
- Copper extended gains, up 0.26% after the dollar dropped and more weak US data.
- Nickel -0.39%, Aluminium +1.45%, Zinc -0.61%, Lead -0.43%, and Tin +0.24%.
- WTI and Brent were up 0.51% and 0.62% after US data showed tighter crude supply.
- AUD -0.2% to 64.72c. USD Index down 0.36% to 103.16.
- 10Y yield: US 4.11%, Australia 4.07%, and Germany 2.54%.
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ASX 200 kicked 87 points higher to 7298 (1.2%). A killer combo of strong US markets and a much better-than-expected local CPI at 4.9% kept the market pumping. Gains across the board with few exceptions. Lithium was one sector that failed to ignite, which is ironic given lithium’s properties. PLS started well but slid 2.1%, LTR down 0.7%, and MIN mustering a small 1.8% gain. BHP and RIO leading resources, with gains of 1.5% and 2.1%, respectively. Gold miners in demand as Gold Conference kicks off, NCM up 1.6% and NST gaining 1.9%. Oil and gas better as crude rose and gas prices volatile on strike news, WDS up 0.8% and STO up 1.3%. Banks were the usual source of strength, the Big Bank Basket up to $177.45 (+0.95%). NAB the best of the bunch, up 1.6%. MQG kicked 1.4%, and insurers better too, SUN up 2.4%. REITs firm as yields fell, GMG up 1.2% and SGP up 0.5%. Staples better, WOW up 2.0% and COL up 0.9%, with TCL doing better on rates, BXB delivered a pallet of money rising 7.1%, tech only slightly higher. XRO up 1.7%, and WTC up 0.9%. The All-Tech Index up 1.6%. In corporate news, CHN dropped 25.2% on its scoping study assumptions, FLT failed to take off on results a little worse than the market had hoped. Kerry Stokes turned trader, taking the top off some BLD down 8.0%, BET slipped towards oblivion down another 15.4% on results, CCX fell 4.8% not so chic after all, as sales fell hard. In economic news, monthly CPI numbers fell to 4.9%, below forecasts of 5.2%. Asian markets firmed slightly, Japan up 0.6%, China up 0.1%, and HK up 0.6%. Dow futures up 8 points. Nasdaq futures up 4 points.
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Wall Street climbed most since June, fuelled by optimism the Fed will pause rates in September following the latest jobs data. The Dow Jones rose 293 points (+0.85%), ending near best levels. Up 304 points at best. Down 29 points at worst. S&P 500 up 1.45% after nearly 90% of companies in the S&P 500 rose, pushing the gauge just shy of 4,500. Nasdaq jumped 1.74%, touching its highest in over two weeks, lifted by Tesla +7.7% and Nvidia +4.2%. US treasuries retreated, 10Y yield down 9.2bps and 2Y yield fell 11.6bps. US small caps Russell 2000 gained 1.42%, and Crypto saw gains as Bitcoin jumped 6.43% after a US court ruling paved the way for the first Bitcoin exchange-traded fund. VIX eased 4.2%, and Gold gathered some momentum in the wake of weaker-than-expected US data, up 0.91%.
- ASX to rise. SPI Futures up 47 points (+0.66%).
- Copper up 1.15% as the USD weakened.
- Nickel -0.65%, Aluminium +0.65%, Zinc +2.26%, Lead +1.22%, and Tin -0.37%.
- WTI and Brent were up 1.38% and 0.73% as the dollar slid and the market weighed the potential impact on energy demand from Hurricane Idalia set to hit Florida this week.
- 10Y yield: US 4.12%, Australia 4.10%, and Germany 2.51%.
- AUD -0.03% to 64.78 US cents. USD Index -0.51% to 103.48.
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ASX 200 climbed another 51 points to 7211 (+0.7%). Banks and resources leading the way, with BHP up 1.2% and RIO doing well up 1.1%. FMG bounced back from a loss yesterday with lithium stocks also in demand, PLS up 5.1%. MIN results cheered the sector rallying 8.0%, with IGO also better by 1.7%. Gold miners continued to attract interest, with NCM up 1.1% and NST up 1.4%. Oil and gas becalmed but coal stocks better. Banks continued higher, ANZ and WBC the pick of the bunch. The Big Bank Basket up to $175.79 (0.5%), MQG had a good day up 1.2%. Industrials slightly higher, COL up 1.1% and WES continuing to move higher up 3.0%. Tech stocks mixed XRO up 1.0% and WTC down 0.4%. The All-Tech Index pretty much unchanged, Healthcare still struggling. In corporate news, results once again dominated, BNPL in demand with EML up 31.5% on a beat, ZIP looking better on results, up 4.6%. SGR moved higher on its numbers and write-offs, TYR also in demand again on results beating expectations, rising 14.7%, and JLG gave a positive outlook and rose 9.0%. In economic news, Consumer confidence rose slightly. Asian markets up slightly; Japan up 0.2%, China up 1.3%; and HK up 2.3%. 10-year yields steady at 4.11%. Dow Futures up 34 points. Nasdaq Futures up 25 points.
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US markets kicked off the final week of August in the green ahead of key economic data, ending just off best levels. The Dow rose 213 points (+0.62%). Dow at best up 306 points. S&P 500 up 0.63%, and the NASDAQ rose 0.84% despite Powell’s comments over the weekend the central bank may need to raise interest rates further to ensure inflation is contained. Focus now shifting to the personal consumption expenditure price index (Fed’s preferred inflation gauge) released Thursday and non-farm payrolls data out Friday. US-listed Chinese companies JD.com, Baidu, and Alibaba rallied over 2% after China halved the stamp duty on stock trading. Goldman Sachs rose 1.8% after a deal was struck to sell an investment advisory business to wealth management firm Creative Planning. 2Y US treasury yields retreated from a near two-year high as the market struggled to gauge the likelihood of additional rate hikes from the Fed.
- ASX to open higher. SPI Futures up 25 points (+0.35%).
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ASX 200 rallied 45 points in quiet trade to 7157 (0.6%). Solid day on US optimism and Chinese stimulus moves. Banks leading the charge, CBA up 1.2% and NAB up 1.3%, with the Big Bank Basket up to $175.00 (+1.1%). MQG found some friends up 0.4%, with insurers slightly firmer. REITs positive led by GMG up 0.7%. Healthcare doing better, RHC up 2.5% and RMD rallying another 0.6% with CSL in demand. Industrials were slightly better. WES up 2.2% on broker upgrades, ALL up 1.4% and WOW up 1.2%. Retailers picking up slightly on better-than-expected retail sales numbers today. JBH up 1.4%, and PMV up 1.7%. LOV fell 4.3%, giving back some of last week’s bounce. Tech was mixed with WTC down 1.7%, XRO up 0.8%, and the All-Tech Index down 0.7%. Miners were mixed. FMG results were overshadowed by the CEO resigning after only 6 months, falling 5.1%, BHP up 1.2% and RIO rallying 0.7%. Lithium stocks fell, led by PLS down 4.0% on broker PTs. Gold miners better, EVN up 3.2% and NST up 2.7%. Oil and gas mixed with coal modestly firmer. In corporate news, HLO up 6.0% on the doubling of TTV, IMD hit the mud after a 22% profit fall, down 15.8%. NXT fell 2.6% despite numbers ahead of guidance. APX was whacked on bad numbers down 32.1% In economic news, retail sales came in at 0.5% better than the 0.3% forecast. Asian markets boomed on China’s latest support for the market. China up 1.5%, HK up 1.5%, and Japan up 1.5%. 10-year yields unchanged at 4.15%. Dow futures up 85 points. Nasdaq futures up 28 points.
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US markets finished higher on Friday as the market weighed remarks from Fed Chair Powell at the Jackson Hole Summit. Dow Jones rose 247 points (+0.73%). Up 342 points at best. Down 70 points at worst. While the S&P 500 and Nasdaq added 0.67% and 0.94%, respectively. The narrative from the Fed didn’t change after hype all week for additional clues. Powell addressed the string of resilient economic data while stating that the Fed is prepared to raise rates further to bring inflation down back to its target of 2%. Powell also suggested that the September interest rate would likely remain unchanged to evaluate incoming data continuing with the “data dependent’ narrative.
On the week, the ASX 200 was down 33 points (-0.46%), Dow lost 0.45%, S&P 500 up 0.82%, and the Nasdaq rose 2.25%. During the week, oil fell by 1.8%, iron ore rose by 1.3%, and gold saw a $17 increase. All metal prices were up, with zinc leading at 3.8% growth. The focus was on results last week. Gold was the top-performing sector, up 3.8%, along with a 1.78% rise in consumer discretionary. Healthcare -2.73% and consumer staples -2.53% were the worst-performing sectors due to Coles disappointing results, while Woolworths and Wesfarmers showed improvement. Utilities were down by 2.25%, and the resources sector fell by 0.3%.
- ASX to rise at opening bell. SPI Futures up 20 points (+0.28%).
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ASX 200 finished the week down 67 points to 7115 (0.9%). Down 33 points for the week. Results the focus. Weakness across the board on the back of the US sell-off. Banks brought back to earth with a bump, the Big Bank Basket down to $173.12 (-1.1%). NAB down 1.8%, with MQG off 0.8%. Insurers also fell hard as QBE dropped 1.6% and IAG off 3.2% on ASIC news. Fund managers also in the dumps. Healthcare mixed, RMD up 0.6% and CSL down 0.2% on director selling. RHC falling again. REITs soft SGP off 1.2% and SCG down 1.5%. Industrials mixed, WES results cheered with the stock up 3.2%, WOW ok too up 0.9%, but elsewhere selling dominated. TCL off 1.1%, ALL down 1.5% and REA falling 1.4%. Tech under pressure, WTC gave back 4.8%, with XRO down 3.3%. The All-Tech Index down 1.2%. MP1 gave back some gains too. In resources, BHP hit hard down 1.7%, RIO off 0.9% and MIN off 1.4%. FMG down 0.6% with PLS off 8.0% on results that disappointed apparently. Gold miners eased, coal stocks under pressure and oil and gas stocks down. WDS off 1.3%, and STO off 1.2%.
In corporate news, AX1 had a great day, proving the retail critics wrong up 17.1%, ABB had a good result up 11.0%, CBO sold a lot of olive oil and rose 5.3%. PXA fell 6.0%.
Nothing on the economic front, some death data to cheer us up the exception. Asian markets under pressure, Japan down 0.9%, HK down 1.1% and China down 0.8%. 10-year yields 4.16%. Dow Futures up 63 points. Nasdaq Futures down 10 points.
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All major US indexes closed sharply in the red overnight, ending near worst levels, losing more than 1% each as profit-taking weighed on shares. Dow Jones down 374 points (-1.08%). Dow at best up 222 points. Dow at worst down 379 points. S&P 500 finished below the 4400 level, down 1.35%, and the NASDAQ lost 1.87% as early session big tech rallies ceased after bond yields rose. Mega cap stocks weighed, including Google -2.1, Apple -2.6, and Tesla -2.9% but Nvidia edged higher another 0.1% after hitting a record high. US treasuries rose 10Y yield edged up 4.3bps, and the 2Y yield, which is the barometer of interest rate expectations, rose 7.1bps. USD Index firmed up 0.54% toward an 11-week high, and the VIX jumped 7.6%.
- ASX to open lower. SPI Futures down 91 points (-1.28%)
- 10Y yield: US 4.23%, Australia 4.11%, and Germany 2.51%
- Copper pulled back after five sessions of gains, down 1.08%, as unease surrounding high-interest rates curbing global growth offset optimism in the uptick of demand from China.
- Nickel -0.53%, Aluminium -1.06%, Zinc +0.42%, Lead -0.46%, Tin -1.47%.
- Brent and WTI oil rose 0.31% and 0.52% after a report of sliding gasoil stocks in Europe.
- Gold prices steadied, up 0.17% despite a stronger USD and an uptick in bond yields.
- Aussie dollar down to 64.13c, down 0.09%.
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ASX 200 rose 34 points to 7191 (0.5%). A solid grind higher with banks in demand. The Big Bank Basket up to $174.99 (+1.1%). CBA the standout with a 1.2% gain and WBC continues to find friends post-result up 1.4%. MQG had a solid day today up 1.8%, with insurers flat. MPL up 2.6% with results pleasing. REITs rallied as GMG up 0.5% and SCG up 1.9%. Industrials mixed, TLS eased back 0.7%, Tech better led by WTC bouncing 8.1% as buyers nibbled, the All-Tech Index rallied 2.4% as XRO rose 3.5% and ALU up 4.9%. Nvidia results perking up the whole sector. Old skool platforms doing better REA up 2.4%, and SEK rallying 1.4%. Staples still suffering a little. Healthcare slightly firmer, with CSL up 0.3% and SHL rallying 0.6%. RHC suffered as earnings disappointed, down 12.0%. In resources, iron ore stocks muted, Lithium stocks better, LRS leading the charge up 4.5%. PLS up 2.4%, and gold miners better. NST reported good results up 5.2%. Oil and gas bounced with WDS up 1.5% as strike now looks unlikely. In corporate news, plenty of action, QAN up 0.8% on record profits. APA fell 3.4% after the capital raise, IFL fell 10.7% on its underwhelming numbers. PTM also dipped 4.6% on results after hours last night. NEC slightly better than forecast, up 0.5%. CGC fell 10.8% on a trading update and worries on takeover bid, SIQ led the salary sacrifice sector lower on weaker-than-expected results, down 10.0%. Nothing on the economic front. Asian markets catching the Nvidia tailwinds up across the board. 10-year yields falling hard too. Dow Futures up 43 points. Nasdaq Futures up 186 points.
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US markets ended sharply higher, ending just off best levels, their biggest gain in nearly two months fuelled by weak PMI data across both the US and Europe, bolstering expectations that central banks would halt interest rate hikes to avert a recession. The Dow Jones rose 184 points (+0.54%). Dow at best up 246 points. S&P 500 posted its first 1% gain since 30-Jun, up 1.10%, and the NASDAQ posted its best day since 28-Jul, up 1.59%. Big tech led the gains in anticipation of Nvidia’s results Apple +2.2%, Meta +2.3% and Nvidia 3.2% prior to results (+6.99% after-hours market post results). US PMI fell to 50.4 in August, missing expectations of 52, indicating a sluggish increase in output for US firms in August, with overall activity level nearing stagflation. US treasury yields slipped on weak PMI results, with the 10Y yield falling 13.2bps and the 2Y fell below the 5% threshold. USD Index fell 0.14% after hitting a two-month high, and VIX dropped 5.8%.
- ASX to rise at opening bell. SPI Futures up 36 points (+0.51%).
- Copper up 1.09% for a fifth straight session, helped by surprisingly upbeat copper consumption data in China.
- Nickel +2.27%, Aluminium flat, Zinc +1.89%, Lead +1.53%, Tin +0.15%.
- Brent and WTI oil fell 1.17% and 1.67% as demand woes stemming from a build in US gas stocks and weak manufacturing data globally outweigh optimism.
- 10Y yield: US 4.20%, Australia 4.19%, and Germany 2.51%.
- Gold up 0.91%, helped by a pullback in US bond yields.
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ASX 200 rose 27 points to 7148 (0.4%), bouncing off the important 7100 level. Banks and BHP leading the way. Results continue to surprise.In every sense. The Big Bank Basket rose to $173.08 (+0.8%). Insurers bounced back, QBE up 1.5%, and SUN up 1.3%. MQG going nowhere, down 0.6%. REITs mixed with SCG and VCX easing back. Healthcare remains in ICU as CSL wallows, down 0.4%, RMD off 1.5% and COH falling 0.6%. Industrials were firm, TLS eased after a good run yesterday. WES up 1.2% and WOW rallied 3.5% on good results. COL continued to suffer on downgrades off 0.4%. Tech got whacked as WTC fell 19.6% on an earnings miss. The All-Tech Index cratered, down 1.8%. Resources back in favour, BHP up 1.9%, leading the miners higher. Commodity prices helping, FMG up 2.5% and RIO up 2.4%. Gold miners continued the rally, NCM up 0.4% and NST higher by 1.1%. Lithium stocks found some support, PLS up 1.0% and MIN up 2.8%. Oil and gas eased with WDS off 1.2% and STO continuing to fall on ho-hum numbers.
In corporate news, some big companies reporting today, WOW much better than COL. DMP rallied hard on job cuts and a new cunning plan. APA in a trading halt raising $750m to buy some Alinta WA assets. WOR rose 0.6% as profit dropped, REH off 2.4% on slowing demand, and PPM down hard on a dividend cut and a drop in profits.
In economic news, Australian Services PMI fell to 46.7 in August. Asian markets mixed again, Japan up 0.4%, HK up 0.5% and China off 0.9%. Dow Futures up 94 points. Nasdaq Futures up 65 points.
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Wall Street ended mostly lower overnight, ending just off worst levels. Dow down 175 points (-0.51%). Dow at best up 50 points. Dow at worst down 207 points. S&P 500 extended its August slide down 0.28%, weighed down by banks as S&P Global Ratings joined Moody’s in cutting some US lenders’ ratings amid a “tough” environment. NASDAQ flat, up 0.06%. Nvidia fell 2.8% on the eve of its quarterly report. Expectations surrounding Nvidia’s earnings are high as it may be the next catalyst to push tech stocks higher again. Analysts predict Q2 earnings may exceed expectations, with the only limit to growth being whether the chipmaker was able to get enough supply to meet insatiable demand. US treasury yields flat. 10Y yield down one basis point. USD Dollar Index edged higher, up 0.25%, and the VIX fell 0.9%.
- ASX to fall at opening bell. SPI Futures down 17 points (-0.24%).
- Russell 2000 -0.28%.
- Treasury futures now indicate a 100-basis point rate cut by the Fed by late 2024, down from 130 bps a few weeks earlier.
- S&P 500 Banks Index down 2.41%.
- KBW Regional Banking Index down 2.66%.
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ASX 200 rose 6 points to 7122 (0.1%) as results continue to dominate. 'Do not disappoint' is the mantra. BHP, the big one to report today, was a little underwhelming, although most was known after production numbers. The stock fell 0.7% with a slight miss to the dividend. Other miners were steady with big lithium in demand, PLS up 1.9% and AKE rallying 1.7% on results. Gold miners also in demand, NCM up 1.2% and NST up 2.4%. Oil and gas stocks eased as WDS reported, dropping 1.0% and STO down 0.5%. Coal stocks modestly better. Industrials were selective, TLS rallied 3.3% on some broker moves, tech better following Nasdaq higher with WTC and XRO both doing well, The All-Tech Index up 2.5%. Standouts were ALU up 25.9% on much better numbers and broker upgrades. MP1 was catapulted higher on better numbers, up 16.9%. Healthcare remains in the ICU, RMD down 1.6% and CSL off 1.0%. REITs better with SCG up 3.8% and VCX bouncing 3.1%. Banks better too with WBC finding some friends, up 1.3%, and NAB recovering 1.3%. Insurers weak, QBE off 1.7%.
In corporate news, HUB results cheered with the stock up 11.3%, MAD rallied 8.5%, AD8 put on another 9.3% after broker upgrades. PRN down 12.4% on results and DTL missed EPS numbers and fell 18.8% KGN also in trouble as Ruslan tried to convince investors that it wasn’t a retailer. The market seemed to concur, falling 11.2%. AWC fell 8.0% on numbers and COL fell 7.1% as costs rose and shoppers ramped up thefts. WES and WOW fell hard too.
On the economic front, ANZ-Roy Morgan consumer confidence fell 2.4%. In Asian markets, a mixed picture with Japan up 0.7% HK up 0.2% China down 0.3%. 10Y yields back up to 4.29%. Dow futures down 26 points. Nasdaq futures off 14 points.
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US equities closed mixed overnight. Dow down 37 points (-0.11%). Up 70 points at best. Down 252 points at worst. NASDAQ up 1.56%, while the S&P 500 rose 0.69% the upward movement was mostly driven by Nvidia +8.5% as HSBC raised its price target for the stocks and Tesla +7.3% recovering some of last week’s losses following news of more price cuts in China. Financial markets remain relatively subdued, lacking any shifts in the prevailing narrative as sentiment has turned somewhat pessimistic due to the ongoing upward pressure on interest rates. The bond market reflected this sentiment, as yields on 10Y and 30Y bonds reached their highest levels since 2007 and 2011, respectively. Despite speculation, Powell's upcoming speech at the Jackson Hole symposium is unlikely to include a decisive signal on the Fed's future course.
- ASX to open higher. SPI Futures up 17 points (+0.24%).
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ASX 200 dropped 33 points to 7116 (0.5%) as results dominated. Banks slid on WBC NIM woes, down to $170.88 (-0.9%) for the basket. WBC dropped 3.1%, with ANZ off 1.0%. MQG better, up 0.8%, but insurers fell after IAG results, QBE down 1.5%. Industrials were mostly firm, WES up 0.4%, ALL up 0.7% and REH managing a 0.2% gain. REA rose as tech stock saw buyers, XRO up 0.6% and WTC rallying 0.3%. The All-Tech Index down 1.0%. Healthcare in ICU as CSL stumbled again, down 1.4%, RMD fought back from early losses, finishing down 0.4% COH continues to get a good hearing up 1.6%. REITs mixed, VCX down 4.1% with SGP up 0.2%. Resources recovered a little after China cut some rates but not by enough. BHP down 0.4% of results tomorrow, FMG up 0.4% and lithium stocks in demand, PLS up 2.5%, MIN up 1.0% and LTR doing well, rallying 2.7%. Oil and gas are slightly better, WDS unchanged, and coal stocks flat.
In corporate news, PMV announced a strategic review and the CEO pulled the pin rising 12.2%, BRG followed up 9.0% on better margins and new product launches. AD8 proved the critics wrong with a 10.7% on record results. ELD collapsed 10.8% on profit guidance and IRE cut its dividend and sold a business to pay off dent and collapsed 35.6%. A2M was skimmed 13.6% on more Chinese woes and RWC dropped 8.3% on housing slowdown.
Nothing on the local economic front. Asian markets mixed again, Japan up 0.2%, HK down 1.6%, China down 0.6%. 10-year yields steady at 4.27%.
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ASX 200 fights back to close up 2 points at 7148 after a wobbly start. For the week the ASX 200 is down 2.6% as results season and China woes continue. Banks eased back again, CBA down 0.6% with the Big Bank Basket sliding to $172.49 (-0.5%). MQG fell 0.6% but MFG rallied 13.3% on a special dividend and cost-cutting. Insurers flat. REITs were dominated by GMG which has rallied an extraordinary 12% in two days as Data centres a new focus. Elsewhere REITS were sold off. Industrials were mixed, TLS fell 3.2% on broker comments, REA down 1.2% as DHG continued to fall, down another 4.0%. Consumer stocks eased back, ALL down 1.6%, COL fell 1.8% on an automation update, Utilities slightly better with ORG pushing up 1.9%. Tech going nowhere. In resources, Iron ore stocks on a bounce BHP up 1.4% ahead of results next week, RIO up 0.9% and lithium stocks finding small support. Gold miners better. Oil and gas eased and coal stocks fell.
In corporate news, results dominate, IMU fell 16.0% on a placement, ABG up 10.2% on results, LFS fell 1.7% on its results. No economic data locally, but Japanese inflation eased in core numbers. Asian markets weaker, Japan down 0.7%, China down 0.7% and HK down 1.6%. 10-year yields falling slightly, down to 4.23%.
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US equities close in the red overnight for the third straight day as a global bond market selloff intensified and tamped down enthusiasm for tech stocks. Dow ended near worst levels, down 291 points (-0.84%). Dow at best up 123 points. Dow at worst down 325 points. S&P 500 and Nasdaq fell 0.77% and 1.17%, respectively, booking losses for the third consecutive session amid renewed concerns about interest rates remaining higher for longer. US 10Y yields reached their highest levels in nearly 16 years, pressuring rate-sensitive tech sector Meta -3.1%, Microsoft -1.1% and Apple -1.5%. Weighing heavily on the S&P 500, Healthcare stocks took a hit, with CVS Health tumbling 8% as Blue Shield of California revealed plans to reduce reliance on CVS as its pharmacy benefit manager, opting to collaborate with others, including Amazon. This news led to a 1.9% dip in UnitedHealth and a 6.4% fall in Cigna. Wall Street’s fear gauge VIX jumped 6.6%. Higher oil prices lifted energy stock, with Exxon Mobil gaining 1.9% and Chevron up 1.7%
- ASX to slip. SPI Futures down 28 points (-0.39%).
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ASX 200 closed down 49 points at 7146 (-0.7%) as China and US worries weighed. Super Thursday results also disappointed from TLS to NXL. A worse-than-expected jobs number at 3.7% helped the ‘RBA is done’ narrative and caused a rally off the lows but lacked conviction. Banks were mixed with the Big Bank Basket down to $173.41 (-0.8%). MQG fell hard down 2.0% with insurers mixed. QBE down 1.6%. Healthcare also in trouble today, CSL off 0.7% and RMD snapping back to reality after outperforming in the storm. REITs mixed with results in focus. GMG up strongly 5.7%. Industrials weaker across the board with TLS down 2.8% after aborting plans to sell its infrastructure business. Consumer stocks eased too, WOW off 1.7%, COL down 1.5%, and TCL copping some downgrades off 4.9%. Tech eased but did recover with the All-Tech Index up 0.4% WTC off 0.4% and XRO down 1.8%. Miners recovered from lows in the iron ore space with BHP and RIO modestly higher. Lithium stocks under pressure as CXO dropped a bombshell falling 24.8% on a capital raise. Gold miners also on the nose, NCM down 1.7%, and EVN fell 4.8% on results.
In more corporate news, SUL rewarded shareholders with a special dividend and rose 2.9%. ING rose 14.8% on better-than-expected numbers, CXO dropped 24.8% on its deeply discounted raise, ORA rose 3.4% on results and IPH in demand rising 10.8%. SHL dropped 5.7% as CV19 effects wear off.
On the economic front, jobs numbers showed a slip in the unemployment rate to 3.7%. Asian markets still under pressure, but modest losses. Japan down 0.3%, China off 0.1% and HK down 0.9%. 10-year yields higher at 4.29%.
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Wall Street ended lower overnight night after the FOMC minutes showed bank officials were divided over the need for more interest rate hikes at their last meeting. Dow Jones down 181 points (-0.52%). Up 187 points at best. Down 189 points at worst. S&P 500 off 0.76%, slumping for a second day in a row, and NASDAQ slid 1.15% as tech behemoths dragged. Treasury yields climbed, reaching levels not seen in 15 years, (10Y yield rose past the 4.25% mark its highest since Nov-07) due to conflicting signals in meeting minutes and robust industrial production figures pressuring the tech sector as Meta -2.5% and Tesla -3.2%, as well as key semiconductor companies AMD -3.7% and Intel -3.6%. Conversely, Target rose 3% after beating Q2 profit estimates. USD Index rose 0.22%, rebounding from earlier losses and posted its fifth straight day of gains and gains. Gains in the dollar and treasury yields weighed on Gold, down 0.52%, hovering at its lowest level since March.
- ASX to open lower. SPI Futures down 23 points (-0.32%).
- Gold dropped 0.52% easing as FOMC provides insight into further rate hikes.
- Copper fell 0.21% hovering above a 7-week low.
- Nickel +0.4%, Aluminium flat, Zinc -0.52%, Lead -0.35%, Tin -0.14%
- WTI and Brent dropped 2.05% and 2.06% as Chinese demand fears counter tight US supplies.
- 10Y Bond Yields higher: US 4.26%, Australia 4.24%, and Germany 2.67%.
- The likelihood that the Fed will hold rates at its next meeting at 88%.
- US housing starts rose by 3.9% MoM exceeding expectations.
- US Industrial production rose 1% MoM, the most in six months, significantly above market expectations of a 0.3% rise.
- US Manufacturing production rose 0.5% MoM, rebounding from an upwardly revised 0.5% fall in June, exceeding market expectations of a flat reading.
- Russell 2000 -1.28%
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Blood on the streets on the ASX 200 today, market down 110 points to 7195 (-1.5%), posting its biggest drop in six weeks. REITs put up some resistance following solid earnings reports VCX +2.4%, MGR +5.3% and SCG +1.5%. Energy stocks fell, as crude oil fell for a third day after a drop in US inventories, STX off 3.5%, BPT down 2.8% and WDS -0.9%. Tech stocks tracked the Nasdaq lower, SQ2 -4.0% and WTC down 3.7%. All-Tech Index down 2.4%. Iron ore giants BHP, RIO and FMG all lost over 2%. The big four banks were all negative; CBA went ex-dividend today down 3.6%. Big Bank Basket down 2.5% to $174.79. Bullion prices were steady, but gold stocks were caught in the broad market sell-off NCM down 1.3% and EVN off 1.7%. Industrials weaker across the board; construction stocks were slammed dragged lower by FBU -9.3% disappointing earnings report. Healthcare eased, but RMD managed to buck the trend up 0.1%, CSL off 0.4% and RHC down 1.8%. Elsewhere, WES down 0.8%, QBE off 1.0% and MIN falling 3.6%.
In corporate news, lots of results today ahead of a Super Thursday tomorrow. TCL down 0.7% despite toll income rising 26%, CPU down 3.3% reported revenue jumped 27% and flagged a $750m share buyback, BAP up 5.5% despite margins getting squeezed, the company kept its final dividend, and NWL down 1.6% recorded record EDITDA and a 26.3% jump in FUA.
In economics, RBNZ leaves rates on hold. China’s new home prices fell 0.1%, marking the fifth decline this year amid a prolonged property crisis. Asian markets are lower on concerns over China’s stuttering economy, Japan down 1.3%, HK down 1.4% nearing a two-month low, and China off 0.5%. Australia’s 10Y yield down 6bps to 4.19%. Aussie Dollar sinks to nine-month lows down 0.1% to 64.51c. Dow Jones futures down 5 points, and Nasdaq futures up 6 points.
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US equity markets fell sharply overnight after stronger-than-expected retail sales data showed continued consumer resilience which stoked concerns that interest rates could stay higher for longer. Dow Jones fell 361 points (-1.02%). Dow at worst down 399 points. S&P 500 down 1.16%, falling below its 50-DMA for the first time in more than three months, halting a streak momentum that was by this measure the longest since Sep-20. NASDAQ shed 1.14%. US 10Y treasury yields briefly hit 10-month highs, reaching as much as 4.274% before dipping lower again. Shorter-dated US Treasuries went higher amid a global bond sell-off, then dipped after moving above 5%. Wall Street’s fear gauge, the VIX, jumped 11.1%. Among shares, big banks including JPMorgan -2.5%, BofA -3.2%, Citigroup -2% and Wells Fargo -2.3% fell following a Fitch rating analyst comment on CNBC. On the earnings front, Home Depot rose 0.7% after the retailer reported a smaller-than-expected drop in quarterly sales.
- ASX to fall. SPI Futures down 75 points (-1.04%).
- Gold dropped 0.33% steadying at the USD pulls back.
- Copper fell 1.35% hitting a 6-week low on weak China data.
- Nickel -1.67%, Aluminium flat, Zinc -1.91%, Lead +1.38%, Tin -1.03%
- WTI and Brent dropped 1.75% and 1.36% on further worries regarding the Chinese economy.
- 10Y Bond Yields mixed: US 4.22%, Australia 4.23%, and Germany 2.69%.
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ASX 200 rallied 28 points to 7305 (+0.4%) as results dominated today. Big names hitting the boards, CSL, COH, and NAB trading update. The banks were solid but unspectacular with the Big Bank Basket rising to $179.26 (+0.1%) after NAB quarterly update. NAB up 1.3% on a new buyback. Insurers bounced back on higher yields with QBE leading the charge up 1.3%, SUN up 1.6%. Healthcare in recovery ward today after CSL beat lowered expectations, up 3.7% and COH kicked 5.7%. RMD continue to push higher after recent falls up 1.3% and RHC doing well too. REITs mixed, GMG down 0.6% and SCG up 0.7%. Industrials mainly positive, WOW up 0.4%, TCL up 0.4% and SVW putting on another 1.0%. Tech better too, WTC up 1.3% and XRO doing well up 2.0%. The All-Tech Index rose 1.1%. Resources once again a little unloved. Big miners struggled, BHP down 0.3% and RIO off 0.4% but FMG found some friends, up 1.0%. Lithium stocks remain under pressure, PLS down 3.4% and MIN off 0.9%. Gold miners slid, led by NCM down 1.5% and NST down 1.9%. Oil and gas stocks steady, coal miners a tad higher, WHC up 2.7%.
In corporate news, a deluge of large-cap results today, SEK disappointed on growth options falling 4.3%, 360 produced some very positive results running 12.3% higher. Not so for TPW falling 4.5% on numbers, GUD up 14.9% on Gud results. LKE rallied hard on Kachi test results, up 16.7% and MAY fell 33.3% on Cuban disappointment.
In economic news, RBA minutes and wages growth numbers. Asian markets mixed as China cuts some rates and Japan shows a 6% GDP rate. 10-year yields pushing higher again up to 4.27% on RBA Minutes. Dow futures up 4 points. NASDAQ futures up 45 points.
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US markets finished a choppy session higher on Monday.The Dow edged higher, up 26 points (+0.07%). Dow at best up 54 points. Dow at worst down 111 points. Big tech drove the S&P 500 and NASDAQ higher, +0.58% and +1.05%, respectively, boosted by a 7.1% jump in Nvidia after Morgan Stanley named Nvidia the bank’s “top pick” ahead of the chipmaker’s quarterly reports. This move sent other mega-cap tech stocks higher, Amazon +1.6%, Alphabet +1.3%, and Meta +1.5%. Meanwhile, Tesla lost 1.2% after announcing a cut in prices for the Model Y. The Dollar Index rose 0.34% to 103.16 after hitting its highest level since July. The safe haven appetite drove up US Treasury yields, the 10Y yield hit 4.215%, the highest since November, before falling back to 4.201%.
- ASX to open flat. SPI Futures flat.
European stocks closed mostly higher overnight, rebounding from a near one-week low as gains in retail and healthcare outpaced the losses in miners and energy. STOXX 50 +0.2%, FTSE -0.2%, CAC +0.1%, and DAX +0.5%. European miners and energy stocks led losses tracking lower crude oil and base metal prices on deteriorating demand outlook in China. Asian equities were almost lower everywhere Monday, led lower by the Hang Seng -1.58% in particular its property stocks. Greater China markets were lower, Shanghai -0.34%, Shenzhen -0.50%, ChiNext -1.02% weighed down by consumer discretionary and staples.
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ASX 200 fell 63 points to 7277 (-0.9%) as more Chinese woes hit confidence and iron ore losses mount in Asian trade. The big miners slid, BHP down 2.1% and FMG off 1.8%, with lithium stocks under pressure, PLS down 6.0%, and AKE dropping 3.9%. Base metal stocks eased too with gold miners holding in places. Oil and gas stocks gave up early gains as oil lost 1% in Asian trade. Coal stocks drifted lower with WHC down 1.2%. Banks were softer as BEN reported and lost 2.9%. CBA is down 0.7% and the Big Bank Basket at $179.01 (-0.8%). Insurers slid with SUN down 1.9%. Money managers also sliding lower. Healthcare lost ground with CSL under pressure yet again down 1.2% ahead of numbers tomorrow. RMD bucked the trend up 1.9%. REITS slid on higher yields; Tech eased with the All-Tech Index up 0.8% with XRO off 0.3%. Rate-sensitive industrials fell, TCL off 1.1% and REA off 0.8% as analysts digested recent results. In corporate news, CAR reported and rose 7.0%, JBH held up well on better numbers than expected, rising 2.8%. GWA posted a good result rising 7.5% and BPT disappointed yet again and slid 3.6% on lower revenue numbers. Nothing on the economic front. Asian markets wobbled on China woes, Japan down 1% HK down 2.1%, China down 0.4%. 10-year yields holding at 4.21% and the AUD under pressure below 65c. Dow futures down 64 points and NASDAQ futures down 24 points.
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US markets experienced a general decline last week as they absorbed fresh inflation data and evaluated the future trajectory of the Fed's interest rates. The Dow increased by 105 points (+0.30%) on firday, reaching its peak with a gain of 179 points, but also experienced a low point with a decline of 116 points. The S&P 500 registered a slight decrease of 0.11%, while the NASDAQ faced a more significant loss of 0.68%. This decline was attributed to a sell-off in shares of companies like AMD (-2.4%), Micron (-1.6%), and Nvidia (-3.6%), resulting in their second consecutive week of losses. The rise in produce prices, which reflect the costs paid by wholesalers for raw materials, was 0.3% MoM, marking the most substantial increase since January and surpassing the expected 0.2%. This development led to speculations that the Fed might need to maintain higher interest rates for an extended period.
- Russell 2000 +0.13%, down 1.65% for the week.
- US Michigan consumer sentiment edged lower to 71.2 in August from 71.6 in July, beating expectations of 71.
- USD Dollar Index hits a five-week high of 102.86, boasted by a higher-than-expected rise in producer prices.
HEADLINES
- ASX set to fall as earnings, wage costs, jobs data top agenda.
- Sluggish US earnings may need pick-me-up to support 2023 stock rally.
- Stocks fall, yields rise after hotter than expected inflation reading.
- Contact Energy declares NZ21¢ final dividend.
- SkyCity books $45m provision for potential AUSTRAC penalty.
- Goldman’s final take on US second-quarter results.
- Be wary of the dovish inflation narrative: Scotiabank.
- Earnings to gather pace this week.
- China condemns visit of 'troublemaker' Taiwan VP to US.
- US, China agree to double weekly flights between countries.
- Novo eyes other health benefits from weight-loss drug Wegovy after major trial.
- Trump heading for Republican 'coronation' as 2024 rivals struggle to stop him.
- SoftBank in talks to buy Vision Fund's 25% stake in Arm -sources.
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ASX 200 slid 17 points to 7340 (+0.24%) in quiet trade dominated by results again today. For the week the index is down 0.85%. Broad based weakness today, Banks eased after CBA results and Phil Lowe talked up rates in Canberra. The Big Bank Basket down to $180.46 (0.1%). Insurers mixed, QBE slipped 0.3% despite broker upgrades. Fund managers also squeezed slightly higher. MFG up 1.8%. Industrials were flat, healthcare better led by CSL up 0.6% and RMD up 0.6%. REITS slightly firmer with GMG down 0.4% the exception. Tech stocks eased back with XRO down 0.2% and WTC falling 1.5% with the All-Tech Index down 0.4%. In resources, iron ore stocks down again, FMG off 2.2% with RIO now ex-div falling another 0.6%. Lithium stocks on the nose today with PLS down 1.1% and MIN off 1.7%. Energy stocks also weaker, WDS down 2% on crude falls and strike threats. STO off 1.6% with coal stocks sold down, WHC off 2.0% and BCB down 4.2%. In corporate news, SGR is up 18.0% on a softly, softly NSW government, NCK rose 13.3% so far so good, CTT founder sold down, stock up 5.4% and BBN fell 1.9% on well-guided results. In economic news, it was all about the US CPI, although Phil Lowe spent his last uncomfortable day in Canberra with some regrets he had a few. Too few to mention. Asian markets weaker, China down 1.3% and HK off 0.7%. Japan closed for Mountain Day. Dow futures up 29 points. NASDAQ futures 23 points.
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US equity markets finished slightly higher overnight, ending near best levels as inflation worries ease. Dow Jones up 53 points to (+0.15%). Up 455 points at best. Down 16 points at worst. S&P 500 muted, up 0.03%, and the NASDAQ gained 0.12%. US treasuries firmed. 30Y yields climbed after a US$23bn auction was awarded the highest rate since 2011. 2Y yields reversed an earlier slide and the 10Y yield rose about 10bps to 4.1%. Oils rally, driven by signs of a tightening market, paused as technical barriers stalled further advances. On the earnings front, Alibaba rose 3.7% after the company’s quarterly results topped forecasts and Disney jumped 4.8% despite posting mixed results and announced an upcoming price hike.
- ASX to fall at open. SPI Futures down 20 points (-0.27%).
US headline annual inflation rose 0.2% MoM, in line with consensus. Up 3.2% YoY accelerating from 3% in June. Core CPI (ex-food and energy) is also up 0.2% MoM, matching forecasts. Up 4.7% YoY from 4.8% in June, below expectations of 4.8%. Results support disinflation and peak Fed narrative aka the “Goldilocks” narrative.
Major bourses in Europe rose overnight, but off best levels following positive inflation figures in the US. STOXX 50 +1.6% FTSE +0.4% DAX +0.9%, and CAC +1.5%. In Asia, markets were mostly higher Nikkei +0.84%, Hang Seng +0.01%, Shanghai Composite +0.31%. Growing debate whether China’s deflation could spill over into US and the global economy. JPMorgan analysts suggest a potential -70 basis point spillover to global core goods inflation and a connection between US CPI and China PPI movements. Macquarie strategists highlight that China's reduced demand could ease pressure on global supply chains, influencing the Fed's rate decisions, yet uncertainty remains due to commodity price fluctuations.
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ASX 200closed up 19 points to 7357 (+0.3%) in a subdued day of trade. US CPI data tonight key. Energy sector is the top performer today as oil prices jump over US$84 a barrel, intensifying concerns that resurgent inflation will force central banks to raise rates further. STO, BPT and STX all gained over 2%. Coal stocks doing even better, YAL +4.8%, WHC +4.3% and NHC +5.8%. The big four banks let go of yesterday’s gains. WBC the only bank big bank in the green, up 0.3%. Big Bank Basket slipped 0.2% to $180.61. Tech stocks faced a digital dilemma today, with most struggling while others managed to debug their losses. XRO slid 3.7%, WTC off 1.0%, while DDR rose 1.4%. All-Tech Index up down 0.9%. REITs rose despite rising bond yields, MGR up 1.3% and SGP +0.7%. Healthcare stocks showed resilience, nursing a small gain. CSL +0.8%, COH +0.8% and MSB +5.7%. Insurers were good to SUN +1.4% and IAG up 1.5%. Industrials held steady, WES +1.2%, JHX +0.9%, but A2M slipped 2.5%. Iron ore giants mixed BHP and FMG gained, while RIO fell another 2.8% as it went ex dividend. Gold down, ahead of US CPI results. In corporate news, CCT jumped 12.1% on revenue results, DOW off 6.4% reported a $386m annual net loss, QBE down 1.2% on results, AMP up 4.6% raises full-year profit forecast, and LRS flat, on positive deposit results. In economics, Australia’s inflation expectations eased to 4.9% in August from 5.2% the previous month. Asian markets mixed. Japan up 0.9%, HK down 0.7% tracking Wall St overnight, and China down 0.1% on weak sentiment. Australian 10Y yield and 2Y yield up 4bps. Dow Jones futures up 139 points, and Nasdaq futures up 63 points.
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Wall Street closed lower overnight, ending near worst levels a day before the release of key US inflation data that could influence Fed interest rate decisions. Dow Jones lost 191 points (-0.54%). Up 56 points at best. Down 256 points at worst. S&P 500 down 0.70%, and the NASDAQ shed 1.17%. The US dollar eased, and the US 10Y treasury yields fell 2bps. Meantime, demand for the new 10Y notes was high enough that investors were willing to settle for a yield of less than 4%. The US$38bn auction was awarded at 3.999%. Earnings season continues, Lyft fell 10.03% after the company reported its slowest revenue growth in two years, and Upstart shares plummeted 34.24% on disappointing guidance. Conversely, Casino owner Penn Entertainment's shares jumped 9.1% on a $2bn deal with Walt Disney's ESPN.
- ASX to rise. SPI Futures up 4 points (+0.05%)
- Gold dropped 0.53% ahead of US inflation report tonight.
- Copper rose 1.52% on stimulus bets as China sinks into disinflation.
- Nickel -1.75%, Aluminium -0.14%, Zinc +0.49%, Lead +0.52%, Tin +0.26%
- WTI and Brent rose 1.70% and 1.52% on US fuel demand and tighter supplies.
- 10Y Bond Yields mixed: US 4.02%, Australia 4.01%, and Germany 2.48%.
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US equity markets finished lower overnight, in a broad sell-off after Moody’s cut the credit ratings of 10-small to mid-sized US banks, reigniting fears about the health of the US banks and the economy. The Dow Jones closed 159 points lower (-0.45%), well off worst levels. Dow down 466 points at worst. S&P 500 dipped 0.42%, and the NASDAQ lost 0.79%. After a five-month rally this year, the S&P 500 and the NASDAQ were 5% off their lifetime highs, August has now recorded five losing sessions out of six. S&P 500 down 2% this month, with the NASDAQ falling 3.2%. Treasuries rallied with some curve flattening, the 3Y auction was well received. USD Index rose 0.47% after disappointing Chinese trade figures led investors to safer assets and the VIX at one point hitting a two-month high before closing up 1.4%. On the earning front, UPS off 0.88% after the company cut its 2023 revenue and margin forecast. Eli Lilly led the healthcare sector higher, +14.91% on upbeat earnings and outlook.
- ASX to edge lower. SPI Futures down 5 points (-0.07%).
Moody’s bank downgrades and warnings have put renewed scrutiny on banking sector stresses. Moody’s cut ratings to 10 small- to mid-sized lenders by one notch and placed six banking giants, including Bank of New York Mellon, US Bancorp, State Street, and Truist Financial, on review for potential downgrades. Moody's also warned that the sector's credit strength would likely be tested by funding risks and weaker profitability.
- Russell 2000 -0.59%
- S&P 500 Banks index has slipped 2.5% YTD vs 17.2% gain by the S&P 500.
- KBW Regional Banking index dipped 1.39%.
- Gold dropped 0.60% near a one-month low as the USD rallied.
- Copper fell 2.47% to lowest in almost a month on weak Chinese trade data.
- Nickel -1.09%, Aluminium -1.26%, Zinc -1.28%, Lead -0.54%, Tin -1.91%
- WTI and Brent rose 1.22% and 0.26% on US economic growth outlook.
- 10Y Bond Yields mixed: US 4.03%, Australia 4.00%, and Germany 2.44%.
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ASX 200closed flat, up 2 points to 7311 (+-%), losing early morning gains, with mining and financials balancing the market. Iron ore giants were mixed FMG up 0.4%, BHP down 0.6%, and RIO off 0.4%. Goldman predicts a fall in iron ore prices this year. Iron ore futures in Singapore have fallen 11.6% from its cyclical high last month. The “big four” banks were mixed CBA and NAB in the green while ANZ and WBC stumbled. Big Bank Basket up to $177.19 (+0.1%). Lithium stocks were broadly lower, AKE down 2.5%, SYA tumbled -13.2%, while PLS rose 2.7% on broker upgrades. Gold stocks tracked bullion prices lower, NST down 2.3% and NCM off 0.5%. Tech stocks tracked the Nasdaq higher, XRO +0.2% and WTC up 0.2%, while SQ2 fell another 0.2%. Energy sector was buoyed by gains in WDS and COE as oil edged higher. Industrials under pressure, MTS down 1.1%, WOW off 0.2% and DMP falling 0.2%. Healthcare doing ok. Insurers, not so much IAG, MPL, and SUN all losing ground. REITs fell with SCG down 0.7% and VCX off 1.6%. In corporate news, WDS +0.6% after announcing that it will sell 10% of its flagship Scarborough gas project. JHX jumped 14.6% on upbeat forecasts despite posting a decline in revenue and profits. MYR fumbled the ball, down 14.1% on results despite raising profit outlook. CRN off 11.6% on drilling results. In economics, Consumer confidence fell 3.4 points to 75 despite the RBA cash rate pause. In contrast, Australia’s business mood improved slightly; NAB’s business confidence index rose to 2 in July from a downwardly revised -1last month. Australian building permits fell for the third time this year, falling 7.7%, MoM and China Exports dropped the most in over three years down 14.5% MoM, the steepest decline since Feb-20. Asian markets mixed, Japan up 0.3%, and HK down 1.8% with China off 0.3%. Dow Jones futures down 92 points, and Nasdaq futures down 76 points.
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All three major US indexes closed higher on Monday, rebounding from their worst weekly fall since March, and ending near best levels, as investors position themselves ahead of Thursday’s CPI report due this week. Dow Jones saw its biggest advance in more than seven weeks, up 408 points (+1.16%). Dow at best up 432 points. S&P 500 halted a four-day drop, up 0.90%, and the NASDAQ gained 0.61%. The US dollar recovered from a one-week low, and the USD Index edged higher by 0.03%. Short-dated US Treasuries fell while 10Y yields rose after hitting November's peak. Treasury sales to test investor demand this week amidst the largest refunding auctions since last year. The market faces $103bn across 3, 10, and 30Y auctions this week, up $7bn from May. In corporate news, Berkshire Hathaway rose 3.4% after the company reported its highest-ever quarterly operating profit, Telsa slipped 0.9% after its CFO stepped down, and Apple fell 1.73% to book its longest losing streak of 2023.
ASX to bounce. SPI Futures up 29 points (+0.40%)
European markets ended mostly mixed but off worst levels. Focus in Europe on German industrial output for June missed estimates, Eurozone's August Sentix Investor Confidence improved but remains in contraction. UK's July Halifax house price index was below expectations. FTSE 100 0.14%, DAX -0.01%, CAC40 +0.08%, and STOXX 600 +0.09%. In Asia, equity markets mixed in a quiet day of trade. Japan reversed early losses to close slightly higher, up 0.41%. Hong Kong flat, off 0.01%, while mainland markets fell on steep falls in healthcare stocks Shanghai -0.59%, Shenzhen -0.83%, ChiNext -1%.
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ASX 200 drifted 16 points lower to 7309 (-0.2%) as iron ore miners and banks wallowed. WBC and ANZ, the worst performers ahead of CBA numbers Wednesday. The Big Bank Basket down to $176.94 (-0.2%). Insurers slid with QBE off 1.8% and SUN dropping 2.6%. MQG slightly firmer up 0.4% and GQG up 4.5% on better FUM numbers . GMG led the REITs bouncing as bond yields came under pressure, SCG up 1.1% and VCX rallying 0.5%. Healthcare was once again in ICU, RMD slipped 4.3% on downgrades, CSL dropped 1.1% and MSB continued to trade lower, down another 12.8%. Industrials were firm as TLS rose 0.5%, WES up 0.5% and BXB rallied 0.6%. Tech mixed, WTC up 0.6% and XRO off 1.2%. The All-Tech Index falling 0.6% as SQ2 dropped like a rock, down 10.1%. In resources, Lithium stocks came under a little pressure despite some good news in PLS up 3.8% and AKE up 2.4% but LTR and LRS both slid. Iron ore stocks once again under pressure, FMG down 1.6% and RIO off 0.8% with gold miners mixed. Oil and gas stocks were better as STO rose 0.3% and WDS up 0.6%. In corporate news, EHE rose 8.5% on news of the Scheme from Bain and the ACCC extended the ORG takeover decision again. PLS upgraded its resource, DHG saw its CFO leave for TPG and NIC has completed it haul road in Indonesia. Nothing on the economic front. Asian market weaker with China down 1%.10-year yields at 4.06%. Dow futures up 101 points. NASDAQ futures up 83 points.
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US markets concluded the week with losses all round as the latest batch of corporate earnings reports and new job statistics dampened market sentiment. The Dow Jones declined by 150 points (-0.43%). At its best, the Dow was up by 291 points, while at its worst, it was down 182. The S&P 500 and the NASDAQ experienced drops of 0.53% and 0.36%, respectively. These declines were primarily influenced by a substantial 4.8% decrease in Apple's stock value, stemming from disappointing quarterly results and a pessimistic outlook.
On the European front, markets showed a general upward trend on Friday. The FTSE 100 increased by 0.49%, the DAX rose by 0.39%, the CAC40 saw a gain of 0.84%, and the STOXX 600 index rose 0.33%. However, Europe's STOXX 600 index witnessed one of its most significant weekly drops (-2.44%) since July, primarily attributed to growing concerns about the region's economic growth due to increased speculation of a challenging economic environment.
- SPI Futures are down 11 points (-0.15%).
- 10Y Bond Yields: US 4.04%, Australia 4.05%, and Germany 2.52%.
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ASX 200 closed up 14 points to 7325 in a late surge. For the week the index dropped 1.1%. Banks held steady despite the ACCC knocking back the ANZ/SUN deal, The Big Bank Basket relatively unchanged at $177.25. MQG was slightly better up 0.8%, but REITs hit hard once again as 10-year yields continued to rise. Defensive healthcare stocks under pressure. CSL down 0.7% and RMD tumbled 9.3% after disappointing results. Industrials drifted higher at the close, WOW unchanged, COL off 0.2% and TLS falling 0.5%. Tech stocks finished better led by XRO up 1.5% and WTC up 1.9%. Oil and gas stocks continue to push higher as crude rising on production cuts. Iron ore miners shrugged off negativity and lower AUD with BHP up 1.1% and RIO rising 0.8%. Lithium stocks mixed and gold miners eased, NST down 2.3%. In corporate news, MSB collapsed 56.9% on an FDA update, SQ2 also fell hard on results down 5.8%. On the economic front, China has lifted tariffs on Barley after a three-year absence. The RBA SOMP was released with a downgrade to growth forecasts, with GDP now at 0.9% in the year to December 23. In Asian markets, China and HK up around 1% with Japan flat. 10-year yields 4.18%. Dow futures up 87 points. NASDAQ futures 113 points. European markets opening around 0.5% higher.
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All three major US Indexes finished lower overnight after a choppy trading session as US bond yields hit nine-month highs and the dollar dipped following a US credit downgrade. Dow Jones fell 67 points (-0.19%). Dow at best up 66 points. Dow at worst down 160 points. S&P 500 posted its third straight decline, down 0.25% on track to break four-straight weekly gains. Tech under pressure as their rallies in July increased their already high sensitivity to surging treasury yields, NASDAQ down 0.1%. Treasury yields reached nine-month highs due to economic data suggesting easing inflation. The yield on 10Y Treasury notes rose by 10.7bps to 4.185%, while 30Y rates increased by 13.8bps to 4.302%. The rise in yields was attributed to investor positioning and market liquidity rather than fundamental factors. Meanwhile, the dollar remained steady against major currencies at $102.48, close to a one-month high. Among stocks, PayPal and Qualcomm tanked by 12.3% and 8.2%, respectively on poor corporate earnings.
- ASX to edge lower. SPI Futures down 7 points (-0.10%).
Apple Results: Apple -0.73% reported sales of $81.8bn, a 1.4% fall, but still higher than the expected $81.69bn. EPS rose 5% to $1.26, beating analyst estimates of $1.19. Despite iPhone sales slightly missing expectations, strong sales in China, with an 8% YoY growth, helped offset the global smartphone market decline. Apple's gross profit margin for the next quarter is expected to be between 44% to 45%, higher than the anticipated 43.4%. The company's research and development spending reached $22.61bn, driven partly by investments in AI. iPhone sales in China grew by "double digits," and services revenue reached $21.21bn with a record number of 1bn subscribers. The wearables business had revenue of $8.28bn. Mac and iPad sales were $6.84bn and $5.79bn, respectively.
- Russell 2000 -0.28%
- US ISM Services PMI fell to 52.7 from June's 53.9, below the forecast of 53, signalling a slowdown in services growth due to smaller increases in business activity/production.
- The number of Americans filing for unemployment benefits rose by 6k to 227k in the week ending July 29th, in line with expectations. Continuing claims increased by 21k to 1.7m during the same period, also meeting expectations.
- Gold was flat overnight, sitting at a 3-week low.
- Tin rose 2.76% as turmoil in Myanmar reduces supply.
- Copper +1.33%, Nickel +0.21%, Aluminium +0.75%, Zinc +0.7%, Lead +0.26%
- WTI and Brent gained 2.59% and 2.18% as Saudi Arabia and Russia maintain tight supplies.
- 10Y Bond Yields mixed: US 4.18%, Australia 4.13%, and Germany 2.57%.
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ASX 200 closed down 43 points to 7312 (-0.6%), sliding for a second straight session, tracking losses on Wall Street overnight. Tech led the laggards today, XRO -2.7%, REA -0.8% SQ2 -1.9%. All-Tech index down 1.0%. Iron ore miners slipped, tracking the softening price in Asia. BHP down 1.2%, RIO off 1.7% and FMG down 1.3%. Big four banks are all down. CBA -1.0%, NAB -0.6%, ANZ -0.4% and NAB -0.6%. Big Bank Basket down to $177.55 (-0.8%). Energy stocks struggled, WDS -0.7% and BPT -1.2%. Lithium stocks mostly down, MIN -0.6%, AKE off 1.6%, but PLS bucked the trend, up 1.4%. Healthcare had a bad day, but insurers found some support, QBE +1.2%, SUN +0.7% and IAG up 1.9%. Consumer discretionary/mum & dad stocks mixed WES off 0.3%, JBH down 0.9%, and QAN -1.1%. REITS weakened SCG off 1.1% and VCX down 1.0%. In corporate news, JHX down 2.8% on a new deal with US builder D.R. Horton, DOW -3.8% will recognise a $549m impairment in its upcoming financial results, BGL +3.1% reported “exceptionally high grade” gold hits in its drilling program, LNK -2.7% despite anticipating a 4.5% rise in revenue and EBIT surpassing guidance range. In economics, Australia’s trade surplus widened to a three-month higher of $11.3bn in June from a downwardly revised $10.5bn. Retail turnover fell by 0.8% MoM, marking the second time a drop in retail trade so far this year, as cost of living pressures weigh on consumer spending. Caixin China General Composite PMI fell to 51.9 in July the seventh straight month of growth in private sector activity but the softest pace since January. Asian markets mixed, Japan extending losses from the previous session, down 1.5%, HK and China up 0.5%. Australian bond yields higher, 10Y yield up 8bps to 4.10%. Dow Jones futures up 20 points, and Nasdaq futures down 18 points.
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US markets were lower overnight, ending near worst levels, following hot labour market data and a ramp-up in treasury issuance just a day after a US credit downgrade by Fitch. Dow Jones down 348 points (-0.98%). Dow at worst down 404 points. S&P 500 notched its worst day since April, down 1.38%. Tech-heavy NASDAQ off 2.17%, its worst day in five months. Wall Street’s “Fear Guage” the VIX climbed the most in five months, up 15.5%. US 10Y treasury yields hit the highest levels since November, and the USD Index rose 0.28%. Among stocks, AMD's earnings declined by 7% despite reporting upbeat earnings, mainly due to a disappointing outlook. Starbucks' stock rose by 0.9%, although the company's sales fell short of expectations.
- ASX to fall at open. SPI Futures down 58 points (-0.79%).
- ADP July report shows private payrolls rose by 324K, significantly above the 183K consensus but falling below June's 497K. The report supports soft-landing scenarios but contrasts with the latest JOLT report showing low job openings.
- Russell 2000 -1.37%
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Blood on the streets in the ASX 200 today, the market closed down 96 to 7355 (-1.3%) in a broad market sell-off, losing yesterday’s gains and then some as heavyweight banking and mining stocks weighed. All sectors finished in the red today. Iron ore giants BHP, RIO and FMG all lost over 1% each. Gold stocks not so golden today, NST and NCM down 2.7% and 0.7%, respectively. Lithium stocks sad, LKE off 4.4% and MIN down 1.9%. The big four banks ended in negative territory, with CBA the biggest laggard, down 2.3%. The Big Bank Basket was down to $178.90 (-2.1%). Interest rate-sensitive Tech no better. SQ2 down 1.8%, and XRO off 0.1%. Defensive sectors had no defence against the broad sell-off, Healthcare and Telecoms stocks lower. REITS stumbled, down 2.0%, GMG -2.4%, CHC -3.8% and SGP -1.6%. In corporate news, BWP -3.3% results disappointed, PSI up 2.1% set to surpass earning guidance, HLO +1.4% upgraded FY23 earnings guidance, ASN up 6.5% produces its first battery grade lithium carbonate, and TBN +3.3% signed binding letters of intent with ORG, AGL, Shell and EnergyAustralia. In economics, Ai Group Australian Industry Index fell to -14.7, continuing its contraction for the 15th month straight. Asian markets fall as Fitch fallout sours sentiment. Japan down 1.5%, HK off 2.1% and China down 0.9%. Australian bond yields higher 10Y yield up 5bps and 2Y yield up 1bps. Aussie dollar is down 0.6% to 65.73c. Dow Jones futures down 109 points, and Nasdaq futures down 101 points.
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Wall Street closed mostly lower overnight in an uneventful session as the latest slew of corporate results came in mixed. The Dow Jones rose 71 points (+0.20%). Up 120 at best. Down 33 at worst. Meanwhile, the S&P 500 and NASDAQ dipped by 0.27% and 0.43%, respectively. US treasury yields rose, with the 30Y paper touching a new year high. Conversely, gold prices fell, weighed down by a stronger dollar and an uptick in bond yields. Among stocks, Merck & Co lost 1.3% despite exceeding sales expectations. Pfizer retreated 1.2% despite upbeat results. Caterpillar surged 8.8% on better-than-expected earnings and revenue but warned of a potential Q3 sales and margins decline, and ISM Manufacturing PMI indicated a ninth month of factory sector contraction.
- ASX to fall at open. SPI Futures down 39 points (-0.53%).
HEADLINES
- ASX to fall, S&P 500 slips on earnings misses. Iron ore falls.
- Gloomy data makes investors more cautious on world economy.
- Fitch cuts US government's AAA credit rating by one notch
- U.S. Treasury posts sharply higher $228bn June deficit
- Apple heads for largest Q3 revenue drop since 2016 as iPhone sales slow.
- Meta starts blocking news in Canada over law on paying publishers.
- US Fed officials see pathway to soft landing.
- AMD forecasts challenger to Nvidia AI chip to launch in 4th quarter, shares rise.
- TSMC leads in advanced chip packaging wars, LexisNexis patent data says.
- A double dose of the U.S. Treasuries and dollar 'pain trade' bites Asian markets.
- Starbucks misses quarterly sales estimates, China sales buoy.
- Marriott lifts annual profit forecast on China rebound.
- BlackRock, MSCI draw scrutiny from US House Committee on China.
- Insurer AIG profit beats estimates on gains in life and retirement unit.
- HSBC rides rising rates to double its income, launches $2 bln share buyback.
- US job openings hit more than two-year low; labor market still tight.
- World factory activity mired in slump as China, growth slowdown take toll.
- US construction spending rises strongly in June.
- US says formally invites new Chinese foreign minister Wang Yi to Washington.
- Caterpillar's 2023 margin forecast, upbeat results send shares to record high.
- Uber shares fall as fears over Lyft's pricing eclipse first operating profit.
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ASX 200 up 40 points to 7451 (+0.5%) as shares rallied slightly further in the afternoon after the RBA announced it was leaving the cash rate unchanged. The Aussie dollar fell 0.8% to 66.66c, and bond yields took a hit. 2Y and 10Y bond yields fell 9bps and 8bps, respectively. Gold miners were golden today thanks to Lowe, NCM up 1.4%, EVN up 2.4% and NST +1.6%. Major iron ore miners rose following last week’s declines tracking a higher iron price. The big trio BHP, RIO and FMG all in the green. Lithium bounced back from Monday’s sell-off, IGO +3.2% and LTR +2.2%. Energy stocks good. WDS up 0.5%, STO up 0.8%, but STX stumbled, down 9.0% on news that a deal couldn’t be reached with its offer to TPD. Tech stocks did well. SQ2 up 2.6% and XRO up 1.4%. Defensive sectors, Healthcare and Telecoms in good condition.TPG the star on Vocus interest. REITS higher as bond yields fell. SCG +0.7%, GMG +0.6% and URW up 1.7%. Banks higher, with the Big Four all up. Big Bank Basket up to $182.74 (+0.3%). In corporate news, AKE up 0.5% on Mt Cattlin drill results, LYC +3.0% after signing a follow-on contract with US Defense to increase HRE cost contribution to $258m, ADH up 5.9% on agreement with DHL to take over operational control of its NDC from September, STA fell 22.7 % after completing institutional placement raising $33m. On the economic front, RBA left interest rates unchanged at 4.1%, and Consumer confidence rose by 3.2bps last week to its highest level since April. Asian markets mixed, Japan up 0.6%, HK and China down 0.4% and 0.2% respectively. Dow Jones futures down 13 points, and Nasdaq futures down 3 points.
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US equities finished in the green overnight on July’s last trading day, closing near best levels. Dow Jones up 100 points (+0.28%). Up 108 points at best. Down 29 points at worst. S&P 500 and NASDAQ added 0.15% and 0.21%, respectively. All three major indexes ended with gains for the month, Dow +3.32%, and the S&P 500 and NASDAQ jumped 2.9% and +3.8% marking the fifth positive month in a row. US treasuries edged lower, and the US dollar ticked up as the Yen slipped. On the corporate front, Chevron +3% supporting the Dow, after Goldman Sachs upgraded the company to buy from neutral, and Disney +3.2% after the Financial Times reported that the company brought back its former executives.
- ASX to open higher. SPI Futures up 25 points (+0.34%).
European shares closed higher on Monday, driven by gains in healthcare stocks and a report indicating a further easing of euro zone inflation in July. However, optimism about a rate hike pause was tempered by upbeat growth data. FTSE 100 +0.07%, DAX -0.14%, CAC40 +0.29%, STOXX 600 +0.12%. Asian equities advanced on Monday, Nikkei rallied to a four-week high +1.26%, Hang Seng extended last week’s rally by +0.82%, and Shanghai Composite up 0.46%. Greater China markets extended gains, Shanghai +0.46%, Shenzhen +0.75%, ChiNext +0.77% as Beijing unveils more measures to boost consumption.
- Eight of the top 10 S&P 500 sectors posted gains, led by a rise in energy stocks.
- Gold gained 0.26%, as rate-hike nears end.
- Copper rose 1.81% to a one-month high on hopes of China stimulus.
- Nickel flat, Aluminium +2.88%, Zinc +2.36%, Lead flat, Tin +0.1%
- WTI and Brent rose 1.55% and 1% as Saudi Arabia cuts production and Nigeria suspended exports due to concerns of a leak.
- 10Y Bond Yields dropping lower: US 3.96%, Australia 4.01%, and Germany 2.46%.
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ASX 200 closed up 7 points to 7410 (-0.1%) in a narrow day of trading, boosted by a lower US inflation rate. Resources mixed after China’s manufacturing activity shrank for a fourth month this year. Iron ore miners slightly higher S32 up 0.8%, BHP up 0.5% and RIO up 0.4%. Energy continuing its bull run as Crude Oil has its best month in more than a year. STO up 0.3% and ALD up 1.2% Gold lower again as the USD climbs, NST -0.5% and SLR -20.2%. Banks mostly flat, with the Big Bank Basket up to $182.22 (-0.2%). MQG down 1%. REITS rose slightly. Tech mixed today, The All-Tech Index up 0.3%. SQ2 up 2%, and XRO up 0.1%. In corporate news, LYC gained 2.6% after record quarterly production of neodymium and praseodymium. ORG dropped 0.6% after reporting an 11% drop in revenue. SLR down 20.2% on reports of idling its Sugar zone mining and processing activities in 2024. Quiet on the economic front, the Melbourne Institute's Monthly Inflation Gauge indicated that prices accelerated to 0.8%, rebounding from June's 10-month low of a 0.1% rise. Asian markets gaining as China promises further measures to help out the economy and boost the property sector. Japan up 1.4%, HK up 1.2%, China up 0.3%. Australian bond yields mixed, 10Y yield up 0.4bps to 4.06% and 2Y yield down 0.7bps. Dow Jones futures down 31 points and Nasdaq futures down 20 points.
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The Dow Jones gained 177 points (+0.5%), ending the week on a win. At its best, the Dow was up by 283 points, while at its worst, it was up 72 points. The S&P 500 also saw an increase of 0.99%, while the NASDAQ rose 1.9% as US reporting season continued.
The USD Index slipped on price data showing moderation in annual US inflation. VIX was down 7.7%, and Gold bounced up 0.72%.
Roku surged 31.41%, beating market revenue expectations, Procter & Gamble rose 2.93% on upbeat results and outlook. Conversely, Exxon fell 1.2% on mixed results, and Ford fell 3.53% after pushing back its EV production goal to next year despite strong quarterly results.
HEADLINES
- ASX to rise, RBA policy meeting tops weekly agenda.
- Wall St Week Ahead-Hopes of 'Goldilocks' economy, rate peak buoy US stocks.
- Second-quarter U.S. earnings estimate still weak, but improving.
- August trading lull anticipated as US summer holidays heat up
- Banks vote to limit accounting of emissions in bond and stock sales.
- China hopes France can help take heat out of relations with EU.
- UK banks back in political crosshairs after Farage fiasco.
- White House cuts 2023 US deficit forecast after court blocks student loan forgiveness.
- Endgame for Fed's tightening cycle challenged by easing financial conditions.
- BOJ loosens grip on rates as prices rise, markets bet on bigger pivot.
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US stocks ended lower overnight, ending near worst levels as strong economic data showed the resilience of the economy, paving the way for the Fed to continue its tightening cycle. Dow down 237 points (-0.67%), snapping 13 straight sessions of gains dragged down by Microsoft -2.09% and Visa -1.12%. Dow at best up 125 points. Dow at worst down 304. Meanwhile, the S&P 500 fell 0.64%, and the NASDAQ lost 0.55%. US treasury yields jumped after news that the BoJ will allow long-term interest rates to rise, pushing the 10Y yield above 4% reducing the attractiveness of stocks, and the USD Index rose after the ECB hiked rates.
- ASX to fall. SPI Futures down 44 points (-0.53%).
- Gold fell 1.38% hitting a 2-week low as the USD climbs.
- Copper fell 0.59% as US economic data spurred the dollar higher.
- Nickel +0.3% Aluminium -0.47% Zinc -0.53%, Lead +0.79% Tin -1.32%
- WTI and Brent rose 1.47% and 0.96% surpassing the April peak on tighter supplies.
- 10Y Bond Yields: US 4.02%, Australia 4.03%, and Germany 2.49%.
European blue-chip equities rallied to their highest level in more than 15 years overnight despite the ECB rate hike as the market anticipates its close to the end of its tightening cycle. STOXX 50 +2.3%, FTSE +0.2%, CAC +2.1%, and DAX +1.7%. Asian markets mixed. Hang Seng +1.41% on track to enter a technical bull market. Meanwhile, greater China markets fell with Shanghai -0.2%, Shenzhen -0.41%, and ChiNext -0.32% as China’s industrial profits extended a double-digit drop on weak demand, with profits at industrial firms in Chain falling 16.8% YoY in 1H23.
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ASX 200 closed up 54 points to 7456 (+0.7%), a five-month high rebounding after an initial dip at the opening bell and now up 1.79% for the week. Tech stocks led the charge today bucking the trend and moving in tandem with the Nasdaq futures on Meta results. All-Tech Index up 2.1% and SQ2 rose 1.8% and XRO up 2.1%, Consumer discretionary enjoyed a boost, WES +1.6%, JBH +3.2% and ADH gained 10.7%. Miners in a hole, with the big trio BHP, RIO and FMG all in negative territory. Lithium no better AKE, LTR and PLS all down. Coal stocks short-circuited, losing some of yesterday’s gains. WHC down 5.9%, NHC off 5.7% and YAL down 1.9%. The big four banks closed in the green all gaining over 1%, and the Big Bank Basket is up to $183.13 (+1.4%). Healthcare in the pink today, with CSL +1.8%, RMD +2.8% and RHC up 3.2%. REITS outperformed jumping 3.4%, as bond yields dip. SCG up 4.4% and VCX up 3.6%.In corporate news, FMG down 3.4% despite reaching the top end of guidance in the June quarter, MQG -4.4% on AGM comments, AKE -3.0% reported record revenue, MP1 surged 14.4% on hitting earnings guidance, SBM off 5.7% on upped production guidance, and KAR closed flat, on a 15% fall in oil production. On the economic front, Australia’s export prices shrank 8.5% in the June quarter, reversing from a 1.6% growth in the March quarter, and import prices fell by 0.8% quarter on quarter following a 4.2% drop in the March quarter. Asian markets are up, Japan up 0.5%, HK up 1.1%, hitting a five-week high, China stocks flat. Australian bond yields lower, 10Y yield and 2Y yield down 7bps. The Australian dollar rose 0.5% to 67.89c as the US dollar slides for the third straight session. Dow Jones futures up 3 points and Nasdaq futures up 107 points.
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US equity markets closed mixed following the Fed’s decision to raise rates by 25bps as investors assess the latest comments from Fed chair Powell. The Dow Jones seesawed but ended higher, up 82 points (+0.23%) for the 13th straight session, tying the record set in January 1987. Dow at best up 196 points. Dow at worst down 132 points. S&P 500 was flat, down 0.02%, and the NASDAQ fell 0.12%. US treasury yields slipped in choppy trading, and the dollar edged lower against major currencies, with the USD Index down 0.48%. The VIX volatility index (Wall Streets' fear gauge) fell almost 5%, down 4.8% to 13.19. Among stocks, Alphabet +5.77% on upbeat earnings, Microsoft -3.77% after laying out its spending plan to meet the demand for its new AI-powered services, and Snap sank 14.2% on weaker than expected Q3 forecast.
- ASX to open flat. SPI Futures down 1 point (-0.01%).
FOMC Meeting: The Federal Reserve has hiked rates by 25bp to 5.25-5.50%, as expected, following a unanimous vote by the FOMC. The economic growth characterisation shifted from "modest" to "moderate." Chair Powell emphasised a data-dependent approach, and while some positive disinflationary signals were noted, core CPI remains elevated. Market expectations on further rate hikes remain uncertain.
- Russell 2000 +0.72%
- Meta +1.3%, and shares are up 7.24% in after-hours trade following strong financial results for Q2, surpassing Wall Street expectations in advertising revenue (+12% in the quarter) and providing a positive outlook for the third quarter.
European markets are broadly lower but off worst levels ahead of the ECB’s interest rate decision today. FTSE 100 -0.19% DAX -0.49% CAC40 -1.35% STOXX 600 -0.53%. The ECB is poised to raise its key rates by 25bps bringing the deposit rate to 3.75%. Lagarde already hinted at this move during the June meeting, effectively preannouncing it, which has reduced uncertainty surrounding this week's decision. Attention now shifts to the guidance provided for the period leading up to the next meeting in September. Asian markets mixed. China stocks retreat, indicating Beijing needs to act quickly on pledge Hang Seng -0.36%, Shanghai -0.26%, Shenzhen -0.47%, ChiNext -0.08%.
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ASX 200closed up 62 points to 7402 (+0.9%), hitting a five-month high, while the Aussie dollar and bond yields fell on softer-then-expected inflation data reducing pressure on the RBA to tighten policy further. Miners continued their rally today on China’s stimulus pledge, sector majors BHP up 2.3%, RIO gained 1.4% and FMG up 2.3%. Banks up today, recovering yesterday’s losses, with the big four all in positive territory, all gaining over 1.5%. Big Bank Basket up to $180.59 (+1.1%). Tech stocks good, WTC +2.4%, ALU +1.9%, and XRO up 0.7%. Consumer discretionary sector jumped on inflation results, LOV up 3.6%, PMV up 2.8% and WES +1.1%. Energy stocks energetic, BPT up 6.9%, STX +2.3%, and WHC gained 1.8%. Gold struggling to find momentum ahead of Fed meeting tonight. Healthcare sector continues to struggle, CSL off 1.0%. REITS down despite a fall in bond yields, GMG and SCG both down 1.1%. Lithium miners clocked a second great day, with LTR, AKE and PLS up another 1.4%, 2.5%, and 4.6%, respectively.
In corporate news, KGN jumped 10.0% on good results, BGL down 0.3% on construction update, CTD +0.9% on increased EBITDA guidance, MIN up 4.1% despite missing lithium shipments guidance, ASB fell 10.5% after lowering FY EBIT guidance, and CAT rose 5.7% after reporting a 20% growth in revenue.
In economics, local inflation cools down. Q2 CPI fell to 6.0%, beating expectations of 6.2%, down from 7% in the previous quarter. Monthly CPI came in lower as well at 5.4% in June from 5.5% in May, matching expectations. Bond traders pricing in a 54% chance of a rate hike by the RBA next week. Asian markets are down letting go of yesterday’s gains, Japan down 0.1%, HK off 0.7%, with China slipping 0.5%. Australia’s 10Y yield down to 4.01%. Dow Jones futures down 24 points, and Nasdaq futures down 28 points.
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Wall Street closed higher overnight, led by the NASDAQ amid excitement about AI before earnings reports from tech mega-cap companies Google and Microsoft after the bell. Dow Jones finished 27 points higher (+0.08%), marking its longest winning streak in more than six years and the 12th consecutive session of gains just shy of the all-time record of 13 set in 1987. Dow at worst down 46 points. Dow at best up 116 points. Meanwhile, S&P 500 rose 0.28% despite most of its 11 sectors being subdued, and the NASDAQ gained 0.61%. Approximately 25% of S&P 500 companies have reported Q2 results nearly 79% surpassed EPS expectations. Aggregate earnings are beating expectations by 6.8%, slightly below the 8.4% five-year average. US treasury yields advanced. USD Index closed flat, losing earlier session gains, and Gold strengthened as the dollar fell. Among stocks, GE rose 6.2% on higher profit outlook. General Motors fell 3.6% despite lifted profit guidance and cost cuts, and Spotify tumbled 14.3% on weak revenue and guidance.
- ASX to rise. SPI Futures up 19 points (+0.26%)
European markets were mostly up, led by miners logging their best day in over eight months after China pledged more support for its slowing economy. STOXX 600 +0.48%, FTSE 100 +0.17%, DAX +0.13%, and CAC 40 -0.16%. Asian markets are up, with Greater China markets surging, reacting positively to Beijing’s latest support signals, Hang Seng +4.1%, Shanghai +2.12%, Shenzhen +2.51%, and ChiNext +2.1%.
- Russell 2000 +0.02%
- US consumer confidence reached a two-year high in July, rising to 117, beating consensus for 110.5, indicating a positive outlook for the economy in the near term.
- Gold rose 0.52% as the dollar steadies and Fed meeting draws nearer.
- Copper rose 1.63% and base metals gain on China stimulus hopes.
- Nickel +5.51% Aluminium +1.27% Zinc +2.88%, Lead +0.32% Tin +0.56%
- WTI and Brent rose 1.14% and 0.72% as Saudia oil exports drop 40% YoY.
- 10Y Bond Yields: US 3.89%, Australia 4.05%, and Germany 2.40%.
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ASX 200 closed up 33 points to 7340 (+0.5%), snapping a two-day decline, led by miners and energy stocks, although investors exercised caution ahead of local quarterly CPI results and FOMC meeting both due on Wednesday. Iron ore miners led the advance, sector majors BHP, RIO and FMG up 3.3%, 3.4% and 4.6%, respectively. Energy stocks rose as oil prices extended gains, with WTI crude futures hovering around a 3-month high. Index heavyweights STO up 0.6% and WDS up 1.2%. Lithium miners did well, MIN up 3.9%, AKE up 2.3%, and PLS gained 5.2% despite reporting a 33% drop in spodumene prices in the June quarter. Bucking the trend, bank stocks slipped, with the big four all losing between 0.2% to 1.1%. Big Bank Basket down to $178.6 (-0.3%). Gold stocks edged higher, NST +0.3%, and EVN up 0.8%. Consumer discretionary was the worst-performing sector today, extending losses into afternoon trade down 0.8%. WES down 0.9%, ALL off 0.5% and JBH slipped 1.0%. Tech struggled, XRO down 1.2% and CPU off 0.8%.
In corporate news, 29M fell 6.6% after reporting lower total site costs at its Golden Grove mine in June quarter, COF -0.4% divests 35 Robina Town Centre Drive for $40m, MND +5.4% secured $200m contract with Albemarie, GNG up 3.8% secured $81m contract LOI from K92 mining and NCM off 0.1% despite reporting a 9% increase in gold production.
Nothing on the economic front. Asian markets higher, Japan up 0.2%, HK rose 3.7%, and China jumped 2%, rebounding sharply from multi-week lows after China pledged to 'ramp up policy' support for its struggling economy. Australian treasury yields edge lower 10Y yield up 4bps to 4.03%. Dow Jones futures down 13 points and Nasdaq futures down 1 point.
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The Dow Jones led US markets higher overnight and notched its 11th straight session of gains, its longest winning streak in six years. Dow Jones up 184 points (+0.52%). Dow at best up 236 points. S&P 500 added 0.4% and the NASDAQ lagged the other indexes up 0.19% as the market looked for non-tech stocks for bargains, lifting energy and bank sectors. 10Y US bond yields closed higher up 3.9bps, rebounding from an early session decline, while the 2Y yield rose 7.7bps. The US dollar gained some ground against major currencies as the latest economic data continued to highlight the strength of the American economy in comparison to other countries. Prices of safe-haven gold were choppy as the dollar advanced, closing -0.29%. Among stocks, Mattel added 1.8% after “Barbie” movie gets the biggest opening of 2023, and Chevron rose 1.97% as the oil giant posted upbeat preliminary quarterly earnings over the weekend.
ASX to open higher. SPI Futures up 45 points (+0.56%).
- Russell 2000 +0.28%
- The likelihood of a 25bps hike at the FOMC meeting at 98.9%.
- The Nasdaq exchange operator cut the weight of key companies comprising almost half of the Nasdaq 100 index to address "over-concentration" in the benchmark.
- July S&P Global Flash Manufacturing PMI rose by 2.7 points to 49.0, beating estimates for a 0.2 point decline to 46.1, marking the highest print since April and ending three-straight monthly declines.
- Still to report this week as the earnings season continues, Alphabet, Meta, Microsoft, GE, 3M, General Motors, Boeing, and Amazon.
HEADLINES
- ASX to rise; Tech giant earnings under scrutiny.
- Global shares, U.S. yields rise as investors eye rates, earnings.
- Dow leads Wall Street higher as investors eye beyond tech.
- Dollar clings to gains with central banks in focus.
- U.S. business activity growth slows as services soften.
- Worsening euro zone business downturn reignites recession fears.
- UK firms grow at slowest in 6 months as rate hikes weigh, PMI.
- Twitter blue bird has flown as Musk says X logo is here.
- Meta's Threads could lure ads from Twitter but it's early days, analysts say.
- US FDIC calls on banks to fix 'inaccurate' financial statements.
- UBS agrees to pay $388 million over Credit Suisse's Archegos failings.
- US IRS ends policy of unannounced revenue officer visits to taxpayers.
- Boeing investors to scrutinize cost of new Spirit AeroSystems labor deal.
- US restaurants set for second-half profit boost as costs ease, demand stays firm.
- Adidas sees smaller 2023 loss thanks to Yeezy sales.
- China property giants tumble as cash crunch bites.
- Tesla to discuss factory plan for new $24,000 car with India commerce minister -source.
ON THE CALENDAR
- US reporting seasoning heating up. To see the Calendar, CLICK HERE.
- Local reporting season also kicking up a gear with NCM releasing today.
ECONOMIC FRONT
- Domestic data: n/a
- US data: S&P Global Composites Flash. CBI Business Optimism Index, CBI Industrial Trends Orders.
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ASX finished down 8 points to 7306 (-0.1%) in a subdued day of trading ahead of CPI release on Wednesday, with forecasts of a further decline in inflation MoM. Energy the biggest gainer as Crude continues to gain, WDS and STO both gaining 2.3% and 2.2%. Banks continuing to ease off from last week, while MQG gained 0.4% ahead of AGM on Wednesday. The Big Bank Basket fell to $179.2 (-0.2%) with CBA down 0.1% and ANZ off 0.2%. Insurers better with QBE up 0.1%. REITs gaining as bond yields fall with GMG up 0.9% and SCG up 1.5%. Healthcare flat, held down by CSL down 0.3% while RMD and TLX gained 0.4% and 7.7%. Tech continuing to gain after last week’s run. TheAll-Tech Index up 0.4%, as WTC gained 1.9% and XRO dropped 1.2%. Resources are mostly down as China fails to stimulate demand BHP off 1.5% and RIO off 1.3%. Gold miners mostly down, EVN down 0.3% and NST dropping 0.7%. Base metal and lithium stocks hit hard, MIN -2.6%, PLS -5.8% and AKE -5.6%. In corporate news, CXO dropped 17.2% after releasing their quarterly results, failing to impress. S32 lost 2.6% after incurring a $US1.3bn non-cash impairment. On the economic front Aussie manufacturing PMI increased to 49.6, the highest in five months, but still indicating worsening business conditions. New Zealand’s trade surplus narrowed last month to NZ$9m. Asian markets mixed, Japan up 0.8%, HK down 1.9% and China off 0.1%. 10-year yields steady at 4%. Dow futures down 32 points. NASDAQ futures down 5 points
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The Dow Jones managed to inch higher, gaining 3 points (0.01%), marking its tenth consecutive day of advances and its longest rally in nearly six years. At its best, the Dow was up by 115 points, while at its worst, it faced a decline of 39 points. The S&P 500 saw a minor increase of 0.03%, while the NASDAQ suffered a 0.22% loss ahead of the Nasdaq 100 rebalance scheduled for Monday's market opening.
US reporting season now in full swing. American Express experienced a 3.9% drop after failing to meet quarterly revenue estimates. Netflix also faced a decline of 2.3% for the second consecutive day following their disappointing results. Both Nvidia and Meta fell more than 2% each in a volatile trading session.
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HEADLINES
- ASX to lift as inflation data and Fed rate rises loom
- Fisher & Paykel Healthcare’s Donal O’Dwyer to retire.
- Global shares slip, dollar soars vs yen on BoJ policy expectations.
- Blinken says Ukraine has taken back 50% of territory that Russia seized.
- Elon Musk says Twitter's legacy blue bird to be replaced by an X.
- Tesla taps Biden tax credits to offset EV price cuts.
- US Commerce secretary still plans China trip despite hacking.
- 'Barbenheimer' frenzy gives sluggish summer box office a major boost.
- Copper fell 0.52% on disappointment over Chinese stimulus.
- Nickel -2.47% Aluminium +0.39% Zinc -0.55%, Lead +1.18% Tin -0.99%
- Brent rose 0.38% on tightening supplies.
- 10Y Bond Yields: US 3.84%, Australia 4.01%, and Germany 2.45%.
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ASX finishes the week down 11 points at 7314 (-0.15%) for 11-point rise for the week. Narrow range again. Low volumes. Once again, some bifurcation with banks now in focus, slipping on some profit-taking. The Big Bank Basket fell to $179.59 (-0.6%) with CBA down 0.7% and ANZ off 0.8%. MQG slipping 1.4% ahead of AGM next week. Insurers better with QBE up 1.4% and SUN up 0.7%. Money managers mixed. REITs eased slightly with CHC down 0.5% and SCG off 1.1%. Industrials held up relatively well, healthcare in the green with CSL up 0.7% and RMD gaining 1.3%. TLS kicked 0.7% higher, staples better and utilities also in demand. Tech wrecked though today with the All-Tech Index under pressure down 2.1%, as WTC fell 2.4% and XRO off 3.9%. Old Skool Platforms also slid, REA down 2.6% and SEK not finding friends down 4.0%. Resources were mixed, Gold miners fell hard, NCM down 5.3% on Newmont results and NST continued to struggle down 0.8%. Base metal and lithium stocks in the doghouse, MIN hit 7.5% on broker downgrades, PLS dropped 4.5% and AKE slumped 3.3%. BHP and RIO though bucked the weakness rising 0.9% and 0.3% respectively. Oil and gas also better WDS up 1.5%. In corporate news, quiet day, ALX fell 1.0% on toll numbers, SSM up 7.3% a contract win, the Noosa Mining conference finished up and 29M slipped another 6.1% on no new apart from a update date. Nothing on the economic front today. Asian markets once again weaker, Japan down 0.1%, HK up 0.2% and China off 0.2%. 10-year yields higher again to 4.03%. Dow futures up 54 points. NASDAQ futures up 11 points.
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Wall Street closed mixed overnight as the market digested the latest round of tech earnings and fresh signs of labour market resiliency. Dow Jones up 164 points (+0.47%), marking its ninth straight day of gains, its longest streak since 2017, supported by Johnson & Johnson, which jumped 6% on upbeat revenue and earnings. Dow at best up 312 points. Meanwhile, the S&P 500 fell 0.68%, and the NASDAQ tumbled 2.05%, weighed down by Tesla -9.7% and Netflix -8.4%. US small caps Russell 2000 fell -0.89%, and Wall Street’s fear gauge VIX edged higher, up 1.3%. The US greenback strengthened, and bond yields jumped, with 2Y yield up 11.4bps and 10Y yield up 9bps.
ASX to rise slightly. SPI Futures up 6 points (+0.08%)
Economics: US Initial jobless claims fell by 9k from the prior week to 228k, the lowest in two months, significantly below market expectations of 242k. Results further underscore the stubborn tightness of the US labour market. US existing home sales fell 13.3% to a seasonally adjusted rate of 4.1m units in June, the lowest level in five months, missing expectations of 4.2m. Philadelphia Fed Manufacturing Index flat, little changed at -13.5 in July from -13.7 in June, worse than expectations of -10.
European markets are higher, with FTSE 100 +0.82%, DAX +0.58%, CAC40 +0.82% STOXX 600 +0.44%. Asian markets are broadly down. China’s markets hit hardest as China's pledge to support private businesses failed to excite markets. Hang Seng -0.13%, Shanghai -0.92%, Shenzhen -1.06%, ChiNext -0.99%.
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The ASX 200closed flat, near unchanged, up 1 point to 7325, after jumping over 50 points in early trade before unemployment data dampened the market’s mood raising bets of further tightening from the RBA. The Aussie dollar jumped 0.6% to 68.15c, clawing back recent losses, and bond yields rose with 2Y yield up 12bps, and 10Y yield up 9bps on jobs data. Financials performed well today, with the big four banks all ending in positive territory. The Big Bank Basket up to $180.66 (+0.3%). Interest rate-sensitive tech stocks are in demand tracking their US peers despite the market betting on further rate hikes to come. CPU +1.4%, XRO +0.3% and WTC +0.6%. Gold miners were punished today in a broad sell-off. NST fell 6.6%, NCM off 0.4%, and EVN down 0.5% despite gold production exceeding guidance. Miners flat, even as iron ore slipped. FMG up 1.4%and RIO up 0.4%. Defensive sectors underperformed, with healthcare and Telecoms in the red. RMD off 0.8%, RHC down 1.0%, and TLS fell 0.12% after confirming its plans to cut 472 jobs. REITS fell as bond yields rose.
In corporate news, MIN +5.2% after it agreed to sell its interest in the Kemerton Lithium refinery, ZIP +2.3% on better results, with revenue up 21%. FLT up 4.0% on upgraded profit guidance, NXL surged 36.6% after announcing it anticipates sales to rise 20% to reach $183m, QBE +2.4% confirmed guidance, BHP flat, meeting production expectations, STO down 0.1% after trimming production forecast, and SMR up 5.8% on solid production results.
In economics, Australia’s jobless rate was unchanged at 3.5% in June, and China left interest rates unchanged. Asian markets mixed, Japan down 0.8%, HK up 0.3% and China down 0.3%. Dow Jones futures up 4 points, and Nasdaq futures down 59 points.
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US equities closed higher overnight, and the US dollar strengthened after a surprise cooling of UK inflation bolstered sentiment across global markets. The Dow rose 109 points (+0.31%), marking its eighth straight day of gains, its longest streak since September 2019. Dow at best up 282 points. S&P 500 up 0.24%, reaching levels not seen since April 2022, while a decline in Microsoft and Google held the NASDAQ near the unchanged mark +0.03%. US 10Y treasury yields fell overnight following new home construction data for June but remained above its month low, as the market bets the Fed is nearing the end of its rate-hiking cycle. Among stocks, Goldman Sachs rose 0.97% despite reporting its lowest quarterly profit in almost six years, while Netflix fell 7.04% during after-market trade after the streaming company missed Wall Streets' earnings forecast.
- ASX to open flat. SPI Futures flat up 2 points (+0.03%)
European markets were mostly higher. UK stocks in the lead after a faster-than-expected slowdown in British inflation helped bolster hopes of peaking interest rates. London’s FTSE up 1.8%, and the pound slipped. Elsewhere STOXX 50 -0.2%, DAX -0.1%, and CAC +0.1%.
HEADLINES
- ASX to open flat; Wall Street keeps rising. Nasdaq futures down 107 currently.
- Stocks advance as earnings pick up; Dow notches 8th day of gains.
- Tesla's margin falls as it boosts discounts to drive demand. Faalls 4% after hours.
- Netflix quarterly revenue falls short of forecasts down 8% after hours.
- US House panel looks to revive legislation on self-driving cars.
- Goldman profit falls to 3-year low on consumer losses, shares rise on outlook.
- U.S regional bank shares rise on interest income, deposits stabilising.
- United Airlines posts record high quarterly earnings, lifts full-year outlook.
- UAW president meets with Biden as union opens automaker contract talks.
- IBM misses second-quarter revenue estimates as tech spending cools.
- Fed's last rate hike coming at July meeting, economists say.
- US single-family starts drop; building permits hit 12-month high.
- Bank of England's Ramsden calls for faster QE gilt unwind.
- Microsoft, Activision urge U.S. to drop case against deal before internal FTC judge.
- Russia delivers Black Sea shipping warning as Ukraine decries 'hellish' port attacks.
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ASX 200 up 40 points to 7324 (0.6%) in quiet trade again. Lacking conviction. Narrow range and once again banks leading the way higher, following US peers higher on NIM. CBA up 2.0%, ANZ up 2.0%, and the Big Bank Basket up to $180.15(2.0%). Insurers better too, QBE up 0.8% and SUN better. Money managers also in demand, ASX up 0.9% and MFG up 2.3%, with MQG rising 1.2%. REITS in demand after the drubbing yesterday, GMG missed out flat, SGP up 2.0% and MGR up 1.3%. Healthcare mixed, CSL up 0.4% after early losses, FPH up 0.7%. Industrials firmed WES up 0.5%, TCL up 0.2% and CPU up 2.1%. WOW and COL steady. ANN continued 2.5% lower after downgrades. Tech stocks better, WTC up 0.8% and XRO up 1.3%. The All-Tech Index up 0.6%. Resources were weaker again today, iron ore down in Singapore, BHP off 0.3%, RIO dropped 0.7% after production report pointed to production of IO at upper end of range. Base metal stocks going nowhere, gold stocks disappointing although DEG down 1.7% on management changes. Oil and gas better, WDS up 1.4% on production numbers, coal doing well as heatwave bites, WHC up 2.8%. In corporate news, ALD did well up 4.4%, on a strong business update, NST fell 5.8% on production numbers, and AEF FUM grows to $9.2bn. In economic news, the Westpac-Melbourne Institute Leading Economic Index in Australia rose 0.1%. Asian markets were mixed again, Japan up 1.2%, HK down 0.6%, China down 0.1%.
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All major US indices were up overnight, boosted by stronger-than-expected earnings results from heavy-weight banks and AI stocks. The Dow rose 367 points (+1.06%). Dow at worst down 55 points. Dow at best up 401 points. S&P 500 up 0.71%. NASDAQ up 0.76%. USD slid to a 15-month low before rebounding as futures point to a 99.2% probability that the Fed will hike rates by 25bps at its next meeting. US Treasury yields mixed. The yield inversion between 2Y and 10Y notes widened to -97.5 basis points. Among stocks, Morgan Stanley up 6.45%, their biggest one-day jump since November 2020, shrugging off the 14% fall in profit as growth in its wealth management business offset lower trading revenue. Bank of America up 4.42%, beating profit expectations.
- ASX to open higher. SPI Futures up 39 points (+0.54%)
European markets rose on Tuesday, with pan-European indices reversing earlier losses and ending around best levels. STOXX 50 +0.3%, FTSE +0.6%, CAC +0.4%, and DAX +0.3%. Asian markets mixed, Japan’s Nikkei rose 0.59% with advances in bank and chip-related stocks. HK and China down 2.05% and 0.37% as bearish sentiment towards China equities take hold amid disappointing GDP data.
- Russell 2000 +1.27%
- Microsoft + 3.98%, hitting an all-time of $366.78 during the session after announcing a new AI Subscription service for Microsoft 365.
- US Retail sales rose 0.2% MoM in June, falling from 0.5% in May, below forecasts of a 0.5% rise.
Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.
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ASX 200 slid 15 points to 7284 (-0.2%) after an early loss kicked on by RBA minutes reminding all that there could be more rate rises to come. Banks held up with the Big Bank Basket up to $176.79 (1%). NAB led the charge higher, up 2% with ANZ up 1.7%. Insurers too in demand, QBE up 0.4% and some buying in financial services with GQG up 1.3%. ASX continues to struggle down 0.2%. REITs slid with GMG off 1.1% and SGP hurt falling 2.4% as yields rose again. Industrials were also weaker, drifting lower, ANN off 14% on a cost pressure warning, TLS fell 1.9% with ‘Old Skool’ platforms lower, REA down 0.4% and CAR falling 1.3%. Consumer stocks also on the nose, ALL off 2.7%, QAN down 0.8% and WOW down 1%. Healthcare mixed, CSL finding a base up 2.2% on broker upgrades, RMD down 0.2% and SHL falling 1.2%. Tech stocks flat, the All- Tech Index down 0.04%. Resource stocks were again sold lower with BHP off 1%, RIO down 0.8% and IGO falling 3.8% on broker downgrades. Gold shares held up, just, lithium majors did ok, PLS up 1.2% and AKE better by 0.8%. Oil and gas sold down with WDS off 1.1% on a Sangomar project update.
In corporate news, ANN fell 14% on an update, AZJ off 5% as it held an investor day. SYR slipped 16.3% on its quarterly and IVC fell 3.7% as the TPG deal continues to drag.
On the economic front, ANZ Roy Morgan Consumer Confidence again down and RBA minutes suggest the RBA is far from done, but data dependent. Meanwhile Asian market slipped slightly, Japan back from Marine Day rose 0.2% and HK after a Typhoon day playing catch up down 1.8% with China flat. 10-year yields 3.97%. Dow futures up 2 points. NASDAQ futures down 21 points.
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US markets rallied over the possibility the Federal Reserve may soon conclude its rate-hiking campaign, while China’s economic data came in softer than expected. Dow Jones up 76 points (+0.22%). Dow at best up 156 points. Dow at worst down 90 points. S&P 500 up 0.39%. NASDAQ gained 0.93%. VIX +1%. US Treasuries were flat, 2Y yields dropping 0.9bps and the dollar softened with the USD Index falling 0.07% to 99.89. Oil continued to drop as China demand sentiment eased, as did commodities, Iron ore fell 0.51% and Copper fell 2.14%.
Activision rose 3.49% after holding “productive” talks with Microsoft +0.14% and British regulators, while Ford Motor Co fell 5.94% after cutting the sales price of their electric F150 truck.
- ASX to fall. SPI Futures down 20 points (-0.28%)
- Copper fell 2.14%, as China’s economic data continues to disappoint, sending all base metal prices lower.
- Nickel -2.91% Aluminium -0.81% Zinc -0.99, Lead -1.34% Tin -0.86%
- WTI Crude and Brent fell 1.68% and 0.64% over Chinese demand fears.
- 10Y Bond yields: US 3.81%, Australia 3.97%, and Germany 2.45%.
HEADLINES
- ASX to open lower; US earnings season looks solid, says BofA
- Wall St ends higher with earnings poised to ramp up.
- US stocks rise on earnings outlook, global shares dip on China data.
- Moscow halts grain deal in what UN says is a blow to people in need everywhere.
- Fed faces broader debate as it tees up rate hike.
- Yellen does not see recession in U.S.
- World economy in a difficult place but not destined to stay there - W.Bank chief.
- U.S. chip lobby presses Biden to refrain from further China curbs.
- Chip companies, top US officials meet on China policy.
- U.S. stocks rise on earnings outlook, global shares dip on China data.
- China's frail Q2 GDP growth raises urgency for more policy support.
- US bank mergers frozen by capital rules, regulatory uncertainty.
- Netflix shielded from Hollywood strike by global crew, strong pipeline.
- Race towards 'autonomous' AI agents grips Silicon Valley.
- US SEC developing rules on AI 'conflicts of interest'.
- Buffett cut Activision stake before judge approved Microsoft merger.
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US markets closed out the week mixed on Friday as the US Q2 reporting season kicks off. Dow Jones up 114 points on Friday (+0.33%). NASDAQ -0.18%. S&P 500 -0.1%. All markets were higher for the week on softer-than-expected US CPI data followed by lower-than-expected PPI data, the lowest in three years. For the week, the Dow Jones was up 2.3%, the S&P 500 up 2.4% and the NASDAQ up 3.3%. The ASX 200 was up 261 points, up 3.7% for the week, recovering the previous week’s losses and then some.
- ASX to edge lower. SPI Futures down 2 points (-0.03%).
Q2 US reporting season kicked off Friday. Major U.S. banks, including JPMorgan +0.6%, Wells Fargo -0.3, and Citigroup -4.0%, reported increased profits due to higher interest rates, signalling a resilient economy. But they warned of risks ahead, such as declining consumer spending and mounting losses in credit cards and office commercial real estate. State Street -12.05% beat profit estimates but cautioned about a decline in net interest income due to lower deposits.
- Copper fell 0.12% after hitting a 3-week high last week.
- Nickel +1.79% Aluminium -0.24% Zinc -1.6%, Lead +0.09%, Tin -0.73%.
- WTI Crude and Brent fell 1.85% and 2.06% despite a Libyan Oil field closing due to production.
- 10Y Bond yields: US 3.83%, Australia 3.99%, and Germany 2.48%.
HEADLINES
- ASX to inch down with new era for RBA in focus.
- Yellen 'eager' to work with China on debt, other global challenges.
- Japan finance minister: "No discussion" of exchange rates at G7.
- India to push G20 to raise share of taxes on firms where they earn 'excess profit'.
- Taiwan ruling party pledges steady hand as opposition rallies.
- US, China aim to revive climate cooperation as tensions simmer.
- China's Xiaomi bets bigger on India retail stores amid Samsung rivalry.
- China economic data likely to show recovery is fading quickly.
- 'Heat storm' stretches into southern Europe, health alerts issued.
- Trade body considers calling for EU ban on Russian aluminium, but not Rusal.
- Black Sea grain deal still in Limbo.
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US markets closed higher overnight, extending gains for the second session and ending just off best levels after rallying the last hour of trade. Dow Jones up 317 points (+0.93%). Dow at best up 344 points. S&P 500 up 0.67% (+16.09% YTD). NASDAQ up 0.55%. Markets await US CPI data tomorrow and the official start of Q2 reporting season on Friday with the banks, which are expected to report higher profits in Q2 as rising interest payments offset a reduction in dealmaking. US 10Y yield fell 2.8bps to 3.978%, having broken below 4% the day before, while the 2Y yield rose 2.5bps, and the USD Index fell 0.24% to 101.66. Among stocks, Amazon rose 1.3% with its “Prime Day” 48-hour discount shopping event going this week, and Salesforce shares are up 3.9% after the firm said it would increase prices of some of its cloud and marketing tools for the first time in seven years.
- Russell 2000 +0.96%
- The likelihood that the Fed raises rates remains unchanged at 93%, up from 86.8% last week.
- Microsoft +0.2% gets US judge approval for US$69bn deal to buy videogame maker Activision Blizzard. FTC has until Friday to appeal the decision.
- Google 0.7% get hits with class action, which accuses Google’s data scraping of violating privacy and property rights.
- Energy stocks best-performing sector in the S&P 500, jumped along with sharply higher oil prices.
- Gold dropped 18%, slipping to a 2-month low ahead of US inflation tonight.
- Copper -0.64% Nickel -0.76% Zinc flat, Lead flat, Tin flat.
- WTI Crude and Brent gained 2.49% and 2.08% as OPEC announced that Global energy demand will increase by 23% by 2045.
- 10Y Bond yields: US 3.98%, Australia 4.17%, and Germany 2.65%.
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ASX 200closed up 105 points to 7109 (+1.5%), lifted by mining and gold stocks snapping a four-day losing streak with all sectors in positive territory. Gold miners outperformed today as gold prices firmed slightly overnight, and the US dollar extended a small retreat. EVN +4.6%, NST +3.1%, and NCM +1.8%. Mining trio BHP, RIO and FMG all rose over 1% each. Energy stocks gained, tracking an uptick in oil prices amid supply concerns. BPT +4.0%, STX +4.8%, and COE +3.6%. Lithium stocks stood out with LTR up 4.0%, CXO up 4.4%, and LLL up 2.1%. Interest rate-sensitive financials advanced, with the big four banks all gaining between 1% and 2.3%. The Big Bank Basket jumped to $170.77 (+1.5%) with ANZ up 2.3% and insurers stronger, AMP up another 3.0%, recouping recent losses. Tech good. All-Tech Index up 2.4%, with SQ2 +3.9% and XRO up 2.3%.
In corporate news, MP1 surged 33.8% on guidance upgrades. TLC up 1.2% after UBS lifted its price target to $6. IVC +1.7% granted TPG Capital Global a one-week extension on its due diligence period. PMT +8.0% after it rejected Night Market’s short report. BFG +11.5% on good results, and CMM reported record gold production, up 8.1%.
In economics, Australia’s NAB Confidence Index rose to 0 in June from -3 in May, beating expectations of -1. Westpac-Melbourne Institute Consumer Sentiment index rose by 2.3% MoM to a three-month high of 81.3 in July, matching market expectations. Asian markets mixed, Japan down 0.3%, HK and China up 1.3% and 0.4%, respectively, after China signalled more economic stimulus. Australian bond yields dip, 2Y yield down 9bps, 10Y yield down 9bps to 4.19%. USD Index softened, down 0.2%, hitting its weakest levels in two months, while the Aussie dollar gained 0.2%to 66.85c. Dow Jones futures up 37 points, and Nasdaq futures up 35 points.
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Wall Street ended higher overnight in a muted day of trade ahead of CPI data Wednesday. Dow Jones up 210 points (+0.62%). Dow at best up 223 points. Dow at worst down 29 points. S&P 500 up 0.24%. NASDAQ was little changed up 0.18%. VIX +1.62%. US treasuries were lower, 2Y yields continued to come off last week’s 5%+ highs, and the greenback softened with the USD Index falling 0.29% to 101.98. Oil eased on the increasing likelihood of more rate hikes, but crude supply cuts limited losses while iron ore continued to fall back toward US$100 a tonne. Among stocks, chip makers Intel +2.79% and Qualcomm +1.02% found support after US Treasury Yellen said over the weekend that meetings with senior Chinese officials were “direct” and “productive”.
- ASX to rise. SPI Futures up 43 points (+0.62%)
- Westpac Consumer Confidence at 10.30 am; NAB June Business Confidence and Conditions at 11.30 am.
- Gold flat overnight as the Fed signalled, they may be near the end of rate hikes.
- Copper rose 0.14%, steadying on a weaker USD.
- Nickel -0.08% Aluminium +0.14% Zinc flat, Lead +0.17% Tin -1.43%
- WTI Crude and Brent fell 1.16% and 0.82% as Iran signed a $27bn deal aiming to boost production.
- 10Y Bond yields: US 4.0%, Australia 4.2%, and Germany 2.63%.
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ASX 200closed down 38 points to 7004 (-0.5%) after a jump of 42 points at the opening bell, rebounding from last week’s sell-off before the market turned lower on weak consumer inflation data from China. Gold outperformed today, tracking an uptick in bullion prices. NST and NCM up 1.8% and 1.1%, respectively. Energy stocks jumped in early trade after oil prices rose sharply amid supply concerns before losing steam down 0.5%. BPT down 0.4%, STX gained 1.2% and KAR 2.3% higher. Tech stocks are in the green, with Info-Tech up 0.2%. XRO +0.9% WTC +0.2% and SQ2 +2.7%. Iron ore futures traded lower on the Singapore exchange dragging down our miners. FMG down 2.0%, BHP off 1.1% and RIO shed 1.1%. REITS slipped as bond yields rose. Big four banks all down. Big Bank Basket down to $168.26 (-0.2%). Defensive sectors underperformed. Healthcare stocks were mostly down, SHL down 0.6% and CSL off 1.0%. Insurers eased with QBE, MPL and AMP down 0.8%, 1.7%, and 1.0%.
In corporate news, ALG +13.5% on good results. GQG up 3.1% after reporting a $5.2bn increase in FUM in June. EMR +4.7% hits full-year production guidance, and BST off 0.8% following BBRC to acquire all remaining ordinary shares. In economics, Australia’s building permits rose the most in 9 months up 20.6%. China’s CPI unexpectedly came in flat YoY, and PPI was down 5.4% YoY marking the ninth month of producer deflation. Asian markets mixed, Japan down 0.5%, HK up 0.4%, snapping a three-day losing streak, and China flat. Australian bond yields rose to decade highs, 10Y yield up 2bps to 4.27%. Australian dollar down 0.6% to 66.47c. Dow Jones futures down 112 points and Nasdaq futures down 97 points.
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Stocks fell on Friday, and finished lower for the week, as Wall Street struggled to shake off fears that the Federal Reserve may start hiking rates again later this month.
The S&P 500 lost 0.29% to end at 4,398.95, while the Nasdaq Composite dipped 0.13% to close at 13,660.72. The Dow Jones Industrial Average dropped 187.38 points, or 0.55%, to settle at 33,734.88.
- Gold rose 0.71%, as US yields slip on further rate hike possibilities.
- Copper rose 1.07%, as USD falls making.
- Tin -0.63% Nickel -1.72% Aluminium +0.5% Zinc -0.59%, Lead -0.02%
- WTI Crude and Brent rose 3% and 2.56% as supplies tighten.
- 10Y Bond yields: US 4.06%, Australia 4.28%, and Germany 2.64%.
HEADLINES
- ASX to rise, global rates in ever sharper focus.
- Wall St Week Ahead-As earnings loom, investors weigh recession resilience.
- Global stocks index flat, Dollar falls on mixed U.S. jobs data.
- Yellen sees 'progress' in rocky US-China ties, expects more communication.
- Yellen urges China to support existing institutions to fight climate change.
- China sets wide-ranging rules for $2.9 trln private investment funds.
- Biden begins three-nation tour with stop in London.
- French central bank head warns against raising ECB inflation target.
- UK set to ease stock market listing rules.
- Meta's 'friendly' Threads collides with unfriendly internet.
- Twitter may face difficulties showing Meta stole trade secrets.
- Tesla rolls out customer referral incentive globally as EV price war heats up.
- Tesla wants EPA to finalize tougher vehicle emissions rules.
- Rivian's stock rallies to highest in 2023 after posting strong deliveries.
- Brilliant Brook and big-hitting Wood drag England back into Ashes series.
ASX 200 fell 121-points to 7042 (1.7%). Another soggy end to the week. ASX 200 down 2.2% for the week. Losses across the board from the open, banks hit hard with the Big Bank Basket down to $168.52 (-1.5%) led lower by CBA with MQG down 1.3%. Insurers dropped despite a huge rise in yields, QBE down 1.1% and IAG off 1.0%. Fund managers suffering from some downgrades and MFG losses again of 3.3%. REITs slid on higher rates, GMG down 3.8% and SGP off 2.7% with commercial real estate valuations under pressure. Healthcare was supposed to be defensive, wasn’t. CSL down another 2.1%, RHC off 1.3% and SHL down 1.5%. Industrials fell back to earth everywhere. WES off 3.0%, WOW down 1.2% and TLS falling 0.9%. Tech stocks under some pressure, WTC down 2.3% and XRO down 2.0% with the All-Tech Index down 2.1%. Miners were hit hard. Iron ore down, BHP down 1.8%, RIO off 0.7% and FMG down 0.4%. Gold miners fell, NCM down 2.6% and NST down 3.8%. Lithium stocks were patchy. PLS down 3.8% and IGO falling 3.0%. Oil and gas stocks drooped, WDS down 1.0% and STO off 1.5%.
In corporate news, IAG provided a reinsurance update, RSG flagged record production and AIS withdrew guidance on some seismic issues.
Nothing on the economic front as we await NFP tonight. Asian markets weaker, 10-year yields continue to soar up to 4.25%
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US markets closed sharply lower overnight in a broad sell-off after fresh jobs data indicated a strong labor market boosting yields and fanned fears that the Fed will be more aggressive in hiking rates. The Dow Jones fell 366 points (-1.07). Dow at worst down 517 points. S&P 500 posted its biggest daily drop since May, down 0.79%. NASDAQ down 0.82%. Wall Street’s fear gauge VIX jumped, up 8.9%. Gains in mega-cap tech stocks helped mitigate declines which ended above their session lows. Microsoft +0.92% and Apple +0.25%. Short-dated 2Y US treasuries rose above 5.0% for the first time since early March and touched their highest levels since June 2007. In currencies, the USD Index fell 0.20%
- ASX 200 to fall at the opening bell. SPI Futures down 90 points (1.26%)
European markets lower, slumping to their lowest level in three months as further interest rate hikes globally dented risk sentiment. STOXX 50 -2.9% FTSE -2.2% CAC -3.1%, and DAX -2.6%. Asian markets are also in the red, apart from India +0.52%. Goldman Sachs downgraded major Chinese banks over government debt concerns raising worries over a sector already under pressure from a sluggish property market and economic growth. The Hang Seng Mainland Index fell 2.69%.
- Gold dropped 0.35%, after better-than-expected private payrolls in the US.
- Tin rose 3.42%, hitting a 5-month high as worries around long-term supply sent the price higher.
- Copper -0.72% Nickel -0.09% Aluminium -0.4% Zinc +0.47%, Lead -0.48%
- WTI Crude and Brent almost flat overnight as tighter supplies were offset by the risk of US rate hike.
- 10Y Bond yields: US 4.03%, Australia 4.22%, and Germany 2.61%.
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Blood on the streets on ASX 200 today, closingdown 90 points to 7163 (-1.2%), as investors exercised caution after the FOMC meeting minutes reaffirmed expectations that interest rates would remain higher for longer. Financials and miners weighed, with the big four banks losing between 1%-2%. The Big Bank Basket took a hit down to $171.07 (-1.6%). Copper prices fell overnight as overseas data dampened demand outlook. BHP, RIO and FMG all lost over 1.4% each with iron ore dropping in Asia. Energy stocks fell while oil prices steadied as demand fears offset tighter supply forecasts. WDS off 1.4%, and STO down 0.5%. Tech stocks struggled for direction but finished up with the All-Tech Index up 0.2%. SQ2 surprised, jumping 3.9%, XRO +0.1% and WTC +1.0%. Defensive sectors were no good. Healthcare and telecoms both in the red, RHC down 1.4%, and TLS off 0.5%. REITS down as bond yields rose. Retailers hit hard WES -2.6%, DMP -3.2%, and MYR down 4.6%.
In corporate news, MFG -8.3% after it disclosed $2.1bn in outflows in June. BUB -2.2% disclosed the outcome of its strategic review. JLG completed $65m institutional placement. TIE -1.0% on Commercial production news.
In economic news, Australia's trade surplus exceeds expectations widening to $11.79bn in May 2023 from a downwardly revised $10.45bn in April. Asian markets are down, Japan’s Nikkei down 1.3%on tech pullback, HK down 3.1%, with mainland China off 0.6%. Australia's 10Y yield up to 4.13%. Dow Jones futures down 112 points, and Nasdaq futures down 70 points.
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US stocks closed lower overnight following July 4th Independence Day holiday as the market digests the latest FOMC meeting minutes, trade barriers from China and oil output cuts from OPEC+. The Dow Jones closed down 130 points (-0.38%). Dow at worst down 191 points. S&P 500 down 0.2% NASDAQ fell 0.18, and the VIX rose 3.5%. Chip stocks fell after China said it would control exports of some metals widely used in the semiconductor industry as tensions rise between Beijing and Washington over access to high-tech microchips. Intel shares fell 3.3%, and the Philadelphia SE Semiconductor Index fell 2.2%. US treasuries edged higher after a softer-than-expected reading on US-made goods, and the US greenback gained as the likelihood the Fed raises rates by another 25bps at its next meeting rises to 88.7%.
- ASX to open lower. SPI Futures down 37 (-0.51%).
- China's chipmaking export curbs 'just a start', Beijing adviser warns before Yellen visit.
- US says it opposes export controls by China on metals, will consult allies.
- Yellen's China visit aims at 'new normal' with Beijing.
- A united U.S. Federal Reserve agreed to hold interest rates steady at the June meeting.
- New orders for U.S.-made goods increased less than expected in May.
- Euro zone business activity contracts in June -PMI.
- MSCI's global equities index lost ground on weaker-than-expected overseas data.
- ChatGPT, the AI chatbot, saw monthly traffic decline for the first time in June.
- Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance.
- Exxon signals sharp profit drop, cites low natgas prices, refining margins.
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ASX 200closed down 26 points to 7253 (-0.4%), letting go of yesterday’s gains, snapping a three-day advance. Financials weighed on the market, with significant losses in the banking sector. NAB -0.8% CBA -0.5%, ANZ -0.8% and WBC -0.7%. Big Bank Basket down to $173.81 (-0.6%). Resources and base metals were mixed, with commodity prices falling as the commodity outlook turned negative, BHP -0.4%, RIO flat, and S32 +1.1%. Energy stocks mixed as oil prices eased, AGL +2.4%, hitting a 52-week high in the morning, while STX finished flat, and WDS fell 0.4%. Lithium mostly down, Canadian lithium darling PMT jumped 15% in early trade after it flagged more high-grade lithium drilling hits before closing up a mere 2.5%. Tech closed in positive territory, All-Tech Index up 0.2%. REITs finished higher as bond yields dipped, GMG up 0.1%.
In corporate news, UBS upgraded TLS to buy, up 1.2%. JLG, signed two agreements to acquire Smoke Alarms Australian and Link Fire Holdings. RED -4.9% despite hitting production guidance. BGL rose 4.1% on a signed agreement with GMD to process material from BGL’s mine.
In economic news, Ai Group Australian Industry Index fell to -11.9 in June from -10.9 in May. China services PMI fell to 53.9 in June from 57.1 in the previous month. Asian markets are down as weak manufacturing and services data amplified market concerns about a global economic slowdown, Japan flat, HK off 1.4%, and China down 0.6%. 10Y yield down to 4.0%. Dow Jones futures down 49 points, and Nasdaq futures down 29 points.
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Global stock market trading was light overnight, with US markets closed for the Independence Day holiday. European markets muted in thin trading overnight, with indices ending around session lows. STOXX 50 -0.2% FTSE -0.1% CAC -0.2%, and DAX -0.3%. US equity futures flat with markets closed. Asian markets mixed overnight. Hang Seng led gains in China, up 0.57%, as mainland equities finished flat. Japan’s Nikkei 225 fell from its highest level since 1990, down 0.62%, while the Japanese Yen hovers near an eight-month low.
ASX to open lower. SPI Futures down 12 points (-0.17%)
Among stocks, Meta lost its fight against a German data curb order as Europe’s top court backed the German antitrust watchdog’s power also to investigate privacy breaches. Apple infringed two telecommunications patents used in iPhones and iPads, London’s Court of Appeal ruled overnight, dismissing the appeal from a long-running dispute with the US patent holder. Microsoft is likely to face a European Union antitrust investigation in the coming months after discussions with the EU watchdog to avert such a move have hit a roadblock. Meanwhile, Telsa achieved record deliveries of their China-made vehicles in Q2, totalling 247,217 EVs, the most since it started delivering vehicles from Shanghai in early 2020.
- German 2Y bond yields near 15-year highs as debt markets ready for rates to rise further and stay higher for longer.
- Pfizer announced two deals with Samsung Biologics worth a combined $897m which will see the biotech division of Samsung manufacture biosimilar products ranging from oncology and inflammation to immunotherapy for the US pharmaceutical giant.
- China imposes export controls on gallium and germanium products, seen as a retaliatory measure in the US-China tech dispute, leading to concerns of potential curbs on rare earth exports; companies rush to secure supplies, and semiconductor firms consider alternative materials.
- Gold continued up 0.19%, waiting to see if the fed will hold rates.
- Copper dropped 0.41% overnight on a gloomier economic outlook.
- Nickel -0.63% Aluminium +0.37% Zinc ++1.22%, Lead +0.07%, and Tin -0.66%.
- Brent rose 1.55% as as Saudi Arabia extended its voluntary output cut, while Russia and Algeria also reduced their output and export levels for August. The total cuts amount to more than 5 million barrels per day, or 5% of global oil output.
- Domestic data: Judo Bank Services PMI, Ai Group Industry Index.
- Japan data: Jibun Bank Services PMI.
- China data: Caixin Services PMI.
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The ASX 200rallied 33 points to 7279 (+0.5%), bouncing back from 7,232 lows following the RBA’s decision to hold rates at 4.1%. The Aussie dollar fell 0.2% to 66.58c, and the 2Y yield was virtually unchanged, up 1bps. Gold miners are happy, buoyed by stronger bullion prices. EVN up 1.8%, NST gained 1.6%, NCM up 1.2%. Iron ore miners mixed as US manufacturing PMI fell, and optimism was buoyed by the RBA, BHP lower 0.1% and RIO down 1.2%. Lithium was mostly up as PLS gained 2.2% and SYA rose 3.0%. Base metal stocks rose on the back of higher copper prices overnight. Banks had a good day. Big Bank basket closed up at $174.87 (+1.3%), led by CBA up 1.3% and NAB up 1.3%. Energy stocks were in demand thanks to Saudi Arabia and Russia cutting oil production, sending prices higher, WDS up 1.4%, WHC gained 2.4%, and BPT rose 1.1%. Healthcare under pressure, RMD down 1.3% and SHL off 0.8%, while insurers found support QBE gained 1.0% and MPL up 1.7%. In corporate news, CGC jumped 12.8% after receiving a takeover bid, EMR up 5.9% on gold discovery, SUN gained 0.6% despite announcing the cost of reinsurance premiums to increase more than $250m in FY24, IVC down 0.2% after extending TPG exclusivity offer, and SLR gained 5.8% on record quarterly sales results. In economic news, the RBA decided to leave the cash rate unchanged at 4.1%. Further tightening may be required, but the decision to hold provides the board more time to assess the state of the economy and economic outlook and associated risks. Asian markets down. Japan down 0.6% on profit-taking, while HK is on track for a third consecutive day of losses, down 0.1%, and China off 0.2%. Australia 10Y yield up to 4.01% after a steep fall on the pause announcement. Bitcoin down 0.33%. Dow Jones futures down 10 points and Nasdaq futures down 18 points.
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Wall Street closes higher overnight in a holiday-shortened session kicking off the second half of the year on a positive note ahead of the US July 4th holiday. Dow Jones virtually unchanged, up 11 points (+0.03%). Dow at best up 58 points. Dow at worst down 121 points. S&P 500 gained 4.75 points, up 0.12%, ending at 4,455 points, while the NASDAQ rose 0.21%. Treasury yields edged higher, with a widely watched section of the yield curve hitting its deepest inversion since 1981. The US greenback marginally higher ahead of key US data this week, including June’s payrolls report, while oil prices settled down. Among stocks, shares from rate-sensitive sectors lower after ISM PMI data showed that US manufacturing contracted more than expected. Tesla +6.9% after it said it delivered a record number of vehicles in the second quarter, and shares in heavyweight banks such as Wells Fargo and Goldman Sachs gained 1.7% and 1.3%, respectively, after raising dividends and passing the Feds annual health check.
ASX 200 to open lower. SPI Futures down 1 point (-0.01%).
- Gold continued up 0.1% overnight, due to weaker economic readings from the US.
- Copper rose 2.64% overnight as inventories fell and optimism boosted prices.
- Nickel +0.07% Aluminium -0.09% Zinc +1.32%, Lead +1.6%, and Tin +4.89%.
- WTI Crude fell 1.35%, and Brent dropped 0.6% despite possible production cuts from Saudi Arabia.
- 10Y Bond yields: US 3.85%, Australia 3.98%, and Germany 2.44%.
Coming Up: RBA Interest rate decision Today, FOMC Minutes and both the US and Australia's Balance of Trade on Thursday, US Unemployment rate on Friday
- Domestic data: RBA Interest Rate Decision.
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ASX 200 closed up 43 points to 7246 (+0.6%), supported by a rise in commodity prices, starting the new financial year off in the positive, extending gains from the previous session. At best ASX 200 up 51 points, at worst down 4 points. The Gold sector performed well today supported by the rise in bullion prices a sign market participants are positioning themselves for a potential rate hike from the RBA tomorrow. Australia’s largest gold miner NCM jumped 2.5% marking its best day in more than four weeks. Tech the worst performing sector today, with the All-Tech Index down 0.6%. Banks also posted some gains ahead of tomorrow’s RBA decision, with rate hikes likely to be paused. ANZ leading the charge, up 0.8% and CBA up 0.7%. The Big Bank Basket is at $172.67 (+0.6%). REITs higher as bond yields steadied.. Resources doing well on commodity prices, Iron ore miners gained, BHP up 0.6%, RIO up 0.7% and FMG up 0.4%. Lithium also up today with LRS and LTR up 7.8% and 0.7%. Healthcare having a mixed day as CSL dropped lower, down 0.4% and RHC gained 0.8%. Energy stocks mixed up as oil prices steadied after record losing run, STO +1%, BPT +1.9% while STX fell 1.1%. In corporate news, PSI down 10.4% after responding to ASX’s query. UMG up 8.6% after accepting an offer to be acquired by Malteries Soufflet at 500c. NWH dropped 1.6% despite their subsidiary being awarded a $973m contract by Northern Star. In economic news, Australia’s building permits rebounded sharply in May surging 20.6% MoM, recovering from a 6.8% fall in April. Job ads in Australia fall 2.5% MoM in June, but on an annual basis job ads fell 10% but remain 45% above pre-pandemic levels. Australian home loans rose 4% in May, reversing a 3.8% decline in April. Lastly, China’s manufacturing growth slows less than expected with Caixin China General manufacturing falling to 50.5 in June from 50.9 in May above consensus of 50.2. Asian markets are up, Japan up 1.4% boosted by tech shares, HK up 1.9% reversing losses from the previous two sessions with China up 1.4% despite underwhelming economic data. Australian bond yields dip ahead of the RBA’s interest rate decision tomorrow. 2Y yield down 17bpd to 4.17%, and the 10Y yield fell 5bps to 3.97%. Bitcoin up 0.3%. Dow Jones futures down 25 points and Nasdaq futures up 8 points.
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Dow Jones up 285 points (+0.84%). Up 345 at best. Up 148 at worst. NASDAQ +1.45%. S&P 500 +1.24%. One newswire describes the last day of the half-year as the “Cherry on Top”.
SPI Futures are up 29. The ASX 200 was up 104 points or 1.47% last week. The Tech sector led the ASX this week, with the Banks up 2.48% and REITs up 2.63% as a better-than-expected CPI number reduced the chances of an RBA rate rise next week (not by much) and kicked off a Financials and Consumer Discretionary rally (+2.82%).
Big Tech lead the market. Apple up 2.3%, hitting a record high and crossing the $3 trillion market cap line. Banks are following through after the positive reaction to the stress test this week. Most industrials higher. Gold and lithium stocks higher. Bond yields dipped on better-than-expected PCE price index numbers. So did the US dollar index. Still thought to be not good enough to prevent the next Fed rate rise. 90 fell 2.6% on results. Volume was a bit below average. The US has a holiday coming up on Tuesday and closes early on Monday. A lot of people be on holiday next week.
- Wall St rallies; Nasdaq hits 40-yr milestone, Apple scales $3 trillion
- Wall St ends strong quarter with broad rally, dollar dips as inflation cools
- U.S. yields slip on cooler-than-expected PCE data
- US consumer spending hits speed bump; inflation picture mixed
- Yellen sees strong job market, lower inflation, even as US economy cools
- Biden's student loan defeat adds to headwinds for US economy
- Apple's market value ends above $3 trillion for first time
- Goldman Sachs may exit partnership with Apple – WSJ
- Copper down 1.06% declining 7.7% for the quarter and marking the first period of loss in 3 quarters.
- Nickel +2.56% Aluminium -0.62% Zinc -0.95%, Lead -0.84%, and Tin +0.27%.
- WTI Crude gained 1.16%, and Brent rose 1.48% on supply concerns.
- 10Y Bond yields: US 3.84%, Australia 4.01%, and Germany 2.39%.
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ASX 200 closed with a modest gain of 0.12% to 7203, up 8 points as EOFY came and went. For the week the index is up 103 points or 1.5%. A mixed session with Resources slightly firmer, BHP up 0.1% and FMG up 0.3% with lithium stocks drifting higher, PLS up 1.2% and IGO up 1.2% Gold miners were mixed and oil and gas stocks better, WDS up 0.5% and STO rising 0.8%. Coal miners mixed, WHC down 1.3% and YAL up 1.8%. In the banks some slippage with the Big Bank Basket unchanged at $171.69. MQG bucked the trend up 0.8% and insurers flat. MPL slipped 0.3% on another class action. And fund managers squeezed slightly higher. PNI up 1.7% and MFG up 0.3%. REITS fell today across the board as yields rose, GMG down 0.3% and GPT off 0.2%. Healthcare eased back, CSL down 0.3% and COH down 0.2%. Tech rose with the All -Tech Index up 0.5% led by WTC and XRO again. Telcos slid, TLS off 0.5% and TPG falling 1.2%. Industrials better, BXB up 0.4%, CPU rising 0.6% and retailers finding support, JBH up 0.8% and CTT pushing another 5.1% ahead. On corporate news, LNK fell 13.9% as it lost the HESTA account, BUB unchanged on a China update, DOW up 4.3% after sealing a new contract to build trains for QLD. Not substantial on the economic front, US core inflation numbers tonight. In Asia, Japan gave back some recent gains, down 0.3%, and China and HK better.
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The Dow Jones Industrial Average rose on Thursday as big bank names gained after passing the Federal Reserve’s annual stress test, and a revised upward GDP print alleviated some recession fears on Wall Street.
The 30-stock index jumped 269.76 points, or 0.8%, to finish at 34,122.42, lifted by major bank names. The S&P 500 added 0.45% to end at 4,396.44, while the tech-heavy Nasdaq Composite closed flat at 13,591.33.
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ASX 200 closed down 2 points to 7195, sinking from early gains after Retail sales show signs of resistance, coming in at 0.7% for May compared to 0.1% forecast. Consumer discretionary had an obvious boost from the higher retail numbers, EDV up 0.6%, DMP up 2.1%, and BBN jumped 7.4%. Banks continued to rally, ANZ gained 1.2% and MQG rose 0.7%. Big Bank Basket up to $171.55 (+0.55%). Energy stocks gained as US inventories declined more than expected. STO +0.7% and BPT +0.8%. REITS lower. Healthcare stocks were mostly flat, RMD up 0.8% and RHC down 1.8%. Resources lower as base metals dropped overnight on China demand speculation. Iron ore dropping, BHP -1% and RIO -1.2%. Gold continues to be sold off, nearing four-month lows. NST -1.7% and EVN -2.1%. In corporate news, MAH +19.2% upgraded their earnings guidance as cost inflation recovers and secures more contracts.WBT dropped 11.4% even as their ReRAM product has been fully qualified. In economic news, Australian retail sales beat estimates growing 0.7% for May, compared to a forecasted growth of 0.1%. Job vacancies in Australia fell by 2% for the quarter still high compared to pre-pandemic levels as employers struggle to hire and maintain employees. Asian markets mostly lower, Japan down 0.1%, HK down 1.3%, and China down 0.1%. Bitcoin up 0.33%. Dow Jones futures up 4 points and Nasdaq futures up 12 points.
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US equities finished mixed overnight. Blue chip Dow Jones closed down 72 points (-0.22), weighed down by healthcare stocks. Dow at worst down 171 points. S&P 500 was essentially unchanged, down 0.04%, and the NASDAQ gained 0.27% after Powell reiterated that interest rates would rise further this year and that he did not see inflation falling to its target rate this year or next year. US treasuries softened ahead of Friday's PCE price index results, and the greenback strengthened on Powell’s tough talk. Among stocks, Nvidia fell 1.8% after the US government is considering restrictions on exports of AI chips to China and Netflix gained 3.06% after Oppenheimer raised its price target.
European markets higher overnight near best levels, STOXX 50 +0.9%, FTSE +0.5%, CAC +1%, and DAX +0.6% as strong economic data on Tuesday soothed recession jitters, even as Lagarde warned that there is still not enough evidence of inflation cooling down.
- SPI futures down 5 points (-0.07%)
- Gold down 0.32%, to a near 4-month low after hawkish comments from the Fed.
- Copper down 1.13% after weak industrial profit numbers were released from China yesterday.
- Nickel -3.23% Aluminium -0.84% Zinc -0.86%, Lead -0.93%, and Tin -0.55%.
- WTI Crude gained 2.75%, and Brent rose 1.48% after a bigger than expected decline us US Crude inventories.
- Bond yields declining globally overnight - 10-year yield: US 3.71%, Australia 3.85%, and Germany 2.31%.
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ASX 200 closed up 78 points to 7197 (+1.1%), boosted by cooler-than-expected inflation results. The Aussie dollar fell to 66.43c (-0.6%), and the 2Y and 10Y bonds took a hit following inflation results, before closing down 6bps and 5bps, respectively. Interest rate-sensitive sectors performed well. Consumer discretionary the best-performing sector today WES up 1.3%, JBH up 2.5%, and SGR jumped 11.5%. Banks rallied, with the big four all gaining over 1%, with NAB the standout up 1.9%. Big Bank Basket up to $170.62 (+1.4%). Energy stocks are up on higher oil prices as WTI crude futures rose above $68 a barrel. STO +1.2%, WDS +1.1% and S32 +1.1%. REITS gained as treasury yields fell. Defensive sectors outperformed. Healthcare stocks were mostly better, RMD up 1.1% and RHC up 4.8%. Industrials were strong today, WOW up 0.3%, and ELD up 5.2%. Travel stocks enjoyed a small rally, FLT up 3.1%, KLS up 1.0%, and WEB up 2.8%. Iron ore better, BHP +0.7% RIO +1.0% and FMG +0.3%. Gold was sold off, nearing three-month lows after strong economic data from the US overnight and today’s CPI result. NST -1.0%, EVN -0.9%, and PRU -1.2%. In corporate news, LRS +18.4% confirmed the presence of a significant lithium corridor at its Salinas Lithium Project in Brazil, QAN +3.2% onits management reshuffle, PBH +0.6% board unanimously recommends Fanatics Betting and Gaming’s improved proposal of US$225m to acquire PointsBet’s US Business, HVN up 4.9% on solid preliminary results, and COF +1.8% completed $225m of debt refinance and divests Clarke St property in Canberra for $23m. In economic news, Australia’s headline inflation came in at 5.6%, significantly below consensus of 6.1%, down from 6.8% in April. Core inflation fell to 6.4%, slightly lower than April’s 6.5%. China’s industrial profits fell 18.8% YoY, the decline followed a 20.6% plunge in the prior period as a softening demand squeezed margins reinforcing hopes of more policy support to bolster economic recovery. Asian markets subdued, Japan up 2.0% as the Yen nears a 15-year low on a rising euro, HK flat, and China up 0.1% after Beijing fixed the currency lower than many expected. Bitcoin down 0.42%. Dow Jones futures down 5 points and Nasdaq futures down 44 points.
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Wall Street closes higher overnight, ending near best levels. Dow Jones up 212 points (+0.63%). Dow at best up 261 points, snapping a six-day losing streak. Tech megacaps led the round, with the NASDAQ up 1.65% and the S&P 500 up 1.15%, halting a two-day drop. Upbeat economic data eased recession fears while the dollar softened, and US treasury yields edged higher. European markets up on bets that further stimulus from China is coming. STOXX 50 +0.6%, FTSE +0.1%, CAC +0.4%, and DAX +0.2%. SPI futures up 26 points (+0.37%).
Economic data: Orders for US manufactured durable goods unexpectedly rose 1.7% MoM in May, significantly beating expectations of a 1% fall, marking a third straight month of rising durable goods orders, helping soothe worries over a looming recession. US housing market regaining strength, with sales of single-family homes up 12.2% MoM of 763k, reaching its highest level since February last year, beating consensus of 675k. US June consumer confidence printed at 109.7, well above consensus for 103.9, its highest level since January 2022, reflecting improved current conditions.
- Gold down 0.49%, as US Consumer Confidence climbed to the highest level in almost a year and a half.
- Copper down 0.48% as stimulus packages in China were offset by demand woes.
- Nickel +2.34% Aluminium +1.95% Zinc 2.19%, Lead +1.13%, and Tin +2.24%.
- WTI Crude fell 1.97%, and Brent dropped 2.55% ahead of US consumption data and the possibility of further rate hikes.
- 10-year yield: US 3.77%, Australia 3.94%, and Germany 2.36%.
- VIX down 3.6%.
- Russell 2000 +1.46%
- Money markets pricing in a 76.9% chance the Fed will hike rates by 25bps at July meeting.
- Meta up 3.8% after Citigroup raised its price target on the stock.
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The ASX 200 up 40 points to 7118 (+0.6%) snapping back from a 4-day losing streak ahead of CPI numbers tomorrow. REITS saw the biggest gains today as the NSW premier announced an increase in height restrictions for apartment building in Sydney. GMG up 1.2% and SCG up 4%. Banks gained after their recent drop The Big Bank Basket up $168.31 (+0.8%). CBA +0.5%, WBC +1.6%, ANZ up 1.5% and MQG +0.8%. Money managers firm and insurers mixed as MPL drops 3.9%. Resources rose in a broad market rally, Iron ore miners faring well, BHP up 1.5%, RIO up 1.7% and FMG up 2.9% despite broker downgrades. Gold closed mostly flat as fears in Russia caused a rush for safe-haven assets early in the day, before dropping off. NCM up 2% and NST down 0.7%. Lithium mixed with LRS dropping 3.9% following last week’s rapid gain. Oil and Gas stocks fairly flat, WDS up 0.6% and BLU up 4.6%. The All-Tech Index dropping 0.7% ahead of CPI numbers tomorrow morning, despite a forecasted decrease in inflation rates. WTC down 0.9% and TNE down 0.1%. In corporate news, CKF rose 17.7% following an increase in sales, yet also noted inflation is placing pressure on underlying margins. MPL dropped 3.9% following APRA’s decision ruling that they must increase their capital holdings following their data breach late last year. PBH has been placed in a trading halt pending an announcement regarding the US division sale. On the economic front, ANZ Roy Morgan Consumer Confidence had a slight increase but still remains well below the average, for the 17th consecutive month. Asian markets are trading mostly higher China up 1.2% HK up 1.9% and Japan down 0.3% on Chinese Premier's comments at WEF.. Bond yields mostly unchanged, 10-year steady at 3.95%. Dow futures up 87 points. NASDAQ futures up 46.
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Wall Street lost ground overnight, ending near worst levels as worries about the impact of further interest rate hikes mounted and crude prices advanced over aborted Russian mutiny over the weekend. Tech and mega-cap stocks led the losses as traders unwound bets that the Fed will cut interest rates this year, NASDAQ down 1.16%, and the S&P 500 fellby 0.45%, while the Dow Jones edged marginally lower, down 13 points (-0.04%). Dow at best up 91 points. Dow at worst down 117 points. VIX Volatility Index up 6%. Among stocks, Alphabet (GGOGL.O) down 3.19% after UBS downgraded the stock to neutral, while Tesla (TSLA.O) fell 6.06% after Goldman Sachs downgraded its rating to neutral. On the positive side, US regional bank PacWest (PACW.O) jumped 4.01% after private equity firm Ares Management said it had acquired a US$3.5bn specialty finance loan portfolio from the lender. US 2Y and 10Y treasury yields inverted further to 102bps, only 8bps away from the historic inversion of 110bps after the US regional bank shock in March. The probability of a rate hike at the next FOMC meeting is currently at 74.4%.
Australian market to open up. SPI futures up 20 points (+0.28%).
* Gold finished 0.1%, climbing from a 3-month low as safe-haven assets become more attractive in the wake of Russian turmoil.
* Copper climbed 1.3% as all other base metal prices dropped on a worsening economic outlook and a decrease in German business moral.
* Nickel -4.7% Aluminium -1.19% Zinc -1.31%, Lead -2.56%, Tin -3.73%.
* WTI Crude rose 0.26% and Brent gained 0.74% on concerns of supply issues from Russia.
* 10-year yield: US 3.72%, Australia 3.91%, and Germany* 2.3%.
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The ASX 200 started the week down 21 points to 7079 (-0.3%), hitting 7,054, its lowest level in three months weighed down by losses in banking and mining stocks. Oil and gas stocks mixed despite strength in the oil price, KAR -0.5% and STX -1.1%, while BPT edged higher, up 0.4%. Iron ore giants BHP, RIO and FMG all fell 0.3% each. Gold miners rallied on bullion’s strength and a weaker US dollar. NCM +1.2%, NST +2.0%, and EVN +1.5%. Tech stocks mixed, XRO +1.7% CPU -1.3%, while WTC gained 0.6%. All-Tech Index up 0.1%. All banks closed in the red. NAB the worst performer of the big four, down 0.8%. Big Bank Basket fell to $166.95 (-0.5%). REITS better as bond yields fell. SCG up 1.0%, and VCX up 0.3%. Travel stocks continue their decline as oil prices rose QAN down 2.3%, and AQZ off 1.8%. In corporate news, CTD -0.8% awarded a four-year travel management contract with the federal government, VNT +1.4% secured a five-year maintenance contract with the Department of Defence, APX tumbled 12.3% after CFO Helen Johnson resigned abruptly, MTS +4.7% on good results, LRK fell 16.3% on downgraded sales forecast, and E25 jumped 5.0% after they secured a manganese sulphate supply deal with General Motors. Nothing significant on the economic front. Asian markets down, Japan down 0.2%, HK off 0.3%, and China down 1.4% hitting its lowest levels in over five months. Australian bond yields down, 10Y yield down 4bps to 3.95%, and 2Y yield down 7bps to 4.12%. Bitcoin down 0.63%. Dow Jones futures up 44 points and Nasdaq futures up 19 points.
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The main event this week is Australia’s monthly CPI data out Wednesday. The last reading of 6.8% in April surprised the market, up from 6.3% in March, which was the lowest reading in 10 months, significantly exceeding market expectations of 6.4%, which led to a 25bps rate hike by the RBA in June. May CPI consensus at 6.1%. Also, on the domestic front, retail sales data out Thursday and housing permit data out Friday will provide some insight into the broader economy and the health of the housing market. Powell speech Thursday and Eurozone CPI data Friday.
Australian market to open lower. SPI futures down 16 points (-0.23%)to 7043 over the weekend.
Last week: The ASX 200 fell 150 points (-2.1%). Defensive stocks did well, CSL +1.49% recovering from its recent sell-off from the company’s profit warning, WOW +3.21%, RMD +1.58%, and TWE +0.35%. Travel stocks were hammered QAN -6.77%, FLT -12.35%, CTD -9.65% and WEB -5.96%. Tech sector also down with XRO falling -4.6%. Gold fell, and the energy sector was lower following the decline in oil prices.
Global equities last week: US markets snap six-week winning streak. Dow Jones down 572 points (-1.67%), S&P 500 down 1.4%, and the NASDAQ down 1.44% as recession fears remerge triggered by tight monetary policy and pressuring crude oil prices. European markets were also down, with the STOXX 600 off 2.93%, FTSE -2.37%, and DAX -3.23%, respectively.
- Gold finished 0.41% higher, weighed by hawkish comments from the fed.
- Copper fell 3.64% as hawkish fed comments and a stronger USD sent prices down.
- Nickel +0.22% Aluminium -2.11% Zinc -2.07%, Lead -2.07%, Tin -2.44%.
- WTI Crude fell 0.45% and Brent fell 0.44% on concerns of global economic growth.
- 10-year yield: US 3.74%, Australia 3.94%, and Germany 2.37%.
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ASX 200 finished down 96 points at 7100 (-1.3%) with another day of losses, the third in a row. 2.1% for the week. Once again, no real reason apart from Powell and the lack of Chinese stimulus perhaps, 10bps not really cutting it. Banks did a substantial nosedive with the Big Bank Basket dropping to $167.86 (-1.6%). CBA fell 1.6% and ANZ off 2.1%. MQG also falling hard with insurers in the red too. Industrials fared slightly better in the bloodbath, WOW and COL kept their heads above water, TLS only fell 0.5%, and BXB and other industrials managed small (ish) losses. Healthcare was mixed with CSL unchanged with SHL down 1.0%. REITs under pressure GMG down 2.6% and SGP off 2.2%. Tech eased with the All-Tech Index down 1.1% as WTC fell 0.1% and XRO dropped 1.8%. Resources held up relatively ok, BHP down 1.2% and RIO off 1.1% with lithium stocks mildly weaker but some bright spots there. Gold miners fell as bullion dropped, NST down 2.5% and DEG off 3.8%. Oil and gas though was smacked hard, as crude continued to head lower in Asian trade, WDS off 4.6% and STO down 4.3%. In corporate news, COH fell 3.5% on issues with an acquisition in the UK, DLI soared 30.1% on some ‘stunning ‘drill results. Nothing on the economic front today. Asian markets are weaker with China back trading after Dragon Boat Festival. Dow futures down 136 points. NASDAQ futures down 68 points.
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Low-volume night in the US dominated by Powell’s testimony (see below) which was seen as a little less hawkish. The Fed remain data dependent (seen as a positive). Tech stocks led with the NASDAQ up 1.18% and the other markets flat. The Bank of England raised rates by 50bp, more than expected, although the UK market (FTSE) only fell 0.76%. The odds of a Fed rate rise at the next meeting on July 26 rose from 74.4% to 76.9%. Weekly jobless numbers hit a 20 month high and the Leading Economic Index fell for the 14th time on the trot. The energy sector was the worst-performing sector on the back of a 4% fall in the oil price.
ASX to open lower SPI Futures down 7 points (-0.10%).
European markets are down for a third consecutive session. STOXX 50 -0.42%, FTSE -0.76%, CAC -0.79%, and DAX -0.22%. The BoE likely dampening sentiment as they raise rates to a 15-year high.
- Gold finished 0.97% lower, hitting a 3-month low as Powell's testimony wrapped up.
- Copper rose 0.13% as Inventories in LME Warehouses hit the lowest level since October 2021
- Nickel -0.2% Aluminium -0.4% Zinc -0.17%, Lead +0.23%, Tin -0.42%.
- WTI Crude fell 4.66% and Brent fell 3.64% on fears interest rates will continue to climb, reducing demand for Crude.
- 10-year yield: US 3.79%, Australia 4.01%, and Germany 2.49%.
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ASX 200 took an ugly turn today falling 119 points to 7196 (-1.6%). No real reason, slight weak lead from US, no Asian session. US futures eased slightly but stop losses and maybe Powell’s testimony kicked us lower. Losses across all sectors, Banks under serious pressure, NAB down 1.4% and CBA off 1.6% with the Big Bank Basket down to $170.57 (-1.5%). MQG toppling 2.7% with insurers also in trouble. QBE down 1.3% and the fund managers sloppy, MFG giving back some recent gains falling 6.2%. Industrials in trouble too, consumer stocks eased back, WOW and COL down around 1.2%, WES a similar amount with retail stocks falling, JBH down 1.7% and APE off 1.5% %. Travel stocks taking a plunge, FLT down 3.8% and WEB off 3.0%. Healthcare slumped into ICU led by CSL off 0.6% and COH down 1.7%. REITs in trouble, GMG off 1.5% and SGP down 3.3%. Tech in the seller’s sights too WTC off 4.0% and XRO minus 4.4%. The All-Tech Index fell 3.0%. Resources were sold off aggressively with BHP down 2.4% and FMG falling 2.2%. Gold miners fell, NCM down 1.3% and oil and gas lost ground. Coal stocks drifted lower. Lithium plays were mixed with winners and losers. In corporate news, DEG fell 1.8% as it bought into a neighbouring project, GOR fell 8.3% on production issues, JLG dropped 11.9% on a business update and ERD jumped 60.3% on a NBIO. Nothing on the economic front, although Treasurer Jim Chalmers said the new RBA governor would be named in July. Did not rule Lowe out. Asian markets quiet with China and HK closed. Much fuss about Biden’s dictator comments though. Japan eased. 10-year yields steady at 3.97%. Dow futures down 49 points. NASDAQ futures down 47 points. And continuing under pressure ahead of BoE.
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US equities fell overnight as Fed chair Powell reinforced the banks objective to rein in inflation, pointing to more rate hikes. All three major indices clocked their third straight daily loss, closing off best levels after a stalled afternoon rally attempt. Dow Jones down 102 points (-0.3%). Dow at best up 44 points. Dow at worst down 178 points. S&P 500 down 0.52%, and NASDAQ down 1.21% driven by weakness in tech as future rate hikes spooked the market and enthusiasm around AI. VIX was strangely placid, down 4.9% its lowest reading since January 2020. Telsa -5.73% after Barclays downgraded its rating to equal weight from overweight, saying the recent rally was too sharp relative to fundamentals, Microsoft -1.33% and Google -2.09% were the heaviest drags. US treasuries initially rose on hawkish tone but finished flat, and the USD Index fell 0.46% to 102.09. ASX to slip, SPI Futures down 10 points (-0.14%).
European markets mostly down, weighed down by real estate stocks on rate hike jitters, STOXX 50 -0.5%, FTSE -0.1%, CAC -0.5%, and DAX -0.6%. UK CPI reading defied expectations (8.4%) and held at 8.7%, putting more pressure on BoE a day before it is expected to raise rates for the 13th time in a row. Markets now pricing in a 40% chance for a 50bps hike on Thursday, and nearly a 100% chance rates will reach 6% by December vs current 4.5%.
- Gold finished 0.19% lower overnight after hitting a three-month low on Powell's remarks.
- Copper gained 0.64% as the dollar weakened. Optimism over Chinese demand for copper fades.
- Nickel -3.45% Aluminium -0.04% Zinc +2.33%, Lead +1.07%, Tin +2.45%.
- 10-year yield: US 3.72%, Australia 3.93%, and Germany 2.40%.
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ASX 200 closed down 43 points to 7315 (-0.6%), easing after seven days of gains as commodity stocks lost traction on Chinese demand concerns. Gold stocks led today, falling 1.9%. NST down 2.3%, and NCM off 1.2%. Miners followed closely as iron ore prices fell. BHP lost 1.1%, RIO down 1.4%, and FMG off 1.7%. Lithium stocks mixed, MIN -1.1%, PLS +2.2%, and AKE +1.3%. Healthcare stocks healthier, with MSB +5.8% and TLX up 6.0%. Insurers are also good. QBE, IAG, and SUN all hit 52-week highs as the market bets their asset base will benefit from higher yields as rates rise. Tech rallied in the morning before a sell-off at lunchtime. All-Tech Index down 0.4%. XRO hit a new 52-week high in the morning, reaching $121.29, before closing down 1.1%. Banks mixed, CBA +0.1%, NAB +0.1%, ANZ -0.5% and WBC -1.0%.The Big Bank Basket slipped to $173.11 (-0.1%). Elsewhere, WES down 1.6%, GMG off 1.3%, and JBH off 2.4% as money found a way back into staples. In corporate news, the ACCC blocked a network-sharing agreement between TLS and TPG. TPG fell as low as 10.8% before stabilising in the afternoon and closing down 5.4%. SUL down 2.6% after UBS downgraded the stock. LKE up 4.9% as bargain hunters stepped in, following a 41% fall in the previous two sessions. DXS up 1.1% despite announcing a ~$1bn loss in asset revaluation. SYA announced positive preliminary lithium study results in Canada. In economic news, the Westpac-Melbourne Institute Leading Economic index was flat from the previous month in May. Asian markets mixed, Japan’s Nikkei rises on dip buying, up 0.5%, HK falling for a third straight session tracking US-listed Chinese stocks, down 1.9%, and China off 0.6%. Australian bond yields ease 2Y yield down 7bps to 4.1%, and 10Y yield down 7bps to 3.98%. Bitcoin up 1.69%, YTD +74.62%. Dow Jones futures down 27 points, and Nasdaq futures down 18 points.
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ASX 200 closed up 63 to 7358 (+0.9%), rising for its seventh consecutive session, supported by interest rate cuts out of China propping up commodities as well as positive RBA meeting minutes that revealed policymakers were less hawkish on more rate hikes than previously thought. Energy and mining stocks led the advance today, WDS rose 2.2%, STO up 2.3%, BHP +1.3%, and PLS +2.5%. REITS did well, up 1.3%, buoyed by a less hawkish RBA, SCG up 1.5%, GMG up 1.0% and VCX gaining 1.6%. Banks stronger, with the Big Bank Basket up to $173.35 rising 1.2%. NAB leading the charge up 1.7%. WBC also in demand up 1.3% with insurers doing ok, QBE up 1.6% and SUN better by 1.6%. Tech rode the broad market rally. All-Tech Index up 0.3%, CPU up 0.7% and XRO rose 1.4%. Defensive sectors outperformed. Healthcare stocks were mixed, CSL off 0.3% and RMD up 0.4%. Industrials were strong today, WOW up 1.0%, and ALL up 1.6%. Lots on the corporate front today, BST -0.3% reported an 11.7% fall in sales and significantly reduced NPAT guidance for H2 FY23, ASX +1.0% on management restructure, LLL +4.2% upgraded resource estimates by 48.2%, WDS +2.2% invests in Trion oil project in Mexico, LRS announced a 241% increase in resource estimate for the Colina Deposit, and ZIP -1.1% gained approval from convertible note holders to amend terms allowing the company to reduce its debt by $192m. In economic news, the PBoC slashed two key lending rates for the first time since August 2022 in line with expectations. One-year LPR lowered 10bps. Asian markets are down, Japan down 0.3%, HK down 1.7%, and China off 0.2%. Long-dated bond yields rise while the 2Y yield fell, Australian 10Y yield up to 4.01%. Bitcoin up 0.62%. Dow Jones futures down 141 points, and Nasdaq futures down 41 points.
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US markets closed overnight for the Juneteenth holiday. Global equities are down, falling from 14-month highs hit last week as markets awaited testimony from Fed Chair Powell in markets dominated by monetary policy bets. No change in the broader narrative, European markets are in a holding pattern ahead of monetary decisions from BoE, Swiss National Bank and Norges Bank. European markets down, FTSE 100 -0.71%, DAX -0.96%, CAC40 -1.01%, and STOXX 600 -1.02%. SPI Futures up 12 points (+0.17%).
ECB officials continue to sound hawkish since last week’s policy decision to raise rates by 25bps as inflation could come in higher than it expects, two ECB officials said overnight, despite the banks chief economist opening the door to a pause and warnings that the Governing Council may be underestimating disinflationary trends and liquidity risks posed by TLTO repayments. Markets see a greater than 50% likelihood of terminal rate of 4%, with one more rate hike in September or October this year.
- Gold eased 0.39% as the US dollar strengthened ahead of Fed Chair Powell's congressional testimonies.
- The dollar index edged up 0.27% from a one-month low, making metals less attractive for buyers holding other currencies.
- Copper prices faced pressure, down 0.38% due to a lack of detail on economic stimulus in China and a firmer dollar.
- Nickel -1.83% Aluminium -1.21% Zinc -1.7%, Lead +0.16%, Tin +5.22%.
- WTI crude fell 2.11% and Brent fell 0.17% as China’s GDP growth forecast was downgraded.
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The ASX 200 started the week on a positive note, up 44 points to 7292 (+0.6%), rising for its sixth consecutive session and reaching its highest levels in six weeks. Healthcare and consumer stocks led the market today, bouncing back from last week’s losses with CSL +2.4%, RMD +1.5%,and MSB +6.8%. Supermarket giants WES +0.9% and COL +1.3% led the consumer staples rally as UBS upgraded the stock to buy. Insurers enjoyed the most gains in the financial sector, with SUN gaining 2.0% and QBE up 1.1%. Banks good, the big four banks all up over 1%, with ANZ leading the banks up 1.5%. Big Bank Basket up to $171.34 (+1.2%). Tech stocks rallied. All-Tech Index up 0.9%. Semiconductor company WBT is among the best performers up 8.7%, XRO +1.3% and WTC +0.6%. Meanwhile, Energy and mining stocks were mostly down, falling in lockstep with oil, as WTI crude futures fell toward $71 a barrel, giving back some of last week’s gains. BHP down 0.7%, FMG off 1.0% and WHC -2.9%. In corporate news, KAR +1.5% despite the oil producer downgrading its production guidance, LKE fell 20.0% on news that its Argentina Lithium project would be delayed and cost more than originally anticipated. ABP +5.8% completes the institutional component of an equity raising for Abacus Storage King. ASB -1.6% secured a US$71.7m contract with the US Navy for the construction of a Navajo class ship. Nothing on the economic front. Asian markets down, Japan down 0.4%, HK down 1.1%, and China off 0.5%. Australia 10Y yield down to 3.98%. Bitcoin up 0.61%. Dow Jones futures down 43 points, and Nasdaq futures up 13 points.
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Dow Jones down 109 (-0.32%). Trade in a 300 point range, up 181 at best. S&P 500 -0.37% - close to a 14-month high. NASDAQ -0.68%. For the week the Dow Jones was up 422 points (+1.25%). NASDAQ +3.25%. S&P 500 +2.57%. Some of the big Tech stocks took a pause. Microsoft down 1.7%, Amazon down 1.3%. Microsoft was still up 4.8% for the week, Nvidia was up 10.1%, Tesla was up 6.6% and Meta was up 6.1%., United Health was the biggest drag on the Dow Jones this week down 7.1% after a guidance downgrade. Bond yields were higher, the yen hit a 15 year low. US consumers' near-term inflation expectations dropped to a two-year low in June and the outlook over the next five years improved slightly, according to the University of Michigan survey.
SPI Futures down three points. The ASX 200 was up 152 points for the week (+2.13%), closing at 7251. These are the support and resistance levels on the ASX 200 at the moment. Nex target 7391 (+4.4% from here). Let's see if it can get there and break that.
TODAY'S HEADLINES
* ASX to slip, policymakers front and centre.
* Wall St Week Ahead-Investor skepticism turns to optimism as U.S. stock rally rolls on.
* Blinken, Qin hold 'candid' talks, US and China agree to meet again.
* Biden makes re-election pitch in key swing state Pennsylvania.
* Mystery X9 helicopter takes shape as potential successor to Airbus H145.
* Intel to invest $25 bln in Israel factory in record deal, Netanyahu says.
* Argentina faces crunch IMF talks to defuse looming debt bomb.
* Binance, SEC strike deal to keep US customer assets in country.
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ASX 200 kicked 76 points higher to 7251 (+1.1%) as the BoJ kept policy unchanged, China on the precipice of stimulus and the US bull market rolling on. Banks led the charge higher with the Big Bank Basket up to $169.39(+1.2%). ANZ, a laggard, with a miserly 0.7% gain. MQG up strongly by 1.2% with money managers also putting on the Ritz, MFG up 0.9% and GQG up 1.0%. Insurers firmed with QBE up 1.0%. Industrials across the board looking very solid. TCL rallied 0.7%, WES up 1.2% and REA in ‘old skool platforms’ up 3.5%. Consumer stocks also finding some support, TWE up 0.7% and JBH up 1.1%. LOV better by 1.4% and APE up 2.6% on buyback news. Tech in demand as usual. XRO up 2.6% and WTC at all-time highs up 1.2%. REITs did well as yields fell, GMG up 1.6% and MGR rising 1.8%. Healthcare mildly better but CSL still bleeding slightly, down 0.6%. Big Resources were firm but unspectacular. BHP up only 0.4% and FMG unchanged. Gold miners better, NCM up 1.7% and lithium stocks back in demand. MIN up 3.7% and PLS putting on 4.9%. Oil and gas stocks rose on oils rebound.
In corporate news, AGL shocked the market with a serious upgrade, flying 9.7% higher. MIN confirmed a new gas discovery, ANZ agreed a deal with QLD to seal the SUN deal, DEG rallied 6.7% after denying it leaked information to the media.
Nothing major on the economic front, although Bill Evans at Westpac downgraded the GDP outlook. Asian markets better, BoJ holds and Nikkei heads for 10th week of gains. Only 0.3% but will take that. HK up 1.3% and China up 0.6%. Stimulus beckons. 10-year yields steady around 4.0%. Dow futures down 10 points. NASDAQ futures up 1 point.
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US equities rallied overnight, with all three major indices gaining over 1% on strong economic data. Dow up 429 points (+1.26%). Dow at best up 510 points. Dow at worst down 33 points. S&P 500 up 1.22%, moving firmly above the 4400 level. NASDAQ up 1.15%, closing at its highest level in 14 months. US treasury yields slid after economic data pointed to easing inflation, helping offset worries about future rate hikes and boosting Microsoft and Apple shares to record highs. USD Index stumbled, down 0.81% following the ECB rate rise of 25bps. SPI Futures up 29 points (+0.41%).
Big economic day overnight. Initial jobless claims were sharply above expectations at 262k vs consensus of 249k, the highest reading since October 2021. Results reflect some softening in the US labour market after a prolonged period of tightness. US retail sales unexpectedly rose 0.3%, exceeding expectations of a 0.1% decline, following April’s 0.4% rise. Philadelphia Fed manufacturing contracted largely in line with expectations, whereas the NY Empire manufacturing unexpectedly expanded.
European markets are broadly down, STOXX 50 -0.3%, FTSE +0.3%, CAC -0.5%, and DAX -0.1%. After the ECB rose rates by 25bps for the eighth straight time to 3.5%, the highest level in 22 years. Eurozone inflation is still hot at 6.1%, more than three times the ECB’s 2% target. The Euro hit a 15-year high against the yen and a five-week high against the dollar following the rate rise. Australian dollar flat, down 0.09% to 68.79c.
- Gold rebounded 0.82% from a 3-month low as USD index slid lower.
- Copper reached a 5-month high, up 0.72% overnight on increased economic support in China.
- WTI crude rose 3.51%, and Brent gained 2.87% as IEA predicted global oil demand to rise by 6% between 2022 and 2028.
- Zinc -0.4% Nickel +1.06%, Aluminium +-0.07%, Lead +0.61%, Tin +1.77%.
- Bitcoin rose 2.34% overnight.
- 10-year yield: US 3.72%, Australia 3.95%, and Germany 2.49%.
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US equities closed mixed overnight after some choppiness and heavy trading volume in the afternoon following the FOMC meeting. The Dow fell 233 points (-0.68%), weighed down by United Health. Dow at worst down 429 points. S&P 500 flat, up 0.08%, and the NASDAQ rose 0.39%. Long-dated US treasuries fell, 10Y and 30Y yields slipped 4.9bps and 6.4bps. USD Index off 0.38%, and Walls Streets fear gauge the VIX fell 5.0%. European markets finished up, with the STOXX 50 +0.7%, FTSE +0.1%, CAC +0.5%, and DAX +0.5%.
The Fed Hits Pause
After ten consecutive rate hikes over the year, the Fed has officially hit “pause”. The Fed announced it will be leaving the benchmark federal funds rate at 5-5.25%, its highest level since 2007. The Fed’s new projections show policymakers at the median see the fund’s rate rising to a 5.5-5.75% range by the end of the year (another two hikes). Policymakers anticipate a 100 basis points of rate cuts next year, alongside fast-falling inflation. Futures markets are already pricing in 64.5% chance rates rise by 25bps at the July FOMC meeting.
- US Producer Price Inflation fell 0.3% MoM in May following April’s 0.2% rise, significantly exceeding forecasts for a 0.1% fall.
- Chipmakers Nvidia and Broadcom are both up more than 4%, closing at highest levels ever.
- Philadelphia Semiconductor Index up 1.5%, bringing its YTD gain to 48%.
- United Health down 6.4%, after the company announced its costs were on the rise due to an increase in surgeries among older adults. Wiping out ~US$29bn in market capitalisation.
- Gold steadied as the Fed signalled more rate hikes ahead.
- Copper gained 0.46% on expectations of Chinese growth.
- WTI crude dropped 1.69%, and Brent lost 0.89% as US inventories surged ahead of expectations.
- Zinc rose 4.35% overnight as Boliden suspended operations at a major Zinc mine in Ireland.
- Nickel +3.5%, Aluminium +0.83%, Lead +1.73%, Tin +2.6%.
- Bitcoin fell 2.9% overnight.
- 10-year yield: US 3.79%, Australia 3.96%, and Germany 2.46%.
- Shell PLC rose 1.2% overnight after announcing it will hold oil output steady, grow gas and LNG business and increase dividends.
- EU regulators may order Google to sell part of its adtech business to address anti-competitive practices, potentially facing a fine of up to 10% of its annual global turnover.
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ASX 200closed up 23 to 7162 (+0.3%) buoyed by positive sentiment following softer-than-expected US CPI numbers. Banks rose, riding positive market sentiment. The Big Bank Basket up to $166.36 (+0.8%) led by MQG up 1.4%, and WBC up 1.3%. Money managers doing well. Insurers also had a good day, IAG up 2.6% and QBE rose 0.9%. REITs lower as bond yields climbed, SCG down 1.2% and MGR down 2.2%. The Healthcare sector got slammed as CSL reduced profit guidance, CSL dropping 6.9% knocking 35 points off the market. Resources regained yesterday’s losses and then some as China lowered their short-term lending rate in a bid to stimulate the economy, boosting commodity prices. Iron ore miners performed well, BHP up 3.6%, RIO up 2.9% and FMG up 4.3%. Lithium boosted on Chinese optimism, MIN up 5% and PLS up 3%. Gold miners were sold off for a second day now that markets are convinced the Fed will ‘skip’ June’s rate hike. EVN -0.6% and NST -0.9%. Oil and gas rose as the US announced overnight, they would be purchasing an additional 12m barrels to replenish depleted national reserves. WDS +1.1% and STO +1%. In corporate news, CSL fell 6.9% after it reduced FY23 profit guidance, noting a significant hit from FX exposure. MAQ rose 1.1% after completing a $160m institution share placement at $58.50 per share. AIA dropped 3.8% after adjusting their dividend policy to be in line with industry standards. DMP continued to drop as brokers downgraded their ratings, down 0.9%. On the economic front today, Consumer confidence fell to a 3-year low, as inflation and interest rates hit home. Asian markets mixed ahead of the Fed rate decision, Japan’s Nikkei Index rallied 0.9% by midday, currently up 1.3% looking to extend its gains for a fourth session. HK down 0.6% with China down 0.1%. Australian bond yields remain inverted, 10Y yield at 3.99% and 2Y yield at 4.1%. USD Index flat at $103.4. Dow Jones futures down 74 points and Nasdaq futures down 6 points.
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All three major US indices closed in the green overnight, following the US inflation report that indicated a slowdown in price pressures in May, raising the probability of a ‘skip’ at the next FOMC meeting tomorrow to 93.1% from 79.1% the day before. The Dow added 146 points (+0.43%). Dow, at best up 244 points. The S&P 500 and NASDAQ gained 0.69% and 0.83%, respectively, hitting their highest levels since April 2022. The Russell 2000 Index rose 1.23%, jumping to a three-month high. VIX down 2.7%. US treasury yields rose, and gold prices fell. USD Index down 0.30%, while base metals and oil found support on the weaker dollar. Australian market set to rally at open, with SPI futures up 44 points (+0.62%).
European markets are broadly up, STOXX 50 +0.7%, FTSE +0.3%, CAC +0.6%, and DAX +0.8%. The ECB is holding its policy meeting on Thursday, where it is expected to raise rates by another 25bps. In currencies, the Euro hits a three-week high reaching $1.08, and the British pound hits a one-month high, touching $1.26, while the Aussie dollar remains flat, down 0.03% to 67.64c.
HEADLINES
- Trump pleads not guilty in federal documents case.
- US consumer price increases slow; underlying inflation sticky.
- US small business sentiment edges up in May, NFIB says.
- In challenge to Nvidia, AMD will ramp up AI chip production this year.
- US plans to purchase 12m barrels of oil for reserve this year.
- Toyota unveils sweeping plans for new battery tech, EV innovation.
- Tesla taps brakes on job ads after Musk clamps down on hiring.
- Wells Fargo CFO expects upside in net interest income.
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ASX 200closed up 16 points to 7139 (+0.2%) as the market returned from a long weekend. Global equity markets remain subdued ahead of the FOMC meeting and interest rate decision later in the week. Tech rallied following the NASDAQ, with the All-Tech Index up 3.8%, XRO up 4.2% and up 62.25% YTD, WTC +5.2%, and BRN +3.7%. Banks gaining ahead of US CPI tonight, led by MQG up 2.1%, and CBA up 0.8%. The Big Bank Basket up to $164.97 (+0.5%). Money managers found support, VUK up 1.0% and MFG up 1.1%. REITs mixed, GMG up 0.1% and HCW up 3.2% on a revaluation of assets. Resources struggling on demand concerns. Iron ore miners BHP and RIO are down 1.0% and 1.5%, respectively. Gold sold off as the probability of a rate pause by the Fed increased to 80.4%. EVN is down 2.3%, and NCM off 1.4%. Lithium is broadly down, AKE down 1.2%, and IGO up 0.8% on the appointment of the new CEO Ivan Vella. Coal stocks got sold off, YAL dropped 4.5%, and WHC down 1.9% as the Queensland government announced an increase in royalty payments in a bid to transition to renewable energy. Oil prices near lowest level in three months on demand concerns in China and the US. Energy stocks fell in lockstep with oil prices WDS -1.3%, BPT -1.9% and KAR -5.3%.
In corporate news, DMP fell 5.9% after the company announced sales to fall below expectations for FY23, TNT +145% on 13c cash offer ($176m) from Thales, and MIN down 2.7% after reporting a fatality at Onslow Iron project, site operations have been suspended.
In economic news, Westpac-Melbourne Institute Consumer Sentiment Index unexpectedly rose 0.2%, exceeding consensus for a flat reading while steadying near recession lows. NAB business confidence index unexpectedly fell to -4, below market expectation. Asian markets mixed; Japan’sNikkei hits 33,000 during trade, the first time since 1990 down, currently up 1.2%, HK up 0.2%, with China down 0.1%. Australian bond yields remain inverted, 10Y yield at 3.92%, and 2Y yield at 1.03%. Dow Jones futures up 28 points, and Nasdaq futures up 64 points.
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The NASDAQ and S&P 500 rallied overnight up 1.53% and 0.93%. S&P 500 logged its fourth consecutive weekly gain on Friday and entered a new bull market. The Dow closed near session highs, up 190 points (+0.56%). Dow at best up 201 points. US treasury yields and the dollar flat ahead of inflation data and interest rate decisions later in the week. Oil stumbles closing at its lowest level since December 2021 on demand concerns and rising global supplies. Tesla rose 2.2% rising for 12 consecutive trading sessions, a record for the electric car maker. Apple and Microsoft rose ~1.5%, with YTD gains reaching 41.45% and 38.37%, respectively. Oracle hit a record high after JPMorgan hiked its price target, closing up 5.9%. Oracle is up 6.58% in extended trade after the company exceeded Q4 revenue estimates with revenue growth of 17% to US$13.84bn.
Aussie market to open higher, SPI futures up 25 points (+0.35%). European markets up across the board, STOXX 50 +0.6%, FTSE +0.1%, CAC, +0.5%, and DAX +0.9%. VIX up 8.53%, its highest level in a week.
- Target rate probabilities for upcoming FOMC meeting according to money markets: 79.1% HOLD up from 70.1% one day again.
- Philadelphia Semiconductor Index is up 3.3%, bringing its recovery to ~44% in 2023.
- Broadcom jumped 6.3% after reports the chipmaker was set to gain conditional EU antitrust approval for its $61bn proposed acquisition of VMware.
- MSCI’s gauge of global stocks gained 0.66%, hitting its highest level since April 2022.
- US FTC Seeks to Block Microsoft's Acquisition of Activision.
- Nasdaq to Acquire Adenza for $10.5bn.
- Bond Investors Cautious Ahead of Fed Policy Decision.
- Trump Arrives in Florida to Face Charges, Maintains Lead in Poll.
- US House Republicans at Odds Over Government Spending.
- Global Stocks Gain, S&P 500 and Nasdaq Reach Highest Levels in Over a Year.
- Biden Administration diplomacy Slows China's Military Expansion.
- Ukraine Recaptures Villages from Russian Forces in Counteroffensive.
- UBS Completes Takeover of Credit Suisse, Forms Wealth Management Behemoth.
- Electric Vehicle Charging Companies Consider Tesla Standard.
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ASX 200 closed up 23 points at 7123 (0.3%). For the week it has fallen 23 points from 7145. A better day all around with Banks better led by ANZ up 0.8% and WBC rising 0.3%. The Big Bank Basket up $164.10 (0.1%). Insurers firmed slightly and fund managers better. REITs were mixed after the drubbing yesterday with GMG bouncing 1.1% on the tech rally. Tech stocks back in favour with WTC up 2.6% and XRO up another 2.7% with the All-Tech Index up 0.8%. Even Old Skool tech, REA and CAR rallied up 0.8% and 2.6% respectively. Consumer stocks had an end-of-week bounce, ALL up 1.5% and TLC +1.4% in demand. DMP up 1.1% as some short covering held. Resources were firm, iron ore miners up again, BHP up 1.3% and RIO up 0.5% with lithium stocks making some headway, MIN up 0.9% and IGO up 2.5%. Gold miners better too, NST up % and EVN rising %. Oil and gas going nowhere and coal flat.
In corporate news, some board changes at FMG, banks have passed on the rate increase quickly. Just not to deposit holders.
On the economic front, economists jumping over themselves to predict higher and higher rates and CBA downgraded GDP and increased odds of a recession. In Asia, Chinese PPI dropped substantially. Asian markets in the green, Japan up 1.8%, HK up 0.2% and China flat again. Dow futures down 66 Nasdaq down 4.
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US stocks closed higher overnight on positive of jobless claims suggesting a cooling of the US labor market. Dow up 169 points (+0.5%). Dow at best up 209. Dow at worst down 35 points. S&P 500 up 0.62% hitting a fresh closing high for the year. NASDAQ led the market up 1.02%. VIX Volatility Index fell to a fresh post-pandemic low, down 2.1% ahead of an eventful economic and policy calendar next week. US treasury yields edge lower, 10Y yield down 6.6bps, 2Y yield off 3.3bps, while gold prices steadied up 1.45% following the previous day’s 1.18% fall. Meanwhile, the USD Index fell 0.73% and the Aussie dollar was flat. ASX to rise today, with SPI futures up 29 points (+0.41%).
In European markets, STOXX 50 +0.1%, FTSE -0.3%, CAC +0.3%, and DAX +0.2%. Money markets pricing in a 72.2% chance of the Fed pausing next week compared to 79.6% just a week earlier. Tesla shares up 4.58% on news GM will join Ford in adopting Tesla’s charging plug standard and give GM electric vehicle buys access to Tesla’s network under an agreement. Gamestock fell 17.9% on poor sales results and the dismal of its fifth CEO in five years.
HEADLINES
- GM adopts Tesla's charging system, praised by Wall Street.
- Carvana shares surge on positive Q2 outlook.
- US unemployment claims reach 1.5-year high with caution due to Memorial Day.
- IMF advises continued tightening by Fed and central banks to reduce inflation.
- US household wealth hits one-year high driven by stocks and Treasuries.
- Bunge finalizes $30 bn merger with Viterra, creating agricultural trading giant.
- Toshiba board recommends $14 billion buyout to shareholders.
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The ASX 200 clocks its third consecutive fall, down 18 points to 7100 (-0.3%), as gains in mining and energy stocks were offset by losses in Tech and healthcare. All-Tech Index down 2.5%, following the Nasdaq, as investors take some profits. XRO -5.3%, WTC -3.4%, and ALU -4.9%. Energy was the best-performing sector today, as oil prices steadied following mixed stockpile data, BPT up 3.5%, WDS up 1.1%, and COE gaining 7.4%. REITS fell as bond yields rose, SCG -3.3% and MGR off 3.4%. Consumer discretionary stocks continue to come under pressure, with WES falling 1.1%, HVN down 2.7%, and LOV off 5.2%. Gold sector is down, despite a rise in gold prices from a softer dollar, NST off 2.2% and EVN down 3.4%. Financials and banks were flat, with the Big Bank Basket up to $163.92 (-0.1%), NAB, and ANZ fell, while WBC and CBA found some support up 0.8% and 0.2%. Iron ore is up 3.91% for the week, BHP, RIO and FMG enjoying the support up 1.2%, 2.1%, and 1.7%, respectively. Coal stocks found some buyers, NHC +8.6%, WHC +5.5% and YAL up 4.4% In corporate news, AMP +0.5% sells SuperConcepts to Pemba Capital, ZIP confirms share placement and reaffirms guidance, SSM +8.7% received a tax refund of $50.2m and AIZ +1.4% after it announced it raised its earnings forecast. In economic news, Australia’s trade surplus fell to $11.16bn in April down from $14.82bn last month, significantly below market expectations of a $14bn gain, shipments fell to a nine-month low, with total exports to China falling 15.4% from last month. Asian markets are mixed, Japan down 0.7%, HK down 0.1% with China up 0.5%. Australia bond yields spike following Canada’s interest rate hike, 10Y yield up 17bps to 3.99% 2Y yield up 14bps to 4.02%. Bitcoin flat. Dow Jones futures down 31 points and Nasdaq futures down 57 points.
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US equities closed mixed overnight. The Dow finished in the green up 92 points. Dow at best up 136 points, and at worst down 27 points. S&P 500 closed near session lows down 0.38%. NASDAQ down 1.29% as the market took profits after a month-long rally of megacap tech stocks ahead of key economic and policy events next week. Russell 2000 up +1.78%, a sign that investors are moving away from megacap growth stocks after their rally. European markets broadly lower, STOXX 50 -0.1% FTSE -0.1%, CAC -0.1%, and DAX -0.2%. ASX to slip today, with **SPI futures down 13 points (-0.18%).
USD Index steady, up 0.02%. US treasury yields rose, getting a slight boost from Canada’s rate hike on Wednesday, 10Y yield up 9.3bps 2Y yield up 2.7bps. Money markets now pricing in a 72.5% chance that the Fed will skip raising interest rates this month, down from 78.2% yesterday. VIX** hit its lowest level since Feb 2020 down 0.1% to 13.94. Gold slumped while the KBW Regional Banking Index closed at its highest levels since late March.
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ASX 200closed down 12 points to 7118 (-0.2%) in a subdued trading day as the market continues to digest yesterday’s surprise rate hike from the RBA and looks for clues in Lowe’s speech today for interest rate trajectory. Sectors closed mixed today. Banks and Energy sectors worst performers. The Big Bank Basket is down to $163.75 (1.0%), the big four all down, CBA -0.9%, NAB -1.8%, WBC -1.5%, and ANZ flat. Interest rate sensitive REITS fell, GMG down 0.7% and SCG off 0.7%. The tech sector ignored the rate hike, with the All-Tech Index up 0.6%, SQ2 up 4.7%, WTC up 1.0%, and CPU rose 1.1%. Inflation hedge gold in the green with EVN up 0.3% and NCM +0.7%. Healthcare performed well, rallying as much as 1% during afternoon trade, supported by record results from PNV. COH +1.8%, PME +0.7% and RHC +0.6%. Energy stocks are down as oil prices stabilise, with WDS off 0.4% and STO down 0.9%.
In corporate news, PNV +15.8% recorded its best-ever monthly sales of $7.2m, BPT fell 8.1% on Trigg 1 well results, GQG +3.6% reported $5.9bn in net inflows, and EHE +13.3% received a revised non-binding proposal.
In economic news, Australia’s GDP expanded 0.2% QoQ in Q1 2023, falling short of expectations for a 0.3% increase marking the sixth consecutive period of economic growth albeit the softest pace in the sequence. More troubling data from China, exports dropped by 7.5% YoY, reversing from an 8.5% growth in April, and imports fell 4.5% YoY marking the third straight month of falls supporting the weak domestic demand narrative. Asian markets outside of Japan are stronger, HK up 1.0%, China up 0.2% and Japan off 1.3%. Australian bond yields inverted, 10Y yield at 3.82%, and 2Y yield at 3.88%. Crypto under siege following SECs lawsuit against Binance, Bitcoin down 1.1%. Dow Jones futures down 8 points and Nasdaq futures down 10 points.
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US markets closed in the green overnight, struggling to find traction in an uneventful day of trade, with all major indices closing near session highs. Dow flat up x points (+0.03%). Dow at best up x, and at worst down x points. S&P 500 +0.24% touching a 10-month high during trade, and now almost up 20% since October 2022 lows. NASDAQ +0.36%. Markets are subdued ahead of inflation data and FOMC meeting next week. Inflation is expected to cool MoM, with core inflation data likely to remain elevated. Chances the Fed will hold rates now 75.4%, up from 33.4% one week ago.
Apple extended losses for a second day, down 0.21% after the company unveiled its costly augmented-reality headset to challenge Meta, which currently dominates the market. Coinbase down 12.09% after the SEC sued the exchange accusing it of illegally operating without first registering with the regulator. It is estimated that ~US$790m has been pulled from Binance and its affiliates in the last 24 hours. And against all rationale, Bitcoin held its ground up 5.71%.
Short-dated US treasuries edge higher, USD Index also up, while oil prices fell following news that Saudi Arabia would further cut output. European markets are up across the board, STOXX 50 +0.1%, FTSE +0.4%, CAC +0.1%, and DAX +0.2%. Big week for markets next week, with the Fed, ECB and BoJ all holding meetings.
- 10-year yield: US 3.67%, Australia 3.79%, and Germany 2.36%.
- USD index marginally higher and Aussie dollar mostly flat, up 0.12% and down 0.01% respectively.
- Gold prices remained flat as we awaited further indications regarding the Federal Reserve's interest rate trajectory ahead of its upcoming policy meeting.
- Copper -0.36%, Nickel +0.07%, Aluminium -1.47%, Zinc +0.03%, Lead +0.1%, Tin +0.04%.
- WTI crude fell 0.6% and Brent fell 0.5% despite Saudi Arabia’s plans to cut output as concerns about China's economy and potential recessions outweigh supply concerns.
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ASX 200closed down 87 points to 7130 (-1.2%) following a 25bps rate hike by the RBA, propping up the Aussie dollar 0.8% to 66.67c. Consumer discretionary hit hardest following rate hike news, as retail woes weighed on the market. HVN -3.2%, ADH -6.8%, and JBH off 1.8%. Banks hurting today, the Big Bank Basket down to $165.40 (-1.2%). CBA -1.0%, WBC -2.1%, ANZ -1.6%, NAB -1.1%. Insurers and Healthcare broadly down. REITs also getting hit as bond yields rise, GMG down 1.1%, and MGR off 0.4%. Resources down as iron ore dropped, BHP down 0.9%, and FMG dropped 0.2%. Lithium stocks mixed, PLS up 2.0% while MIN fell 1.2% as Morgans released their report on the sector. Gold miners drifting lower despite the possibility of a halt in Fed rate hikes. NST down 0.5%, and NCM down 2.7%.
In corporate news, QAN -4.1% as CEO Alan Joyce discloses sales of 2.5m shares, SIG +22.1% after signing a five-year supply contract with Chemist Warehouse, BBN -16.9% on downgraded profit guidance, ASX off 10.2% after its unveiling of their new five-year strategy, while SM1 rose 14.8% on A2M partnership news.
In economic news, the RBA raised interest rates by another 25bps as inflation is proving to be sticky. Asian markets mixed, Japan up 0.7%, HK up 0.3% with China down 0.5%. Australia’s 10Y yield hit a 13-week high during trade before closing to 3.80%. Bitcoin down 0.77%. Dow Jones futures down 27 points, and Nasdaq futures down 7 points.
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US markets finished lower overnight after tech and energy stocks erased earlier gains, in a subdued trading day. Cyclical stocks weighed on the Dow. Dow down 200 points (-0.59%), at best up 41 points, and at worst down 210 points. Major laggards Caterpillar -1.8%, Boeing -2.1% and 3M – 4.4%. S&P 500 down 0.20%. NASDAQ down 0.09%. Markets remain uncertain whether the Fed will pause rates at its upcoming meeting following jobs data last week that showed slowing US wage growth. Apple briefly hit a record high, climbing as much as 2.2% before closing down 0.8% after the company unveiled an Augmented reality headset called the Vision Pro, its riskiest and biggest bet since the introduction of the iPhone.
USD Index flat after gaining 0.44% on Friday on jobs report. Gold gained as US treasury yields retracted. Oil prices rose after Saudi Arabis announced cutting its output to 9 million barrels per day in July from 10 million in May, its largest reduction in years, a move seen as moderately bullish. European markets tracked the US down across the board, STOXX 50 -0.7%, FTSE -0.1%, CAC -1%, and DAX -0.5%. Wall Street’s fear gauge VIX higher +0.9%. SPI futures down 41 points (-0.57%)
HEADLINES
- Apple unveils Vision Pro AR headset, its riskiest bet since the iPhone.
- Apple's Vision Pro headset to be sold at triple the price of Meta's top-line headset.
- US regulators sue Binance and its CEO for alleged deception.
- US services sector shows slow growth, aiding the fight against inflation.
- Bed Bath & Beyond in talks to sell Buybuy Baby chain to Go Global Retail.
- Former Vice President Mike Pence declares candidacy for 2024 Republican presidential nomination.
- ECB's Lagarde sees no peak in core inflation despite moderation.
- White House warns of growing aggressiveness by Beijing's military in Taiwan Strait and South China Sea.
- Global airlines more than double their profit forecast for 2023 but warn of plane delivery delays.
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ASX 200 finished well off the highs, up 71 points (+1.0%) ahead of RBA uncertainty tomorrow. Solid cautious gains across the board. Resources were firm as iron ore rose, BHP up 1.7% and RIO up 1.3% with FMG screaming ahead up 3.6%. Lithium and base metals are better, PLS up 2.0% and S32 rising 1.3%. Gold miners slipped a little with NCM down 1.4% and NST off 0.4%. Oil and gas better after the Saudi production cut and bounce in crude, WDS up 0.8% and STO rallying 1.1%. Coal slightly higher. Banks firmed with the Big Bank Basket up to $167.44 (+1.0%). MQG better by 1.6% with insurers doing well on higher bond yields. QBE up 1.6%. Fund managers also in demand, MFG up 2.0 and PTM rallying 0.3%. Industrials firm, TLS up 0.7% and healthcare doing well, CSL up 0.9% with RMD up 0.8%. REITs firm, GMG up 1.4% and SCG better by 0.5%. Tech stocks a bit flat, APX down 6.9% on profit taking, with XRO off 1.8% and WTC down 0.,7%. In corporate news, ELD has decided to stick with the current CEO, rising 2.7% and MYR CEO is retiring next year. On the economic front, nothing market moving with Phil Lowe sealing his date with destiny tomorrow, the jury well and truly hung. Asian markets are mixed, Japan up 1.7%, HK up 0.3% and China unchanged. Dow futures up 30 points. NASDAQ futures down 43 points.
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Global markets had a strong increase on Friday’s session. US markets had a strong performance, with the Dow rising by 701 points (+2.12%) and reaching a high of 743 points. The S&P 500 climbed +1.45%, securing its third consecutive weekly gain of 1.83%. The Nasdaq showed a rise of 1.07%, extending its streak of weekly gains to six, the longest since early 2020, with a total increase of 2.04%. These overnight gains were supported by positive labour market data, indicating moderate wage growth in May. This development suggests that the Federal Reserve may refrain from implementing a rate hike, shifting the language from "pause" to "skip" in order to emphasize that the rate hike cycle is not yet over. This decision allows the Fed the flexibility to assess the data as the impact of previous rate hikes gradually affects the economy.
The continuation of the US debt ceiling deal contributed to a positive market sentiment. US treasuries experienced a rise in value, while gold prices fell due to a strengthening US dollar. European markets also performed well, with the STOXX 50, FTSE, CAC, and DAX all showing gains of 1.6%, 1.6%, 1.9%, and 1.3% respectively. This positive market sentiment was supported by a decrease in eurozone inflation, providing reassurance to investors.SPI Futures up 76 points (+1.05%).
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ASX 200 rose 34 points to 7145 (0.5%) as resources rallied hard on better Chinese numbers and debt ceiling relief. AUD back in demand. For the week, the ASX 200 is down 9 points. Iron ore miners going hard. BHP up 2.8% and RIO up 2.5%, with FMG up only 1.7%. Lithium stocks are also in demand, led by PLS up 3.0% and IGO up 2.5%. Base metals better, S32 rallying 1.8% and gold miners also flying high, NCM up 4.6%. Oil and gas better ahead of the OPEC+ meeting this weekend. WDS up 1.1%, and STO rose 1.4%. Coal a little merrier too, with WHC up 1.4%. Banks left behind with the Big Bank Basket down to $166.01 (0.1%) with NAB the worst hit down 1.0%. MQG slightly higher up 0.3% and insurers unchanged, and money managers slightly better. REITS firmed as GMG rose 0.4% and Industrials a little soft on wage rises, COL down 1.7% and WOW off 1.4%. Healthcare mixed, CSL off 0.7% and RMD up 1.0%. Tech doing well, APX a standout up 15.0% with WTC up 1.5% and the All Tech Index up 0.6%.
In corporate news, a slow day. New CFO for FMG and BUB in trouble, ADH cratered on business update down 15%.
On the economic front, lending numbers are down. Asian markets running hot following US deal. HK powering ahead by 3.9%. Dow Jones futures up 58 points and Nasdaq futures up 24 points.
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The ASX 200bounced back after sliding to a two-month low during trade closing up 20 points to 7111 (+0.3%), as sentiment improved after the House of Representatives passed the bill to raise the debt ceiling with bipartisan support. Resources and base metals clawing back gains from yesterday’s losses, BHP +0.1%, RIO +0.4% and FMG up 0.8%. Lithium mixed, but mostly down MIN down 3.6% and PLS down 1.6%. Gold miners are today’s winners as the likelihood of another Fed rate hike increases. NST 3.1%, NCM 2.4%, EVN 0.6%. Financials showing modest gains, with the Big Bank Basket down to $166.17 (-0.1%), CBA, flat WBC off 0.4% and NAB up 0.3%. Tech stocks didn’t stay down for long, with the All-Tech Index up 0.7%, SQ2 +2.3% XRO +1.9% and WTC +0.9%. Industrials were mixed and uninspiring, ALL rose 1.3%, SEK up 0.6% and REA off 2.0%. Defensives did ok with WOW and COL up. Energy sector up 0.4%, despite oil dropping for a third consecutive session.
In corporate news, NMT jumped 21.9% after providing an update on its joint venture for lithium-ion battery recycling. LGL rose 16.1% after raising full-year guidance. AGY dropped 6.3% despite announcing that the Rincon Lithium project is now partially operational.
In economic news, Australian retail sales were unchanged at $35.3bn in April, indicating that retail has hit a plateau. Caixin China’s general manufacturing PMI unexpectedly rose to 50.9 in May from 49.5 in the previous month, while exceeding consensus, the latest results highlights the patchy economic recovery amid insufficient demand and deflation risks. Asian markets are up, Japan’s Nikkei rises on bargain hunters up 0.9% and HK up 0.6% with China up 0.3%. Australia 10Y yield up 3.62%. Dow Jones futures down 21 points and Nasdaq futures down 11 points.
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ASX 200 closed down 118 points to 7091 (-1.6%), plunging at 11:30 on the CPI release, which came in hotter than expected, and Chinese PMI numbers which continue to show an economy that has peaked and slowed. Energy the worst-performing sector today; markets remain divided and uncertain on whether OPEC+ will cut production at the upcoming meeting, with WDS down 2.3%, STO down 2.7%, and BPT sliding 2.5%. Resources and base metals no better as oil comes under pressure following the weaker-than-expected data from China, BHP -3.4%, RIO -2.1% and FMG down 3.0%. Gold miners are in positive territory today on safe-haven buying, NST +1.7% and AGG gaining 2.7%. Financials weighed, with the Big Bank Basket down to $166.35 (-2.3%), BOQ took a beating down 5.4% after accepting an enforceable undertaking from both AUSTRAC and APRA, while the big four banks are all down over 2%. REITS falling in tandem with bond yields. Interest rate-sensitive tech stumbled lower, with the All-Tech Index falling 0.5%, SQ2 -1.8%, NXT -1.0% and CPU off 1.3%. Industrials were broadly down, and Healthcare eased, RMD down 2.3% and RHC off 1.7%.
In corporate news, QAN continues to fly, up 0.9% as the market continues to digest an upbeat investor day. SLR -1.9% provided St Barbara with a revised non-binding indicative offer, and 360 +1.0% on positive Q1 results at their AGM.
In economic news, Australian inflation rose to 6.8% YoY in April up from 6.3% in March, significantly exceeding expectations of 6.4%. China’s PMI showed further deterioration in manufacturing activity, coming in at 48.8 below the consensus of 49.5 and 49.2 the previous month, commodity prices coming under pressure. Asian markets down, Japan down 1.3% and HK off 2.4% with China sliding 0.6%. Australia 10Y yield down to 3.59%. Bitcoin set for first monthly drop in 2023 down 1.66%. Dow Jones futures down 121 points and Nasdaq futures down 44 points.
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US markets finished mixed overnight. Dow down 0.15%. Dow at best up 39 points, at worst down 199 points. S&P 500 flat up 0.01%, and the NASDAQ extends its gains up 0.32% driven by a rally in semi-space, with Nvidia rallying a further 2.99%. S&P 500 and Nasdaq nearing their highest levels since August 2022 and are on track to post a monthly gain. Worries over the debt ceiling continue to weigh on markets. Long-dated treasury yields dropped while the dollar fell after reaching a two-month high. Telsa shares see a boost +4.14% after Musk’s visit to China, and was quoted he was “open to expanding in China”. European stocks are broadly down, Stoxx 50 -0.7% FTSE -1.4% CAC -1.3%, and DAX -0.3%, while the Stoxx 600 closed down 0.9% on track for its steepest monthly fall this year, despite hitting a year high earlier this month. SPI futures down 34 points (-0.47%).
Nvidia briefly joined the US$1 trillion value club before closing 3% higher, just under the US$1 trillion valuation mark. Nvidia has now tripled its value in less than eight months, the latest surge driven by the company’s forecast and its forward P/E ratio of 47.3. Analysts see Nvidia as a crucial company in a rapidly changing era focused on AI capabilities. “During a gold rush, sell shovels”.
HEADLINES
- Top US Republican McCarthy urges support for debt ceiling deal ahead of key vote.
- Nvidia briefly joins $1 trillion valuation club.
- HP misses revenue estimates as inflation saps PC demand.
- Elon Musk kicks off China visit, Tesla expansion in focus.
- Stocks close mixed, Nvidia's rise offsets debt ceiling jitters.
- US consumer confidence dips to six-month low, labor market views soften.
- Ukrainian drones strike Moscow and Kyiv, tensions escalate.
- Deepfakes emerge in US politics, AI concerns raised.
- Chinese jet carries out aggressive maneuver near US military plane.
- NATO to deploy more troops to Kosovo to curb violence.
- ECB warns of impact on top European banks if funds run into trouble.
- Pfizer's hemophilia therapy shows positive results in late-stage study.
- OPEC+ cuts oil output to stabilise prices.
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ASX 200 closed down 8 to 7209 (-0.1%) in a subdued trading day. ASX 200 high of 7227, low at 7204. Namibia's threat to take minority stakes natural resources, including uranium, led to a sharp sell-off of PDN falling 19.6%, DYL down 5.7%, and BMN slid 5.9%. The Big Bank Basket lost its grip on yesterday's gains, down to $170.22 (-0.5%), banks down across the board, ANZ taking the biggest hit down 1.4%, followed by CBA -0.4%, NAB -0.2% and WBC -0.2%. Coal stocks eased back. Base metals and iron ore miners edged higher, BHP rose 0.3% and RIO up 0.2%. Energy stocks found no support from stronger oil prices, WDS down 0.4%, STO down 0.4% and STX off 3.2%. Gold stocks are broadly up, NST +0.6%, DEG +0.4% and WAF +0.6%. Tech flat, All-Tech Index up 0.3%, CPU +1.1%, WTC +0.5%, and WBT +7.4%. REITS fell in late afternoon trade, VCX -1.6%, CHC -2.2% and SCG off 1.4%. Lithium stocks closed mixed, MIN +1.4%, LTR +1.1%, while SYA plummeted +11.9% after completing a $200m bookbuild placement. TLS managed a 0.7% gain, and other defensives better WOW up 0.1% and RHC up 1.1%. In corporate news, QAN +2.7% on EBIT guidance, small-cap PFT surged +20% after announcing expectations for revenue to grow 50%, and CGF +2.6% following investor day. In the land of economic woes, Australian building permits nosedived, falling 8.1% MoM, significantly below consensus for a 2% rise – an unfortunate blow for renters. ANZ-Roy Morgan consumer confidence fell 1.1pts to 76.2, marking thirteen straight weeks below the 80 mark. The main driver for the decline is the reduced confidence in personal financial situations compared to a year ago. Asian markets are down, Japan down 0.1% and HK off 0.2% with China slipping 0.6%. Australia 10Y yield down to 3.69%. Dow Jones futures up 59 points and Nasdaq futures up 72 points.
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The US markets and London were closed overnight for Memorial Day holiday and Spring Bank Holiday. The US debt ceiling deal is now facing potential challenges as some members of the Republican party have expressed opposition to raising the US debt ceiling, which currently stands at $31.4 trillion, dampening optimism. Despite this, US equity futures showed modest gains, with cautious optimism prevailing that a default will be avoided.
In European markets, there was a general decline, primarily driven by the underperformance of tech and bank stocks. The STOXX 600 Index dipped by 0.1% after experiencing its strongest one-day gain in nearly two months on Friday.
Nvidia made an announcement on Monday regarding its plans to construct Israel's most powerful AI computer. This decision is in response to the increasing customer demand for AI applications. The new system is anticipated to become one of the fastest supercomputers worldwide.
HEADLINES
- European stocks slip as tech and banks drag.
- PwC Australia puts nine partners on leave, overhauls board amid tax leak scandal.
- Republicans speak out against US debt-ceiling deal.
- Biden says final US debt ceiling deal ready to move to Congress for vote.
- North Korea says it will launch its first military spy satellite in June.
- China rejects US request for a meeting between defense chiefs.
- Cathay Pacific nears Boeing 777-8F freighter order.
- GM Secures Financial Support for an EV Battery Plant in Quebec.
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ASX 200closed up 63 points to 7217 (+0.9%), rising a second straight session in a broad market rally on positive news that a tentative deal to raise the debt ceiling was reached over the weekend. Mining stocks were firm today, leading the market higher with solid gains in BHP, RIO and FMG, all up over 1% following a rise in iron ore prices late last week. Financials put on their money-making boots, with the Big Bank Basket up to $171.04 (+1.3%), with CBA leading the charge up 1.4%, while NAB, WBC, and ANZ followed closely up 1.3%, 1.2%, and 1.2%. REITS took centre stage as the best-performing sector, up 2.0%, GMG +1.8%, CHC +3.4% and MGR +2.2%. Consumer discretionary sector in the red today, as retailers took a hit MYR -1.4% and JBH -0.2%. Energy stocks were good, supported by stronger oil prices, WDS +1.0%, STO +0.9% and BPT up 1.1%. Lithium stocks stood out, with MIN up 2.3%, AKE up 1.4% and LTR up 1.5%. Gold sector was mostly flat, but EVN and SSR pumped the breaks falling 1.7% and 1.9%, respectively.
Tech a little flat considering, All Tech Index up 0.1%, SQ2 and NXT found support up 1.2% and 2.7%, while XRO slipped 0.9%. In corporate news, APX +10.6% on broker rating changes, LLL up 17.2% on securing $106m through a strategic placement, HUM climbed 7.7% after ASIC revokes BNPL stop order, and SHV gained 8.7% on results despite posting a net loss of $96.2m.
In economic news, WTI crude futures climbed over $73 a barrel, extending gains from the previous session on positive sentiment on the US debt ceiling deal. NZ dollar remains depressed, trading near six-week lows following last week's 25bps hike. Asian markets mixed, Japan up 0.7% hit a new 33-year high above 31,400 during trade, HK down 0.7% with China up 0.2%. Australia 10Y yield down to 3.7%. Dow Jones futures up 64 points and Nasdaq futures up 75 points.
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The ASX 200 is anticipated to rally today on debt ceiling relief, rebounding from a 125-point (-1.71%) fall last week. All three major US indices gained +1% last week, with the Nasdaq leading the way, gaining 2.51% fuelled by AI hype, supported by favourable forecasts from Nvidia. This week, the trading week in the US will be shorter due to the Memorial Day Holiday on Monday. US jobs data out this week, non-farm payrolls and unemployment data on Friday, both of which are pivotal indicators used by the Fed to make decisions regarding interest rates.
TODAY'S HEADLINES
- ASX poised for debt ceiling relief rally.
- McCarthy, Biden predict Congress will pass debt ceiling deal.
- Russia unleashes largest drone attack on Ukrainian capital ahead of Kyiv Day.
- Texas Senate to deliberate on impeached AG Ken Paxton.
- Oman's Sultan in Iran for talks on diplomatic, security issues.
- China's home-grown C919 completes first commercial flight.
- ISS backs Toyota shareholder proposal on climate disclosure.
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ASX 200 rallied into the weekend with the index up 17 points to 7155 (+0.2%). For the week, the index fell 1.7% on mainly debt woes, and lack of our own Nvidia. Banks and resources were better today, the Big Bank Basket up to $168.78 (+0.35%) as yields continue to push higher and WBC becomes the latest bank to cancel its cashback offer on home loans. War is over it seems. Insurers doing well on the back of yields rising, even money managers better today. REITs conversely under pressure on higher rates, GMG down 0.6% and MGR off 1.7%. Healthcare in ICU today, CSL down 0.7% with RMD off 1.7% and FPH underwhelming on results falling 6.3%. Tech once again better, WTC continues to push higher despite global growth concerns perhaps, XRO slipped slightly with TNE and ALU both better, and chip wannabes BRN and WBT finding friends today. The All-Tech Index rose another 0.9%. Bit of short covering in retail land, DMP up 2.9%, Travel better CTD up 2.2% and LOV up 1.2%. KGN up 3.3% too. Switching gears to resources and a better day as iron ore stabilised, BHP up 1.4% and FMG bouncing hard up 3.3%. Lithium stocks mixed, SYA tapping investors for another $200m at the same price they did a year ago. Gold miners continue to drift lower and oil and gas stocks down too with coal in not such a merry place.
In corporate news, IVC held its AGM and gave a positive outlook statement, LFS down 3.5% after a profit warning following its cyberattack.
On the economic front, retail sales in April were flat. This follows a 0.4% rise in March. Asian market mixed again and yields up to 3.74%. US Futures drifting ahead of debt talks and a long weekend. Dow Futuires down 44 and Nasdaq down 17.
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Wall Street ended mostly up overnight after Nvidias blowout forecast sent the chipmakers’ share price surging 24%, which fuelled a rally in AI-related companies. S&P 500 gained while the Dow fell for its 5th session, dragged down by Intel shares. Debt ceiling talks failed to reach an agreement, but GOP Rep McHenry said “the list of issues dividing the two camps had grown shorter”, edging closer to a deal. June 1st deadline looming. US treasury yields are up, and the USD reached a two-month high. In contrast, Gold slid to its lowest level in months. European markets broadly lower, as global economic slowdown and US debt ceiling stand-off outweigh optimism. STOXX 600 Index fell 0.3%, losing 2.7% in three consecutive days.
Dow Jones down 35 points (-0.11%). S&P 500 up 0.9%. NASDAQ up 1.7%. VIX Volatility Index down 4.4%. In European markets Stoxx 600 -0.3%, FTSE -0.7%, CAC -0.3%, and DAX -0.3%. SPI Futures are down 6 points (-0.08%).
Nvidia's stock surged 24%, marking one of the largest one-day gains for the U.S. stock, as its revenue forecast highlighted the untapped potential of AI. This surge doubled the company's stock value for the year and propelled its market capitalisation to around US$939bn, inching closer to the trillion-dollar club, making Nvidia the largest chip firm after Apple, Alphabet, Microsoft, and Amazon. The positive earnings report also boosted the chip sector and AI-focused firms, seeing The Philadelphia SE Semiconductor Index up 7% to its highest level in more than a year.
- US corporate profits plummeted by 6.8% in Q1 2023, the lowest since Q2 2021, surpassing market expectations and marking the largest decline since Q1 2020.
- US Bond yields sharply rose. 2Y yields up 19bps. 10Y yields up 10bps.
- Heavyweight tech stocks higher: Apple +0.7%, Meta +1.4%, Google +2.1%, and Microsoft +3.8%.
- Intel Corp -5.5% viewed as lagging in the AI race by the market.
- Ralph Lauren Corp +5.34% after the luxury retailer beat profit expectations.
- Gold reached a two-month low, down 0.85% due to progress in U.S. debt ceiling talks and expectations of a rate hike by the Federal Reserve. The optimism surrounding the debt ceiling negotiations reduced the demand for safe-haven gold.
- Silver also reached its lowest point in two months down 1.4%.
- Zinc fell 2.15% to its lowest level since July 2020 due to weak demand and rising inventories. The economic recovery in China, has been slower than expected pushing prices down.
- Copper +0.67%, Nickel +2.34%, Aluminium +0.27%, Lead +0.71%, Tin +2.02%.
- WTI crude dropped 3.69% and Brent fell 2.79%, ending a three-day period of gains. The decrease came after Russian Deputy Prime Minister stated that OPEC+ would not implement additional production cuts.
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ASX 200 nosedived today, closing down 76 points (-1.1%) to 7138, sliding for the fourth consecutive session as lingering uncertainties weigh on market sentiment. Tech stocks showed off their resilience on the back of the Nvidia result and move, with the All-Tech Index up another 2.4%, recovering yesterday’s losses and then some. XRO found its balance after yesterday's tumble, up 2.3%, SQ2 +2.5%, ALU +4.3%, MP1 +12.1% and NXT +4.4%. Gold miners worst performers today, NST down 3.6%, EVN down 4.4% and NCM off 1.9%. Base Metals and Miners followed suit, with heavyweight iron ore miners down BHP -1.6%, RIO -1.6% and FMG -3.2%. Lithium joined the sell-off, MIN -3.1%, PLS -1.3%, and LKE off 3.6%.Energy stocks weakened, WDS down 0.5% and coal stocks grim, WHC down 4.5% % and NHC off 4.5%. Financials were no better, with the Big Bank Basket down to $168.20 (-2.1%), financial stocks performing more like "fiscal flops" than money-making maestros, CBA down 2.2%, MQG off 2.2%, and ANZ slid 2.6%. Fund managers slipping away, MFG down 1.6%, PPT down 0.4%, and PTM off 2.6%. Industrials mostly down, REITs off 0.5%, Healthcare up, CSL up 0.2% and COH up 0.1%.
In corporate news, ABC rocketed up 21.9%, on AGM and results, WOW -0.1% acquires failed startup milk run, and TWE fell 7.8%% after the group announce its expecting sales to be down 2-3%.
Nothing on the economic front. Looking beyond our borders, Asian markets are down, Japan down 0.3%, HK down 2.4%, with China off 0.9%. Australia 10Y yield up to 3.70%. Dow Jones futures down 68 points and Nasdaq futures up 182 points.
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Global equities fell overnight as US debt ceiling talks continue without a deal. All three major US indices are down just off session lows, extending losses from the prior session. Safe haven buying boosted the dollar and gold. Oil prices have reversed their recent downtrend, rising after a warning from the Saudi energy minister to speculators. Lots of Fed speak following the release of FOMC meeting minutes, a bevy of mixed signals from officials. One-month US bills are hovering near record highs on concerns about impending payments coinciding with the potential risk of the treasury running out of money; meanwhile, 10Y yields retracted. European markets were smashed after a fresh wave of selling, the Europe-wide STOXX 600 index fell 1.8%, logging its worst day in two months.
Dow Jones down 256 points (-0.77%). S&P 500 down 073%. NASDAQ down 0.61%. VIX Volatility Index up 8.1%. In European markets Stoxx 600 -1.8%, FTSE -1.7%, CAC -1.7%, and DAX -1.9%. SPI Futures are down 31 points (-0.43%).
Nvidia is up +25.61% in after-hours trade after exceeding Wall Street estimates by more than 50% in its revenue forecast for Q2. Growth attributed to an increased supply of its AI chips, in high demand for applications like ChatGPT. The company reported a robust performance, with data centre chip sales reaching US$4.28bn and gaming chip revenue exceeding expectations at US$2.24bn, while net income rose to US$2.04bn, reflecting strong financial growth.
HEADLINES
- Australia refers PwC tax document leak scandal to police.
- Australia and India to seek closer economic ties, critical minerals cooperation.
- RBNZ Governor Orr says confident in restrictiveness of interest rates.
- Republicans, White House see progress in US debt ceiling talks.
- Fed agreed need for more rate hikes after May meeting was 'less certain'.
- Ron DeSantis enters 2024 U.S. presidential race.
- Nvidia shares surge 21% as sales forecast jumps and AI booms.
- Stalled US debt talks, inflation woes hit stocks.
- White House says China's actions on Micron won't torpedo relations.
- Airbus rules out the imminent launch of new A220 jet version.
- McCarthy Says GOP and White House ‘Have Time’ to Reach Debt Deal.
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The ASX 200 decided to take a nosedive today, closing down 46 points (-0.6%) to 7214, marking the third consecutive session down as market sentiment sours. Tech rally came to an end. All-Tech Index fell 0.9%. XRO hot streak finally cooled, off 1.5%, SQ2 and CPU found some support up 0.7% and 0.2%. Gold and Energy stocks were the winners today, riding the wave of stronger oil and bullion prices. NCM up 0.6%, PRU up 0.8%, STX rising 4.3%, and STO firmer 1.4%. Mining and Materials decided to dig themselves into a hole today, as prices for base metals took a downward slide. BHP -2.2%, RIO -2.1% and FMG down 4.1%. Lithium stocks are broadly down, MIN down 3.0%, PLS off 1.7%, while AKE in demand up 0.7%. Financials failed to hold onto yesterday’s gains, down 0.2%. CBA is the only major bank in positive territory, up 0.5%, NAB, ANZ, WBC and MQG all down. Healthcare stumbled, CSL down 1.2% and RHC down 0.8%. Insurers mixed, QBE -1.3%, MPL +0.9%, and SUN +0.5%. REITS off 0.9%, while bonds firm.
In corporate news, UNI tanked 23.9%, after flagging subdued trading will persist into next fiscal year, despite on track to deliver record sales, QAN +1.9% on broker updates, and WEB rose 3.8% on positive results, revenue rose 164%.
In economic news, Westpac Melbourne Institute Leading economic index came in flat at 97.27 in April, marginally down from 97.3 in March; the result suggests a continuation of an ongoing economic slowdown. Reserve Bank of New Zealand lifted rates by 25bps today to 5.5%, the highest rate since 2008. UK inflation rate significantly dropped to 8.7% in April from 10.1% in March. Core inflation still a problem. Asian markets are down, Japan down 0.4%, HK down 1.1% with China off 0.7%. Australia 10Y yield up to 3.66%. Dow Jones futures down 2 points, and Nasdaq futures down 7 points.
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ASX 200closed down 3 points to 7260 (-0.1%) in a narrow day of trade. Financials bounce back, recovering yesterday’s losses. The Big Bank Basket up to $171.34 (+0.6%) MQG, the biggest winner climbing 2.1%, CBA, NAB, ANZ, and WBC all with modest gains +0.6%, +0.4%, +0.8%, and +1.0% respectively. Tech Rally continues, All-Tech Index gained another 0.3%. WTC had a wild day, shares hit a record high of $74.46 today, making WTC the largest listed software company on the ASX before closing down 0.1%, SQ2 gained 4.5%, and XRO up 0.9%, marking the fifth day of consecutive gains. REITS found support, GMG up 0.7%, SCG up 0.4% and MGR stronger 0.9%. Energy stocks did well again today, as oil firms and demand outlook improves, WDS +0.3%, STO +0.3%, and BPT +0.4%. Base metals and Resources were broadly lower, S32 down 0.5%, BHP down 0.9% and FMG off 0.5%. Lithium stocks were mostly down, MIN -1.0%, PLS -0.8%, but AKE rose 0.8%. Travel stocks were hammered, QAN -2.2% triggered a broad sector sell-off, despite forecasting a record underlying pre-tax profit in FY23. Healthcare and Insurers mixed. CSL +0.6%, SHL -3.0%, QBE +1.4%, while NHF fell 0.8%. Gold sector down for the sixth day in a row, falling 1.2%, NCM -1.9%, NST -0.8%, and EVN off 1.3%.
In corporate news, NAB lifts mortgage rates up 0.1% on new home loan customers, 29M fell 3.3% on updates to guidance, and OFX surged +20.1% on record results, NOI up 45.6%. In economic news, Judo Bank PMI data out today, the manufacturing PMI reached an eight-month high of 50.8 in May, the services PMI down to 51.8 in May, fell from 53.7 last month, and the Australia Composite PMI was above 50, coming in at 51.2 in May falling from 53 in April.
Asian markets eased with Japan down 0.7%, HK down 0.7%, with China off 0.9%. Australia 10Y yield up to 3.65%. Dow Jones futures up 26 points and Nasdaq futures up 27 points.
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US stocks closed mostly higher in an uneventful day of trade. The Dow closed 140 points lower, the S&P 500 near flat, finishing just in the green ending off session highs just under the 4200 level, and the NASDAQ added 0.5%, supported by gains in Alphabet and Meta. European stocks finished little changed. Gold come under pressure from Hawkish Fed officials, Treasury yields weaker 2Y yield back above 4.3%, USD stronger and shares in PacWest Bancorp surged by almost a fifth +19.55% on news it has agreed to sell a portfolio of 74 real estate construction loans to a subsidiary.
Dow Jones down 140 points (-0.42%). S&P 500 up 0.02%. NASDAQ up 0.50%. VIX Volatility Index up 3.1%. In European markets Stoxx 600 -0.01%, FTSE +0.18%, CAC -0.18%, and DAX -0.32%.
SPI Futures are up 5 points
- Wall Street mixed, European stocks flat as US debt ceiling talks progress.
- Clock ticking, 'optimistic' Biden and McCarthy meet on debt ceiling.
- TikTok sues Montana after state bans app.
- Inflation has eroded U.S. households' financial security, Fed survey shows.
- Ford seeks to reassure investors with EV, cost cut plans.
- PacWest shares jump after $2.6 bln real estate loan sale.
- Investors on Wall Street turn to tech stocks.
- Macquarie flags credit crunch risk from tight lending conditions.
- Meta Fined Record €1.2 Billion in EU Over US Data Transfers.
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ASX 200 started the week down 16 points to 7263 (-0.2%) tracking the US markets as debt ceiling jitters continue. Banks weighed down the ASX today, Big Bank Basket fell to $170.32 (-0.9%), CBA the biggest loser down 1%, ANZ, NAB, and WBC all off -0.8%, -0.7%, and -0.8% respectively. Tech continued to rally, with the All-Tech index up 0.2%, XRO continued to climb up another 1.3%, after gaining 15% last week, WTC up 1.9%, ALU up 1.4%, and NXT gained1%. Energy sector performed well up 1% thanks to a surge in oil imports in China, which has almost hit a decade high, WDS, STO, and BPT all gained over 1%. Lithium stocks took a beating, AKE and PLS hammered, down 3.1% and 2.8% respectively. Gold miners eased, NST down 0.8% and NCM fell 0.3% Industrials were underwhelming. WOW off 0.4%, WES down 1%, and TLS slipped 0.6%. Healthcare and Insurers in positive territory, CSL +0.7% RMD +0.7%, QBE +1.2%, and SUN gained 0.9%. REITS slipping off 0.8%, GMG down 0.8% and VCX also down 2.7%.
In corporate news, GTK surged 29.1% on results, specifically a 47% jump in sales. In contrast CCX fell 5.8% on a decline in sales. TYR plunged 16.1% after Potentia pulled its takeover offer.
Nothing on the economic front. Asian markets are higher, Japan up 0.7% and HK up 1.3% with China stronger +0.1%. Australia 10Y yield 3.58%. Bitcoin up 0.88%. **Dow Jones futures down 34 points and Nasdaq futures up 5 points.
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Dow Jones down 109 points (-0.33%). Up 117 at best, down 199 at worst. NASDAQ -0.24%. S&P 500 -0.14%.
SPI Futures down 11 points. The ASX 200 was up 0.31% (23 points) last week.
US markets rose last week with the Dow Jones up 0.38% on the week, S&P 500 up 1.65% with the NASDAQ up 3.04%, defying Powell and his Hawks last week. The ASX followed suit tracking the US markets up 0.31% supported by tech stocks with XRO outperforming closing the week out up 15.09%.
- Copper rebounded 1.11% on optimism about US debt talks and a weaker dollar on Friday.
- Gold rallied 0.89% as renewed worries about the stability of the banking sector and remarks from the US Federal Reserve chairman prompted traders to slash bets for another interest rate hike.
- Nickel +2.06%, Aluminium -0.18%, Zinc +1%, Lead 1.8%, Tin 1.6%.
- WTI crude fell 0.35% on Friday due to concerns over a potential US debt default, but still recorded a 1.7% weekly gain as the market anticipate an oil market deficit in the second half of the year.
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The ASX 200 took a hit today, dropping 36 points (-0.5%) to close at 7199. The downturn was widespread, with gold and resources the worst performers. Gold miners saw a substantial drop, losing its lustre following recent hawkish comments from Fed officials. NCM down 2.1%, EVN down 2.3%, and NST off 1.1%. Resource stocks faced headwinds, BHP down 0.8% and RIO down 0.3%. Lithium shares also under pressure despite higher carbonate prices, MIN down 1.7%, SYA off 4.4%, and LTR slipped 1.8%. The financial sector struggled, with the Big Bank Basket dipping to $167.83 (-0.5%), led by MQG, which experienced a sharp decline of 1.3%. NAB and CBA also faced selling pressure, slipping 1.0% and 0.5%, respectively. Technology stocks were the winners today, reversing yesterday’s losses, with WTC gaining 1.0%, XRO up 1.9%, and ALU up 1.0%. The All-Tech Index up 0.3%. REITS down as wage data increases the likelihood of another rate rise from the RBA. GMG down 0.9%, and CHC down 0.4%. Defensive sectors no better, Healthcare and Industrials down. WES eased 1.1%, RMD down 0.9%, and MPL tumbled 0.9%. In corporate news, CTT rallied 13.2% after the company confirmed the company founder and CEO Mintz does not have any intention to sell shares in the company at the current time, putting the rumours to rest. TPW +19.1% on positive results in their trading update. IPL off 7.8% after reporting net profit down 6% in 1H23. In economic news, Australian private sector wages up 0.8% in Q1, leading to an annual growth rate of 3.8%, the highest since June 2012. Japan’s economy grew 0.4% QoQ in Q1, exceeding expectations of 0.1%. In Asia, markets are mixed, Japan up 0.3%, HK down 1.0%, and China down 0.6%. Australia 10Y yields gained to 3.43%. Dow Jones futures up 20 points and Nasdaq futures up 26 points.
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US markets closed lower across the board in an uneventful day of trade with the S&P 500 trading within a 20-point range before a sharp decline before close. US treasuries continued to rise as economic data and weak corporate results disappoint, while the ongoing debt ceiling negotiations dampen market sentiment. Greenback strengthens while gold slides back below the $2,000 mark. More Fed speak overnight, recent comments from Fed officials beginning to indicate they aren’t ready to cut rates any time soon. European markets follow the US, all down.
Dow Jones up down 336 points (-1.01%). Dow at worst down 342. S&P 500 down 0.64%. NASDAQ down 0.18%. VIX Volatility Index up 5.08%. In European markets Stoxx 600 -0.42%, FTSE -0.3%, CAC -0.2%, and DAX -0.1%. SPI Futures are down 37 points (-0.51%).
- Gold dropped 1.58% and reached a two-week low as U.S. economic data and hawkish statements from Federal Reserve officials raised doubts about potential interest rate cuts.
- Nickel had a brief rise driven by supply concerns and power problems in Europe and China before falling 2.61% on global economic worries.
- Copper -1.99%, Aluminium +0.04%, Zinc -1.87%, Lead -1.49%, Tin -1.98%
- WTI crude fluctuated before dropping 0.31% and Brent fell 1.1% over reduced demand concerns from China, the world's largest crude importer, due to a slowdown in economic recovery indicated by recent data on China's industrial production.
- FANMAG stocks mostly up: Facebook -0.02%, Apple flat, Netflix -0.64, Microsoft +0.74%, Amazon +1.98%, and Google +2.57%.
ON THE CALENDAR
- Domestic data: n/a
- Japan data: GDP Growth Rate.
- China data: House Price Index.
- UK data: BoE Gov Bailey Speech.
- EU data: New Car Registration Rates, Inflation Rate.
- US data: Building Permits, Housing Starts, Industrial Production, Business Inventories.
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ASX 200closed up 10 points to 7267 (+0.1%) rebounding from a midday slump. Gold stocks performed well today, as gold prices rose above $2,010 snapping a three-day decline spurred on by safe-haven buying. NCM up 1.5%, after accepting Newmont’s takeover offer, NST +2.9%, EVN +4.2%, and PRU +2.9%. Financials weighed on the market, The Big Bank Basket down to $169.62 (-0.8%) ANZ off 4.0% ex dividend,, MQG down 2.4% as it went ex dividend too and CBA slipped 0.5%. Interest rate sensitive tech stocks lower, All-Tech Index down 0.5% hampered by SQ2 down 2.7% and REA off 1.7%. Lithium stocks were mostly down, PLS -1.1%, AKE -1.9%, LTR +1.4%, while SYA rose 4.7%. Oil stocks fell on lower crude prices, WHC off 0.7% and NHC down 1.0%. REITs firmed despite a rise in bond yields GMG up 1.1% and CHC up 2.8%. Healthcare and insurers mixed, CSL +0.5%, RMD -0.5%, QBE +1.1%, and SUN off 0.8%. Elsewhere, MYR down 8.1%, WAM off 5.8% and CXL falling 7.7% as money found a way back into resource stocks. In corporate news, ELD tumbled 13.3% after reporting a 46.5% fall in NPAT and a dividend cut. ALL acquires NeoGames for $1.5bn, up 2.1%. IVC +12.1% received a revised offer from TPG Capital and PBH fell 21.1% after announcing it has entered into a binding agreement to sell its US business to Fanatics Betting for $222m. In economic news, private house approvals in Australia fell 2.8% MoM on a seasonally adjusted basis after an 11.3% in February, WA the only state that saw an increase of 8.7%. Asian markets up, Japan up 0.9% and HK up 2.0% with China up 0.2%. Australia 10Y yield up 10bps to 3.42%. Bitcoin up 1.51%. **Dow Jones futures up 53 points and Nasdaq futures up 20 points.
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Dow Jones down 9 (0.03%) on Friday. 300 point range. Was down 199 at one point. S&P 500 down 0.16%. NASDAQ down 0.35%. Regional Banks mixed, reversing early losses. KBW regional bank index up 0.3%. Western Alliance was up, PacWest Bancorp was down. Negotiations over the U.S. debt ceiling continue. There has been some generally positive after-hours Fedspeak. U.S. consumer sentiment slumped to a six-month low. Janet Yellen is set to discuss the debt ceiling impasse with bank board members. There seems to be some suggestion of a debt ceiling deal. More of the same in other words. Banking fears and debt ceiling concerns dominate whilst Big Tech outperforms.
SPI Futures up 7.
HEADLINES
- ASX to rise; Newcrest accepts Newmont takeover offer.
- Dip buyers scorched by cratering bank stocks rush for the exists.
- Jobs to be cut, price to rise 7pc minimum wage goes ahead.
- Yellen hopeful of a solution to 'more difficult' debt ceiling showdown.
- Zelenskiy in Berlin: we can make Russia's defeat 'irreversible'.
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The ASX 200 grinds out a 5-point gain to 7257 (0.1%) as banks gain and resources fold. ASX 200 up 0.5% for the week. Big iron ore and base metals were under pressure following LME price falls on disappointing Chinese numbers. BHP off 1.2% with RIO down 1.0%. Gold miners sold off too as bullion slid slightly and NCM extended the period of DD for Newmont falling 2.2%. Lithium stocks better though as LRS caught a gust of buying, up 21.4%, MIN gained 0.6% despite iron ore falls. PLS flat and IGO threw in the towel with MCR. Oil and gas stocks eased back on crude falls, Coal weaker too. Banks better as the Big Bank Basket rallied to $170.96(0.5%). MQG still struggling a little. Insurers floppy after QBE update on past disasters. Money managers better, AMP up 0.9% and MFG up 1.8%. Healthcare stocks the stand out with CSL up % and RMD running %. Industrials also in demand, WES up 0.8%, WOW up 0.2% and ALL up 0.4%. GMG and the REITs better and tech stocks in demand, WTC up 1.1% and the All-Tech Index up 0.9%. In corporate news, QBE disappointed, NWS rallied on its update, REA flat on slowing local economy and SHV cut its crop outlook falling 1.3%. Nothing on the economic front. Asian market mixed, Japan up 1.0% China down 1%. US futures positive.
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Global stocks slumped after Disney’s results, and regional banks, such as PacWest, reported falling deposits. This decline in bank deposits has renewed concerns about the banking industry following the recent collapse of three regional lenders. US jobless claims increased, and producer prices rose modestly, suggesting a slowing economy, which led to Treasury yields dropping. Tesla shares rose by 2.1% in after-hours trading after Elon Musk announced he had found a new CEO for Twitter. Markets remain anxious as Washington struggles with raising the U.S. debt ceiling. Dow Jones down 222 points (-0.66%). Dow at worst down 404. S&P 500 down 0.17%. NASDAQ up 0.18%. VIX Volatility Index down 0.1%. In European markets Stoxx 50 +0.1%, FTSE -0.1%, CAC +0.3%, and DAX -0.4%. SPI Futures are down 8 points (-0.11%).
The number of Americans filing new claims for unemployment benefits rose to a 1.5-year high last week, pointing to cracks in the labour market as demand slows. Claims rose by 22,000 to 264,000 for the week ended May 6th, the highest reading since October 2021. Despite this, the labour market remains tight, with 1.6 job openings for every unemployed person. On the other hand, the US inflation pressures are subsiding as demand cools. Economists predict that claims in the 270,000-300,000 range would signal a deterioration in the labour market.
PacWest Bancorp plummeted 22.7% following news that its deposits fell 9.5% or US$1.5bn, after reports the bank was exploring options to bolster its finances, including a sale. Shares of PacWest and other regional lenders dropped following the FDICs announcement that ~113 of the country's largest lenders will bear the cost of replenishing the $16bn hit to its deposit insurance fund caused by recent bank failures.
HEADLINES
- ASX to slip; Wall Street fears collapse of another US bank.
- Dow, S&P 500 fall with Disney; PacWest leads regional banks lower.
- Stocks, yields fall after data seen halting more Fed rate hikes.
- European shares run out of steam by close as Bayer, energy stocks weigh.
- Disney shares fall most since Iger's return after streaming subscriber losses.
- Pfizer CEO calls US drug price plan 'negotiation with a gun to your head'.
- Hindenburg shorts Icahn Enterprises bonds as battle with billionaire heats up.
- EV maker Rivian takes bold bet with higher-priced vehicles amid heating competition.
- Big U.S. banks to pay billions to replenish failure fun.
- US weekly jobless claims hit 1-1/2-year high; inflation subsiding.
- Gold retreats as dollar gains upper hand.
- Weak China inflation data pushes copper prices to a five-month low.
- Oil falls 2% on weak US and Chinese economic data.
- OPEC holds global oil demand view steady, cites US debt ceiling risks.
ON THE CALENDAR
- Domestic data: n/a
- China Data: FDI, Current Account
- UK data: GDP Growth Rate, Manufacturing Production, Goods Trade Balance.
- US data: Import and Export Prices.
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US stocks closed broadly higher overnight closing off near best levels. Nasdaq posted its highest close since August, supported by a rally at Google +4.1% as the company rolled out more AI for its core search product. April CPI data was the highlight of the day coming in largely in line with expectations, regional banks under pressure again, treasuries stronger while the USD Index slipped. Dow Jones down 30 points (-0.09%). Dow at best up 210 and at worst down 322. S&P 500 up 0.24%. NASDAQ up 1.04%. VIX Volatility Index down 7.0%. In European markets Stoxx 50 -0.4%, FTSE -0.3%, CAC -0.49%, and DAX -0.37, up 0.02%. SPI Futures are down 12 points (-0.17%).
HEADLINES
- ASX to fall; US inflation eases.
- Nasdaq rallies as investors cheer inflation data, Alphabet.
- Stocks rise as U.S. inflation trends lower, bond yields slide.
- Yields drop after US consumer price data.
- European stocks fall after sticky U.S. inflation, upbeat earnings cap losses.
- US annual inflation slows to below 5%, price pressures still strong.
- US Congress, White House begin tough debt limit, budget negotiations.
- Disney shares slip as company loses streaming subscribers.
- Gold eases on profit taking after US inflation data.
- Weak Chinese demand outlook punishes copper.
- Lithium producers Allkem, Livent to combine in US$10.6 billion deal.
- Australia exports first copper to China since 2020, industry hopes end to ban near.
- Oil drops 1% after US data points to further rate hikes.
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US equities closed lower overnight in an uneventful day of trade, closing off near-session lows. Nothing specific behind the cause of the pullback, though some earnings results underwhelmed, regional banks still struggle to find their legs, debt ceiling concerns remain elevated, and CPI data out tomorrow. US treasuries and the USD Index edge higher, while Oil recovered from more than a 2% drop earlier in the session. Gold gained from heightened economic uncertainty, and European markets broadly down after weak corporate earnings soured sentiment. Dow Jones down 57 points (-0.17%). Dow at best up 38 and at worst down 109 in a flat day of trade. S&P 500 down 0.46%. NASDAQ down 0.68%. VIX Volatility Index up 4.3%. In European markets Stoxx 50 -0.6%, FTSE -0.2%, CAC -0.6%, and DAX flat, up 0.02%. SPI Futures are down 21 points (-0.29%).
- ASX to fall slightly; Wall Street sweats on debt ceiling showdown.
- Wall Street closes down as focus shifts to inflation data, debt talks.
- Yields edge up before inflation data.
- T-bills hit by US debt ceiling worries, stocks slip ahead of CPI.
- PacWest gains ground in choppy trading for U.S. regional banks.
- Walmart takes fintech plunge into Mexico's risky marketplace.
- Disney's Iger may have to add slowing growth to his turnaround checklist.
- Republicans defiant after Biden debt ceiling meeting.
- Copper steady, but China demand fears shackle sentiment.
- Gold gains on economic risks with US inflation in focus.
- Oil recoups losses on plans for SPR refill, higher seasonal demand.
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ASX 200 closed down 12 to 7264 (-0.2%) snapping a two-day advance, weighed down by energy stocks. Banks hold onto yesterday’s gains, with the Big Bank Basket back to $170.47 climbing 0.4%.
NAB EX-DIVIDEND TOMORROW. WBC EX-DIVIDEND THURSDAY. ANZ and MQG EX DIVIDEND ON MONDAY.
CBA +0.2%, ANZ +0.7%, NAB +1.0% and WBC +0.1%, MQG +2.3%. Oil prices were up 2.54% overnight but BHP, STO, and BPT found no love, falling 0.6%, 0.4%, and 0.7% respectively. Energy stocks posted notable losses, WDS down 0.2%, STX slipped 4.4%, and KAR off 3.7%. Gold stocks having a bad day as the US dollar rises. NCM -0.7%, EVN -0.5%, and AGG -1.3%. REITS sector leads the fall today, down 1.5% as bond yields rise. Tech stocks on the nose, SQ2 down 1.8%, WTC -0.2%, XRO -1.1%, CPU -0.1%, NXT -0.1%. Defensive sectors underperform. Utilities -0.3%, healthcare -0.6%, Staples -0.3%. Lithium stocks find support again, MIN +2.9%, PLS +2.0%, and AKE up 2.8%. In corporate news, CBA released their Q3 results, NIM down 2%, NPAT up 1%, and non-interest income up 11%. All the banks have now reported. In economic news, Australian retail trade rose 0.4% MoM in line with expectations. The Federal Budget is released at 7:30 pm tonight, expecting a $1bn surplus. China's imports fell by 7.9% YoY to US$205.21bn, while exports increased by 8.5% YoY to US$295.42bn, resulting in a trade surplus of US$90.21bn, higher than market expectations of US$71.6bn. Asian markets mixed, Japan up 1.3% and HK down 0.9% with China down 0.3%. 10Y yield up 6bps to 3.45%. Bitcoin down 0.65%. Dow Jones futures down 32 points and Nasdaq futures down 17 points.
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US equities closed were mixed overnight in a dull day of trade coming off a sharp rally on Friday. The USD strengthened, treasury yields rose, and gold edged higher. Concerns about the debt ceiling are intensifying, while optimism rises that the worst stresses in US regional banking have passed. European markets ended higher broadly, supported by healthcare and bank stocks. Focus is now on US CPI data for April due out Wednesday for hints on whether rate cuts are coming soon. Dow Jones down 56 points (-0.17%). Dow at best up 73 and at worst down 165 in a flat day of trade. S&P 500 up 0.05%. NASDAQ up 0.18%. VIX Volatility Index down 0.1.2%. European markets are mostly up. Stoxx 50 +0.2%, FTSE +1%, CAC +0.1%, and DAX off 0.05%. SPI Futures are down 8 points (-0.11%).
- ASX to dip; US waits on Fed amid recession fears.
- Wall Street ends near flat ahead of inflation data.
- Shares rise, dollar flat ahead of key U.S. inflation data.
- US dollar edges up as market looks to inflation data.
- PacWest shares pare gains after dividend cut fails to stem market fears.
- Banks tighten credit terms, see loan demand drop, Fed survey shows.
- KKR posts 26% drop in Q1 earnings, beating expectations.
- Crypto stocks drop after Binance halts bitcoin withdrawals for hours.
- European shares end higher, lifted by healthcare and bank stocks.
- Yellen is calling CEOs personally to warn on US debt ceiling.
- Yields rise on banking optimism, before supply.
- Oil climbs over 2% as recession fears begin to fade.
- Gold regains ground with focus on US inflation data.
- Ukraine farms lose workers to war, complicating a tough harvest.
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ASX 200closed up 57 to 7277 (+0.8%) in a broad market rally. Energy sector soaring today +2.5% following news the government’s PRRT hike is not as bad as feared. WDS +2.9%, BPT +2.8%, and COE +6.7%. Lithium stocks were stronger today following Morgan Stanley’s comments that lithium markets have hit a turning point, MIN +1.4%, PLS +4.6%, and CXO +6.7%. Gold miners found some support down 0.7%. Staples also stumbled down 0.9%, EDV off 0.3%, and WOW slipping 1.1%. Banks recover some of last week’s losses, NAB leading the way up 2%, WBC +1.8%, CBA +1%, ANZ +0.1%, while MQG fell 2.2%. The Big Bank Basket rose 1.1% to $169.79. Tech steady, All Tech Index up 0.6%, WTC +0.2%, CPU +1.1%, and XRO +1.1%. REITS better up 0.4%. Resource stocks the place to be, BHP +1.5%, RIO +2.4%, and FMG +1.9%. Healthcare and Insurance mixed, RMD -0.9%, RHC+1.2%and MPL off 0.3%. In corporate news, WBC recorded 1H23 profit of $4bn, up 22%, CEO Peter Kings says the bank is ready for a downturn as its March NIM has plateaued and would fall in the coming half. LYC +12% Malaysian operating license extended until 2024. WOR +3.6% awarded engineering and design contract by Shell for Sparta. In economic news, NAB business confidence rose 1 point to 0 in April, the highest reading since January, and Australian building permits fell 0.1% MoM, reversing from 4% growth in February. March BoJ meeting minutes indicated thoughts that market distortions remained but did not worsen. Asian markets mixed, Japan down 0.2% and HK up 0.7% with China up 1.7%. Australia’s 10Y yield rose 7bps to 3.39%. Bitcoin down 1.28%. **Dow Jones futures down 16 points and Nasdaq futures down 2 points.
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Dow Jones +547 points (+1.65%) on Friday. It was up 621 at best. NASDAQ +2.25%. S&P 500 +1.85%. KBW Bank index +4.60%. Down 11% for the week. The regional banking bomb defused itself overnight. The KBW Regional Bank index +4.69%. 15 stocks in the index were up more than 6%. Pacwest was up 81.7%. Western Alliance up 49%. Zions up 19%. Comerica up 17%. At the bigger end of town US Bancorp up was 6.1%, Citigroup up 3.2%, Wells Fargo up 3.3%, Bank of America up 2.7%, Morgan Stanley up 2.7%, JP Morgan up 2.0%. The VIX Volatility index dropped 14% to 17.19. SPI Futures up 64.
HEADLINES
- ASX to rise; Westpac post $4bn net profit.
- $2.4bn gas tax rise must be the last, APPEA says.
- Warren Buffett faults handling of bank failures, upbeat on U.S., Berkshire.
- Yellen warns of 'constitutional crisis' if Congress fails to act on debt.
- Domestic data: NAB Business Confidence, Building Permits MoM.
- Japan data: BoJ Monetary Policy, Jibun Bank Services PMI.
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ASX 200 finishes the week up 27 points to 7220 (+0.4%), rebounding from early lows again as bargain hunters stepped in. ASX 200 down 1.2% for the week. Banks did a double take after the ANZ and MQG results. ANZ kicked 1.5% higher on record profits and talked increased competition as anticipated. MQG slipped slightly on its numbers. The commodities division once again the superstars. The Big Bank Basket rose to $167.86 (+0.4%). Insurers up with SUN better by 1.1% and QBE up 0.7%. Fund managers mixed. Industrials firm still; they have been the haven this week, REITs continue higher as bond yields fall, GMG up 3.0% and SGP up 2.3%. Tech weaker despite yields falling, ALL down 1.7% and TPG falling 1.3%. Resources mixed, lithium in demand with PLS up 4.02% and IGO up 3.2% even MIN chipped in with a 2.6% rise. Iron ore stocks still struggling, gold miners better on near record bullion prices. NCM up 2.2% and EVN up 2.3%. CHN did well up 2.8% and LTR up 3.6% giving Tim a nice weekend. In corporate news, ANZ and MQG the focal point. On the economic front, we had lending numbers and the SoMP. No real surprises. But no real hope for rates either. Asian markets muted Japan closed and China down 0.6% with HK up 0.6%. Dow futures up 58 points. NASDAQ futures up 50 points.
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US equities closed lower overnight in Thursday trading. Regional banks under immense pressure closing sharply lower amid renewed crisis fears. Heavyweight US bank stocks fall on regional bank woes, Goldman -4.25%, Bank of America -3.12%, and JPMorgan -1.69%. Global equities down broadly after the ECB raised interest rates by 25bps and signalled more tightening would be needed to reign in inflation. US treasuries lower while Brent crude oil prices stabilise after three consecutive days of sharp declines over demand concerns. Apple fell 1% leading up to the release of its quarterly results before rising ~2% in after-hours trade after its forecasts. Dow Jones down 287 points (-0.86%). Dow at worst down 477. S&P 500 down 0.72%. NASDAQ down 0.49%. VIX Volatility Index up 0.24%. European markets down. Stoxx 50 -0.5%, FTSE -1.1%, CAC -0.9%, and DAX -0.5%. SPI Futures are down 29 points (-0.40%).
Shares of PacWest Bancorp plummeted by more than 40% dropping to a record low after confirming reports that it was exploring strategic options, including a potential sale or capital raising. Western Alliance also saw its stock drop 60%, after a report claiming it was exploring strategic options including a potential sale, the claims were denied by the bank, shares down 38%. First Horizon and Toronto-Dominion Bank Group terminated their $13.4bn merger due to uncertainty over regulatory approvals. The news caused First Horizon shares to drop by 32%. S&P 500 Banks index fell nearly 3% and the KBW Regional Banking Index dropped 3.3%.
- Wall Street ends down as PacWest fuels fears of deeper bank crisis.
- Stocks fall, dollar rises as investors eye weakening economy.
- Yields close lower as bank woes prompt economic worries.
- Apple iPhone sales rise, pushing results above estimates.
- Paramount Global disappoints on weak ad market, cuts dividend.
- PacWest stock plunges as US regional banking woes worsen.
- Lyft's weak forecast overshadows strong first quarter, shares slump.
- Pressure grows for regulatory intervention as US bank rout deepens.
- US jobs market softening; slumping productivity boosts labor costs.
- ECB slows rate hike pace but signals more to come.
- Buffett set for 59th shareholder marathon as big questions loom.
- Gold flirts with all-time highs as banking concerns deepen.
- Copper drifts higher on possible Fed pause, firm dollar weighs.
- Iron ore hits five-month low on weak China factory activity data, demand worries.
- Oil settles narrowly mixed after smaller ECB hike; demand concerns linger.
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ASX 200 closed down 4 points to 7193 (-0.1%) after hitting its lowest levels in nearly five weeks amid a sharp selloff in big heavyweight banks. NAB -6.4% was hammered today despite ROE surging to 13.7%, the highest level since 2019, as its net interest margin fell short of expectations falling to 1.77% down from 1.79% in the December quarter. CBA -2.6%, ANZ -2.4%, WBC -4.1%, MQG -0.8%, Big Bank Basket tumbles 3.4% to $167.19. REITS best-performing sector today recovering yesterday’s losses up 2.0%, GMG +1.8%, SCG +2.5%, and SGP +2.3%. Mining and base metals in positive territory today BHP up 1.6%, RIO up 1.3%, and FMG rose 1.5%. Safe haven Gold rallies, NST +2.5%, AGG +2.2%, and EVN +7.2%. Interest rate-sensitive tech sector strong, SQ2 +3.4%, XRO +1.8%, and WTC +1.2%. Defensive sectors Healthcare and Staples underwhelmed failing to find support, WOW down 0.2%, EDV off 0.6%, RHC down 2.2%, and RMD slipped 0.2%. Lithium was a little mixed PLS up 2.2% and MIN off 4.6%. Industrials and insurers mixed, MPL up 1.7% while SUN fell 0.3%. In corporate news, WBC, ANZ, and MQG passed on Tuesday’s RBA rate hike to borrowers, MFG +3.4% reported net outflows of $2.4bn, and HLS +0.3% rejected takeover bid from ACL. In economic news, Australia posted its largest trade surplus since last June, the trade surplus rose to $15.2bn in March up from $14.1bn in the previous month, significantly higher than expectations of a $12.6bn gain. China’s PMI unexpectedly fell to 49.5 in April from 50 in March missing consensus of 50.3, marking the first contraction in factory activity since January. Asian markets rose broadly, Japan closed, HK up 0.8% with China up 0.6%. Australia 10Y yield down 3.31%. Bitcoin down 0.17%. Dow Jones futures up 53 points and Nasdaq futures up 57 points.
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US equities closed mostly lower and near their worst levels after Fed Chair Powell's post-FOMC remarks. The Fed raised rates by 25 basis points to 5-5.25%, in line with the March expectations. The FOMC statement scrapped previous guidance that the Fed expects additional policy firming needed to attain a sufficiently restrictive stance. Meanwhile, ADP's April private payrolls report showed 296K in job gains, well ahead of consensus, and the highest level since July 2022. USD Index fell notably against the yen, US treasuries edged lower, and European markets climbed after their biggest fall in a month. Dow Jones down 270 points (-0.8%) closing near session lows. Dow at best up 127. S&P 500 down 0.70%. NASDAQ down 0.46%. VIX Volatility Index up 3.1%. European markets recovered some of yesterday’s losses, FTSE +0.20%, Germany +0.56%, France +0.28%. SPI Futures are down 35 points (-0.49%).
The Fed raised interest rates by 25bps to a range of 5%-5.25%, as expected, in its May meeting. This marks the 10th increase and brings borrowing costs to their highest level since September 2007. However, the Fed has taken out language from its policy statement saying it anticipates further rate increases would be needed and noted it would consider factors such as overall tightening cycles, policy lags, and other economic and financial developments in determining whether more policy firming is necessary. The Fed also expressed concerns about tighter credit conditions for households and businesses, which could weigh on economic activity, hiring, and inflation. Fed Chair, Jerome Powell, acknowledged that policy is tight, suggesting the Fed may have done enough with rates.
- ASX to fall; US stocks finish at session lows.
- Equities choppy while Treasury yields, dollar retreat in choppy trading after Fed hikes rates.
- Fed raises rates, opens door to pause in tightening cycle.
- US yields tumble as Fed flags rate hike pause.
- FTC proposes ban on Meta profiting from minors' data.
- Apple results could mark weak finish to Big Tech earnings.
- Lilly drug slows Alzheimer's by 35%, bolstering treatment approach.
- US FDA approves first RSV vaccine from GSK.
- Qualcomm gives grim outlook as smartphone sales stay weak.
- US services sector still growing; inflation remains sticky.
- Gold firms after Fed signals pause to rate hikes.
- Aluminium, copper prices fall with global outlook concerns.
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ASX 200 closed down 70 to 7197 (-1%) in another dismal day of trading as the US spooks markets. Only Gold gaining today as bullion hits $AU3,033, NST up 2.3% and NCM up 1.8% and EVN up 3.7%. Energy sector the worst hit today as oil prices get whacked on demand speculation, with WDS down 2.3%, STO down 2.5%, and BPT off 3.5%. Coal eased with WHC down 0.4%, and NHC down 0.6%. REITs dropping off with interest rates to cause more pain, GMG is down 1%, and MGR unchanged. The Big Bank basket down 1.8% to $173.03 with banks being shaken globally on US instability. CBA down 1.8%, and NAB down 1.9%. Short sellers continuing to attack in the US and likely more blood to be spilled. Resources not fairing too well as global recession fears continue to hamper markets, BHP down 0.8% and RIOdown 2.1%. Lithium mixed with PLS up 2.4% and MIN down 1.4%. Tech continuing its downward trend. The All-Tech index down 0.4%, and SQ2 down 2.9%. In corporate news, Macquarie Equities Conference continued with AMC reporting a downgrade in earnings outlook for FY23, sending the price down 9.5%. OML also cited a softening in demand and tougher market conditions, sending the price down 23.9%. FLT had some good news with growth in the travel sector and providing EBITDA guidance. In economic news, Australian retail sales have risen for the third month in a row, growing 0.4% MoM. The RBA chief gave a speech saying if productivity didn’t increase, it will be harder for the RBA to get inflation back to its 2 to 3% target band. Asian markets mixed, Japan down 0.1% and HK down 1.8% with China up 1.1%. 10-year rate down 4bps to 3.41%. Dow Jones futures down 70 points and Nasdaq futures up 3 point.
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Global markets were universally down overnight on concerns of the Fed hiking rates and continued banking fears. The KBW regional banking index saw its largest percentage drop since March 13th, down 4.47% as fears over another collapse in the US banking sector rose. Dow Jones was down 367 points (-1.08%) at best the Dow was down 34 at worst, and down 615. S&P 500 down 1.16%. NASDAQ down 1.08%. VIX Volatility Index up 10.6%. European markets also dipping lower on contagion fears, FTSE -1.24%, Germany -1.23%, France -1.45%. SPI Futures are down 41 points (-0.56%). Macquarie Equities Conference continues.
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ASX 200closed down 67 to 7267 (-0.9%) following a violent fall after the RBA surprised the market with another 25bps rate hike. All sectors are in negative territory today. Energy sector lost all of yesterday’s gains, down 1.5%, with WDS down 1.6%, STO down 1.1%, and BPT off 2.7%. Coal cooled with WHC down 2.3%, CRN down 1.2%, NHC down 2.0%, and YAL fell 0.5%. Gold is broadly down with the market, EVN down 0.9%, and NST down 1.4%. REITs worst performing sector today, falling 2.2%. GMG is down 1.4%, and MGR slipping 4.2%.Retailers weren’t popular either, with WES down 1.3%, DMP down 0.9%, and JBH down 1.3%. Banks down along with everything else. The Big Bank basket down 0.3% to $176.16. CBA down 0.3%, and NAB down 0.3%, should see a boost tomorrow after the market has digested rate news. Tech getting whack also. The All-Tech index down 0.6%, and SQ2 down 1.5%. In corporate news, Macquarie Equities Conference kicked off with many companies presenting. WOW down 0.8% decreased despite reporting an 8% increase in sales in its third-quarter trading update, QAN slipped 3.0%, following the announcement that Vanessa Hudson will succeed Alan Joyce as CEO, HLS +1.7% sold its Montserrat facilities to Nexus Hospitals for $127m, and EDV -3.6% after reporting a 3.7% rise in sales in Q3 trading update. In economic news, RBA hiked rates by 25bps today taking the market by surprise triggering a market-wide sell-off, no sector safe. Asian markets mixed, Japan down 0.1% and HK up 0.3% with China closed. Bond yields soar, 2-year bond yield rose 23bps to 3.27%, and the 10-year rate up 11bps to 3.46%. Bitcoin down 1.54%. Dow Jones futures down 10 points and Nasdaq futures up 1 point.
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US equities closed marginally lower overnight, in an uneventful day of trade. S&P 500 neared its YTD high at midday but was sold off in the afternoon. The greenback gained with Treasury yields as the market braces for the Fed’s interest rate decision due Wednesday, as well as key economic data including jobs data later this week and quarterly reports. JPMorgan wins auction for failed lender First Republic, up 2.14%. Dow Jones down 46 points (-0.14%), closing near session lows. Dow up 160 at best, and down 160 at worst. S&P 500 down 0.04%. NASDAQ down 0.11%. VIX Volatility Index up 1.9%. European markets mostly closed overnight for a holiday. SPI Futures are down 5 points (-0.07%).
- ASX to slip before RBA rate decision, Wall Street mixed.
- Wall Street near flat after First Republic news, awaiting Fed.
- Wall St stocks end lower, dollar gains after data; Fed, earnings in the wings.
- Bond investors fearing recession, boost safety bets ahead of FOMC.
- Regulators seize First Republic Bank, sell assets to JPMorgan.
- Subway comes up with $5 billion debt plan to clinch $10 bln-plus sale.
- Meta plans $7 billion bond issue.
- US manufacturing contracts again in April, but pace slows.
- All eyes on Lyft's new CEO as Wall Street awaits turnaround plan.
- Russian strikes kill two in Ukraine, damage dozens of buildings.
- Gold retreats as robust US data lifts dollar; focus on Fed.
- Soft China PMI likely to flow through to uneven commodity demand.
- U.S. April oil exports top forecasts on Chinese demand.
- Oil drops 1% as economic growth concerns offset OPEC+ cuts.
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ASX 200 closed up 25 to 7335 (+0.4%) despite lithium and gold miners weighing on ASX. Resources dropping, Iron ore stocks lower on weak manufacturing data in China, BHP down 0.5%, RIO flat. Lithium stocks are mostly down, PLS down 3.3% following Fridays results. Gold sector hit hardest today, NST down 0.2% and NCM down 1.5%. Tech bludgeoned, WTC fell 2.3% and XRO down 0.9% with the All-Tech Index down 1.1%. Banks found support the Big Bank Basket up 1.0% to $176.71. CBA up 1.1%, and insurers mixed, MPL down 1.4%, while QBE stronger, up 0.9% and SUN up 0.9%. REITs better on lower yields, Staples find bargain hunters with A2M, COL , and ELD all doing ok. In corporate news, STO jumped 2.3%, after Kumul Petroleum Holdings extended STOs bid for a 5% stake in PNG LNG project, retailer BST tumbled 1.8%, after receiving a cash off-market takeover offer from BBRC International at $1.89 per share, and EVN fell surprisingly 1.4%, despite promising drilling results at its Ernest Henry site in Queensland. In economic news, Job advertisements in Australian fell by 0.2% MoM for the third consecutive month, demand for labour shows little signs of easing yet. Melbourne’s Institutes MoM inflation gauge showed prices easing to a four-month low of 0.2% in April, marking the eighth consecutive month of rises. Asian markets all positive, Japan up 1.0%. 10-year yields pushing higher again to 3.35%. Bitcoin stumbles 2.88%. Dow Jones futures down 10 points and Nasdaq futures up 19 points.
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Dow Jones up 272 (+0.80%) in the last trading day of the month, topping off a great week for Big Tech Results. Meta up 13% on the week. Microsoft up 7.5%. S&P 500 up 0.83% and up 0.9% for the week - up 8.6% year to date. NASDAQ up 0.69% and up 1.3% for the week. Bond yields dropped ahead of the Fed meeting next week. Amazon down 4% on a warning about its cloud-based business. Core PCE price index came in in line with expectations but inflation described as ‘sticky’. The ‘one more and done’ narrative remains. Oil price had a solid night on inventory data.
- Wall Street climbs as strong earnings offset slowdown worries, Fed meeting in focus.
- AFR - Wall Street extends rally on better-than-expected earnings.
- US Core PCE price index +0.3% in March and +4.6% year-on-year. Higher than expected. Fed pPause in June less likely.
- Oxford economics predicts second 25bp rate rise in June.
- US regulators vow to sharpen oversight as SVB, Signature after-shocks reverberate.
- Recession worries simmer beneath US stock market rally.
- Exxon Mobil shares hit all-time high on the results. Up 1.3%. Chevron up 1.0%.
- Intel up 4.0% on results and improved margins.
- Bond yields dip ahead of Fed meeting.
- VIX Volatility index drops below 16.
- US Q1 earnings expected to fall 1.9% year-on-year compared with expectations for a 5.1% fall at the beginning of the month.
- Snap, Pinterest and Cloudflare drop after results.
- Russia kills 25 in biggest Ukraine airstrikes in nearly 2 months.
- Amazon’s cloud warning rattles investors - cloud business slows. Shares down 4%. (Other major cloud-based companies include Microsoft and Alphabet. Amazon is the clear market leader.)
- Tesla down 14.9% in a week.
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ASX 200 closed up a mere 17 points at 7309 (+0.2%) after a promising start was ambushed by caution. Down around 0.25% this week. Big week. Banks were modestly better with CBA up 0.3% and ANZ doing well up 1.0% with MQG up 1.1%. The Big Bank Basket rose to $175.02$ (+0.9%). Insurers and fund managers also better with QBE up 1.1% and MFG gaining 2.9%. Industrials mixed, healthcare under a little pressure, CSL down 1.1% and RMD reporting quarterly fell 0.1%. REITs are slightly firmer with tech doing ok on Nasdaq moves. TLS up 0.5% and REA doing better too up 0.8%. Resources mixed, Iron ore stocks drifting, Lithium stocks a tad higher led by PLS up % on its quarterly. IGO up 2.0% and AKE up 3.8% also doing well. Gold stocks eased although NCM bucked the trend rising 1.4%. In corporate news, MP1 knocked the lights out with a significant upgrade and rallied 41.5%. Plenty of quarterlies in resources and tech. Nothing much on the economic front with US PCE in focus. Asian markets seeing some buyers emerge. Japan up 1.2%, HK up 0.2% and China up 0.7%. 10-year yields at 3.39%. Dow futures down 28 points. NASDAQ futures down 13 points.
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Dow Jones up 524 points (+1.57%) closing near highs. Dow up 558 at best. S&P 500 up 1.96%. NASDAQ up 2.43%. VIX Volatility Index down 9.6%. In Europe, Stoxx 50 +0.2%, FTSE -0.3%, CAC +0.2%, and DAX +0.03%. SPI Futures are up 55 points (+0.75%).
- ASX to rise, Meta leads tech rally in US. Earnings season boost offsets economy worries.
- Short-term yields pop higher as debt ceiling, inflation worries fester.
- As U.S. megacaps soar, some investors are wary of rising valuations.
- Amazon revenue beats on stable online demand, cloud strength.
- Intel says margins will recover in second half of 2023, shares rise.
- Deutsche Bank to cut 800 jobs after strong first quarter.
- US economic growth slows in first quarter as businesses draw down inventories.
- Travel demand strong, but U.S. carriers fret over aircraft delivery delays.
- BOJ chief Ueda faces communication test at debut policy meeting.
- Democrats, Republicans dig in on debt-ceiling standoff after House action.
- Russia says OPEC+ sees no need for further oil output cuts.
- Copper rebounds from near four-month low on China, strong dollar.
- Gold dips as rate hike bets hold despite weak data, dollar gains.
- Nickel faces huge supply glut as Indonesian output booms.
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ASX 200 slipped another 24 points lower to 7293 (-0.3%) in quiet trade again. Off lows on Deutsche Bank numbers. Quarterlies dropped and volatility at company levels. Banks eased with CBA down 0.8% and the Big Bank Basket down to $174.21 (-0.6%). MQG lost 0.3% and insurers fell with SUN down 1.1%. Healthcare under pressure, CSL down 0.6% with COH off 0.7% and RMD down 1.4%. REITs slipped again, GMG down 0.8% and SCG off 0.7%. Industrials fell slightly, QAN off 2.0% and WES down 0.6%. ALL falling 1.6% with tech easing despite Nasdaq gains. WTC down 0.1% and XRO off 0.7% with the All -Tech Index unchanged. In resources, big miners slightly better, BHP up 0.8% and FMG up 1.0%. Gold miners mixed, NST up 0.6% and NCM down 2.1%. Lithium stocks under pressure in places, PLS off 0.5%. AKE enjoying a 4.2% bounce on takeover speculation. Oil and gas stocks eased, WDS down 0.8% and coal steady. In corporate news, BKL was the big story as Kirin lobbed an agreed $95 bid. ABC fell hard on a Kwinana update, UMG down 4.7% on a downgrade to earnings. In economic news, international trade process indexes out. In Asia, Samsung reported the lowest operating profit since 2009 as demand continues to fall. Japan down 0.1%, HK up 0.1% and China up 0.3%. 10-year bond yields rose slightly to 3.39%. Dow futures up 49 points. NASDAQ futures up 91 points.
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Dow Jones down 229 points (-0.68%). Dow up 115 at best and down 295 at worst. S&P 500 down 0.38%. NASDAQ up 0.47%. VIX Volatility Index up 0.4%. In Europe, Stoxx 50 -0.7% FTSE -0.5%, CAC -0.9%, and DAX -0.5%. SPI Futures are down 16 points (-0.22%).
- ASX to fall, US bank stocks drop, Microsoft surges.
- Meta surges 12% after hours on better than expected results and outlook. Nasdaq futures up 70. Dow up 8 points.
- Wall St ends mixed, dollar dips as tech surges and recession fears weigh.
- European shares fall as healthcare stocks hit by drug reforms.
- 1-month yields tumble ahead of possible debt ceiling vote.
- First Republic plumbs new lows, options dwindle.
- Cloud, not consoles, blocks Microsoft's Activision view in UK.
- US business spending on equipment weakening as demand for goods slows.
- Gold range bound as traders await Fed cues.
- Copper recovers on weaker dollar; global growth concerns cap gains.
- Oil drops nearly 4% as recession fears outweigh US inventory draw.
- US House passes Republican debt ceiling bill with steep spending cuts.
- China March industrial profits.
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ASX 200 closed down 6 points to 7316 (-0.1%) in a subdued trading day, following an initial bounce at 11:30am on inflation data news. Safe haven Gold the best performer today up 1.6%, as market participants digest higher-than-expected inflation results. NCM +1.7%, NST +1.5% and EVN +3.5%. Base metals and miners weighed on the market, BHP down 0.4%, RIO fell 1.1%, FMG off 0.5%, and WHC down 1.0%. Energy stocks had a good day, WDS +1.1%, STO +0.4%, and BPT +1.7%. MIN collapsed 9.7% on poor production figures, PLS and AKE affected by the lithium stock sell-off, both down 5.9% and 3.4% respectively. The Big Bank Basket down $175.25 (-0.1%). Banks and insurers mixed, CBA -0.2%, QBE +0.7%, MPL -0.3%. Tech closed in the red, All-Tech Index down 0.5%, SQ2 -1.0%, XRO +1.3%, and WTC -0.8%. Interest rate-sensitive REITS surprisingly higher as bond yields fell. In corporate news, KGN rallied +7.2% on news it intends to undertake an on-market share buyback, WAF reported strong gold production numbers up 3.6%, A2M stumbled 5.1% flabbergasted by the extent of Synlait’s profit downgrade and reconfirmed there is no material change to its FY23 outlook. In economic news, domestic inflation came in higher than expected rising 7%, YoY down from a 30-year high last quarter of 7.8%. Core CPI came in better than expected and many now calling a pause next week. Aussie bonds down, 10Y yield falls 14bps to 3.30%, 2Y yield tumbles 17bps, down to 2.97%. Bitcoin up 0.61%. Aussie dollar whacked, down 0.3% to 66.07c. Asian markets mixed, Japan down 0.9% and HK up 1.3% with China up 0.4%. Dow Jones futures up 56 points and Nasdaq futures up 172 points.
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US equities finished lower overnight, ending near worst levels. Treasury yields fell as disappointing earnings, soft economic data, and plunging deposits at the regional Republic Bank fuelled recession fears sending the market into safe-haven assets. Safe haven USD and Yen rose as market sentiment turned. 10Y treasury fell by the largest amount since March, while short-term yields climbed as the market weighs banking sector stability and the possibility of a recession with worries concerning the US debt ceiling. European shares fell, amid a round of disappointing earnings; the STOXX 600 is tracking monthly gains of over 2%. Dow Jones down 345 points (-1.02%), closing near session lows. Dow down 350 at worst. S&P 500 down 1.58%. NASDAQ down 1.98%. VIX Volatility Index up 11.1%. In Europe, Stoxx 50 -0.5% FTSE -0.3% CAC -0.6% DAX +0.1%. SPI Futures are down 38 points (-0.52%). SPI was up 23 on Tuesday morning so net loss only 15 points.
- US Futures up on Alphabet and Microsoft results.
- Domestic data: Inflation rate, Monthly CPI Indicator.
- Microsoft earnings, revenue top forecasts, shares jump 4.6%.
- Visa quarterly profit beats estimates on higher transactions.
- More bank jitters as First Republic probes asset sales, 'bad bank' options.
- US consumer confidence hits nine-month low; housing market bottoming out.
- Gold gains as traders hunker down for economic cues.
- Weak Chinese demand drags on industrial metals.
- Oil dips 2% on economic woes and stronger dollar.
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ASX 200closed down 8 points to 7322 (-0.1%) in a flat day of trade. Market high of +2, and low of -23. Mining and material sectors were punished today, following a slew of poor production results BHP down 1.9%, RIO down 3.3% and FMG down 3.4%. Iron ore under pressure in Asia also a problem. REITS the best-performing sector, GMG, SCG, and VCX all posted gains over 1%, while LLC dragged down 3.0%. Lithium stocks mixed following Chile’s move to nationalise its lithium industry, MIN up 2.1%, PLS stronger 5.2%, AKE down 0.2%, and CXO gaining 1.6%. The Big Bank Basket topped $175.37 (+0.1%). Banks and insurers mixed, CBA +0.3%, ANZ -0.5%, QBE +0.5%, MPL -0.6%. Tech sector performed well today, All-Tech Index up 0.8%, SQ2 +2.3%, WTC +2.0%, and WBT +4.3%. Healthcare flew under the radar, CSL up 0.9%, SHL up 0.3%, and RMD up 2.1%.Retailers mixed. WES up 0.7%, DMP down 0.2%, ADH down 2.3%, and HVN rose 0.6%. In corporate news, FMG and S32 production results disappointed, BOE makes headwind on Honeymoon uranium project on track for December production, and IVC took a steep tumble down 7.8% after TPG Capital formally pulled its takeover offer. On the economic front, no big news but inflation but domestic CPI data in focus. Asian markets mixed, Japan up 0.1% and HK down 1.3% with China down 0.6%. 10-year yields fell to 3.45%. Bitcoin finding support +0.66%. Dow Jones futures down 139 points and Nasdaq futures down 61 points.
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Dow Jones up 22 points (+0.07%). It was up 72 at best and down 98 at worst. The NASDAQ and the S&P 500 both up 0.11%. The first solid week of US results ended with a bit of a whimper. Lots of results next week (see below). S&P 500 down 0.1% this week, Dow Jones down 0.2%, NASDAQ down 0.4%.
- Wall Street posts slim gain ahead of big earnings week.
- Stocks edge down, US yields climb after PMI data.
- Wall Street edges higher. Big Tech results pending.
- Tech earnings to test markets most crowded trade. (Results this week from Microsoft, Alphabet, Apple, Amazon, Meta).
- Chances of Fed to pause on May 3 down from 80% during bank crisis to 14.3% now.
- Bond market bets that next rate hike will be the last.
- Chile bid to boost state control over lithium spooks investors.
- Eurozone business activity accelerates to 11 month high in April.
- Fed tilts towards rate hike, with a possible pause in view as lending slows.
- US financial regulators to tightened rules on nonbanks, systemic risks.
- Dominic Raab quits as UK deputy PM over bullying enquiry.
- As DeSantis stumbles, Republicans fear a trumpet rerun in 2024 campaign.
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ASX 200 closed down 32 points at 7330 (+0.4%) in quiet trade again. Down 31 points this week. It tried to recover from early losses but ahead of a potential long weekend, it struggled. Resources were mixed today as BHP reported its quarterly and iron ore slipped in Asia, the stock down 2.3%, RIO off 2.8% and FMG falling 4.2%. Lithium stocks finding some support after early losses, PLS up 3.3%, AKE up 1.0% and SYA better. LYC did well on its quarterly with record production, up 4.8%. Gold miners better as bullion pushed higher, EVN up 0.9% and BGL rallying 1.1%. Coal stocks back in favour with WHC gaining 5.9% after its production report. NHC up 2.3% and oil and gas stocks slightly higher. Healthcare better led by CSL up 0.6% and RMD rallying 1.0%. Industrials firm, QAN up 1.1%, CPU up 1.5% and BXB continuing to find buyers up 1.5%. Banks slid after recent gains, BOQ copped broker downgrades falling 5.0% and CBA dropped 1.1% with MQG bucking the trend up 0.8%. The Big Bank Basket finished down at $175.19 (-1.1%). In corporate news, BHP numbers innocuous, LYC record production but still question marks over Malaysia and WDS quarterly production numbers and guidance maintained. Nothing on the economic front, Asian markets eased, Japan down 0.4%, China down 1% and HK off 0.9%. 10-year yields slightly weaker at 3.47%. Dow futures down 25 points. NASDAQ futures up 12 points.
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US equities finished lower overnight after disappointing quarterly results from companies including Tesla and AT&T weighed down the market while softening US economic data and concerns around the debt ceiling pushed Treasury yields lower. Weekly jobless claims rose, and manufacturing activity in the mid-Atlantic region fell to its lowest level in three years, while home sales fell in March. European shares ended lower for a second consecutive session as earnings reports disappointed. Dow Jones down 110 points (-0.33%). Dow down 219 at worst. S&P 500 down 0.60%. NASDAQ down 0.80%. VIX Volatility Index up 4.5%. In Europe, Stoxx 50 -0.2%, FTSE +0.1%, CAC -0.1%, and DAX -0.6%. SPI Futures are down 38 points (-0.52%).Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.
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ASX 200 closed down 3 points to 7362 in a mixed day of trading as BOQ, RIO and ZIP all came out with earnings reports. Resources getting whacked today on the back of RIO activities report, down 2.3% and demand concerns from China. BHP down 2.6% and FMG down 0.9% Lithium down as well, with prices continuing to slip as lithium supply cycles through in China. LTR down 0.4%, MIN down 5.5% and PLS down 4.9%. Gold stocks lower as bullion price drops to $2979, NST down 4.2%, and NCM down 0.5%. Energy stocks are down for a third consecutive day as Oil dropped overnight, WDS down 0.5% and STO off 0.4%. Banks gaining today after BOQ released a positive report, Big Bank Basket up 1.4% to $177.05, BOQ up 1.1%, WBC up 1.5%, and ANZ up 1.3%. Technology mostly unchanged, the All-Tech Index fell 0.4%. With WTC down 0.5% and SQ2 down 1.14% REITs gained. Consumer discretionary bouncing back from yesterday’s losses, up 1%. On the corporate front it was a busy day, RIO released quarterly activities report with record export shipments, also warned of lithium delays. The ACCC blocked QAN acquisition of AQZ citing a lack of competition in the airline industry. BOQ released an earnings report with positive results released, including $4m in statutory net profit. In economic news, Japan’s exports increased higher than expected. New Zealand inflation decreased more than forecasted. Asian markets down, Japan flat, HK down 0.1%, and China off 0.4%. 10-year yields up to 3.51%. Dow Jones futures down 28 points and Nasdaq futures down 74 points.
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Dow Jones down 80 points (-0.23%). Dow down 162 at worst. S&P 500 down 0.01%. NASDAQ up 0.03%. VIX Volatility Index down 2.3%. In Europe, Stoxx 50 -0.01%, FTSE -0.1%, CAC +0.2%, and DAX +0.1%. SPI Futures are down 7 points (-0.09%).
- ASX to slip, S&P flat, Lowe to speak at midday.
- TBA changes announced/
- Yields hit four-week highs on British inflation, Fed expectations.
- Dow dips, S&P 500 stable after medtech gains, Netflix drag.
- Tesla's margins drop on aggressive discounting, shares fall.
- Morgan Stanley beats estimates as wealth management shines.
- IBM beats first-quarter profit estimates, signals demand holding up.
- Bed Bath & Beyond prepares for bankruptcy filing.
- Oil exports from Russia's western ports hit 4-yr high in April.
- Copper falls as markets fret over interest rates.
- Gold slides as yields climb, doubts grow about Fed's rate-hike pause.
- Record demand pushes silver into new era of deficits, Silver Institute says.
- Europe's strikes could spell more flights havoc into summer.
- EU plans farmer support, import curbs on Ukraine grain.
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Dow Jones down 11 points (-0.03%). Dow up 31 at best, and down 195 at worst. S&P 500 up 0.09%. NASDAQ down 0.04%. VIX Volatility Index down 0.7%. In Europe, Stoxx 50 +0.6%, FTSE +0.4%, CAC +0.5%, DAX +0.6%. SPI Futures are up 9 points (+0.12%).
- ASX to edge higher, S&P 500 advances modestly.
- S&P 500 ekes out gain as tech supports, J&J, Goldman disappoint.
- Stocks advance, US 10-year yield slips as earnings roll in.
- Bitcoin miners escape the bear trap.
- Fed's Bullard discounts recession talk, favors more rate hikes.
- BofA profit beats estimates as it cashes in on higher rates, bond trading.
- Fox settles Dominion defamation lawsuit for $787.5 million, avoiding trial.
- Goldman Sachs profit falls on sluggish deals and bond trading.
- Netflix reports mixed earnings as password crackdown set to expand.
- United Airlines sees return to profit on 'strong' international travel demand.
- Nvidia surges to year high after bearish HSBC analyst capitulates.
- Gold rebounds above $2,000 as dollar, yields retreat.
- Oil prices steady as strong China data offsets US rate worries.
- Global steel demand to bounce 2.3% in 2023 on factory recovery.
- Copper edges higher after strong Chinese growth data.
- Russian court rejects US reporter Gershkovich's detention appeal.
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ASX 200closed down 21 to 7360 (-0.3%) in a dull day of trade, as the market digested RBA meeting minutes which warned more rate hikes may be needed. Energy sector pummelled, as Treasurer Chalmers is anticipated to hike taxes on big gas producers, STX down 7.1%, STO down 1.9%, and WDS slipping 2.4%. Gold miners failed to impress, AGG and NST down 2.9% and 0.1%. Utilities sector stronger, APA up 1.6%. Banks mostly lower, ANZ flat, and CBA down 0.3%. The Big Bank Basket dropped to $174.64 (-0.1%). REITS mixed. Tech fell with the All-Tech Index down 0.4%. XRO down 1.3%. ALU down 0.9%. Healthcare not healthy, CSL down 0.5%, RMD off 0.7%, COH slipped 0.5%. Industrials flat, A2M and ELD higher but WOW fell 1.9%, COL down 1.2% and REA off 0.8%. In corporate news, TLX surges 12.7% after posting net operating cashflow of $2.5m, EVN resumes mining at Ernest Henry operation, HUB, PPS, and RPL all reported FUM/FUA. In economic news, ANZ-Roy Morgan consumer confidence fell marking the seventh straight week below 80 as consumers turn pessimistic after a series of interest rate rises, China’s GDP rose 4.5% beating expectations in the first quarter after Xi lifted COVID-19 restrictions triggering a rebound in factory and consumer activity. Asian markets mixed, Japan up 0.7% and HK down 0.7% with China up 0.2%. Dow Jones futures up 11 points and Nasdaq futures down 6 points.
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Dow Jones up 101 points (+0.30%) closing near highs. Dow up 105 at best, and down 90 at worst. S&P 500 up 0.33%. NASDAQ up 0.28%. VIX Volatility Index down 0.7%. In Europe, Stoxx 50 -0.5% FTSE +0.1% CAC -0.3% DAX -0.1%. SPI Futures are down 17 points (-0.23%).
- ASX to fall, RBA minutes ahead.
- Stocks weaker as U.S. yields, dollar rise.
- Wall St ends higher; investors await earnings, Fed cues.
- Yields bounce, Fed speakers in focus before blackout period.
- Euro zone bond yields hit one-month highs as markets focus on ECB.
- Cleveland Fed report says near-term inflation expectations data now key.
- Alphabet shares fall on report Samsung may dump Google Search for Bing.
- Boeing's latest production problem compounds operational headache for US carriers.
- US financial institutions hit by deposit flight as clients seek higher returns.
- Tin jumps 10% on news of mining ban in major producer Myanmar.
- Gold slides below $2,000, market eyes Fed rate hike cues.
- Oil drops 2% on higher dollar, interest rate concerns.
- G7 coalition to keep Russian oil price cap at $60 per barrel.
- Ukraine grain import bans mount as Kyiv seeks transit deal.
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ASX 200 closes up 20 points in a quiet trade to 7382 (+0.3%). Resources took a hit early but recovered from lows. Gold miners worse off NCM down 2.3%, NST off 2.5%, and EVN down 2.2%. REITS the best-performing sector today, SCG, URW, and MGR up 2.6%, 3.5% and 1.8%. Lithium stocks mixed, MIN up 1.7%, PLS up 1.3%, while AKE slipped 0.3%. Banks were also mixed. ANZ up 1% and NAB rose 0.7%, while BOQ slipped 1.1% ahead of results later this week. The Big Bank Basket rose to $174.88 (+0.6%). Tech stronger with WTC up 1.2% and XRO rose 1.1%. The All-Tech Index rose 0.5%. Healthcare better led by CSL up 0.2%, RMD up 0.6%, COH up 0.2%. Elsewhere, WES up 0.9%, WOW down 0.4%, and TLS flat. In corporate news, Transurban (TLC) reports 12.9% increase in average daily traffic YoY a record third-quarter result, Evergreen Lithium (EG1) rocketed to 69c today after its IPO last Tuesday at just 25c per share before closing down 20%, Regis Resources (RRL) dropped 11.2% on updated guidance with lower-than-expected gold output for March quarter, and Virgin Australian cancels Aussie IPO meetings for now. Nothing on the economic front today. Asian markets up, Japan up 0.4%, HK up 1.2% and China up 1.1%. 10-year yields 3.36% steady here. Dow Jones futures up 62 points and Nasdaq futures up 11 points.
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Dow Jones down 143 (-0.43%) with the S&P 500 down 0.21% and the NASDAQ -0.35%. The S&P 500 is up 6.5% year to date. The European STOXX index hit a one-year high. Good results from the bank sector were offset by a weaker-than-expected retail sales number on Friday (March retail sales fell 1.0% v consensus of -0.4%, February was revised down, Core retail sales -0.3%).
Manufacturing production fell 0.5%. The 10 year bond yield was up 6.4bp with a two year bond yield up 12.2bp. The US dollar rose 0.54%. The copper price dropped, the nickel price was up 4.62%. The oil price was up a touch. BHP was down 1.79% in the US with RIO down 1.9%. The VIX volatility index fell 4%. Gold lost $35 as it pulled back from its one year high, not helped by the rise in the US dollar.
JPMorgan saw a 52% rise in profits in the last three months despite loan loss provisions up 56%. Net interest income was up 49%. Wells Fargo net interest income was up 45%. The Bank of America, Goldman Sachs and Morgan Stanley report Tuesday and Wednesday.
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ASX 200 rose 38 points to 7362 (+0.5) after a slow start and a rethink ahead of the US reporting season. For the week, the ASX 200 is up nearly 2%. Gold miners led the way higher with NCM up 1.9% and NST running 4.4% higher. Lithium stocks also in demand, PLS up 5.0% and AKE bouncing 5.4% with IGO rallying 5.3%. Iron ore stocks flat as we await news of Cyclone Ilsa. Banks better too after BOQ pre-result results this morning with a $200m write-down of good will. The Big Bank Basket up to $173.80 (+0.9%). MQG up 0.7% and insurers firmed too. MFG continue to bleed down another 2.7%. Industrials firm, staples bouncing back, COL up 0.2% and WOW rallying 1.0%. CSL weaker with REITs mixed, GMG down 1.4%. Interest rate sensitive stocks did ok, QAN up 0.6% and TCL up 0.1% with Tech a little dull. The All-Tech Index up 0.3%. In corporate news, GMD is set to raise $450m in two tranches to buy SBM’s Leonora gold assets, WES CEO sells around $9m worth of shares and KAR fell 5.4% after delays to bring production back online after maintenance shutdown. BOQ fell 0.9% on a pre-result result and a write down of $200m on a 2007 acquisition.Nothing on the economic front. Asian markets mostly firmer. 10-year yields up to 3.33% Dow futures down 65 points. NASDAQ futures down 20 points.
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US equities finished sharply higher closing near best levels. S&P and Nasdaq now both higher week to date. Fresh economic data showed cooling inflation and a loosening labour market, fuelled optimism the Fed would be nearing the end of its aggressive rate hike cycle. Gold hit a 13-month high, while the USD weakened. Treasuries little changed, rallying initially before retreating a touch. All three major US stock indices surged more than 1% with interest rate-sensitive tech stocks providing the most support pushing the tech-heavy Nasdaq up nearly 2% to its biggest one-day percentage jump in nearly a month. Dow Jones up 383 points (+1.14%). Dow up 408 at best, and down 41 at worst. S&P 500 up 1.33%. NASDAQ up 1.99%. VIX Volatility Index down 6.8%. In Europe, Stoxx 50 +0.7% FTSE +0.2% CAC +1.1% DAX +0.2%. SPI Futures are up 15 points (+0.20%).
- Wall St rallies to higher close as inflation data feeds Fed pause hopes.
- US yields rise modestly, but downtrend intact in wake of weak data.
- Dollar dips as producer prices cool, euro hits one-year high.
- US labor market gradually losing steam; producer inflation cooling.
- Location, location, location: U.S. manufacturing boom has a real estate problem.
- Amazon cranks up AI competition against Microsoft, Google with new cloud tools.
- Twitter to let users offer content subscriptions in monetization push.
- Alibaba's Hong Kong shares slump on SoftBank's stake sale report.
- Google faces judge's questions as it asks court to toss U.S. antitrust lawsuit.
- OPEC cites risks to summer oil outlook as backdrop to shock cut.
- Copper hits two-week high on strong Chinese data and weak dollar.
- Gold rallies to 1-year peak as economic worries mount.
- Oil falls 1% on recession fears, OPEC summer demand warning.
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ASX 200 fell 20 points to finish at 7324 (-0.3%), letting go of some of yesterday’s gains. Energy sector leading the gainers today, WDS +1.1%, STX +5.3%, and COE +6.5%. Banks are down, WBC down 0.1% after getting upgraded to neutral from underperform at Macquarie, The Big Bank Basket falling to $172.21 (-0.9%) CBA falling 1.0%. Tech doing ok, with WTC up 1.5% and CPU up 1.4%. The All-Tech Index up 0.4%. Healthcare stocks were mostly down, CSL down 0.6% and RMD off 0.3%. REITS firmed GMG up 1.4% and URW up 1.0%. Bad day for miners BHP, RIO, and FMG all off 0.9%, 0.7%, and 1.8%, respectively as Cyclone Ilsa heads for WA. Gold miners finish in positive territory, NST up 0.7%, PRU up 1.2% and DEG firm 2.2%. Industrials lagging beyond again, TCL down 0.2% and QAN down 0.6% while DOW gained 2.6%. On the corporate front, Corporate Travel Management (CTD) surged +12.1% after being awarded a 2-year contract by UK Home Office worth £1.6B, Wesfarmers (WES) -0.7% offloads 37.2m shares in Coles (COL), OZ Minerals (OZL) +0.1% declares fully franked dividend of 175c per share. In economic news, Australian jobs data comes in hotter-than expected, holding near 50-year lows at 3.5% against forecasts of 3.6%. Labour market remains tight. Australian housing demand seen strengthening even further amid the migration surge, NAB’s April housing update attributed the recent rise in home values to low supply and extremely tight rental conditions, and additional demand form overseas migration. In Asian trade, Japan up 0.1%, HK down 0.7% and China down 0.3%. Dow futures up 9 points. NASDAQ futures up 21 points.
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Dow Jones down 38 points (-0.11%). Dow up 211 at best, and down 91 at worst. S&P 500 down 0.41%. NASDAQ fell 0.85%. VIX Volatility Index down 0.1%. In Europe, Stoxx 50 +0.02% FTSE +0.5% CAC +0.1% DAX +0.3%. SPI Futures are down 3 points (-0.04%).
- Copper prices also rose 1.01% due to lower-than-expected US inflation numbers.
- Nickel +0.17%, Aluminium +1.46%, Zinc +0.94%, Lead+2.16%, Tin +1.81%.
- WTI crude rose 2.11% and Brent rose 2.04, to the highest level since November 2021, due to a weaker dollar and concerns over tight supplies.
- Gold rose 0.57% overnight due to signs of cooling inflation and an increasing likelihood that the US Federal Reserve may pause its policy tightening.
HEADLINES
- ASX to open flat, Wall Street slides on data, rate outlook.
- Wall Street closes lower after Fed minutes, inflation data.
- Dollar, stocks slip after Fed minutes spur recession fears.
- Slowing US inflation shifts investor focus to earnings season.
- Warner Bros Discovery unveils revamped 'Max' in push for streaming growth.
- Nvidia enhances mid-range video gaming chip with AI technology.
- Credit Suisse rescue package rejected by Swiss parliament.
- Several Fed officials considered rate pause in March, minutes show.
- Yellen pushes for 'bold action,' more reforms at World Bank this year.
- Biden looks to boost EV sales with plan to cut vehicle emissions.
- Gold shines as bets for US rate hike pause gather pace.
- Copper rises after cooler than expected U.S. inflation data.
- Oil rises 2% on lower-than-expected US inflation data.
ON THE CALENDAR
- Domestic data: Unemployment Rate, Full-Time Employment Change.
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ASX 200 gaining 34 points to finish at 7344 (+0.5%) with positive sentiment from the RBA interest rate pause still carrying over into this week. Healthcare continues to rise as the sector takes advantage of the interest rate reprieve. MPL up 0.9%, now up 22.3% in total from the post-cyber-attack lows. CSL up 0.7% and RMD up 0.6%. Resources doing well despite the IMF downgrading global growth forecasts, BHP up 1.9% and RIO up 2.7%. Lithium performed poorly today as fears of a fall in the price of lithium sent PLS down 4.1%. Gold miners continuing their gains as Newmont dropped overnight on their revised offer for NCM, down 0.3%. NST up 1.8% and AGG up 2.4%, as bullion steady at $US2023. Energy stocks ease, oil prices remain steady, WDS and STO unchanged. Coal copping a bit of a beating as WHC downgrades full-year forecast, off 3.2% and NHC down 0.5%. REITs holding steady. Banks taking one of the biggest hits for the day, the Big Bank Basket down to $173.07 (-0.4%). MQG mostly stable up 0.4%. CBA and NAB bothdown 0.5%. Industrials mixed, ALL down 0.4% and QAN down 2.1% while TWE gained 2.3%. On the corporate front, WHC downgrades full-year guidance, PTM reports a net outflow of $223m for March. MQG considers selling their Indian highway projects, estimated to be worth $1.5bn. In economic news, consumer confidence rose by 1.1 points, the third week of consecutive increases. The IMF downgraded their global growth forecasts and warned of a hard landing for the global economy and prolonged inflation. In Asian trade, Japan up 0.8%, HK down 0.6% and China up 0.3%. Dow futures up 36 points. NASDAQ futures down 2 points.
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US equities lacked conviction overnight, trading in a narrow range as the markets brace for the latest CPI report and FOMC minutes on Wednesday that could signal if the Fed lifts rates once again. Gold edged up above the $2,000 level as the dollar came off Monday’s peak, while oil strengthened despite weak data from China pointing to persistently weak demand. US treasury yields higher showing surprising resilience amid current macro environment. Equity markets in Europe rallied after a long four-day easter holiday, supported by mining stocks lifting the STOXX 600 hitting a one-month high. Dow Jones up 98 points (+0.28%). Dow up 195 at best. S&P 500 flat. NASDAQ down 0.43%. VIX Volatility Index up 0.7%. In Europe, Stoxx 50 +0.6%, FTSE +0.6%, CAC +0.9%, and DAX +0.4%. SPI Futures are up 25 points (+0.34%).Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.
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ASX 200 rose strongly to 7310 up 91 points (1.3%) in quiet post-Easter trade. Both banks and resources fired up with industrials solid too. BHP led the resources gaining 2.1% with RIO up 1.9% and FMG gaining 2.9%. Gold miners too were better despite bullion easing, NCM saw the bid increased from Newmont rising 5.2%. NST up 2.1% and EVN up 3.9% on production guidance. Base metals and lithium found some love, MIN up 3.6% and AKE gaining 2.7%. LTR pushed ahead by 1.2% with CHN doing well too, up 3.3%. Energy stocks were better, WDS up 0.8% and STO rising 1.1% with KAR outperforming up 6.2%. Coal stocks flat, though. Banks better with WBC leading the charge up 1.8% as results loom. The Big Bank Basket rallied to $173.72 (1.1%). MQG a little underwhelming up only 1.1%. Fund managers modestly better with GQG up 1.5% on FUM increase. REITs firmed with SGP up 3.7% and GMG up 1.5%. Industrials firm but not spectacular, TLS pushing 0.5% ahead. WES up 1.4% and AGL firming 2.6%. Tech a bit floppy with the index slightly higher. In corporate news, a little quiet with NCM the focus. Better consumer confidence numbers locally and in China the CPI came in below forecasts. In Asian trade, Japan up 1.2%, China down 0.4% with HK flat. Dow futures up 46 points, Nasdaq futures up 2 points.
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US stocks mixed overnight, closing mostly flat after clawing back steep losses in early trade after strong jobs data revealed a still-tight labour market, supporting bets for another Fed hike in May while the yen weakened after the new BoJ governor vowed to maintain an ultra-loose policy. Trading was light as markets were closed in Europe, Australia and Hong Kong for Easter. Focus now shifting to the CPI report due Wednesday and the first round of companies reporting Q1 financial results for further clues about the economy's health and likely future of interest rate hikes. Future show a 71.1% likelihood that the Fed will hike rates by 25bps to 5-5.25% next month. Dow Jones up 101 points (+0.30%) closing near highs. Dow up 105 at best, and down 142 at worst. S&P 500 up 0.10%. NASDAQ down 0.03%. VIX Volatility Index up 3.1%. SPI Futures are up 9 points (+0.12%).
- Bond vigilantes are back as debt matters again.
- Goldman Sachs to pay $15m fine for swap disclosure violations.
- Funds dump 10-year Treasuries, eye steeper U.S. curve.
- Apple supplier Japan Display teams up with China's HKC as seeks turnaround.
- OpenAI CEO considers opening office as Japan govt eyes adoption.
- World Bank chief raises 2023 global growth outlook slightly, eyes debt progress.
- New BOJ chief vows to stick to ultra-loose policy for now.
- Gloomy U.S. bank sector could yield payoff for contrarian options bets.
- Peru will mine more copper in 2023, lithium permits pending.
- Oil settles lower as rate-hike worries balance tighter supplies.
- China ends Taiwan drills after practising blockades, precision strikes.
- Ukraine battles rage, Kyiv reported to rethink counter-offensive after leak.
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ASX 200 gives back 18 points to finish at 7219 (-0.3%) down as lacklustre trade ahead of NFP and Easter took hold. US futures easing slightly, not helping sentiment. Profit taking across the board with healthcare and CSL a pocket of strength. CSL up 2.2% and RMD up 0.9%. Resources under pressure still as lithium remains depressed, PLS slipping again, down 3.2% and AKE off 3.5%, LTR falling back 2.6% slightly after Albemarle downgraded by BoA. Iron ore stocks remain under pressure, BHP off 0.4% and RIO down 0.3% with base metals easier and rare earths down, LYC off 2.4%. Gold miners steady and finding some limited support as AUD bullion remains above $3000. Energy stocks ease, oil prices down, WDS off 1.0% and coal not such a merry old soul. WHC off 0.9% and NHC down 2.2%. REITs slipped despite 10-year yields falling again, Banks drifted lower with the Big Bank Basket down slightly to $171.895. and MQG down 0.7%. MFG took another leg down 3.7% off with ASX 3.2% better on higher futures volumes and a broker report. Industrials drifted off, ALL down 2.4% and FLT down 2.6% with TLS still holding up and tech slip sliding away. XRO off 2.6% and WTC down 2.3%. On the corporate front, not much to get excited about today. In economic news, we had some trade data showing imports falling and the RBA stability report, warning of risks ahead. In Asian trade, Japan down 1.3%, China back from Tomb Sweeping and down 0.4% with HK down 0.3% Dow futures down 38 points. NASDAQ futures down 52 points.
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Dow Jones up 80 points (+0.24%) in a narrow day of trade. Dow up 141 at best, and down 26 at worst. S&P 500 down 0.25%. NASDAQ down 1.07%. VIX Volatility Index up 0.4%. In Europe, STOXX 50 -0.4% FTSE +0.4% CAC -0.4% DAX -0.5%. SPI Futures are down 7 points (-0.10%).
- ASX to slip, US shares mixed bitcoin steady.
- S&P 500 ends lower as recession fears take center stage.
- Wall St ends lower, Treasury yields slide as data fuels recession jitters.
- UBS tells investors 'Herculean' Credit Suisse takeover will pay off.
- FedEx to combine delivery units as part of $4 billion cost-cut push.
- Amazon and Microsoft cloud services face UK antitrust probe.
- US services sector growth slows; price pressures abating.
- U.S. trade deficit widens in February as goods exports fall.
- Exxon quits drilling in Brazil after failing to find oil.
- Copper prices rise supported by lower inventories.
- Gold scales 1-year peak as slowdown worries mount.
- China considers export ban for rare-earth magnet technology.
- Trump, newly charged, urges defunding US Justice Department and FBI.
- Taiwan leader, US Speaker McCarthy meet in California despite Chinese warnings.
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ASX 200 closed up 1 point to 7237 in a boring day of trading. RBA rate pause apparently not stimulating markets as much as one would think.Phil Lowe's speech at the Press Club dominated. US Jobs numbers creating uncertainty in the global economy and helping to push gold ever higher. NST up 3.1%, NCM up 3.1% and EVN up 4%. Iron ore stocks fell,BHP down 1.5%, RIO down 0.9%. Lithium mixed but mostly up MIN down 0.3%, and LTR up 2.7%, PLS down 1.1% Oil and gas peaking from OPECs news WDS down 0.6%, and WHC down 3.9%, with NHC down 1.2%. The Big Bank Basket unchanged at $172.18. MQG dropped 0.7%, Nothing too exciting. MFG got slammed, down 4.1% after FUM dropped again. Insurers firm QBE up 1.4%. All Tech Index gaining in the last minute, up 0.7%, SQ2 up 0.8%. Quick look earlier in the day showed that the Tech sector has been one of the best performing sectors this year as it rebounds from last years falls. Healthcare mixed, REITs mixed as well, CHC unchanged and GMG down -1.1%. In corporate news, CMM gained as they reported positive results from the Karlawinda Gold Project, VEA also gaining on news of a $1.15bn acquisition. MFG reported $3.4bn of outflows sending the price ever further down. On the economic front, RBA Lowe said “The decision to hold rates steady this month does not imply that interest rate increases are over”. Asian markets better, Japan down 1.9%, China closed for Tomb Sweeping Day. 10-year yields steady at 3.25%. Dow futures down 27 points. NASDAQ futures down 13 points.
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ASX 200 rose 13 points to 7236 (+0.2%) surging after the RBA paused on rate rises. Banks saw moderate gains with the Big Bank Basket relatively unchanged at $172.12. MQG rose 1.4% and insurers mixed as ACCC concerns on SUN/ANZ deal took focus. Money managers flip-flopped around. REITs bouncing back hard led by GMG up 1.0% and MGR up 2.4%. TLS had a good day up 0.7% and hit prices not seen since last week. Tech better with XRO up 1.8% and WTC up 1.7% with the All-Tech Index up 0.8%. Staples rose, WOW up 0.6% and COL up 0.7% with industrials generally firm. DMP up 3.2% and TAH doing well up 1.9%. In resources, BHP and other iron ore stocks suffering with the big Aussie down 2.2% and FMG off 0.7%. Lithium stocks eased again as LiCO2 prices remain under pressure in China. PLS off 2.9% and MIN down 1.9%. LTR steady as she goes. Gold miners in the green today as bullion hovered around US$2000. NCM up 3.2% and NST up 3.5%. Oil and gas a little dull but coal a merry old soul with WHC up 5.7%. In corporate news, SEK fell 1.0% after a slight downgrade, MCR recommended shareholders accept the Wyloo 140c cash bid. The founder of SUL announced he was retiring. On the economic front, Phil Lowe keeps rates unchanged as worries about the construction industry may have been a factor. Meanwhile in Asia, Japan up 0.3%, HK down 0.8% and China unchanged. China closed tomorrow for Tomb Sweeping Day. Dow futures down 15 points. NASDAQ futures down 32 points.
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US equities finished mixed overnight for the first trading day of the second quarter. S&P 500 climbed higher supported by energy stocks following OPEC+ groups oil output targets. Dow closed near highs after a midday slump and Nasdaq fell on concerns about the impact the OPEC+ cut could have on inflation and the Fed’s monetary policy. Treasurys rose on news US factory activity contracted, tempering some inflation concerns fuelled by OPEC+ plan to cut oil. Dow Jones up 327 points (+0.98%). Dow up 359 at best, and down 28 at worst. S&P 500 up 0.37%. NASDAQ down 0.27%. VIX Volatility Index down 0.8%. In Europe, STOXX 50 -0.1% FTSE +0.5% CAC +0.3% DAX -0.3%. SPI Futures are up 4 points (+0.06%).
- ASX to edge up, oil surges, RBA rate call awaited at 2.30pm.
- S&P 500 ends higher as oil stocks rally; Tesla tumbles.
- Oil prices up sharply after output cuts; stocks mixed.
- Tesla shares slip as margin worries overshadow record deliveries.
- Global central banks keep up inflation fight in March.
- US manufacturing near three-year low; casts a shadow over economy.
- Global factory activity weakens as demand falters.
- OPEC+ cuts put $100/bbl oil back in sight.
- Oil leaps 6% as OPEC+ shocks markets by cutting output target.
- Copper falls after oil price surge, weak Chinese factory data.
- Gold rallies on dollar retreat as markets grapple with OPEC surprise.
- Italy's ChatGPT ban attracts EU privacy regulators.
- Trump arrives in New York for surrender, opposes TV court coverage.
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ASX 200 closes up 45 points to 7223 (+0.6%) continuing on from last week’s rally. The energy sector led the market today, KAR up 6.5% after announcing production issues at Bauna and maintenence brought forward, WDS +2.7%, STO +2.5%, and BPT healthy +3.5%. Base Metals and Gold worst performers today, gold miners lagging NCM, AGG, and NST all off 1.8%, 0.4%, and 1.1%, respectively. Banks did well again today, The Big Bank Basket up to $172.29 (+1%). CBA strong +1%, ANZ also in demand up 1.3%, WBC up 1.1% after completing the merger of BT’s personal and corporate super funds with Mercer Super Trust. Insurers mixed, QBE off 0.3%, while SUN better up 0.8%. Tech doing ok, All-Tech Index up 1.2%. WTC up 2.3%, XRO finding some support up 1.5%. Healthcare firm and defensives generally improved, CSL up 0.9%, and IMU flat. Lithium stocks took a hit, PLS off 3.6%, AKE slid 0.9%, and CXO down 1.7%. In corporate news, SHL up 0.8% after agreeing to buy Dianosticum for $307.9m, LKE surged 7.9% after reporting its DLE technology has produced lithium carbonate purity grades greater than 99.8%, NWL tumbled 7.5% on news FUA increased in March quarter but down $300 on pcp. On the economic front, the focus is on the RBA’s interest rate decision tomorrow at 2:30pm, hold seems to be the consensus then one more 25bps rate hike later this year. Asian markets are mixed, China up 0.5%, HK off 0.7%, and Japan up 0.7 %. 10-year yields down a touch to 3.3%. Dow futures up 5 points and Nasdaq futures falls 88 points.
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Dow Jones up 415 points (+1.26%) closing near its highs. Up 432 at best. Up 43 at worst. S&P 500 up 1.36% taking it up 3.39% for the week. The NASDAQ up 1.74% taking it up 3.03% last week. The NASDAQ was up 16.8% in the last three months with the US Tech sector up 21.8%. That follows the 33% fall in the NSADAQ last calendar year.
SPI Futures up 45 this morning. The ASX 200 has had a good week rising 223 points or 3.20%. That was led by the resources sector up 6.6% with banks also recovering up 2.2%.
The core Personal Consumption Expenditures index, which excludes energy and food costs, rose 0.3% in February, less than the 0.4% expected by economists polled by Dow Jones.
For the month, the S&P 500 and Nasdaq have gained 3.51% and 6.69%, respectively. The Dow, meanwhile, advanced 1.89% to end March.
Finally, for the quarter: The S&P 500 advanced 7.03%, and the Nasdaq rallied 16.77%. The Dow inched higher by 0.38%. Bitcoin is up 72% for the quarter!
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Global equities higher overnight. US markets rose as tech stocks continued their strong run, while regional banks were under pressure again as the Biden Administration proposed stronger measures to reduce risk and Fed officials reiterated their resolve to lower inflation. S&P 500 up seven of the last nine session, back above the 4000 level and above levels seen just before the start of the banking sector turmoil. Nasdaq is now a bull market for the first time in nearly three years. US treasuries mixed, 10Y yields fell ahead of PCE data. European equity markets are broadly higher, taking encouragement from softer-than-expected inflation data from Germany and Spain.Dow Jones up 141 points (+0.43%). Dow up 188 at best, down 35 at worst. S&P 500 up 0.57%. NASDAQ up 0.73%. VIX Volatility Index down 0.5%. In Europe, STOXX 50 +1.3% FTSE +0.7% CAC +1.1% DAX +1.3%. SPI Futures are up 38 points (+0.53%).
- ASX to rise, S&P 500 gets further tech sector boost.
- Wall St gains with tech shares; regional banks fall.
- Stocks rise and dollar falls while oil rallies.
- Yellen says US bank rules may be too loose, need to be re-examined.
- After extraordinary rally, bonds' fate now with bank stability and inflation.
- Global derivatives industry defends CDS after banking blow-ups.
- Fed officials keep rate hike door open, say bank stress may weigh on outlook.
- US court sanctions Google in privacy case, company's second legal setback in days.
- FTX's Bankman-Fried pleads not guilty to campaign finance, China bribery charges.
- Oil rises over 1% on Iraqi supply risks, U.S. crude draw.
- Gold jumps on weaker dollar, with eyes on inflation data.
- Nickel slides on LME proposals, copper steadies on Chinese demand.
- Russia arrests US reporter on spy charges, White House says allegations 'ridiculous'.
- Efforts to build 'floor' under US-China relations not yet successful.
- French pension standoff causing cracks in Macron's camp, insiders say.
Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.
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ASX 200 rose 72 points to 7122 (+1.0%), hitting three-week highs during trade, piggybacking off the tech rally on Wall Street overnight. Tech stocks led the market today, NXT up 1.8%, MP1 +4.3%, WBT +7.2%, and SQ2 +2.4%. All-Tech Index up 1.5%. Most sectors were positive. REITS only negative sector, down 0.2%. Financials regained their footing, with big banks clawing back yesterday’s losses CBA +1.5%, NAB +2.3%, ANZ +0.9%, and WBC +1.5%. The Big Bank Basket rose to $169.98 (+1.5%). Base Metals and Resources in demand, BHP +2.4%, FMG +2.1%, and RIO up 1.8%. Lithium stocks solid, PMT up 1.7% on strong lithium drilling results. Telecoms better, led by Telstra (TSL), hitting $4.24 today its highest level since July 2017 before closing down 0.2%. Elsewhere, GMG was down 0.5%, WES off 0.5%, and CHC fell 0.9% as capital flowed to resources and tech stocks. On the corporate front, ZIP up 3.7% on news it plans to sell its Middle East operations, and it signed deals to sell its European business Twisto and Payflex in South Africa. In economic news, job vacancies in February fell 1% from November, showing signs the labour market is tightening, but demand for labour remains high. Employers across Australia in all industries reported Job vacancies in February are nearly double what they were three years ago before the start of the pandemic. Asian markets down, Japan plunged 1.0%, HK down 0.7%, and China off 0.2%. 10-year yields at 3.34%. Dow Jones futures up 2 points. NASDAQ futures down 8 points.
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Stocks rose broadly Wednesday, as strong gains in tech helped the Nasdaq rebound after a losing session. Sentiment was also lifted by easing concerns around the state of the banking sector.
The Dow Jones Industrial Average surged 323.35 points, or 1%, to close at 32,717.60. The S&P 500 gained 1.4% to end at 4,027.81, and the Nasdaq Composite added nearly 1.8% to close at 11,926.24.
Regional banks rose, with the SPDR S&P Regional Banking ETF (KRE) advancing about 1%. Big banks such as Citigroup and Goldman Sachs also gained.
The benchmark 10-year Treasury yield inched up to 3.57% as of market close, and the short-term 2-year rate climbed to 4.09%.
SPI Futures up 48 points.
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ASX 200 closes up 16 points to 7050 (+0.2%) reversing earlier losses, as the market digested softer (better) than expected CPI data. Resources performed well, both RIO and BHP up 0.7% and 1.4%. Lithium stocks mixed, CXO slipped down 4.78%, but PLS and AKE held onto yesterday’s gains up 2.3% and 3.5%. Gold steadies as global banking fears remain, NCM up 0.9% and NST up 2% recovering some of yesterday’s losses. Banks had an off day; The Big Bank Basket fell to $167.41 (-0.3%) with NAB taking the biggest hit down 2.2%. Insurers healthy, QBE up 0.3%, and MPL finding some support up 0.3%. Tech mixed, the All-Tech Index up 0.1%, CPU off 0.7% and WTC down 0.7%. Industrials doing OK. WOW up 0.6% and WES up 0.9%. Healthcare eased, CSL fell 0.5% and RMD down 1.3%. On the corporate front, ASIC investigates the ASX over whether its directors and officers breached their legal obligations during the bungled CHESS replacement project. Bendigo bank (BEN) sinks 3.1% nearing five-month lows after UBS cut its ratings and price targets on the Australian Banking Sector generally. Inflation fell to 6.8% in February, below consensus of 7.1% marking the second straight monthly decline from the peak of 8.4% in December. The RBA flagged CPI, retail sales, business survey and employment data as key inputs to April's policy decision. The market remains divided on policy outcome next week as jobs data came in hotter-than-expected but other indicators have shown moderation. UBS Group announces Sergio Ermotti as its next CEO, replacing Ralph Hamers from April 5th, he will be returning to the bank where he was CEO from 2011 to 2020 after its takeover of Credit Suisse. Asia, Japan rose 0.9%, HK up 1.9% and China flat. 10-year yields at 3.3%. Dow Jones futures up 132 points. NASDAQ futures up 58 points.
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Dow Jones down 38 points (-0.12%). Dow up 119 at best, down 137 at worst. S&P 500 down 0.16%. NASDAQ down 0.45%. VIX Volatility Index down 3.1%. In Europe, STOXX 50 +0.1% FTSE +0.2% CAC +0.1% DAX +0.1%. SPI Futures are down 26 points (+0.37%).
- ASX to slip, February CPI pending.
- Wall Street ends down with tech; investors assess bank comments.
- Wall Street falls while bond yields rise with gold.
- Apple launches buy now, pay later service in U.S.
- Investors seek value in clobbered U.S. regional bank shares.
- US regulator cites 'terrible' risk management for Silicon Valley Bank failure.
- China's Alibaba to break up empire into six units as Jack Ma returns home.
- U.S. charges FTX's Bankman-Fried with paying $40 mln Chinese bribe.
- US consumer confidence rises as Americans shrug off bank failures.
- Nickel hits three-week high on short-covering and low stocks.
- Gold rises on dollar dip, banking optimism limits gains.
- Iron ore rises as China port inventory fall lends support.
- Clashes as French protesters rally against Macron's pension bill.
- EU countries approve 2035 phaseout of CO2-emitting cars.
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ASX 200 raced ahead by 72 points to 7034 (1.1%) as the Albemarle bid for LTR turbo charged the resources sector and lit the blue touch paper under the bombed out lithium stocks. LTR up 68.5%, CXO up 15.4% and PLS up 11.9%. Huge short squeeze across the board. A bid too in UMG up 30.81% did not hurt the positive sentiment that spilled into resources as a whole. BHP rose 2.0% with FMG up 1.2%. Base metals also doing well with CHN a star on reserve increase, up 8.9%. MIN up 6.0% and LYC catching my disease up 2.8%. Gold miners in a funk as profit taking took hold. NCM down 0.6%, NST down 0.8% and KCN falling 25.4% as it raised some money. Didn’t waste much time after production began at Chatree. Oil and gas better led by WDS up 4.8% and WHC up 6.1% with NHC up 4.2% Banks better. The Big Bank Basket up to $167.89 (1.0%) breathing a sigh of relief that things are settling down in the financial world. MQG rallied 2.0% and insurers and wealth managers better too. QBE up 1.0% and MFG up 3.7%. Industrials were firm. Nothing massively inspiring. Spots of red in some sectors, XRO down 2.9% and the All-Tech Index up 0.5%. Healthcare mixed, REITs better again, CHC up 2.8% and GMG up 0.4%. In corporate news, LTR was the talk of the town, UMG saw froth as it was bid for too. CHN up on a reserve upgrade and MP1 better as a new CEO has been announced, up 4.0%. ORG bid was finalised at around 891c depending on the USD. Few more hurdles with FIRB etc. On the economic front, retail trade better than expected. Something that Solly was telling us yesterday. Asian markets mixed, Japan down 0.2%, HK up 0.7% and China off 0.2%. 10-year yields back up to 3.29%.
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US markets mostly up overnight. S&P 500 up on news First Citizens BancShares would take on deposits and loans of failed Silicon Valley Bank, while tech-heavy Nasdaq closed down after a bit of pullback in big tech. Treasuries weaker, with the 2-year yield back over 4%, and both S&P 500 Banks Index and KWB Regional Banking Index finished up 3.1% and 0.6%, respectively. Dow Jones up 195 points (+0.60%). Dow up 326 at best. S&P 500 up 0.16%. NASDAQ down -0.47%. VIX Volatility Index down 5.9%. In Europe, STOXX 50 +0.8% FTSE +0.9% CAC +0.9% DAX +1.1%. SPI Futures are up 29 points (+0.41%).First Citizens BancShares has agreed to acquire all the deposits and loans of failed Silicon Valley Bank in a deal that includes the purchase of ~$72bn of SVBs assets at a discount of 16.5bn. Shares in First Citizens BancShares shares up 53.74% following the rescue of the largest bank collapse since the 2008 financial crisis.
- ASX to rise; Brookfield pledges to speed up Origin energy transition.
- S&P 500 ends up slightly; SVB deal lifts bank shares
- Wall St equities gain, Treasury yields rise as bank worries ease
- Walt Disney Co begins 7,000 layoffs
- Tesla faces new race bias trial from employee who had $137 mln verdict cut
- Amazon loses bid to toss consumer antitrust lawsuit
- Silicon Valley Bank deal offers beleaguered banking investors relief
- World Bank warns of 'lost decade' in global growth without bold policy shifts
- US regulator sues top crypto exchange Binance, CEO for 'willful evasion'
- Oil rises over $3 on Kurdistan export halt, banking optimism
- Copper edges higher as Wall Street banking fears ease
- Gold slips more than 1% as risk appetite improves
- Iron ore snaps losing streak, but China demand jitters linger
- Ukraine shuts 'post-apocalyptic' battlefield town to civilians
ON THE CALENDAR
- Domestic data: Retail sales, RBA Connolly Speech.
- US data: Dallas Fed Manufacturing Index.
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ASX 200 drifted lower during the session off highs closing up 7 points at 6962 (+0.1%). Banks turned down slightly after a early positive start. CBA down 0.8% and ANZ off 0.4% with the Big Bank Basket at $166.15 (-0.4%). MQG off 1.5% slipping further down although insurers better, QBE up 0.9% and MPL up 1.6% as LFS seems to have taken the pressure and focus off their cyberattack. Money managers slightly firmer, MFG up 2.1%. Industrials better mostly, TLS up 1.0% and EDV up 2.8% on NSW election results and pokie reforms, with ORG doing well ahead of possible M&A news later this week, up 2.3%. Healthcare better led by COH up 1.9% and RMD gaining 1.7%. REITs in demand as yields fall, GMG up 2.1% and DXS up 0.4%. Tech slightly better as CPU rise 1.1% and the index up 0.4%. Resources were a mixed bag as disappointing Chinese data drew sellers. BHP down 0.2% and RIO off 0.6% with the lithium stocks once again under pressure. PLS down 3.4% and LKE tumbling 13.5% as the Chairman sold shares last week. Gold miners mostly better but unremarkable, NCM up 1.0% and NST up 2.6%. Energy stocks hit hard as WDS fell 3.4% and STO down 1.6% with WHC off 1.5%. On the corporate front, ALD fell 1.2% as it outlined outages at Lytton, IPD soared 111.86% on some good news and IVC officially rejected the TPG bid. KCN in a trading halt, raising $46m and CHN in a halt pending a resource upgrade. UMG in a halt too as it looks like it has drawn the attention of a suitor. PMV results today and paying a special dividend, down 2.5%. Nothing on the economic front, Asian markets eased. 10-year yields down again to 3.20%. Dow futures up 142 points. NASDAQ futures up 51 points.
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US stocks closed higher overnight marking the end of a volatile week as US Fed officials calmed markets over a potential liquidity crisis in the banking sector. European stock markets fell on fears that regulators and central banks have yet to contain the worst shock in the banking sector since 2008. Market sentiment was hurt by a sell-off of Deutsche Bank, which fell by as much as 15%, closing down 8.53%. Dow Jones up 132 points (+0.41%). At best Dow up 152, and at worst, down 300. S&P 500 up 0.56%. NASDAQ up 0.31%. VIX Volatility Index down 3.2%. In Europe, STOXX 600 -1.37% FTSE -1.26% CAC -1.74% DAX -1.66%. SPI Futures are down 3 points (-0.04%).
- World stocks gyrate as bank contagion fears bite
- Wall Street ends green as Fed officials sooth bank jitters
- Deutsche Bank tumbles as nervous investors seek safer shores
- Coinbase, SEC on collision course for 'existential' clash over crypto industry
- Block shares extend losses as Hindenburg report weighs
- US business investment appears weak in first quarter as orders rise moderately
- Venture capitalists race to land next AI deal on Big Tech's turf
- Gold set for fourth weekly rise as bank worries spark rush to safety
- Nickel surges as inventories slide and speculators wade in
- Iron ore rebounds as further fall in port inventories lifts sentiment
- Russia presses along Ukraine front after reports of Bakhmut slowdown
- U.S. and China wage war beneath the waves - over internet cables
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ASX 200 falls 13 points to 6955 rallying quietly from the open as US futures stayed positive. Resources turn to be stronger today. Modestly. Lithium stocks bounced but not convinced, PLS up 3.8% and MIN up 0.6% with LTR rallying 4.2%. Iron ore stocks better, RIO up 0.2% and gold stocks doing well as AUD gold approaches $3000. EVN up 2.8%, NST up 0.8% and SBM up 4.0%. Oil and gas stocks drifting lower, coal eased. Banks were weaker again, CBA dropping 1.2% with NAB under pressure down 1.6% as the media continues to focus on the banking sector and echoes of the GFC. The Big Bank Basket down to $166.74 (1.2%). MQG giving back a little down 0.8% and wealth managers mixed. MFG up 2.5%. Insurers eased. Industrials mixed, WOW up 0.2% and EDV up 0.3% with ALL still doing well up 1.1% with REITs mixed. Tech eased with the All-Tech Index down 0.6%. In corporate news, EHE attracted the interest of PE with a 300c bid, Block was attacked by Hindenberg and dropped 18.4% on the allegations. WBT returned after its excellent adventure on being front run and dropped 10.3%. Nothing on the economic front locally. Japanese CPI at highs. Asian markets modestly weaker. 10-year yields down to 3.23%
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Wall Street closed higher despite some wobbles shrugging off some of yesterday’s losses as markets took comfort in US Treasury Janet Yellen’s reassurances that measures will be taken to keep deposits safe and that the Fed may pause rate hikes to offset recent turmoil in financial markets. Gains in US stocks were offset by losses in Europe as Switzerland, Norway, and Britain all hiked interest rates as their battle against inflation continues. Short-dated US Treasurys were rocked, falling 15.6bps as market participants pessimistic about the economic outlook bet the Fed will need to cut rates later in the year. Dow Jones up 75 points (+0.23%). At best Dow up 481, and at worst, down 165. S&P 500 up 0.30%. NASDAQ up 1.01%. In Europe, STOXX 600 -0.21% FTSE -0.89% CAC +0.11% DAX -0.04%. SPI Futures are down 39 points (-0.56%).All three major US stock indexes clawed back into positive territory in the final hour of trade as Yellen continued her congressional testimony stating “The strong actions we have taken ensure America’s deposits are safe. Certainly, we would be prepared to take additional actions if warranted”. Large technology stocks the biggest winners, seen by many as a shelter in times of economic uncertainties. Meta +2.24%, Google +2.16%, Microsoft +1.97%, and Apple +0.70%.
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ASX 200 fell 47 points to 6969 (-0.7%) but steady at lower levels as we await the US and European markets. Resources in a funk with BHP off 0.8% and MIN down 2.9%. The Lithium and battery material stocks cratered hard, PLS down 4.7%, CXO off 3.8% and AKE down 4.3%. Rare earths also remain under pressure with LYC down 3.2% and ARU off 7.9%. Gold miners were firm but unspectacular despite bullion heading higher. NCM up 1.1% and NST rallying 2.0%. Oil and gas stocks eased back and coal not such a merry old soul as WHC fell 2.8%. Banks were weaker but no great dramas, the Big Bank Basket dropped to $168.75 (-0.4%). MQG back in the doghouse down 1.8% and wealth managers falling away again, MFG down 3.9% and IFL off 2.8%. Insurers weaker, QBE down 1.6%. Industrials were mixed. Defensives in staples doing ok, WES up 0.2% and WOW up 0.1% with BXB doing well up 0.8%. REITs eased back, tech down with XRO off 0.9% and NXT off 1.6%. Healthcare mixed, COH off 2.3% and RMD down 1.2%. In corporate news, BKW results helped the stock rally 3.1%, SOL lifted its dividend by 24% and WBT revealed a cash call and an SPP at 500c. SIG reported an increase in revenue of 6.2%. Nothing on the economic front. Asian market mixed, China and HK better but Japan slightly lower. 10-year yields eased to 3.31%. Dow futures up 141 points. NASDAQ futures up 60 points.
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Wall Street fell sharply overnight, falling from near two-week highs after the Fed hiked interest rates by the widely expected 25bps but signalled it may be on the verge of pausing future hikes amid recent volatility and turmoil in the financial markets. The 2-year and 10-year treasury yields retracted, and the USD index softened on the Fed’s dovish note. Dow Jones down 530 points (-1.63%), closing near low. At best Dow up 201, and at worst, down 540. S&P 500 down 1.65%. NASDAQ down 1.60%. In Europe, STOXX 50 +0.3% FTSE +0.4% CAC +0.3% DAX +0.1%. SPI Futures are down 52 points (-0.72%), losing most of yesterday’s gains.
- ASX to fall as Wall Street drops on rate angst.
- Fed delivers small rate hike, sees possibility of 'some additional' tightening.
- Powell warns inflation fight continues.
- First Republic shares fall sharply as Yellen says Treasury will not insure all deposits.
- UK inflation surprise pressures BoE to raise rates again.
- OpenAI tech gives Microsoft's Bing a boost in search battle with Google.
- China Evergrande offers bond and equity swaps in debt restructuring.
- GameStop's surprise profit triggers short squeeze, meme stocks rally.
- Gold firms on weaker USD.
- Copper rises for fifth day ahead of rates decision.
- OPEC+ likely to stick to its guns despite price slump, delegates say.
- Oil up 2% as dollar weakens on small US Fed rate hike.
- Russia hits Ukraine with missiles, drones as 'dear friend' Xi departs.
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Global equity markets closed up overnight as widespread fears over liquidity in the banking sector abated. All eyes are now on the Fed which is expected to wrap up its two-day policy meeting tomorrow with an expected 25bps hike. The USD dollar index edged lower, and short-dated treasury yields rose sharply. Dow Jones up 316 points (+0.98%). Dow up 349 at best. S&P 500 up 1.30%. NASDAQ up +1.58%. VIX Volatility Index down a huge 11.5%. In Europe, STOXX 50 +1.5% FTSE +1.8% CAC +1.4% DAX +1.8%. SPI Futures are up 62 points (+0.89%).The banking sector has bounced back, continuing from Monday’s reversal. S&P 500 Banks Group, KBW Regional Banking Index, and STXE 600 Banks up 3.6%, 4.8%, and 3.8%, respectively. Despite some of its recent resurgence, the S&P 500 Banks Group is still down more than 18% this month. US regional banks get some relief, First Republic Bank +29.47% on news JPMorgan CEO Jamie Dimon is leading talks with other banks to stabilise it, via a possible investment. Peers also up, Pacwest Bancorp +18.77% and Western Alliance Bancorporation +14.76%.
- ASX to rise, equities rally in Europe, New York.
- Global shares jump but bank 'whack-a-mole' not over.
- Wall Street ends green on bank bounce as Fed takes focus.
- First Republic leads surge in bank stocks as Fed comes into focus.
- Nvidia turns to AI cloud rental to spread new technology.
- Nike beats revenue estimates on strong demand for sneakers.
- Fed rates, projections, stability concerns a 'mess' to be sorted.
- Lower mortgage rates boost US home sales in February.
- Social media-driven bank runs burden regulators with a bigger problem.
- Gold retreats in run up to Fed decision.
- Copper prices climb on demand pick-up, weaker dollar.
- Oil prices rise for second day as banking fears fade.
- Putin, Xi pledge friendship but talks yield no Ukraine breakthrough.
- 'Weakened' Macron sticks with pension bill, eyes new reforms.
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ASX 200 gained 57 points to 6955 (+0.8%) as the RBA meeting helped solidify earlier gains. Financial markets stabilised after recent volatility. Resources in general did well today with Gold mixed as the market consolidated gains from yesterday. NSTdown 1.5%, NCMup 0.6% andEVNup 2.1%. Iron ore stocks doing well on demand optimism. BHP up 1.3%, RIO up 1% and FMG unchanged after Andrew Forrest launched a takeover bid for MCR. Lithium stocks performing well PLS up 1.2% and LTR up 0.3%. Energy stocks winning today WDS up 0.6% and STO up 0.5% and Coal stocks rebounding from yesterday’s losses YAL up 3.7% and WHC up 3.6%, helped by favourable results from NHC, up 8.6%. Industrials held steady today WOW up 0.2%, CSL unchanged. REITs clawing back some of yesterday’s losses on hopes of stabilisation. GMG up 0.6% and CHC up 1.8%. Banks rebounded from yesterday’s sell-off, The Big Bank Basket up 0.7% to $168.7. MQG the biggest winner up 3.3% after slipping 4.6% yesterday. BOQ up 1.9% and BEN up 1.9%. Insurance sector is up with AMP gaining 5.1% with the sale to DXS finally filtering through. MCR jumping 42.3% after Wyloo Investments made a takeover bid, causing the price to skyrocket. HLO down 6% after acquiring a 34% stake in Oslo-based travel firm Australiareiser. Asian markets mixed with Hong Kong and China both up 0.2%, Japan is closed for a holiday. 10-year yields fell further to 3.21%. Dow futures up 11 points. NASDAQ futures up 15 points.
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Global equity markets rallied overnight after the historic deal from UBS to rescue Credit Suisse and central banks’ efforts to boost confidence in the financial system containing the banking crisis for now. Bond yields rose as markets weigh the chances of the Fed skipping a rate hike and the USD Index retracted. Dow Jones up 383 points (+1.20%). Dow up 418 at best. S&P 500 up 0.89%. NASDAQ up +0.39%. VIX Volatility Index down 5.3%. In Europe, STOXX 50 +1.3% FTSE +0.9% CAC +1.3% DAX +1.1%. SPI Futures are down 45 points (+0.65%).
- ASX to rally, Dow leads Wall Street higher.
- Wall St ends higher as bank contagion fears ease, Fed eyed.
- Scramble for safety subsides as markets digest Credit Suisse rescue.
- European stocks close higher after turbulent session.
- Market stress indicators flash warnings as banking worries continue.
- Credit Suisse rescue eases crisis fears, First Republic shares dive.
- Goldman Sachs sees risk of 'permanent destruction' in demand for AT1 bonds.
- Amazon deepens tech-sector gloom with another 9,000 layoffs.
- Nike sales to gain from Adidas-Kanye split, Jordan Retro demand.
- Copper prices rise on weaker dollar, signs of China's improving demand.
- Gold drops from 1-year peak as banking fragility drives wild swings.
- Putin flaunts alliance with Xi as 'dear friends' meet in Kremlin.
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ASX 200 fell 96 points to 6899 (1.4%) after a mid-morning rally fizzled out and reverses closing on lows for the day as US and European futures gave back early ground. All eyes on the European opening. Gold was the only sector in the green with NST up 8.5% and a NCM up 6.0% with second liners doing well, EVN up 10.1% and GMD up 8.0%. Bullion easing back a little from record AUD highs. Iron ore stocks under pressure as Chinese authorities warn again on price gouging and hoarding. BHP down 1.0% and RIO off 0.7%. Lithium stocks melted with PLS falling 5.2% and LTR down 9.4% with LYC off another 5.5%. Energy stocks also under pressure with WDS off 2.9% and STO galling % and coal stocks hit hard, WHC off %. Industrials were weaker across the board with WOW down 2.7%, CSL down 0.8% and REITs off big time on CS worries on property exposure. GMG off 2.9% and CHC falling 4.8%. Banks which tried hard to hold up, threw in the towel with CBA down 0.5% and ANZ off 1.4%. MQG dropped hard on contagion woes, down 4.6%. MFG fell 5.1% and SUN off 4.5% with the insurance sector crumbling as QBE fell 4.7%. Insurers under pressure on potential bond exposure. The Big Bank Basket down to $167.55 (0.7%). In corporate news, RMS bid for BRB in a share deal, ACL announced a deal to merge with HLS and LFS still assessing the ongoing cyberattack. Asian markets slid with HK the focal point down 2.6%. 10-year yields falling back to earth down to 3.25%.
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** UBS is paying 3bn Swiss francs ($4.5 billion) for Credit Suisse in an all-share deal that includes extensive government guarantees and liquidity provisions. The price is less than half the 7.4 billion francs Credit Suisse was worth at the close of trading on Friday. Regulator Finma said about 16bn francs of Credit Suisse bonds will become worthless to ensure private investors help bear some of the costs.
Dow Jones down 385 (-1.19%). Trading down all day friday, reaching 518 at worst. S&P 500 down 1.1%. NASDAQ down 0.74%. S&P 500 up 1.41%, and NASDAQ up 4.39% for the week, while the Dow posted weekly losses down 0.25%. US treasury yields continued to slide, 2-year yield down 28.4bps. 10-year yield down 14.9bps. Oil prices fell to 15-month lows, and data showed consumer sentiment fell for the first time in four months. SPI Futures down 98 (-1.19%). European markets record worst week in five months, Stoxx 50 -1.3%, FTSE -1%, CAC -1.4%, and DAX** -1.3%.
- Global equities fall, gold rallies as banking worries linger.
- European shares record worst week in five months on bank crisis jitters.
- Dysfunction in 'wildly illiquid' bond markets unnerves investors.
- US consumer sentiment deteriorates in March, inflation expectations retreat.
- Fed to stay the course with 25 bps rate hike on March 22.
- Meta launches subscription service in US.
- First Republic shares tank as $30bn support fails to soothe banking nerves.
- SVB Financial seeks bankruptcy protection as banking turmoil persists.
- Copper rises but still faces weekly loss after banking shocks.
- China to look at measures to curb 'unreasonable' iron ore prices.
- Oil prices settle down, post big weekly losses on bank fears.
- War crimes court seeks Putin arrest over deportation of Ukraine's children.
- Pressure mounts on Macron after violent unrest over pensions.
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ASX 200 claws its way up 29 points to close at 6995 (+0.4%). Some mid-morning jitters before Asian markets opened and steadied the ship. Modest gains across the board, Banks better with CBA up 1.1% and NAB gaining 1.5% with the Big Bank Basket up to $168.78 (+1.0%). Insurers better with QBE up 2.1% and SUN up 0.8%. Fund managers are better too, MFG up 3.7% and PTM rallying 6.7%. Industrials firmed, TLS up 0.5% with WOW up 1.2% and WES up 0.5%. Nothing spectacular but solid. Healthcare eased slightly as CSL drifted 0.7% lower. REITS off slightly as 10-year yields rose and retailers doing better, HVN up 0.3% and LOV gaining 1.7%. In resources, lithium stocks rebounded nicely, PLS up 2.8% and AKEup 1.5% with LTR strong, up 8.2%. Gold miners slid, no surprise there as bullion fell a little. Iron ore stocks better led by FMG up 1.8% and oil and gas stocks did well as crude rebounded. WDS up 2.7% and STO rallying 1.6%. Coal stocks, slightly merry, NHC up 1.4%. In corporate news, IHR got another bid, KCN announced it had reopened Chatree after 6 years of legal battles. KLS returned to trade following the placement and acquisition. Nothing on the economic front ahead of Fed next week. Asian markets better, Japan up 1.1%, China up 1.6% and HK up 1.9%. 10-year yields up to 3.40%. Dow futures up 1 point. NASDAQ futures up 19 points.
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Dow Jones up 372 points (+1.17%). Dow up 407 at best and down 303 at worst. S&P 500 up 1.76%. NASDAQ up 2.48%. VIX Volatility Index down 12.1%. In Europe, STOXX 50 +2% FTSE +0.9% CAC +2% DAX +1.6%. SPI Futures are up 27 points (+0.39%).
- ASX to rise, Wall Street rallies on First Republic boost.
- Wall Street closes higher as First Republic helps lift banks.
- Global shares gain as banking sector lifelines bolster confidence.
- U.S. labor market remains tight; housing market stabilizing.
- Microsoft unveils AI office Copilot in fast-moving race with Google.
- Major US banks inject $30 bln to rescue First Republic Bank.
- Credit Suisse says key liquidity measure did not change the week SVB fell.
- Rio Tinto appoints directors with mining, renewable energy experience.
- Exxon starts up new Beaumont, Texas, crude unit.
- ECB cuts through bank turmoil to keep rate hike pledge.
- Copper regains some ground after banking fears sparked sell-off.
- Gold prices hold firm as banking worries persist.
- Oil snaps declining streak as Saudi, Russia meeting calms markets.
- Anger as French government pushes through pension change without vote.
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ASX 200 finished down 103 points at 6966 (-1.5%). ECB decision tonight and Debit Suisse rescue package with huge liquidity pool in focus. Selling was concentrated in resources again today, with BHP down 4.8% under pressure on UK class action and falling commodity prices. RIO also on the nose with FMG down 3.2%. Lithium stocks remain under pressure, PLS down 3.0% and MIN down 2.5%. Base metals weaker as copper fell, S32 down 4.8% and SFR off 0.7%. Oil and gas stocks also tanked after crude falls, Asian oil slightly better but WDS still down 5.4% and STO off 4.9%. Gold miners better but not stunning, NCM up %. Banks were easier too but no great dramas, CBA off 0.1% and WBC down %. The Big Bank Basket fell to $167.03 (-1%). Insurers eased, fund managers down led by MQG off 1.7% and MFG off 6.3%. PTM fell 4.1% too. Industrials were relatively sanguine, TLS up 0.7%, COL up 1.3% and healthcare stocks better on defensive buying, CSL up 1.8% and RMD rallying 1.2%. REITs were mixed, Tech down slightly with the All-Tech Index down 1.2% and WTC off 0.4% and CPU off 7.0%. In corporate news, PPH saw the bid price raised. IPH tumbled 10.6% on a new cyberattack. DEG did well up 2.5% on a Brolga update and TLX up 2.7% on an FDA extension. On the economic front, unemployment fell back to 3.5% with 64,500 new jobs created in February. Asian markets were spooked and 10-year yields falling to 3.34%. Dow futures up 107 points and Nasdaq futures up 61 points.
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Renewed fears gripped global markets overnight on news of problems at Credit Suisse. US indices mixed Dow and S&P 500 closed down. Treasury yields fell, and the two-year yield is down to its lowest levels since September. Gold rallied on safe-haven buying and the USD greenback strengthened. Dow Jones down 281 points (-0.87%). Dow down 726 at worst. S&P 500 down 0.86%. NASDAQ up 0.05%. VIX Volatility Index up 10%. In Europe, STOXX 50 -3.5% FTSE -3.8% CAC -3.6% DAX -3.3%. SPI Futures are down 115 points (-1.63%).
- ASX to plunge as Credit Suisse sparks global banking rout.
- Wall Street down as Credit Suisse sparks fresh bank selloff.
- Credit Suisse unease sparks sell-off in world stocks; gold resumes rally.
- Wall Street regulator unveils new hacking, data and market resiliency rules.
- Fed rate hike campaign in question as bank stocks swoon.
- Swiss regulators rush to assuage fears over Credit Suisse.
- US retail sales point to underlying strength in the economy.
- SVB Financial explores bankruptcy as option for asset sales.
- Visa, MasterCard $5.6 bln settlement with retailers is upheld.
- Apple supplier Foxconn steps up investment outside China, as consumer electronics demand dips.
- US general says drone crash part of Moscow's increasing aggression.
- Gold rallies over 1% as Credit Suisse crisis hits risk appetite.
- Copper prices fall on stronger dollar and banking woes.
- BHP facing the largest class action in history of claims of GBP36bn
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ASX 200 opened strong, waivered, then rallied to close up 60 points at 7069 (0.9%). Gains across the board with banks solid but unexciting, the Big Bank Basket up to $168.65 (0.55%), MQG rallied 0.9% with insurers back in demand as yields steadied, QBE up 2.3% and SUN rallying back 1.9%. Wealth managers too doing ok, MFG up 4.8% and PTM rising 1.8%. Healthcare was better, CSL up nearly 1.8% and gains in COH and SHL adding to the green. REITs rallied with SCG up 1.7% and SGP firing 3.2% higher. Tech better XRO up 4.0% the standout, the All Tech Index up 1.6% with CPU recovering 2.3%. Industrials firm. TLS up 0.5% and COL ahead by 0.9%. In resources, BHP up 1.2% with RIO and FMG doing well too after Chinese economic data, Lithium sticks remain mixed, early jumps saw a seller’s ambush, Gold miners eased, energy stock mixed, WDS down 1.0% and STO up 0.8%. Old king coal was a merry old soul as WHC gained 3.7%. In corporate news, 29M cratered again on the rain issue in QLD, KAR had some good news on Patola well and rose 2.5% and PRN rose 7.5% on a new safety taskforce. Nothing on the economic front locally but Chinese data mostly inline but no huge boom post Covid. Asian market slightly better. 10-year yields up to 3.44%
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The Dow Jones Industrial Average ended up 336.26 points, or 1.06%, at 32,155.40, snapping a five-day losing streak. The S&P 500 added 1.68% to close at 3,920.56. The Nasdaq Composite climbed 2.14% to end at 11,428.15.
The SPDR S&P Regional Banking ETF (KRE) closed the session up 2%, regaining some ground following a 12% decline the day prior. Shares of First Republic Bank popped nearly 27% after closing down nearly 62% on Monday.
The consumer price index rose 0.4% in February from January, matching the consensus estimate of economists polled by Dow Jones. The annualized increase of 6% was also in line with economists’ expectations. So-called “core” CPI, which removed volatile food and energy prices, grew from the prior month slightly more than economists expected at 0.5%, while the year-over-year increase of 5.5% came in line with what they anticipated.
- Oil prices dropped to a 9-week low
- Commodities eased slightly. Gold fell 0.5% as money flowed back into equities.
- Chinese Data due today including Industrial production and Retail Sales.
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ASX 200 fell hard again today from the off down 100 points to 7009 (1.4%) at the close. Well off the lows as some sensibility returned and bond yields stabilised. Banks were the target but insurers too under severe pressure. QBE down 3.7% and SUN off 3.6%. The Big Bank Basket fell to $167.83 (0.4%) with NAB the big bad bank off 1.5%. Regional banks in trouble, BEN down 1.6% and BOQ off 2.3%. MQG slumped 3.1% with fund managers under serious pressure. PPT off 7.0% and MFG falling 6.0% with CGF down 5.6% as yields tumbled. Industrials slid with CSL falling 1.5% and WES off 1.3% with REITS easing and old skool tech down, SEK down 2.5% and CAR off 2.3%. Tech stocks down again, WTC off 2.3% and XRO falling 1.5% with CPU falling hard as yields fell off 7.7%. The All-Tech Index dropped 2.5%. Resources were up against the wall, BHP fell 1.8% with FMG and RIO falling a similar amount. Lithium stocks were taken out behind the woodshed and chopped up, PLS down 5.9%, IGO off 3.2% and MIN falling 3.8%. Energy stocks fell with WDS off 2.8% and STO off 1.8%. Coal stocks in a bunker, WHC falling 5.3% as YAL crashed 16.9% on news of a China listing. Gold miners were the only bright spot with NCM up 3.0% and NST up 1.4%. Hardly a gold rush more a stroll. In corporate news, KLS in a trading halt as it locks down a capital raise, SZL square on a US listing and PPK buys a battery tech company. On the economic front, bond market turmoil still. Black Monday in the bond market still reverberates with US CPI ahead tonight. Plenty of surveys out today. Consumers are not happy Jan. Asian markets weaker and 10-year yields down to 3.42%.
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Dow Jones down 91 points (-0.28%). Dow up 331 at best. Down 285 at worst. S&P 500 down 0.15%. NASDAQ up +0.45%. In Europe, STOXX 50 -3.1% FTSE -2.6% CAC -2.9% DAX -3%. SPI Futures are down 132 points (-1.86%).
- Gold rose 2.51% overnight as a safe-haven asset following the collapse of Silicon Valley Bank, which also sparked hopes that the US Federal Reserve would have to slow down its aggressive monetary policy.
- Copper prices rose 0.78% in volatile trading as the sudden collapse of SVB created risk aversion in financial markets. A weaker dollar also supported prices, as did signs of improving copper demand in China.
- Nickel +2.53%, Aluminium +0.84%, Zinc +0.51%, Lead +0.48%, Tin 2.07%.
- WTI crude fell 2.44% and Brent fell 2.63% overnight, the lowest level since early December, due to financial contagion fears and concerns about risks to banks.
ON THE CALENDAR
- Domestic data: NAB Business Confidence
- UK data: Unemployment rate, Claimant Count Change, Employment Change, Average Earnings.
- US data: n/a
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ASX 200 closed down 36 to 7115 (0.5%) in a volatile session as the SVB rattled confidence. Despite a huge US futures rally, the index remained under pressure all day. Asian stability and China comments from Li and Xi failed to dispel the uneasy feelings. Banks were under pressure as bond yields fell hard and GS and other walked back aggressive moves by central banks in the wake of the SVB implosion. The Big Bank Basket dropped to $168.54(0.95%) with MQG off 1.4% and insurers tumbling as yields fell, QBE down 2.7% and SUN off 2.1%. Money managers also in the doghouse, PPT down 4.9% and CGF off 3.1%. Industrials under pressure, TLS down 1.0%, WOW off 1.1% and QAN falling 0.5%. Old skool platforms in demand, CAR up 0.5% and REA rallying 1.3%. Healthcare eased slightly and REITs fell with GMG down 0.7% and GPT off 1.1%. Resources were mixed, gold miners rallied hard as bullion rose again in Asia on safe haven buying, NCM up 2.9% and NST up 5.0%. Lithium stocks remain depressed, PLS down 2.3% and LTR down 3.2%. Iron ore better, BHP up 1.8% and Oil and gas stocks also better led by WDS up 0.3%. On the corporate front, many small tech companies confessed to their SVB exposure which didn’t amount to much in the scheme of things. NEU had a great day following the FDA tick up 18.5% and WGX rallied 13.4% on a Big Bell operations update. Nothing on the economic front today. Asian markets mixed, Japan down 1.4% and HK up 2.3% with China up 0.9%.
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Dow Jones down 345 on Friday (-1.07%). Up 167 at best. Down 471 at worst. S&P 500 down 1.45%. NASDAQ down 1.75%. S&P 500 had its biggest weekly fall since September down 4.55%. The Dow Jones fell 4.44% and the NASDAQ 4.71% on the week. The S&P 500 has almost lost its 2023 gains.
SPI Futures down 39.European markets lower, STOXX 600 down 1.35%, UK down 1.67%, with Deutsche Bank down 7.3% and most UK banks down 2.3% to 4.6%. Dow Jones on Friday - a late 100 point rally saves it closing on its low.
- Commodities - Gold jumped 1.94% as bond yields fell and as the US dollar dipped 0.66%. Metals mostly lower. BHP and RIO down 1.02% and 1.0% in the US.
- Wall Street tumbles, Treasury yields slide after jobs report as bank jitters spread.
- Fed under less pressure to speed rate hikes as wage gains cool.
- US jobs data can spare Fed rate ratchet.
- Strong US job growth persists; wage inflation shows signs of slowdown.
- Banking regulators shutter SVB, collapse unnerved investors.
- US bank stocks added to losses as regulators close SVB Financial.
- Californian tech bank SVB sews global fear about rising cost of money.
- Silicon Valley dies, but it’s disease lives on.
- Concentration risk an old lesson from SVB collapse.
- US deficit grows to $262 billion in February as tax refunds search.
- Meta looking to launch rival for Twitter.
- Biden - Payrolls report shows economy headed in the right direction.
- Ukraine says Bakmut battle is grinding down Russia’s best units.
- Tesla looks to Chinese and Korean material suppliers to help lower costs.
- Yellen warns U.S. House members of “economic collapse” if debt ceiling is not raised.
- Iran and Saudi Arabia moved towards the resumption of ties.
- Argentina set to hold interest rate at 75% in March as inflation nudges towards 100%.
- The aluminium price hits a two month low on higher rate expectations. (Aluminium is seen as being geared to economic growth more so than most other metals).
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ASX 200 fails to find any floor falling 166 points to 7144 (2.3%). Down 2% for the week. A killer combo of US bank worries, nerves before the US jobs number and a capitulation is some resource stocks caused a rupture in the time space continuum. Banks were an easy target with CBA down 3.3%, ANZ down 2.6% and the Big Bank Basket falling to $170.15 (-3%). MQG dropped hard down 3.2% with insurers also under pressure, QBE down 1.8% and SUN caught in the crossfire down 2.8%. Wealth managers held up a little better with PPT down only 1.9% and MFG off 1.8%. PTM actually unchanged. Industrials under all sorts, CSL dropped 1.5% and REITS stumbled badly despite bond yields falling. Strange days indeed. Tech under pressure, XRO only down slightly off 0.3% with WTC off 1.6% and the All-Tech Index down 1.7%. Tourist stocks fell hard too, FLT down 3.6% and WEB off 2.6%. In resources it was a nasty day especially for lithium stocks. IGO down 7.2%, AKE off 8.6% and MIN crashing 6.2%. LYC dropped 4.7% with LTR falling 8.0%. BHP and RIO under serious pressure down over 3% and FMG nearly joining the 3% club. Gold miners did ok. Finding some safe-haven buying. NST up 1.7% and EVN up 1.1%. In corporate news, A11 and PLL responded to the short seller report and still fell hard as expected. APM up 2.3% on a new contract in North America. Nothing on the economic front. Asian markets hit hard as President Xi nominated unopposed to the top job.
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Wall Street reversed early gains overnight, weighed down by bank stocks and jitters ahead of employment data. Treasury yields retracted and the dollar softened, showing signs the Feds monetary policy is beginning to work as intended. Dow Jones down 58 points (-0.18%). Dow up 147 at best. Down 608 at worst. S&P 500 up 0.14%. NASDAQ up 0.4%. In Europe, STOXX 50 -0.1% FTSE -0.6% CAC -0.1% DAX -0.01%. SPI Futures are down 81 points (-1.11%).
- Gold prices rose 1.1% as the dollar weakened following an unexpected increase in US jobless claims.
- Copper prices fell 0.61% on concerns about sluggish demand in China and rising US interest rates.
- Nickel -2.72%, Aluminium -1.1%, Zinc -0.23, Lead -0.5%, Tin -1.29%.
- WTI crude down 1.25% and Brent down 1.52% as concerns about weak global demand and potential tightening from the Federal Reserve kept a lid on prices.
HEADLINES
- ASX to open lower, pending US jobs data spooks Wall Street.
- Wall Street turns lower, Treasury yields dip ahead of jobs report.
- Wall St falls with banks tumbling, pre-jobs report jitters.
- US mortgage rates hit highest since November at 6.73%.
- Bank stocks sink most in nearly three years as sentiment sours.
- Credit Suisse delays annual report after SEC call, shares drop.
- Ex-goldman Sachs banker gets 10-year sentence for fraud.
- US weekly jobless claims post largest rise in 5 months; labor market still tight.
- Gold climbs 1% as U.S. jobs data soothes investors.
- Copper drifts lower on concern over China demand and U.S. rates.
- Oil market has fully absorbed impact of Russia's invasion of Ukraine.
- Crypto stocks slide after Silvergate decides to shut down.
- Biden's $6.8 trillion budget challenges Republicans, raises taxes on rich.
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ASX 200 closed up 3 points at 7311 (0.05%). A good effort considering the downdraft of around 28 points from BHP and RIO ex dividends. Solid gains across the board in a tight trading range with US jobs on Friday now the focal point after Powell. Banks higher again with CBA up 0.3% and WBC leading the charge up 1.2% with the Big Bank Basket up to $175.48 (0.6%). MQG flat, Insurers slightly higher with wealth managers mixed, AMP up 1.0% and MAF down 0.9%. Industrials better led by XRO in the tech space as it announced a new growth policy by cost cutting. CPU up 0.9% with the All-Tech Index doing well up 2.3%. Staples better, WES up 0.7% and TLS up 0.5% with BXB up 1.0% and QAN continue to cruise at altitude up 0.4%. REITs positive too, healthcare eased CSL ex div down 2.2% and RMD off 1.2%. Resources bounced back with the exception of BHP and RIO which fell on ex divs, lithium stocks were better, LTR up 4.3% and PLS up 4.4% with MIN better by 1.9% and LYC finding some friends after JARE deal up 1.6%. Gold miners were slightly firmer on some bargain hunting and energy stocks better WDS up 1.2% and STO up 1.1% and WHC bouncing hard up 5.6%. In corporate news, MYR stunned retail watchers with a great set of numbers and a special dividend. Solly will be happy. Up 18.3% on the news. XRO cut 800 jobs, Alta Fox reduced its stake in EML. 29M sank 4.7% on rain closing production in QLD and lithium hopefuls A11 and PLL in a halt pending a response to a short seller attack. Nothing local on economic front but Chinese CPI coming in weaker than expected. 10-year yields 3.72%.
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US markets struggle for direction overnight and treasury yields rose again following hotter job figures and Powell’s reassertion that the Fed would continue to raise rates until inflation subsides. The Dow closed down 58 points (-0.18%). At best it was up 47, and at worst down 244. S&P 500 up 0.14%. NASDAQ up 0.4%. In Europe, STOXX 50 +0.2% FTSE +0.1% CAC -0.2% DAX +0.5%. SPI Futures are up 32 points (+0.44%). Recovering some of yesterday’s loses.
- ASX to rise, Powell walks back harsher rate rhetoric.
- Wall St flutters, Treasury yields ease as Powell resumes testimony.
- S&P 500 falls slightly after mixed data; focus on upcoming jobs data.
- Fed still up in the air on whether to accelerate rate hikes, Powell says.
- US job openings stay elevated as labor market remains tight.
- US opens new special probe into fatal Tesla crash.
- Fintech firms may struggle to find investor love in rebounding U.S. IPO market.
- Bankman-Fried's bid to shift blame complicated by new charges.
- Copper prices rise as dollar dips from three-month high.
- Gold holds near 1-week low as Powell sticks to hawkish narrative.
- U.S. crude inventories fall amid another large adjustment.
- U.S. trade deficit widens moderately in January.
- Biden budget aims to cut deficit by nearly $3 trillion.
- Britain's Hunt to keep tight budget with eye on 2024 election.
- Ukraine defiant as Russians claim control over Bakhmut's east.
- French pension strikes to continue Thursday, disrupting fuel supply and air travel.
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ASX 200 fell hard down 57 points to 7308 (0.8%) after US falls and another day ahead of Powell testimony. Few sectors or stocks escaped today after the Fed spooking, Banks eased with CBA down 0.5% and WBC down 1.2%. The Big Bank Basket fell to $174.30 (-0.7%). MQG gave back some recent gains falling 1.1%, money managers held up better than expected. Insurers mixed. IAG and QBE slightly better. REITs slipped a little but held relatively firm, industrials mixed with WOW down 0.6% and COL off 0.3% with DMP falling another 3.8%. Tech flat with CPU up 1.4% and XRO down 1.2%. The All-Tech index only slightly easier. Healthcare mixed with RHC off 0.5% and COH up 1.1%. Resources once again the problem. A killer combo of a lower AUD, lower Chinese GDP target and falling commodity prices are hurting. WDS fell 7.2% after going ex-dividend. BHP and RIO down slightly ahead of dividends tomorrow. Gold miners crashed despite AUD Bullion unchanged, NCM down 3.3% and NST off 2.8% with EVN cratering 4.2%. Lithium on the nose, PLS down 1.4%, LTR off 2.1% and CXO falling 3.5%. Base metals also under pressure, S32 down 2.2%. On the corporate front, NCZ board threw in the towel and recommended the offer, QAN hit a three year high on an ACCC report, NXL fell hard as the Ex CEO appealed the recent decision and MSB resubmitted its application to the FDA and CAR in a trading halt as it buys another 40% of Brazilian website. On the economic front, RBA head teller went all warm and fuzzy and talked empathy on rates and the pause. Asian markets struck down on Powell comments. HK falling hard. 10-year yields remarkably steady considering.
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The Dow closed down 575 points (-1.72%) as markets fell on Powell’s Speech. S&P 500 down 1.53%. NASDAQ down 1.25%. In Europe, STOXX 600 -0.77% FTSE -0.13% CAC -0.46% DAX -0.6%. US Banks taking a beating on the back of Powell's Speech, Wells Fargo down 4.68% and Bank of America down 3.2%.
The ASX is set to open lower as the US central bank is expected to lift rates higher and potentially at a faster pace after Powell repeated his hawkish stance. ASX 200 Futures are down 60 points (-0.82%) and the AUD has dropped 2.2% to below US66¢. The drop in the currency reflects the prospect of a further widening yield gap between US and Australian government bonds as US rates.
- The Aussie dollar falls by almost 2% down 1.99% to 65.87c, hitting a four-month low.
- Gold plunged 1.67% overnight while the USD Index strengthened up 1.21% after Fed Chair Powell indicated rate hikes could come at a faster pace.
- Base metals are all down Copper fell 2%, pressured by weak import data from China and easing tensions in Peru. Aluminium fell 1.66%, Nickel -1.59%, Zinc -2.9%, Lead -1.49% and Tin -0.69%.
- Crude oil was punished overnight, with Brent down 3.61% and WTI down 3.66% as Powell’s comments triggered a selloff across risky assets. Oil was already under pressure after China’s lower-than-expected GDP forecast, and China’s reopening didn’t spur demand as initially thought.
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ASX 200 shrugged off early losses to close up 36 to 7365 (0.5%) after the RBA raised rates by 25bps but hinted perhaps at a pause. The market took that well and rallied strongly post the announcement. Banks back yet again, the Big Bank Basket up to $175.48 (0.6%). With MQG up 1.6% and insurers rallying strongly with QBE up 2.3% and SUN up 1.3%. Fund managers better with the exception of MFG falling 0.6%. Industrials across the board firm, WOW up 1.1% and COL up 0.9% with WES doing well running 1.6% higher. Healthcare good, CSL up 0.8% and RMD doing well up 1.1% and REITs firmed with GMG up 0.7% and SCG up 1.0%. Tech was a little left behind as WTC steady and XRO putting on 1.4% with the All-Tech Index up 0.4%. Resources though remain in the doghouse. BHP off % and RIO down % ahead of ex divs Thursday, Lithium stocks under the knife as Citi cut price forecasts. Gold miners mixed despite AUD bullion once again pushing higher. Oil and gas better led by WDS up 1.1% and STO having a lovely day out up 2.7%. Even coal stocks steadied despite under pressure coal prices. On the corporate front, IVC was raised from the dead with a private equity raid and subsequent bid at 1265c. Some corporate resignations from CEOs at MP1 and ALQ. MP1 shareholders should be celebrating but not to be as the stock dropped 15.0%. On the economic front, trade data missed expectations, consumer confidence still nervy and the RBA moved. Asian markets generally better as the NPC continues in China. The 10-year yield fell to 3.69%
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The Dow rose slightly Monday, as Wall Street fought to hold onto last week’s gains with a busy week ahead for traders including Jerome Powell heading to Capitaol Hill for two days of testimony.
The Dow Jones gained 40.47 points, or 0.12%, to settle at 33,431.44. The S&P 500 added 0.07% to end at 4,048.42, while the Nasdaq Composite dipped 0.11% to close at 11,675.74.
At session highs, the Dow jumped 181 points, while the Nasdaq jumped nearly 1.2%. Investors are awaiting Federal Reserve Chair Jerome Powell congressional testimony slated for Tuesday and Wednesday.
- SPI Futures down 13
- RBA today at 2.30pm.Commodities eased across teh board. Coal down and iron ore eased after Chinese 5% target weighed.
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ASX 200 closed up 45 points at 7329 (0.6%) as once again we saw the market bifurcate. Banks the machine again pushing ahead with the Big Bank Basket up to $174.37 (1.1%) with CBA and NAB leading the charge. MQG also doing well up 2.4% with fund managers in demand after GQG FUM numbers sending the stock up 1.4%. Insurers a little better QBE down 0.8% as it went ex div. Industrials firmed as tech kicked again, WTC up 0.1% and XRO kicking hard for the surface up 3.8% with the All-Tech Index up %. Staples better, WOW up 1.3% with WES rallying 2.4%. Healthcare also good with bond yields coming off helping the REITs too. GMG up 2.1% and SGP 1.6% better. But once again the resources under a little pressure after Chinese GDP target fell short of expectations. BHP eked out a 0.1% rise with FMG in trouble down 2.5% and lithium stocks under pressure in places although LTR continuing to push ahead, up 5.5%. Rare earths in trouble following Musk comments last week and doubts over LYC WA plans, the stock falling 4.5%. Coal stocks on the nose too as Chinese coal miners ramp up production, WHC down a big 2.1% and SMR collapsing 4.4%. Gold miners down with NCM off 0.7% and NST falling 0.8% with oil and gas stocks easing back too, WDS down 1.5% and STO down 0.8%. In corporate news, BVS launched a company saving hail Mary capital raising. SGM sold its stake in LMS energy, CXO rallied 6.3% on a resource upgrade and MFG rose 2.3% after FUM once again fell. Nothing on the economic docket today ahead of the RBA meeting tomorrow. Asian markets slightly mixed with 10-year yields falling hard to 3.74%.
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US markets better on Friday, bond yields dropped with the 10 year down 11bp and the two-year down 4bp. The US dollar also dropped 0.35%. Part of that was on the back of a dip in the services sector PMI number from 55.2 to 55.1. Hardly a pivotal release but the first economic number in the last couple of weeks that has come in below rather than above expectations. 55.2 is still a healthy clip as one newswire says, and within the number new orders and employment both rose to more than one year highs, although the prices paid measure in the number fell to a two year low.
- US services sector grows steadily; prices stubbornly high.
- Eurozone recovery gathers pace, PMI numbers allay fears of recession.
- Eurozone producer prices fall due to energy as other goods rise.
- Fed Collins reiterates more rate rises needed to contain inflation.
- Fed "acutely aware” of trouble inflation is causing says report.
- Russians pound access routes to Ukraine’s besieged Bakmut.
- US Attorney General makes unannounced trip to Ukraine. $400 million in new arms aid.
- Sharp drop in equity premium may Mark return to 60/40 portfolio.
- Russia to mothball damaged Nord Stream gas pipelines. No plans to repair or reactivate.
- Biden biopsy sees cancerous tissue removed.
- Houston energy conference next week. Saudi Aramco CEO not attending.
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ASX 200 finished the week on a solid note up 28 points to 7284 (+0.4%) as both banks and resources rallied. Fourth week of losses though. The Big Bank Basket rose to $172.48 (+0.7%). CBA bounced 0.7% and NAB in demand up 1.1%. MQG a more modest 0.3% with insurers easier and fund managers mixed. MFG up 1.1% and PTM down 0.8%. Industrials were better with REITs losing some ground as 10-year yields hit 3.9%, Tech up slightly with WTC up 0.7% and XRO up 0.5%. Healthcare better CSL up 0.4% and RMD doing well up 1.5%. Staples better and TLS doing well up 1.2%. In the resources, BHP continues higher, up 0.6%, RIO up 1.6% and FMG missing the memo down 1.3%. Gold miners eased and rare earths under pressure following the Tesla day and their new motors being rare earth free. Lithium stocks a little mixed, PLS up 2.5% recovering after div and IGO down 0.4%. Oil and gas better, WDS up 0.5% and STO up 1.3%. In corporate news, not much, DOW chair has thrown in the towel, QAN announced it wanted to hire back all the pilots and engineers it lost in Covid. Down 0.3% after news. In economic news, first-home buyer loans hit the lowest level since February 2017. Asian markets better, Japan up 1.2%, China up 0.3% and HK up 0.8%. Dow futures down 23 points. NASDAQ futures down 26 points.
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Wall Street and the EU gained overnight, driven by optimism from the Federal Reserve's approach to interest rates. Federal Reserve Bank of Atlanta President Raphael Bostic said he still prefers to raise rates by another quarter percentage point, should the data suggest that the economy is stronger than he had predicted. Tesla saw its shares fall 5.8 %, as Elon failed to wow investors. Other Tech stocks such as Apple and Alphabet saw moderate gains up 0.41% and 1.82%. The Aussie market is expected to gain this morning with ASX 200 Futures up 28 point (0.39%).
- Copper prices fell 1.8% due to a firmer US dollar and the possibility of new sanctions on China. The US is reportedly sounding out allies on the imposition of new sanctions against China if it provides military support to Russia's war in Ukraine. Copper has lost 6% since January's seven-month high due to a stronger dollar and a slow revival of demand in China.
- Gold prices mostly flat overnight, down 0.03% overnight as the US weekly jobs data suggested a tight labour market that could prompt the US Federal Reserve to continue its rate-hiking cycle. Aluminium -1.3%, Zinc -2.5%, Lead -0.8%, Nickel -2% and Tin -2.8% on the back of a higher USD.
- WTI crude and Brent were mostly unchanged overnight, up 0.62% and 0.21% as hopes for increased Chinese demand against concerns weighed against the Federal Reserve's tightening policies. Bitcoin up 0.26%
- Blinken and Lavrov meet for the first time since Ukraine invasion.
- US labor market stays resilient; Q4 labor costs revised higher.
- US stocks gain as yields cool from earlier highs.
- Coinbase, Galaxy Digital abandon Silvergate after lender flags risks to business.
- Elon Musk's 'Master Plan' for Tesla fails to charge up investors. Tesla down 7%
- Tesla vows to halve EV production costs, Musk keeps affordable car plan under wraps.
- Wall St stocks, dollar power higher despite rate fears.
- China increasingly ambitious with 2023 growth target, may aim for up to 6%.
- US to announce new military aid package for Ukraine on Friday -White House.
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ASX 200 sprinted up around 30 points before closing up only 4 at 7255 (+0.1%) as ex-dividends weighed and concerns on banking competition took their toll. Resources and especially iron ore was the place to be with BHP rallying 4.0%, RIO up 4.0% and FMG up 4.3%. Lithium stocks were up although PLS was off going ex-dividend and with a giant CATL placement weighing. Gold miners doing well, NCM up 2.2% and NST up 2.9% and base metal stocks in demand, S32 sprinting ahead 5.2%. Oil and gas better as WDS rallied with STO up 0.7%. Coal better too on China growth hopes. Banks were sold off heavily. CBA down 2.0% and NAB down 1.9% with the Big Bank Basket down to $171.25 over 2% . MQG lost 2.1% on mortgage competition and media reports of a big UK acquisition. Insurers eased with QBE down 0.6% and fund managers down again. MFG off 1.8% and GQG off 1.0%. Industrials fell across the board, REITs eased, Healthcare down led by CSL off 0.4% with COH down 0.2%. WES fell 0.9% and WOW off 1.4% with COL falling 3.2%. Tech mixed, XRO down 2.9% and WTC better by 1.0%. In corporate news, a little skinny out there today after reporting season, NTO board agreed to the Potentia takeover offer, DOW to be investigated by NSW corruption watchdog. CATL sold down its entire stake in PLS and KAR got slapped down 3.6% with a surprise temporary tax in Brazil. SBM announced it would put Touquoy on care and maintenance early next year. On the economic front, building approvals dropped to their lowest level since 2012. Asian markets flat, HK down 0.6% and China unchanged. Dow futures up 64 points. NASDAQ futures down 69 points.
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Wall Street mostly lower following a rise in Treasury yields, as Fed Officials reiterate their intention to lift interest rates to more than 5%. Tesla, Apple and Amazon were among the US tech stocks to suffer losses, down 1.43%, 1.42% and 2.19%. The US 10-year yields briefly traded above 4% for the first time since November. ASX 200 Futures down 1 point (-0.01%).The Dow Jones closed up 5 points (+0.02%). At best it was up 89, and at worst it was down 156. The S&P 500 was down 0.47%, and the NASDAQ was down 0.66%. In Europe, STOXX 50 down 0.53% FTSE +0.49% CAC -0.46% DAX -0.39%.
- Copper and Aluminium were up 1.8% and 2.7% overnight following data indicating that China's manufacturing activity grew in February at its fastest pace in over a decade. The weakening of the US dollar also contributed to price increases. Zinc jumping 4.4%, Nickel up 0.6%, Lead up 1.4% and Tin up 1.1%.
- Gold also up 0.51% as the USD falls, making the metal more affordable for foreign buyers.
- WTI crude and Brent climbed 0.9% and 0.61% on positive Chinese manufacturing data, with gains capped by the fourth straight contraction in US manufacturing data. Bitcoin up 0.49%.
- US manufacturing sector still shrinking; raw material prices rebound.
- Fed officials debate higher vs. just longer after January inflation jump.
- Elon Musk expected to outline more affordable EV and new Tesla 'Master Plan'.
- US House panel approves bill giving Biden power to ban TikTok.
- US stocks fall as manufacturing data lifts Treasury yields.
- Eurozone factory output returned to growth in February.
- China's PMIs expand as economy re-opens from COVID curbs.
- Japan's factory activity shrinks most in 2-1/2 years.
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The Dow Jones closed up 72 points (+0.22%). At best it was up 372, and at worst it was down 3. The S&P 500 was up 0.30%, and the NASDAQ was up 0.63%. In Europe, STOXX 50 up 1.7% FTSE +0.70% CAC +1.5% DAX +1.10%. SPI Futures are up 34 points (+0.47%).
Copper prices rose 1.2% overnight as the dollar weakened but remained close to seven-week lows due to weak demand in China. Gold prices up 0.4% as the dollar retreated, but fears of further interest rate hikes from the US Federal Reserve kept bullion near a two-month low. Other metals gained overnight, Aluminium up 1.5%, Zinc up 1%, Lead up 1.7%, Nickel up 3.7%, while Tin was down 0.5%. WTI crude fell over 0.68% and Brent dropped 1.3% due to concerns of a demand downturn caused by a possible recession, despite expectations of tighter global supplies. The US inflation data also increased worries of more interest rate hikes by the Federal Reserve, which could further dampen demand. Bitcoin up 0.61%
Retails sales today. HVN results.
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ASX 200 dropped 82 points to 7210 (-1.1%) in a nasty start to the week. Weak US leads and a collapse in commodity prices took their toll. Resources under serious pressure today with FMG ex-dividend and then some, weighing with the stock losing 7.3%. BHP capitulated down 3.0% and RIO off 2.9%. So much for 'solid'. Lithium stocks also in the seller’s sights as PLS were ditched, down 7.3%, IGO off 4.0% and MIN falling 6.4%. Second liners also sold off heavily, LTR down 3.7% and CXO off 3.6%. LYC reported this morning and were sold down by 6.2% on worries about July 1 deadline. Base metals also smashed lower, S32 down 2.7%, SFR off 6.8% and ILU off 2.5%. Gold miners also in the house of dog, NCM down 0.2% and NST falling 2.3%. DEG down 2.6%. Oil and gas fared better, WDS results cheered, up 1.5% but STO fell 1.7% and KAR down 0.4%. Coal mixed, WHC off 1.0%. Industrials weaker across the board, WOW and COL slipped slightly, ALL fell 1.0% as some concerns on digital gaming emerged, REITs stumbled lower with GMG down 2.4% and SCG off 3.6%. Platform stocks eased, REA down 2.3% and SEK off 1.6%. Tech slipped slightly but CPU jumped 2.5% on the higher rates outlook. Higher rates are good for banks and the sector held firm today with NAB up 0.5% and the Big Bank Basket up to $178.94 (+0.2%). A green island in a sea of red. Insurers though slid with QBE down 1.2% and IAG off 1.5%. Fund managers were mixed, PTM up 2.5% and MFG down 1.7%. In corporate news, results season drawing to a close and saving the worst until last, DOW were pummeled 23.8% on disappointing results and guidance downgrades. TPG +5.9% after better-than-expected numbers. WDS profits soared as expected after BHP merger deal, MYX has sold its US retail generics portfolio, PPS posted record earnings, APX faltered another 14.2% as it pulled its guidance, SLX became 'unenriched' after the $120m placement took its toll, down 23%. IVC managed to prove that even with an increased death toll it couldn't make money, losing 10.9%. Nothing substantial on the economic front. Asian market mildly weaker and 10-year yields higher at 3.90%. Dow futures up 20 points. NASDAQ futures up 35 points.
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ASX 200 finished up 22 points to 7299 (0.3%) down around 0.5% for the week. A busy week with results dominating. Industrials and banks better with the Big Bank Basket slightly higher at $178.53 (0.8%). Insurers rose, and fund managers fell, MFG down 2.4% and PTM off 3.4%. MPL kicked 2.1% higher on broker comments. Tech better as WTC rose 4.1% with the All-Tech Index higher by 1.6% and XRO up 1.6%. Platform stocks also better REA up 2.1% and CAR up 1.0%, REITS firmed with GMG up 1.0% and MGR up 2.3%. Healthcare stocks flat, CSL modestly higher and SHL down 0.4%. Good numbers for industrial stocks saw BXB lead the charge up 7.5%, COL up 1.0% and ALL up 2.8%. Utilities were again higher as ORG rose 1.0% and APA up 0.8%. Resources mixed, BHP weighing index down 1.6% with RIO suffering a 3.6% fall, FMG down 1.7%. Gold miners under pressure in bullion pricing, NCM down 2.5% and EVN off 2.9%. Lithium stocks mixed with PLS up 1.1% on a maiden dividend and results, IGO up 1.1% with AKE also doing well up 3.7%. Oil and gas stocks better, WDS up 0.7% and STO gaining 1.2%. Coal stocks mixed. In corporate news, SGR returned to trade up 8.6% after raising nearly $600m in a placement. SGH has backed a $150m takeover offer. EML tumbled another 9.5% on a new letter from the Irish Central Bank. In results, BXB lifted guidance, SQ2 +5.9% on a result rethink after early losses, LNK losses widened, and it rose 0.5%. JIN boosted its dividend, and MIN fell 0.1% on disappointing mining services results. Nothing on the economic front as we await US PCE tonight. Asian market mixed. 10-year yields softer to 3.84%. Dow futures down 41 points and Nasdaq futures down 31 points.
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The S&P 500 was up 0.5%, while the Dow Jones Industrial Average gained 111 points, or 0.3%. The Nasdaq Composite rose 0.7%. The major averages are still on pace to end the week on a downturn, with the S&P 500 on track for its worst weekly performance since Dec. 16.
- Block falls after hours.
- Boeing suspends deliveries on fuselage issue.
- Warners disappoints.
- PCE data tomorrow.
SPI Futures up 8 - Results dominate again.
Commodities weaker. Nickel down 4% Copper down 2.2%
Oil up 2.2% Gold down slightly.
US 10 year yields same as Australian yields.
BXB, PLS, MIN results.
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ASX 200 dropped 29 points to 7286 (0.4%), which once again was not too bad considering BHP hit a seven-week low down 3.4% and RIO fell 1.7%. Resources generally were mixed, FMG only modestly lower, lithium stocks rallied slightly, PLS up 5.2% ahead of results tomorrow, and gold miners continued to lose their lustre. Oil and gas stocks slid as crude fell, WDS off 0.6% and STO down 1.3%. Coal miners were mixed WHC down 2.0%. In the industrials green across most sectors, Healthcare doing well, CSL bouncing back, RMD up 1.3% and FPH rallying 1.2%. REITs mixed, SCG up 1.0% and SGP off 1.6%, Tech better, WTC up 4.2% as brokers fell back in love, XRO slipped 1.1%, and the All-Tech Index up 0.6%. Banks fell, CBA rallied 0.7% after ex-dividend yesterday. The Big Bank Basket unchanged at $177.08. MQG off 0.8%, and fund managers down, PPT off 2.8% and MFG falling another 1.3%. Insurers mixed. Utilities pushing up with ORG and APA better. In corporate news, QAN fell 6.8% as record profits and angry customers collided. Plenty of angst but people still flying as have no Joyce. SGR launched a rescue deeply discounted rights issue and placement to raise $800m. Buys some time. TLG returned after placement falling 14.4%, with SLX tapping shareholders for a cool $100m. In results, Super Thursday saw MPL reveal that customers are sticky and lazy to switch, rising 6.5%, PTM tried hard to sneak in their results last night after hours but fell 16.9% on lack of fees. OBL dropped 6.4% on results and management changes, BGA was creamed falling 7.8% on results, and BKL revealed that customers are spending less on vitamins, dropping 6.8%. APE kicked the lights out again up 9.0% with TLC beating expectations and offered a special dividend. KLS caught the express bus up 5.4%. On the economic front, private capital expenditure rose by 2.2%. Asian markets quiet, Japan closed for the Emperor’s birthday. HK up 0.5%, and China unchanged. Dow futures up 99 points and Nasdaq futures up 107 points.
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The Dow Jones Industrial Average dropped 83 points, or 0.25%. The S&P 500 fell 0.15%, while the Nasdaq Composite rose 0.13%. Nvidia results to come.
SPI down another 20 points.
The FOMC minutes showed inflation remained “well above” the Fed’s 2% target, adding that the labor market is still “very tight, contributing to continuing upward pressures on wages and prices.”
- BHP and RIO fall over 3% in ADRs
- Oil falls 2.8% Iron ore falls 0.4%.
- Commodity prices ease with Copper down 0.7%
- Gold down 0.6%
Super Thursday - Results in focus. QAN, MPL, QUB, ALX, TLC, NEC
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ASX 200 pulled up slightly after an early dive closing down 22 points at 7315 (0.3%). Wage data beat estimates and maybe helps RBA a little, helped index off lows. Banks were mixed with the Big Bank Basket down to $177.06 (-1.1%). CBA down 2.3% ex-dividend. Other financial eased with Fund Managers falling PPT off 1.1%, PNI down 3.1% and MFG falling another 2.1%. Industrials were mixed, staples better COL and WOW rising slightly, REITs cheered by SCG results, Tech mixed as WTC delivered yet again, ALU falling 2.1% and the All-Tech Index unchanged. Healthcare steady with SHL unchanged and CSL slipping 0.9%. Resources once again a problem child. BHP solid and steady unchanged. RIO fell 0.5% before the results, FMG reversed recent gains down 1.8% and lithium stocks depressed again, PLS down 3.0% and MIN off 1.3%. Gold miners hurt again, NCM down 2.0% and NST off 3.3%. Oil and gas mixed, STO shot the lights out up 3.1% with WDS up 0.2%. Coal stocks moving higher again, WHC up 1.5%. In corporate news, ORG up 12.7% after another bid from Brookfield at 890c, results flooded the market, SCG good, DMP fell over as price increase turned customers off falling hard down 23.8%. SBM continued the slide into irrelevance, good numbers from SDR with the stock up 6.0% and MMS doing well on its numbers rising 6.5%. In other news, SGH have attracted the attention of a turnaround specialist. EML plunged 9.4% on results board changes and impairments. SGR in a trading halt pending a capital raising perhaps. In economic news, wage growth came in lower than expected and could see the RBA become more dovish. Asian markets mixed, Japan down 1.3%, HK flat and China down 0.6%.
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- The Dow Jones Industrial Average dropped 697.10 points, or 2.06%, to close at 33,129.59. This was the index’s worst downturn since Dec. 15, when it fell 2.3%. The S&P 500 slid 2.00% to close 3,997.34, marking its worst day since Dec. 15, when it fell 2.5%. All sectors ended lower, with consumer discretionary stocks seeing the largest decline of 3.3%. The tech-heavy Nasdaq Composite pulled back by 2.50%, ending at 11,492.30.
- SPI Futures down 45 points.
- 10 year yields push toward 4% in US and Australia.
- Commodities mixed. Oil down 1.3% IO up 1%.
Putin makes State of Union address.
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ASX 200 finished only down 15 points to 7338 (0.2%) as BHP fought back as the day wore on. After an initial 2% plus fall, BHP went on the charm offensive and won back the disbelievers, closing down only 0.3%. Resources were back in demand on Mike Henry’s comments on China, lithium stocks bounced hard, PLS up 4.5%, MIN up 3.8% and IGO rising 1.4%. Iron ore miners pushed higher as commodities strengthened in Asia, RIO up 0.8% and FMG picking up the baton up 3.2%. Rare earths and base metals also in demand, LYC up 1.2% and ARU up 9.1%. Gold miners were mixed, NST fell 2.0% and NCM up 0.6%. Oil and gas stocks better, WDS up 0.9% and STO rising 0.6%. Coal stocks eased. Industrials flat, staples eased, WES down 1.2%, WOW down 0.2% and BXB falling 1.2%. Tech fell, CPU down 1.6% and WTC off 1.2%. The All-Tech index fell 0.8%. Healthcare down too, FPH down 1.2% and RHC off 1.3% ahead of numbers. Banks were soft with CBA down 0.7%, NAB off 0.7% and WBC down 0.7%. The Big Bank Basket falling to $179.08 (-0.7%). Financials mixed, MFG fell 5.0% and MQG eased 0.2%. Insurers modestly mixed. Big day for results, BHP talked of optimistic outlook after some misses on the numbers. JLG had a cracker on results and an earnings upgrade, up 13.2%. HUB spoke well on results and rallied 7.7%. CXL signed a MoU with DAC and released results rallying 6.1%. INA fell hard down 13.4%, MND -8.8% talked cost pressures and staffing falling %. SGP dropped hard on results. COL down 0.9% on results and new female CEO. On the economic front, RBA minutes showed how close the board came to a 50bps rise. Consumer confidence rose slightly. Asian markets - Japan down slightly 0.1%, China unchanged, HK down 1%. 10-year yields steady around 3.83%
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US markets were closed overnight for Washington's Birthday. Chinese equities continued rallying, supported by the country's deepening stimulus and relaxed pandemic restrictions. Walmart and Home Depot prepare to release their retail earnings reports this week, giving an insight into US consumer demand.
In Europe, Stoxx 600 +0.07%, UK FTSE +0.12%, France's CAC -0.16%, German DAX -0.03%. SPI Futures are down 29 points (-0.4%) as fears of further rate hikes continue to plague the market.
In Commodities – Base metals are up across the board. Aluminum up 3.06% following supply concerns that top producer China were reducing production. Aluminum prices have been weak lately sliding ~8% since January after a spike in inventories. The USD slipped supporting metal prices, making commodities priced in the US cheaper for buyers using other currencies. Copper up 1.69%, Nickel up 4.59%, Tin up 3.03%, and Lead surged 4.39% its biggest one-day gain in nearly four months. Gold down 0.05% while Dalian Iron Ore is up 2.35% extending its gains to a fourth consecutive session. Brent Crude up 0.91% rebounding from an almost two-week low last week as optimism about a recovery in Chinese demand rises. Bitcoin down 0.39%.
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ASX 200 flip flopped today closing up 5 points at 7352 (0.1%). Banks starting to find support after a drubbing last week, BEN results helped with the Big Bank Basket up to $180.28(1.1%). CBA racing back up 1.3% and NAB up 1.5%. Other financials doing well, MQG up 0.9% and ASX up 0.8%. Insurers mixed, QBE ran hard up 3.7% on broker upgrades. PTM also doing well up 3.1% as Kerr Neilson calls for Andrew Clifford to go. Industrials were flat, platform stocks slipped slightly, REA down 0.6% and SEK down 1.9%. Tech was mixed, XRO down 1.1%. The All-Tech Index down 0.7%. REITs dropped back as CHC fell 1.9% on results. GMG down 0.4% and SCG off 1.0%. Staples slightly higher, ALL up 0.9% and COL up 0.3%. Healthcare eased again, SHL down 2.0% and FPH off 1.1%. CSL unchanged. In resources, iron ore stocks holding up before the numbers, BHP up 1.0% and FMG up 1.4%. Lithium stocks were pummelled again as PLS moved to a different system than the BMX auction. It fell 5.4% with AKE down 3.4% and IGO off 2.2%. Gold miners were mixed, NCM up 0.1% and NST down 1.5%. Oil and gas stocks down again, WDS down 1.0% and STO off 1.2%. Coal eased. In corporate results, NHF tumbled 11.6% on lack of guidance, BSL downgraded the outlook falling 10.0%, A2M disappointed on China sales, souring 8.6%. In good result reactions, ACL rallied 12.5% with OML up 4.1% and KLS up 3.4% on a new bus contract in Sydney. On the economic front, thin on the ground today. Asian markets better, China up 1.0%, HK up 0.5% and Japan up 0.4%. 10-year yields steady at 3.80%. Dow futures down 14 points and Nasdaq futures down one point.
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The Dow finished 130 points higher on Friday, while the S&P 500 and Nasdaq 100 lost nearly 0.3% and 0.6%, respectively, as investors worried about Fed’s larger rate hikes amid rising bond yields and inflation reports.
SPI down 1 point.
- Goldman Sachs, Bank of America expect three more US rate hikes this year.
- Hawkish ECB comments push-up rate hike expectations
- Fed officials say more rate hikes key to reducing inflation.
- UK consumers bought more in January but overall gloom persists.
- What recession? Strong economy boys US stocks, though Fed casts shadow.
- Yields steady after hitting three month highs.
US Markets closed Monday for President's Day.
Oil hit hard down 2.2%. Gold unchanged. Nickel down 3.1%
Monday’s reporting schedule includes: Adairs (ADH) | Altium (ALU) | Ampol (ALD) | Bendigo & Adelaide Bank (BEN) | BlueScope Steel (BSL) | Charter Hall Group (CHC) | Event (EVT) | HomeCo Daily Needs (HDN) | McGrath (MEA) | NIB Holdings (NHF) | Northern Star (NST) | NUIX (NXL) | Reliance Worldwide (RWC)
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ASX 200 sank another 64 points to 7347 (0.9%) as US markets weighed and Phil Lowe spent another day in a hairshirt. Losses across the board,the Banking sector still beyond underwhelming. CBA lost 0.5% and NAB was sold off hard down 2.2% with the Big Bank Basket down to $178.27 (0.8%). Elsewhere in financials, MQG’s crown slipped down 2.6%, MFG gave back some gains off 2.9% and GQG fell 4.5% and the insurance sector rallied on higher yields and a surprise, this time a good one from QBE up 7.4%. Industrials sold off, with interest rate sensitive stocks under pressure, GMG down 1.7%, TCL off 0.6% and even gaming stocks easing, ALL down 2.3% and TLC off 4.7%. Healthcare in retreat, CSL down 1.5% and COH fading 0.7%. Tech on the nose after Nasdaq falls, WTC down 3.6% on its biggest acquisition yet in railway logistics, XRO sold off down 5.6% and the All-Tech Index down 2.1%. Platform stocks missed the train, REA down 1.7% and CAR falling 1.4%. Resources were pummelled, Lithium stocks depressed, PLS down 5.3% and off lows, IGO fell 3.6% and AKE off 3.7%. Second liners all down, gold miners were mixed but uninspiring, oil and gas down on crude falls, WDS off 1.4% and STO falling 2.3%. Coal stocks too weakened. In corporate news, results again the feature, A2M up 6.3% on a SAMR audit update, BBN screaming blue murder falling 6.1% on results and losing its CEO, LFS fell 4.8% and its CEO set to leave too. On the economic front, plenty from RBA chief and the banks generally on looming cliff exposure. Asian markets weaker and 10-year yields pushing up again to 3.81%. Dow futures down 90 points and Nasdaq futures down 76 points.
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The Dow Jones Industrial Average shed 431 points, closing on its lows, or 1.26%. The S&P 500 dipped 1.38% and the Nasdaq fell 1.78%. Microsoft and Disney contributed the most to the Dow’s decline, down more than 2% each. SPI down 18 points.
- The US producer price index jumped 0.7% in January, driven up in part by a 5% surge in energy prices. That increase compared with a 0.2% drop from November to December, and it was nearly twice the rise that economists had been expecting.
- Excluding volatile food and energy prices, so-called core wholesale inflation was up 5.4% in January from a year earlier and 0.5% from December to January.
- Federal Reserve Bank of Cleveland president Loretta Mester said she saw a compelling case for rolling out another 0.5% interest-rate increase earlier this month.
- Commodities higher with copper at 1.9%. Oil down 0.3%. Gold up 0.2%.
- Results in focus.
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ASX 200 rallied back 58 points to 7409 (0.8%) after the drubbing yesterday. Bank steadied on NAB Q1 results, with NAB up 0.7% and ANZ up 0.6%. CBA copped some downgrades falling another 1.5% with the Big Bank Basket falling to $179.69 (0.750. MQG ran 1.7% with MFG also doing well on results up 6.4%, Insurers better too, QBE up 1.0% and SUN rallying 1.6%. Industrials were firm, WES kicked hard up 4.0%, Staples better, WOW up 1.4% and COL up 1.0%. TLS firmed up 1.9% on mobile dominance and dividend rise. Platform stocks in demand, REA up 4.9% and CAR better by 2.2%. Tech doing well with WTC up 3.2% and XRO up 4.1%. The All-Tech Index up 2.8%. REITs better led by GMG up 2.1%. Builders are back as JHX rose 4.8% and BLD up 2.9%. In the resource space somewhat more muted with BHP up 0.4% and RIO better, FMG outperforming up 1.5%. Gold miners hit another air pocket dropping hard. NCM knocked back Newmont falling 1.7% and results not helping, NST off 3.0% and EVN falling 2.0% on its results. Second tier lithium bounced a little and oil and gas slipped despite crude gains in Asia. Coal stocks mixed, WHC reported with a disappointing dividend, falling 2.8%. In corporate news, Super Thursday came and went. AMP back to SOP with its first dividend in five years but core business remains challenged falling 13.4%. MFG roused the animal spirits and rose 6.4% on its numbers. TLS raised the dividend under the new CEO, Vicki Brady. BAP bounced 5.2% on DIY car repair surge, PRN fell 9.5% on a Dugald mine incident update. SHL went supersonic rising 14.3% on its results, ORA jumped 14.8% on numbers. On the economic front, unemployment rose to 3.7% as signs emerge that Phil Lowe’s cunning strategy is working. In Asia, markets pushed higher with Japan up 0.6%, HK up 2.3% and China rallying 0.8% as ‘balloongate’ tensions ease. 10-year yields steady at 3.76%. Dow futures up 19 points and Nasdaq futures up 48 points.
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- The S&P 500 climbed 0.28% to end the session at 4,147.61 points.The Nasdaq gained 0.92% to 12,070.59 points, while Dow Jones Industrial Average rose 0.11% to 34,128.05 points.Nine of the 11 S&P 500 sector indexes rose, led by a 1.2% gain in consumer discretionary .
- More than half of all S&P 500 companies have reported quarterly earnings, and nearly 70% of those have topped profit expectations, according to I/B/E/S data from Refinitiv. That compares to a long-term average of 66%.
- U.S. retail sales increased by the most in nearly two years in January after two straight monthly declines
- SPI up 36
- Commodities eased. Gold down 1% as USD heads higher. Oil eases 0.4%
- Bitcoin surges above US$24,000
- Huge day for results. NAB Q1, TLS, GMG, SUL.
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ASX 200 fell 79 points to 7352 (1.1%) as banks fell sharply after CBA results prompted questions about the outlook. The Treasure calling on the ACCC didn’t help. The Big Bank Basket fell to $180.92 (5%) with CBA down 5.7% and NAB off 4.1%. Insurers lid a little, MPL up 1.3% and MQG down 0.4% with MFG getting a rare broker upgrade rising 7.1%. In the industrials, staples eased, WES reported good numbers and rose 1.3%, WOW slipped 0.8% and travel stocks were mixed as CTD delivered a sub optimal result cratering 8.7%. Tech was mixed, WTC up 0.6% and CPU dropping 4.0%. Healthcare saw COH rising 7.8% on the kick off of the buy back, CSL eased and SHL up 1.3%. REITs generally slightly firmer except GMG that fell 0.4%. In resources, BHP rose 0.5%, RIO up 1.5% but FMG delivered slightly underwhelming number and dropped 0.8%. Lithium stocks depressed. PLS fell 2.7%, IGO off 2.0% and LYC slipped 2.4% despite brokers warming to the story. Gold miners sold off, NCM down 1.8% and NST falling 2.4%. Oil and gas fell too, WDS off 2.4% and STO doing slightly less worse off 0.7%. Coal stocks back in focus, WHC up 3.5%. In corporate news, results dropped think and fast. TWE fell 6.9% on some disappointing numbers, slight miss, PME jumped 0.7% on its positive results. MYX restated FY22 revenue, PGH removed the interim dividend. NWL reported record earnings and VCX upgraded guidance. On the economic front, all eyes were on Phil Lowe who wore his best hair short to the Senate estimates. And banking arears according to S&P are on the rise. 10-year yields steady at 3.74%. In Asia, Japan down 0.5%, HK off 1.3% and China down 0.4%
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The Dow Jones Industrial Average slipped 156.66 points, or 0.46%, to close at 34,089.27. The S&P 500 fell 0.03% to 4,136.13. The Nasdaq Composite recouped losses to close 0.57% higher at 11,960.15, boosted by technology stocks including Tesla and Nvidia, which rose 7.51% and 5.43%, respectively. SPI Futures up 1.
- US CPI came in pretty much inline. Inflation rose in January by 0.5%
- “Super core” services inflation, which is key for the Fed and excludes food, energy and shelter, rose 0.2% for the month and was 4% higher than a year ago.
- Lael Brainard appointed as White House top economic adviser.
- Commodities mixed, gold steady and oil and oil down slightly.
- Results dominate: CBA cash profit up 9% on NIM expansion. Dividend up 20% to 210c.
- Phil Lowe to face Senate estimates today.
Catch up on the latest news with Henry Jennings’ Pre-Market Podcast.
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ASX 200 closes up 13 points to 7430 (0.2%) after caution crept in and results weighed. US CPI tonight the key. Resources turning negative as MIN fell 4.1%, AKE down 1.0% and BHP and RIO eased back. Gold miners steady but lithium under a little pressure. LYC unchanged on a Malaysian regulatory update. Oil and gas mixed, WDS down 1.1% but STO up 0.6% despite write downs. Coal stocks eased back. In industrials some good gains for tech with WTC up 3.1% and XRO up 2.2%. TLS managed a 1.0% gain and other defensives better WOW up 0.6% and ALL up 1.0%. REITS also did well, GMG gaining 0.2% and leading GPT 1.6% higher along with the sector. Banks firm ahead of the CBA number tomorrow, expecting around $5.2bn cash profits, the Big Bank Basket up to $190.47 (0.2%). Insurers gave back some of the gains yesterday, MQG up 0.7% and other money managers better. Healthcare feeling slightly better as CSL delivered results up 0.9% and RMD rallied 0.5% with SHL up 1.3%. In corporate news, plenty of results, JHX fell 4.3% on a downgrade to guidance, TPW crashed 26.9% on a miss on sales, ANN failed to bounce on disappointing results off 8.7% and BRG dropped 4.7% as air fryers were not enough to save the numbers. SGF did well up 9.1% and SGM put on 7.1% on its numbers, CGF also doing well on its results up 4.4%. In economic news, both Westpac and ANZ consumer surveys were soft, looks like in Japan they will have a new BoJ governor. Asian markets mixed again, Japan up 0.6%, HK up 0.2% and China down 0.3%. 10-year yields 3.74% steady here.
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Wall Street closed higher on Monday as investors awaited inflation data likely to hint at the path of the Federal Reserve’s future interest rate hikes, while Meta Platforms gained after a report that the Facebook parent was planning fresh layoffs.
The Dow Jones Industrial Average rose 374.45 points, or 1.11%, to 34,243.72. The S&P 500 gained 46.50 points, or 1.15%, to end at 4,137.48 points, while the Nasdaq Composite gained 174.12 points, or 1.49%, to 11,892.24.
- SPI Futures up 49 points.
- Commodities mixed with nickel down 4.5%, copper up 0.9%
- Oil 0.6% better and iron ore down 1.1%.
- Results in focus. CSL, ANN, BRG, CGF, CPU, JHX, SWM and others.
Catch up on the latest news with Henry Jennings’ Pre-Market Podcast.
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ASX 200 slips 16 points to 7408 (0.2%). Narrow trading range with results dominating. Banks eased back ahead of CBA numbers later this week, the Big Bank Basket fell to $190.08 (0.6%). Insurers doing well, IAG jumped 4.5% on results. QBE up 1.3% and SUN up 1.5%. Fund managers under pressure and MQG slipping 0.6%. Industrials mixed with REA down 1.6% on broker downgrades, CAR 0.6% better on results, SEK off 1.5% and tech mixed, WTC up 0.6% and XJO down 1.4%. The All-Tech Index falling 0.9%. Defensives holding the line, WOW up 0.1% and TLS better by 0.7%. REITs rebounding with VCX up 1.0% and GPT up 0.7%. Healthcare down, RMD off 2.1% and RHC off 1.8% with CSL flat. Resources weaker but no huge moves, BHP down 0.3% and RIO off 0.2%. Energy stocks all better, WDS up 2.1% and STO rallying 1.7% with coal stocks also in demand as China gears up to take Australian coal again. WHC up 2.5% and YAL up 3.9%. In results, a big start to the week but losses seem to be the main reaction. SGR fell hard, 21.0% on more write offs on compliance, AZJ dropped 6.5% with LLC down too on results. JBH reported too following its sales update and warned of tougher times ahead, LYC answered questions on Malaysian regulatory risks. APX also fell hard on its own write-offs, down 15.4%. VIT had a good day charging 15.2% ahead on a presentation. EDV toasted better numbers rising 4.1% with AD8 also doing well up 10.0% on record revenue numbers. Nothing significant on the economic front but 10-year yields pushing higher again. Asian markets mixed, Mixed with Japan down 0.5%, HK down 0.5% and China up 0.6%. Dow futures down 105 points and NASDAQ futures down 57 points.
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Dow Jones up 160 on Friday (+0.50%). Narrow range, up 197 at best, down 108 at worst. NASDAQ down 0.61% as Lyft falls 36% on results. S&P 500 up 0.21%. Tesla down 5%, NVIDIA down 4.8%. Energy stocks up as the oil price rises on a Russian production cutback. ExxonMobil up 4.21%.
For the week the Dow Jones was down 90 points (-0.26%). The NASDAQ was down 2.44% and the S&P 500 was down 1.11%. The main disappointment this week was a 9.7% drop in the Alphabet (Google) share price as their AI engine called Bard got a question wrong in a presentation knocking $150 billion off the market capitalisation in two days. Technology generally has topped out with Amazon down 5.6% on the week as well as Meta down 5.6%.
SPI Futures unchanged. For the week the ASX 200 was down 124 points (-1.65%).
Results this morning from IAG, JBH, AZJ, CAR, LLC and EDVTune in to Henry Jennings’ Pre-Market Podcast to get in the know for the day ahead.
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ASX 200 falls another 57 points to 7432 (0.8%) to a three week low, as results fall short and resources beyond underwhelming. Iron ore stocks starting to throw in the towel, BHP down 0.3%, RIO off 1.1% and FMG falling 2.3%. Gold miners weaker again, NCM down 1.9% and NST off 3.1%. Lithium stocks holding up relatively PLS steady with AKE down 1.3%. Coal stocks though walloped, WHC down 3.7%, NHC off 8.6% and SMR down 2.5%. Oil and gas stocks also in the doldrums, WDS off 1.7% and KAR down 1.8%. Banks eased again but still holding up relatively well. The Big Bank Basket down to $191.18 (). MQG tumbling 1.3%, insurers solid on rates rising again with 10s up to 3.71% yield. Money managers falling too, MFG down 3.4% with GQG off 1.7%. Tech stocks fell, WTC down 5.1%, XRO off 2.1% and the index falling over 2.1%. REITs suffering and healthcare weaker. RMD down 1.3% and COH falling on deaf ears off 1.3%. Results again dominating, REA fell slightly off 2.7%, NWS off 6.9% as cost cutting kicks in, DHG falling hard on REA numbers down 6.1%. In economic news, the RBA released its Statement of Monetary Policy again with a hawkish boas and stresses more rate pain to come. Chinese CPI rose to 2.1% on Lunar New Year demand. Asian markets mixed still with Japan down and China up. 10-year yields pushing higher again to 3.71%.
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US markets fell overnight due to uncertainty and inflation signals, with the Treasury yield-curve inversion reaching its deepest level since the 1980s. US retail investors turned bullish for the first time since April, which is also seen as a negative indicator, pushing markets lower. Alphabet (Google) continued to drop, down 4.39% after a disappointing investor meeting on Wednesday.
The Dow Jones was down 249 points (-0.73%). At best it was up 304 points, and at worst it was down 342 points. The NASDAQ dropped 1.02%, and the S&P 500 finished down 0.88%. In Europe, Stoxx 50 +0.97%, UK FTSE +0.33%, France's CAC +0.96%, German DAX +0.72%. SPI Futures are down 26 points (-0.35%) as the ASX is expected to follow wall street lower.
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ASX 200 drops 40 points to 7490 (-0.5%) as results dominate but downgrades continue. Industrials sagged badly with WOW down 0.8%, COL off 0.8% and WES falling 0.6%. REITs stumbling lower on higher 10-year bond yields around 3.66%. GMG down %, CHC off 1.3% and GPT falling 1.6%. Tech eased too as WTC fell 1.6% and XRO down 2.4% with the All-Tech Index down 0.8%. Banks were soggy, the Big Bank Basket unchanged at $191.98. MQG down 0.6% and insurers falling hard, SUN down 2.3% reversing the gains yesterday, QBE down 1.6% and IAG off 3.1%. In resources, not much to cheer about, iron ore stocks held up ok, but coal stocks fell into a black hole despite a ship arriving in China, NHC down 4.9% WHC off 5.9%. Gold miners fell, NCM down 1.5%, NST hit 1.7% and lithium stocks depressed, PLS falling 3.2%, AKE down 4.1% and LYC falling too down 1.7%. Oil and gas stocks mixed, HZN being a winner today, up 3.3%. In corporate news, AGL had a power cut falling 10.3% on dismal numbers, STO resumed WA ops, CHC reaffirmed guidance and MP1 skips a dividend, not unexpected. Nothing on the economic front except for banks raising mortgage rates and sticking with deposit rates. Economic data thin on the ground too. Asian market mixed still with Japan down and China up. 10-year yields pushing higher again. Dow Jones futures up 95 points. NASDAQ futures up 40 points.
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- U.S. stocks slid Wednesday as investors returned focus to the latest batch of corporate earnings. Wall Street also continued to weigh the outlook for future Federal Reserve policy moves.
- The Dow Jones Industrial Average fell by 207.68 points, or 0.61%, to 33,949.01. The S&P 500 slid 1.11% to end at 4,117.86 . The Nasdaq Composite dropped 1.68% to close at 11,910.52.
- SPI falls 31 points.
- Google slammed after Chatbot Bard makes a factual error in a public demonstration.
- Disney results beating estimates cutting US$5.5bn in costs and retrenches 7,000 people. Stock is up 5% after hours.
- Copper prices slipped by 0.30% overnight after having added 0.72% the previous day as the market weighed the latest comments by Federal Reserve officials on the pace of interest rate hikes. Aluminium fell 1.91% after inventories surged, Zinc down 2.19%, Lead and Tin both up 0.57% and 0.40%, respectively. Gold gained 0.27% in a choppy session, backed by a weak dollar and expectations around slower rate hikes from the Fed. Bitcoin fell 1.52%. WTI up 1.69% and Brent up 1.48% as prices remain supported by optimism for an increase in demand. The markets are reacting to every indication from central banks trying to anticipate whether the central banks are tightening too much or whether there will be relief from lower rates.
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ASX 200 rallies 26 points to 7530 (0.4%). Results in focus. BLD shows pricing power up 12.8% with CSR following in its wake. Resources attracting buyers again. BHP up 0.2% and RIO up 1.1% with the gold miners mixed, NCM up 2.6% and NST better by 1.0%. Lithium stocks back in demand, PLS up 3.8% and AKE up 2.9% with LTR doing well too, up 3.8%. Coal stocks eased back after solid gains yesterday, oil and gas mixed, WDS up 0.6% and STO down 0.3%. In the industrials, healthcare slid led by CSL off 0.6% and SHL falling 3.0%. REITs mixed with GMG up 0.1% and GPT down 0.9%. Tech mixed too. CPU down 0.4% despite yields pushing higher. The Big Bank Basket rose to $192.07(0.3%). NAB the standout up 1.0%. Insurers doing well as SUN reported and rose 4.6% with QBE up 0.8% and IAG up 2.8%. MPL also putting in a solid day up 2.0%. Mixed session in staples and retail, DMP falling 1.2% and BXB down 2.0%. In corporate news today, AMC fell 3.3% on results, ELD had to reply to an ASX please explain, down 5.9%. BHP had to shut its iron ore production due to a fatality. WGO finally fell to Gina after STX threw in the towel. CHC back in acquisition mode this time in Canberra and SUN kicked the lights out with a big jump in insurance premiums behind a profit jump, up %. Nothing on the economic front today and Asian market mixed. 10-year yields heading higher again up to 3.62%. Dow Jones futures down 22 points and NASDAQ futures up 4 points.
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US stocks rallied overnight in a volatile trading session following comments from Fed Chairman Powell regarding how long the fight to tame inflation may take. The Aussie dollar and Yen both appreciated after interest rate announcements and strong Japanese wage data, causing a decline in the US Dollar Index. US treasuries edged higher, and more than half of the companies listed on the S&P500 have now reported with ~70% beating expectations. Tech giants rallied Google +4.61%, Meta +2.99%, and Microsoft up +4.2% and Bed Bath & Beyond plummeted 45.73% after seeking a $1bn raise to avoid bankruptcy.
The Dow Jones was up 266 points (+0.78%). At best it was up 349 points, and at worst it was down 257 points. The NASDAQ rose 1.9%, and the S&P 500 finished up 1.29%. In Europe, Stoxx 50 +0.1%, UK FTSE +0.4%, France's CAC -0.1%, German DAX -0.2%. SPI Futures are up 34 points (+0.46%) this morning as US optimism spills over.
Copper prices rose 0.7%, as the pause in the dollar rally and stabilization in global equities pulled prices from a four-week low. Doubt still remains as Chinese demand has failed to increase following the Lunar New Year holiday period. Gold prices rose 0.2%, due to a slight pullback in the dollar and reactions to US Fed Chair Powell's comments. Other metals are mostly up, Zinc +2.85%, Aluminium +0.1%, Nickel +0.7%, Lead +0.7%, and Tin +1.5%. Oil prices jumped overnight WTI up 4.13% and Brent up 3.18%, due to supply shortage concerns and a positive outlook for demand recovery. Ceyhan port in Turkey will be closed until Wednesday after the earthquakes, while Saudi Arabia raised prices for Asian markets, indicating higher demand. Bitcoin up 0.95% overnight.
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ASX 200 fell 35 points to 7504 (0.46%) after the RBA raised rates 25bps as expected though perhaps a more hawkish tilt than some had hoped for. Losses across the board accelerated, Banks sagged, CBA off 0.4% NAB down 0.5% and the Big Bank Basket down to $191.42 (0.3%). MQG edged 0.7% higher following a 9-month update, insurers better on the rate rise, QBE up 0.2% and SUN rising 0.9%. Industrials flopped around with the REITs down and dirty, GMG falling 2.3%, SCG off 1.0% and staples also slipping lower, COL down 0.9% and WOW off 1.2%. Tech under a little pressure but held up well all things considered. WTC down only 1.8% and CPU off 0.5%. The All-Tech Index fell 0.2%. Healthcare in casualty. RMD falling another 1.1%, CSL seeing profit taking down 1.2% and SHL sliding 3.3% on broker commentary. In resources, another sorry day as some lithium players fell again, BHP off 0.4% and RIO down 0.9%. FMG bucked the trend rising 0.4% and gold miners steadied with NCM up 1.7% and EVN rising 0.6%. Energy stocks firmed, WDS up 0.3%, and coal stocks doing very well, WHC up 1.9% and NHC rising 3.7%. In corporate news, NXL rose 43.7% on a court win, TCL slipped 0.6% lower on results and CEO retirement, MQG showing class again with positive results boost. In economic news, the RBA decision dominated all, trade surplus numbers too with a $12,237m surplus. Asian trade mixed with Japan flat and China and HK both better.
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Wall Street dropped overnight ahead of Federal Reserve Chairman Jerome Powell's interview on Tuesday. The interview is expected to solidify further rate increases with Fed Bank of Atlanta President saying the strong Job numbers report in January raises the possibility of further rate increases. Newmont down 4.51% after announcing a bid for Newcrest Mining. Geopolitical tensions persist, with the US planning to impose a 200% tariff on Russian aluminum and a decline in US-listed Chinese shares due to Washington's shooting down of a Chinese surveillance balloon.
The Dow Jones was down 35 points (-0.01%). At best it was up 37 points, and at worst it was down 242 points. The NASDAQ dropped 1%, and the S&P 500 finished down 0.61%. In Europe, Stoxx 50 -1.23%, UK FTSE -0.82%, France's CAC –1.34%, German DAX -0.84%. SPI Futures are up 1 point (+0.01%) this morning, holding steady before the RBA's interest rate decision today.
Copper prices fell due to weak demand in China and a stronger US dollar. Copper is down 1.2% at $8,869 a tonne, with concerns about demand recovery in China and manufacturing activity still shrinking. Inventories in LME-approved warehouses remain low, but discounts for cash metal suggest the market isn’t concerned about availability. Zinc down 3.31%, Aluminium fell 1.38%, Lead gained 0.52%, Nickel down 4.8% and Tin down 4.97%. Gold price rose 0.17% to $1868.7 due to its safe-haven appeal as economic slowdown worries persist, after a stronger dollar and higher Treasury yields pushed prices to a one-month low. WTI crude up 0.97%, and Brent rose 1.61% as the European ban on seaborn imports and price caps for Russian oil products came into effect on Sunday. Bitcoin steady up 0.69%.
RBA today at 2.30pm. MQG and TCL the results focus.
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ASX 200 slipped 19 points to 7539 (0.3%) on tepid trade as resources were sold off in lithium and gold miners. NCM held up the Gold Index but the reality was a broad sell off. Only NCM, RIO and BHP in the green today. Lithium stocks under pressure, IGO off 1.4% and PLS down 2.5% with LTR falling 3.9%. Gold miners hit hard as bullion fell, RRL down 1.0%, SLR off 3.6% with NST down 0.9%. NCM rallied 9.3% on news that Newmont had approached the company with a script bid. Energy stocks slightly firmer with WDS up 1.2% and STO up 0.3%. Coal stocks better, WHC rallying 2.9%. In the industrials, REITs fell back to earth with a thud. GMG down 2.5% and GPT down 2.1%. Losses across the board in industrials, Healthcare slid led by CSL off 0.6% and SHL down 2.2%. Tech weaker with the All-Tech Index down 1.2%. WTC falling 2.9% with CPU up again by 2.4%. Banks eased, the Big Bank Basket down $192.06 (0.3%) and MQG off 0.8%. In corporate news, NCK tumbled 13.0% on its results, no guidance and disappointing dividend not helping. MFG unchanged as FUM actually rose despite outflows slowly. PMT up another 9.6% on extension to the recent strike length. On the economic front, retail trade numbers with Asian markets falling as balloons pop. Japan up 0.7% HK down 2.3% and China down 1.7%. 10-year yields 3.47% again.
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Dow Jones down 128 (-0.38%). Up 126 at best, down 240 at worst. S&P 500 up 0.42%. NASDAQ down 1.6% as the Thursday bubble deflated.
In commodities BHP and RIO dropped 0.7% and 0.6% in the US. The oil price was down 4.25%, the gold price was down 4.4%, otherwise metal prices were fairly stable. The iron ore price dropped 1.9%. Lithium also dipped a touch down 0.42%.
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ASX 200 closes up 47 points to 7558 (0.6%) as 10-year yields tumble and rate sensitive stocks rally. Banks leading the charge higher with CBA hitting records, ANZ screaming ahead up 2.3% and the Big Bank Basket up to $192.72 (1.5). ASX up 2.5% and fund managers cheering up, even MFG up 1.4%. MQG lagging a little. Insurers under a little pressure after IAG warning on margins. Industrials doing very well, TLS up 0.7%, WOW up 0.7% and WES rallying 1.3% with TCL up 0.9%. Tech better in places, CPU rallied 3.8% as traders squared books, WTC fell 2.4% and XRO down 0.7% with the All Tech Index up 0.8%. REITS doing well, GMG the star up 2.8% with SGP in the frame too up 3.0%. Healthcare soared led by CSL which is trying to break out from 4 years of slumber. Positive numbers from competitor helping up 3.0%. Resources were in a world of pain as sector rotation continues, BHP off 1.9% and RIO down 2.0% with FMG falling 1.3%, lithium stocks better, PLS up 1.9% and AKE up 0.8% with gold miners playing Duke of York marching up and then back down again. NCM down 2.9% and NST off 4.0%. Oil and gas finding support with STO up 0.9% and WDS up 0.7%. Coal stocks slightly better. In corporate news, JHG doing well up 12.9% in latest FUM numbers. On the economic front we got some lending numbers and Asian markets slipped on tech woes in HK. 10-year yields falling to 3.37%.
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The S&P 500 rose to its highest level in five months on Thursday as better-than-expected Meta results further improved sentiment around technology shares, which led the market lower last year.
The broader market index jumped 1.47% to 4,179.76, or its best level since August. Meanwhile, the tech-heavy Nasdaq Composite advanced 3.25% to 12,200.82, or its highest level since September. The gains come ahead of a trio of Big Tech results after the bell in Apple, Amazon and Alphabet.
Apple down 3.5% after hours, Amazon down around 5% and Alphabet down around 4.5%. Atlassian down 12%.
ECB and BoE raise rates 0.5%.
USD stronger. Gold drops 2%. Oil down 1.6%.
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ASX 200 gave back nearly all of the early gains closing up 10 points at 7512 (0.1%) as big resources saw profit-taking across the board. Had to happen at some stage. BHP fell 1.4% with RIO under serious pressure having found the capsule down 2.3%. FMG held up better. Gold miners were superstars, NCM up 3.7% with NST up 4.6% and DEG up 3.4%. Lithium stocks better, LTR up 2.3% and CHN doing well up 6.2%. SYA too bouncing back up 5.9%. Oil and gas stocks slid as WDS fell 1.0% and STO off 1.6%. Coal stocks ease, WHC down 1.2%. Industrials and tech the winners today. Tech stocks powering ahead as Meta delivered. WTC up 6.8%, XRO surging 7.5% and ALU up 3.5%. The All-Tech Index up 3.6%. REITs better, GMG up 0.9% and MGR up 1.7%. Interest rate sensitive stocks also doing well, TCL up 0.9% and AIA up 1.0%. Healthcare still trundling higher, CSL up 1.0% and FPH up 0.6%. RMD a slight struggle, off 0.7%. Old Skool platform stocks better too, REA up 3.0% and CAR up 2.0% and SEK doing well up 5.4%. Banks slipping off highs with the Big Bank Basket down to $189.89 (0.5%). Insurers falling hard with QBE off 4.8%. MQG kicks higher by 1.8%. In corporate news, PNI disappointed with results falling 2.7%, ASX has two new board members and DRO in a halt as it raises money. On the economic front, building permits jumped 18.5% MoM in December 2022. Asian markets mixed, HK up 0.4% the best of the bunch. Dow Jones futures down 42 points. NASDAQ futures up 122 points.
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The S&P 500 gained 1.05% to 4,119.21, reversing an early decline of almost 1%. The Nasdaq Composite added 2% to 11,816.32, boosted by gains in chipmakers following strong earnings from AMD. Meanwhile, the Dow Jones Industrial Average rose 6.92 points, or 0.02% to 34,092.96 , after sliding more than 500 points at the day’s lows.
Fed chief Jerome Powell soothes the market nerves despite a 0.25% rate increase.
USD falls, gold rallies. AUD at 71.40c Commodities and oil ease.
The big news after hours was Meta and its results together with a US$40bn stock buyback. The stock rallied another 17% on the news.
Headline inflation in the euro zone came in at 8.5% in January, according to preliminary data released Wednesday. In December, the rate was recorded at 9.2%.
ECB and BoE to come tonight.
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ASX 200 rose 25 points to 7502 (0.3%). Some caution crept in ahead of the FOMC meeting. Resources firmed but unspectacular, BHP up 0.3%, RIO bouncing 1.4% and FMG up 0.4%. Lithium stocks slightly better but no great shakes, PLS up 0.4% and IGO up 1.0%. Gold miners eased back especially in the second liners, SBM, DEG and SLR. NST one of the positive ones up 0.7%. Oil and gas slid with WDS down 1.4% and STO falling 1.0%. Coal stocks eased with WHC down 1.6%. In the industrials, tech was varied, WTC down 1.7% with XRO eking out some gains. REITS firmed GMG up 1.2% and GPT up 1.3%. Healthcare better, CSL leading up 1.2%, RMD up 0.4%. Banks mixed with CBA coming off record highs, WBC down 0.5% and the Big Bank Basket steady at $190.76. In corporate news, FLT returned from the cap raise and acquisition with the shorts running for cover, up 8.1%, well off highs.. CCP turned positive after 1H results up 1.7%. TRS CEO has resigned. NUF reaffirmed guidance. On the economic front RBA’s head economist said inflation had peaked in late 2022. In Asian news Caixin manufacturing PMI not as strong as hoped at 49.2 in January. Asian markets choppy on the news. Barely changed though. 10-year yields up to 3.57%.
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US markets were up overnight, adding to January's rally, as signs of easing labour costs and cooling inflation helped boost the market. US treasury yields and the dollar index declined. Exxon and GM up2.2% and 8.35%after positive earnings releases, while McDonald’s and Caterpillar were down 1.39% and 3.52% on their results.
The Dow Jones closed up 369 points (+1.09%). At best it was up 378, and at worst it was down 52. The S&P 500 was up 1.46%, and the NASDAQ was up 1.67%. In Europe, STOXX 50 gained 0.15% FTSE -0.17% CAC +0.005% DAX -0.2%. SPI Futures are up 44 points (+0.59%).
Copper rose 0.20% overnight following a fluctuation in prices that reached seven-month highs before falling due to the Fed's hawkish tone, which strengthened the dollar making industrial products more expensive for buyers using other currencies. Base metals showed mixed results, with Aluminum and Nickel up 1.74% and 3.07%, while Zinc, Lead, and Tin fell 1.11%, 0.14%, and 0.62%. Gold gained 0.30%, marking its third consecutive monthly increase, backed by a weak dollar and expectations around slower rate hikes from the Fed. WTI rose 1.26% while Brent fell 0.61%, despite recent data indicating a sharp rebound in Chinese manufacturing and services activity in January. Bitcoin up 1.97% to $23k, up 39.1% for the month.
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ASX 200 slipped 5 points to 7464 (0.1%) as an early rally reversed. The index does not tell the whole story though with huge volatility in some sectors. Some caution crept in ahead of the Fed and US results and end of month book squaring taking the wind out of the lithium sector and golds. Resources were smashed although BHP, RIO and FMG holding up but S32, IGO and PLS gave up the uneven struggle and threw in the towel short term, Quarterlies dropping all over the place. Gold miners failed to impress as NCM fell 1.2%, NST off 1.7% and EVN falling 2.4%. Rare earths too in the headlights, LYC down 3.3%, MIN off 3.9% and CXO falling 5.7% in lithium. Nasty end to the month from the resource sector. Oil and gas mixed, coal eased, NHC off 0.3%. Banks were flat with the Big Bank Basket unchanged yet again at $190.69. Insurers mixed and money managers eased, GQG off 4.4%. REITs slipped after some good sessions, GMG off 0.8% and CHC down 2.3%. Tech stumbled lower, CPU off 0.6% and XRO down 1.1%. The index dropped 1.0%. Healthcare recovered as defensives generally improved, CSL up 1.7% and RMD up 2.4% after a big drop yesterday. WOW flying on retail numbers up 3.8% and COL up 2.4%.
In corporate news, it was all about quarterlies, MP1 were smashed 24.7% on a disappointing result, PBH in similar fashion as it extended its deal with NBC, down 17.4%. SYA dropped 11.9% on a successful ore crushing trial, PWH rallied hard up 5.0% on a UK acquisition and NXD starting to look interesting on an update, up 5.8%. FLT in a halt on a capital raise and UK acquistion.
On the economic front, the December retail numbers missed by a country mile and showed that the Black Friday sales pulled spending out of Xmas. We got slightly better Chinese PMI numbers today. In Asia, Japan eased 0.2%, HK fell 1.2% and China off 0.8% after a huge run. 10-year yields at 3.52%. No great shakes post retail sales numbers.
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US markets fell overnight weighed down by declines in the tech sector and other mega-cap shares, leading into a full week of central bank announcements and earnings reports from big-tech companies including Alphabet and Meta.
More than 100, S&P 500 companies are expected to report this week as well as the closely watched U.S employment data that may shed some light on whether progress has been made to bring inflation down. US treasury yields rose, the dollar index is up, and oil fell as the market awaits clues about the Fed’s path forward.
The Dow Jones closed down 261 points (-0.77%). At best it was up 77, and at worst it was down 283. The S&P 500 fell 1.30%, and the NASDAQ was down 1.96%. In Europe, STOXX 50 -0.5% FTSE +0.3% CAC -0.2% DAX -0.2%. SPI Futures are down 10 points (-0.13%).
On the corporate front, those having earning reports due this week including Apple (-2%), Amazon (-1.6%), and Alphabet (-2.4%), Meta (3.1%) closed in the red. Meantime, Microsoft and Tesla fell 2.2% and 6.3% respectively.
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ASX 200 fell 12 points at 7482. Resources came under a little pressure as China came back online and RIO fessed up to losing a radioactive capsule. RIO down 1.1% on the news, BHP off 0.6% and FMG off 1.3%. Lithium stocks in demand again as Chinese producers making record profits, PLS up 2.0%, AKE up 1.1% and rare earths also doing well with LYC up 6.9% with ARU continuing 1.8% higher. Quarterlies helping sentiment. Gold miners steady and better in places, SBM up 6.1% and NST rallying 1.0%. Oil and gas steady with coal stocks steadier after a dismal day Friday, WHC down 0.5% and NHC 0.7% better. In the industrials, REITs continue to find buyers, GMG up 1.1% and CHC rallying 2.2%. 'Old Skool' platforms better too, REA up 2.8% as first cab off the results rank. Tech better following Nasdaq higher with the Index up 2.2% and XRO up 3.1% with WTC better by 5.2%. Healthcare under pressure, RMD fell hard on results and comments, down 6.8%. Banks flat with the Big Bank Basket unchanged. In corporate news today, plenty of quarterlies again, SUN and IAG hit by floods in NZ down 2.0% and 3.7% respectively. LFS soared 9.1% on news that DJs will be using it as card provider. LYC soaring on quarterly. OZL sees record output but pricing pressures from higher energy prices. Nothing on the local economic front. In Asia, mixed results as Lunar New Year ended. 10-year yields up to 3.56%. Dow Jones futures down 105 points. NASDAQ futures down 54 points.
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The Nasdaq Composite jumped 0.95% to settle at 11,621.71, while the S&P 500 gained 0.25% to close at 4,070.56. The Dow Jones Industrial Average added 28.67 points, or 0.08%, to finish at 33,978.08.
All the major averages posted a positive week and are on pace for a month of gains. The tech-heavy index rose 4.32% and closed out its fourth week of gains. It’s on pace for its best monthly performance since July. The S&P and Dow added 2.47% and 1.81%, respectively, this week.
Tesla up 33% last week.
Big week for central banks. Fed, BoE and ECB the focus.
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ASX 200 rose 26 points to 7494 (+0.3%) for the fourth week of gains. Resources and banks better. BHP leading the way up 0.6% with FMG in stasis after record production numbers. Lithium stocks saw some sector rotation as PLS saw some take money off the table falling 4.1% and IGO down 0.5%. Others rose like VUL and LTR. Gold miners fell NCM down 2.3% and DEG off 1.3% with SBM having a better day than Wednesday, up 5.0%. Coal stocks were hit hard with WHC down 6.6% and NHC off 9.0%. Oil and gas mixed despite better crude prices. WDS off 2.4% and STO flat. Banks did well again with the Big Bank Basket up to $190.55 (+1.0%). CBA leading the charge hitting highs up 0.9%. ANZ also in demand up 1.5% with insurers doing ok, QBE up 1.0% and SUN better by 0.8%. REITs firmed despite 10-year yields up to 3.56% GMG up 2.6% and MGR up 1.3%. Tech doing ok. WTC up 2.6% and XRO finding some support up 1.6%. The Index up 0.8%. Industrials firm. WOW up 1.2% and WES up 0.6%. Healthcare eased CSL down % and RMD rallying 2.3% on better-than-expected results. In corporate news, a few quarterlies, FMG and RMD some of the bigger ones, TYR up 4.0% on Potentia given DD, VEA got approval to buy Coles Express. SHV bounced 4.6% on a dismal harvest and ORG up 0.7% on a lift to earnings guidance. In economics, PPI out and import-export prices. Asian markets still affected by closures, Japan flat. 10-year yields at 3.58%. Dow Jones futures down 16 points. NASDAQ futures down 71 points.
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- The Nasdaq Composite jumped 1.76% to settle at 11,512.41. The Dow Jones Industrial Average rose 205.57 points, or 0.61%, to end at 33,949.41, while the S&P 500 gained 1.1% to close at 4,060.43.
- GDP data released at 2.9% for the quarter annualised. Higher than forecasts.
- Tesla the focal pint on results up 11%
- Intel after hours disappointed down around 6%.
- AUD jumps to highest since June.
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ASX 200 slips 22 points to 7468 (-0.3%) on higher-than-expected CPI. Turnaround from solid open as CPI came in above expectation at 7.8% highest since 1990. Resources slid a little with BHP off 1.0% and RIO down 0.7% with quarterlies dominating and gold miners sliding lower. SBM collapsed on quarterly down 21.4%, lithium slightly better in places, IGO up 0.3% and MIN falling 2.2% on delays at Mt Marion. Energy stocks slipped, WDS off 1.2% despite record production numbers, STO down 1.6% and WHC off 1,4%. Banks better on higher yields, CBA up 0.7% and NAB better by 0.5%. The Big Bank Basket up to $188.58. MQG better and insurance stocks gaining on yields. QBE up 1.0%. REITs slipped with GMG down 0.7% and SCG off 1.0%. Tech down, WTC unchanged on an acquisition. XRO under pressure down 2.8% and the All-Tech Index down 1.3%. Healthcare down too, CSL off 0.6% and RHC off 1.0%. In corporate news, NWS and Fox will not be merging, ALX down 0.2% on pre-CV19 trends, US lithium company Albemarle lifts lithium demand by nearly 15%. In economic news, CPI up 7.8% in highest jump since 1990. Analysts go back to the drawing board with 40bps suggested by some in Feb. Asian markets still celebrating Lunar New Year although Japan up 0.5%. 10-year yields up to 3.50%. Dow futures down 89 points. NASDAQ futures down 92 points.
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The Dow gained 140.40 points, or 0.31%, to close at 33,733.96. The S&P 500 dipped 0.07% to settle at 4,016.95, while the Nasdaq Composite dropped 0.27% to end at 11,334.27.
72 of the companies in the S&P 500 have now reported with 65% of those beating consensus.
Treasuries were firmer with the curve flattening, ending near best levels after today's strong 2Y auction.
- Microsoft beats estimates and up 3.8% after hours.
- Murdoch has called off Fox-Newscorp Merger.
- Local CPI tipped around 7.5% Core 6.5%.
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The Nasdaq Composite surged 2.01% to finish at 11,364.41, while the Dow Jones Industrial Average rose 254.07 points, or 0.76%, to end at 33,629.56. The S&P 500 added 1.19% to settle at 4,019.81.
Tesla and Apple gained on hopes that a reopening in China would boost their businesses. Both big tech names recently grappled with temporary shutdowns and blows to production as the country dealt with surging Covid-19 cases.
Semiconductor stocks rose Monday, with the Semi Conductor ETF surging 4.7% for its best day since November.
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ASX 200 closed up 5 points to 7457 (0.1%) in thin trade as resources slipped slightly on Lunar New Year with BHP down 1.1% and FMG off 1.0%. Lithium and base metals picked up led by PLS up 6.2% with IGO up 3.1% and LTR bouncing from Friday’s sell off, up 6.9%. Base metals and other commodity stocks did well, NIC up 3.2% and SYR up 1.3%. Gold miners too in demand, NCM up 0.5%, DEG up 0.3% and SBM doing well up 5.3%. Oil and gas stocks better, KAR up 7.4% on a reserve upgrade, WDS up 1.7% and STO still stuck in a hollow. Banks unchanged as Macquarie downgraded the outlook for the big four, Big Bank Basket $188.93, MQG up 0.7% and QBE doing well up 0.4%. Tech stocks in demand as SQ2 rallied 6.1% dragging ZIP with it by 22.8% and SZL numbers helping too rising 38.9%. XRO up 1.4% and CPU rallying 1.2% too. The All-Tech Index up 1.3%. Industrials firm but unexciting. Healthcare mixed, REITS better with GMG down 0.8% letting the side down. In corporate news, plenty of quarterlies again, AFI and WLE upped dividends, SMR achieved guidance but still tumbled lower, SZL reported it’s second month of profitability. On the economic front, supermarket inflation jumps 9.2% with dairy and meat leading the gains. Asian market mostly closed for Year of the Rabbit celebrations. Japan no bunny up 1.3%.
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The Dow Jones Industrial Average added 330.93 points, or 1%, to close at 33,375.49, while the S&P 500 advanced 1.89% to 3,972.61. Both indexes snapped a three-day losing streak. Meanwhile, the Nasdaq Composite rose 2.66%, with help from Netflix and Alphabet, to end the day at 11,140.43
- Wall Street climbs on Alphabets, Netflix lift.
- Netflix subscriber growth easily tops expectations.
- Stocks gain, dollar jumps.
- Google parent to lay off 12,000 workers as AI focus intensifies.
- China kicks off Lunar New Year holiday.
- For Chinese Lunar New Year tourists, retailers roll out rabbit dances, red lanterns.
- China plays down COVID outbreak with holiday rush at full tilt
- Iron ore futures buoyed by China demand sentiment despite early week slump.
- Oil up more than 1% on track the second week of gains on China demand outlook.
- Gold eases as dollar ticks up, but set for fifth weekly rise.
- Global refined copper market swings to deficit in November.
- Fortescue sees renewables overtaking iron ore business.
- Nickel stocks at 14 year low but Indonesian supply of NPI to fill the gap.
- Macquarie predicts nickel surpluses in 2023 and 2024 after price up 45% last year. Plentiful nickel supplies for electric vehicle industry.
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ASX 200 finished the week well up 17 points to 7452 (+0.2%) at a nine-month high, with big resources driving things higher. BHP heading up on broker positivity up 0.5% with RIO up 1.0%, gold miners doing well too, NCM up 2.4% and NST rallying another 3.2%. PLS was the standout after its huge cash pile just keeps on growing, up 13.2% and MIN up 1.8%. In lithium we trust, except for LTR which cratered 8.3% on a Kathleen Valley update with some cost blowouts (more funding required?). Base metals were firm, S32 up 0.2% and LYC up 2.2%. Oil and gas stocks continuing higher, WDS up 0.7% and STO seeing friends after quarterly, up 1.5%. Coal stocks soaring as WHC delivered rising 6.2%. Banks stuck with the Big Bank Basket unchanged at around $189.01. Other financials eased back, money managers down MQG off 0.7% and ASX off 0.8%. Insurers slightly better. Industrials mixed, healthcare saw some profit-taking as COH dropped 1.2% and RHC down 1.0%. Tech eased, XRO down 1.1% and Staples down. WOW off 0.5% and ALL off 1.1%. In corporate news, KAR up 3.4% on Brazilian permits, CCX down 7.7% on sales drop and SUL in trouble over pay. In economic news, Japanese inflation at its highest level in 40 years. Asian markets gearing up for the Rabbit, Japan up 0.5%, China up 0.5% and HK up 1%. 10-year yields steady at 3.40%. Dow futures up 39 points and Nasdaq up 43 points.
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US markets are down overnight for the third straight day as concerns for global recession mount with more US Fed officials taking a hawkish stance after new economic data pointed to a tight labour market. European markets fell from ECB Christine Lagarde’s comments at Davos and the Yen appreciates against the greenback following BoJ’s policy decision the previous day.
The Dow Jones closed down 252 points (-0.76%). At best it was down 69, and at worst it was down 315. The S&P 500 fell 0.77%, and the NASDAQ was down -0.96%. In Europe, STOXX 50 -1.9% FTSE -1.1% CAC -1.9% DAX -1.7%. SPI Futures are down one point (-0.01%).
Commodity prices dropped overnight, with Copper down 0.5% due to declining short-term demand. China's Lunar New Year celebrations and slowing economies in the West are pushing metal prices lower. Lead down 2%, Tin down 1.2%. Aluminium dropped 1.7% as smelters possibly begin reopening after temporarily shutting down due to high energy costs, increasing supply. Zinc is up 0.7%, Nickel is up 5.8%, Gold is up 1.1% with no clear reason. Brent Oil and WTI are up 1.77% and 0.98% due to demand speculation.
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ASX 200 shook off early apathy post the jobs number and BHP quarterly and saw the ASX 200 up 42 points to 7435 (+0.6%). SPI and ETO expiry helping volumes. Resources led the charge higher with BHP up 1.2%, RIO sprinting ahead 3.3% and FMG doing well up 1.7% ahead of Chinese New Year and better ore prices. Lithium stocks remain under some pressure, PLS up only 0.3% and IGO up 0.9% with some base metal stocks falling, NIC returned from a trading halt falling 6.7% towards placement price. Gold miners were steady but unspectacular. NCM up 0.9% and NST rising 1.0%. Oil and gas stocks eased, WDS down 0.6% and STO down 1.6%. Coal stocks better. Industrials firm with TLS up 1.5% and TCL enjoying lower bond yields up 1.5%. REITs too slightly higher, GMG up 0.6%. Tech stocks in the naughty corner, CPU down 0.1% and XRO off 1.1%. The All-Tech Index fell 0.5%. Healthcare better and banks heading higher again. The Big Bank Basket up to $188.19 (+0.7%). Insurers better despite lower yields, QBE better by 0.8% and SUN up 3.7%. Fund managers slid with MFG still falling, down 0.6%. In corporate news, plenty happening, BHP quarterly production numbers cheered, NWL fell hard on FUA numbers, down 9.2%. NIC returned after 102c placement, AWC troubled by Alcoa numbers disappointingly down 6.8% and PDN fell 5.8% on its quarterly. On the economic front jobs numbers at 3.5% slightly higher, maybe the RBA can pause? Maybe. Asian markets mixed. 10-year yields 3.32% Dow futures down 41 points. Nasdaq futures down 5 points.
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US markets fell overnight, with the Dow down 1.81% as two Fed Officials called for continued interest rate increases off the back of weak retail sales data showing consumers are retrenching but still exceeded estimates.
The Dow Jones closed down 614 points (-1.81%). At best it was up 106 points, at worst it was down 641 points. The NASDAQ declined 1.24%, as rate-sensitive sectors declined, Tesla down 2.06% Amazon down 0.61%, and Microsoft down 1.89%. The S&P 500 fell 1.56%. In Europe, STOXX 600 +0.23%, FTSE -0.26%, CAC +0.08%, and DAX -0.03%. SPI Futures are down 31 points.
HEADLINES
- BOJ has markets bracing for more bond, FX turmoil as shift seen inevitable.
- Wall St closes lower after weak data, hawkish Fed comments.
- Bed Bath & Beyond looks for buyer ahead of potential bankruptcy filing – CNBC.
- Oil eases 1% as U.S. recession worries offset China recovery hopes.
- U.S. dollar tumbles after weak data; yen flat as BOJ impact fades.
- China reports big jump in foreign capital inflows on reopening bets.
- Yields drop as retail sales miss expectations.
- Pound Flirts With Seven-Month High as Growth Fears Hamper Dollar.
- Gold Slides as Hotter US Inflation Keeps Hawkish Fed on Track.
- Chinese Travel Rebound May Take Months Amid Hurdles to Flights.
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ASX 200 closes up 7 points at 7393 (0.1%) in another tight-range day. Tiny late surge. Seems BoJ was not a catalyst after all. The song remains the same from the central bank. Good times and bad times from resources as Chinese authorities once again shake a waggly stick on iron ore prices. BHP down slightly, FMG up 0.8%, RIO up 1.1% and MIN up 0.3%. Lithium stocks remain dazed and confused. PLS down 1.5%, IGO off 2.8%. Not a whole lotta love for gold miners today either, as NCM fell 1.8% and NST off 1.7%. Coal stocks had a celebration day, with WHC up 2.9% and NHC better by 3.0%. Healthcare stocks were on a stairway to heaven as CSL rose 0.8%, RMD bucked up 2.3% on broker upgrades, with FPH also doing well. Industrials mixed as REITS fell a little, old skool stocks rambled on, REA up 0.1% and SEK better by 1.0% with bond proxies trampled under foot, TCL off 0.5% and ALX off 2.0%. Banks becalmed with the Big Bank Basket unchanged at $187.93. In corporate news, RBL fell 11.4% as the bubble burst, TLX did well on revenue numbers, and a good outlook, NIC in a trading halt as it said thank you with a big new capital raise and AKE underwhelmed a little on their quarterly update. On the economic front, we had building approvals down as the House of the Holy commitments fell 5.2%. In Asian markets readying for Lunar New Year, China up 0.1%, HK unchanged% but Japan leaping on a lower yen up 1.7%. 10-year yields 3.56%. Dow futures are down 5 points. Nasdaq futures up 14 points.
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The Dow Jones fell 392 points (-1.14%) the NASDAQ finished 0.14% higher and the S&P 500 lost 0.20%. European markets were mostly higher, with STOXX 600 +0.40%, UK FTSE -0.12%, France +0.48%, Italy +0.31%, Greece +0.59%, and German DAX finished +0.35% higher. SPI Futures are up 14 points (+0.19%).
In commodities, Copper rose to a 7-month high on Chinese demand despite data pointing to weak demand in the near term. Aluminium was down 0.1% as data showed China’s aluminium production grew by 4.5%. Zinc and tin were down 0.3% and 0.1%. Nickel and lead were up 1.7% and 0.1%. Gold fell overnight from an 8-month high on hopes the Fed would take a less aggressive stance on interest rates. Iron ore down 1.1% overnight. Goldman-Sachs saying gold could hit $1950/oz in 2023 thanks to the Lunar New Year Holiday in China. Brent Oil and WTI were up 2.97% and 1.73%, the highest level since December on hopes of global demand increasing.
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ASX 200 closes down 2 points to 7386 (0.03%) in tight trading ahead of US reopening tonight and more results to come. Resources suffering today after iron ore stocks came under some pressure on Chinese moves. BHP failed to hold all-time highs falling 1.3% with RIO reporting quarterly today down 1.2% and FMG off 1.3%. Gold miners were in profit taking mode after the big run, NCM down 1.8% and NST off 1.5% as some brokers moved to negative recommendations. Lithium stocks remain under some pressure as did base metal stocks, S32 down 2.9% and IGO off 0.9%. Energy stocks mixed, oil stocks better led by WDS up 0.2% but coal not such a merry old soul after all, WHC off 2.3%. Banks gave up some early gains and were the swing in the market with the Big Bank Basket unchanged at $187.95 . Insurers slightly better but fund managers gave up yesterday’s gains. MQG down 0.4%. Defensive industrials firmed, CSL up 1.3% and RMD rallying 1.7%. WOW COL and EDV all having a good day as bargain hunters around. Tech stocks eased, XRO down 2.3% and WTC down 1.0%. The All-Tech Index down 0.7%. In corporate news, JBH showed that retail is not dead, following SUL yesterday. DTL rose 4.3% on an earnings update and HUB fell 4.5% on a $4.4m impairment. On the economic front, Chinese GDP came in slightly better than expected. Still not great though and shows stimulus is needed post CV19. Asian markets mixed Japan down 1.2%, China off 0.2% and HK down 1%. 10-year yields 3.60%.
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US Markets closed for Martin Luther King Jr Holiday.
- SPI Futures down 18 points.
- Gold eases as USD rallies slightly.
- US Dow Futures down around 38 points.
- Commodities mixed Copper down 1%.
- Oil down 1.3%
European equity markets closed higher on Monday, with the STOXX 600 extending its 2023 rally to a fresh nine-month high led by retail, financial and media stocks. Domestically, the German DAX added 0.4% to above 15,139 for the first time since mid-February.
Davos 2023 – The World Economic Forum in Davos Starts Today.
- Big Oil insights of climate activist protests.
- Greta Thunberg's attendance at Davos a hot topic of conversation.
- Recession casts long shadow over opening of WEF Summit.
- Global recession in 2023 seen as likely in WEF survey.
- PwC survey says CEOs are the most gloomy on growth in a decade.
- Survey says two thirds of economists expected global recession this year.
- 18% of economists say recession this year is “extremely likely”.
- World Bank cuts 2023 growth forecasts quoting rate hikes, Ukraine war and economic slowdown.
- Manchester United host Davos party. Team for sale.
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ASX 200 closed up another 60 points to 7388 (0.8%) as banks took up the baton again. The Big Bank Basket rose to $187.82 (0.95%). CBA up 0.8%, WBC up 0.7% with fund managers up strongly too, MFG up 2.9% and GQG up 2.6%. Insurers steady. REITs better again on rate outlook. GMG up 2.2% and SGP up 1.9%. Tech stocks also doing well with WTC up 4.0% and XRO up 4.6% with the Index up 2.6%. Lower rates helping. Industrials firmed, TCL up 1.3% and WES up 1.2%. Healthcare stocks firmed, CSL up 1.4% with SHL up 1.9% and FPH rallying 2.9%. Meanwhile, iron pre-stocks eased back from highs as China looks to clamp down on price rises. BHP up 0.1% with FMG under pressure, off 2.1%, Gold miners better, NCM up 2.4% and NST up 2.9%. Lithium stocks struggling to gain traction, INR doing well up 21.9% on US deal. Oil and gas stocks better, WDS up 1.6% and WHC up 2.4%. In corporate news, SUL had a positive business update rising 7.7%, BBN went down 11.6%, screaming on a dummy spit as December sales disappointed. BTH rose 13.6% on ARR jump and PNV up 2% on record revenue numbers. Nothing on the economic front. In Asia, Japan fell 1.3% ahead of BoJ policy meeting, China up 2.0% and HK up 0.7%. 10-year yields steady at 3.59%. US markets closed tonight. Dow futures up 37 points and Nasdaq futures up 10 points.
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Dow Jones up 113 points (+0.33%). Up 152 at best, down 274 at worst. Dow Jones up 2.0% for the week. S&P 500 up 0.41% and up 2.7% for the week. NASDAQ up 0.73% and up 4.8% on the week, the biggest weekly gain in two months. So far this month the S&P 500 is up 4.2%, the Dow Jones up 3.5%, the NASDAQ up 5.9%. At the same time, the VIX Volatility index is at a one-year low.
A good start to the US results season with all four major investment banks higher on the back of results with some beating estimates. We have Morgan Stanley and Goldman’s results on Monday.
- JPMorgan up 2.5% on results. Beats estimates.
- Citigroup up 1.7% on results.
- Bank of America up 2.2% on results.
- Wells Fargo up 3.2% on results.
- UnitedHealth up 12.4% on results.
- Goldman Sachs and Morgan Stanley results on Monday.
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ASX 200 closed up 48 points to 7328 (0.7%) as the rally started to run out of juice in the short term. Banks took up the baton as the Big Bank Basket rose to $186.05 (+1.2). CBA up 1.3% and NAB up 1.6%. MQG rallying another 0.7% with insurers better, QBE up 0.8%. REITs continued to push higher with SGP up 0.5%, SCG up 1.4% and Fund Managers also better, GQG up 3.3% and MFG up 2.6%. Industrials were strong, TLS up 0.3%, WES up 0.7% and TCL ahead by 1.1%. ‘Old Skool’ platforms rallied too, REA up 3.6% and SEK up 3.9%. New tech better, WTC up 1.4% and XRO up 0.6%. The All-Tech Index up 1.2%. Resources were mixed, BHP better by 0.5% as it eyes $50. RIO up 0.9% and gold miners better but hardly the stuff of dreams today. Lithium stocks under some pressure with PLS down 4.1% and IGO off 1.9%. Energy stocks up with WDS up 1.2% and STO up 2.4% with coal stocks bouncing YAL up 1.6% and NHC up 5.1%. In corporate news, 360 gave us a business update with some job cuts helping sentiment up 11.1%. In economic news, home loan approvals tumbled YoY 24%. Housing lending fell 3.7% in November. Asian markets, Japan fell 1%, China up 0.8% and HK up 0.2%. 10-year yields up to 3.59%. Dow futures down 63 points, Nasdaq futures down 41 points.
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Bond yields tumbled overnight as US inflation slowed for the sixth straight month in line with expectations, opening the door for the Fed to downshift on rate hikes. The Dow Jones closed up 217 points. At best it was up 320 points, and at worst it was down 181 points, in a volatile trading day. The NASDAQ rose 0.64% and the S&P 500 finished 0.33% higher. In Europe, Stoxx 50 +0.7% FTSE +0.9% CAC +0.7% DAX +0.7%. SPI Futures are up 34 points (+0.47%).
Commodities – Copper proving unstoppable overnight as it continues to reach a 7-month high, up 0.6% as US consumer prices unexpectedly fell causing the prices to surge. Base metals all positive, nickel up 0.6%, lead up 0.4%. While Zinc, Tin, and Aluminium lead the way, up 1.2%, 2.3%, and 1.4% respectively. Gold rose 1% overnight as softening inflation data gave traders confidence. Brent Crude and WTI both continue to rise as China ramps up imports, up 1%. Iron Ore up 0.21% despite China claiming they will be finding the cheapest prices through a consortium.
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ASX 200 surged again as resources boomed, the index up 85 points to 7280 (1.2%). Big miners in demand with BHP up 1.8% to another 52-week high, FMG up 2.8% and RIO up 1.5%. Lithium and rare earths better too, PLS up 4.5% and LYC up 2.1%. Gold miners mixed, NCM down 0.6% and NST up 0.9%. Energy stocks a little mixed, coal stocks eased, SMR down 2.5% WHC off 1.4% while oil stocks better, WDS up 2.1%, STO up 1.0%. Industrials once again firm but unexciting. REITs taking their cue from US peers and lower 10-year yields, GMG up 1.5%, SCG up 1.0%, healthcare up led by CSL up 1.2. Others slightly firmer. Banks another strong sector with the Big Bank Basket shaking off its recent torpor, up to $183.73 (1.6%). MQG rallied 1.6% as Goldman Sachs wields the axe. In corporate news, MAF downgraded expectations, falling 10.7%, GOR stumbled 3% lower with production 14% below consensus, the PDL/PTM deal is done and dusted. IRI flags an EBITDA rise but warned on cost pressures, up 10%. In economic news, good trade numbers helping sentiment for miners. Asian markets becalmed. 10-year yields slipping to 3.59% as bets increase that RBA will go another 25bps in Feb.
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Markets continue to gain as investors hope for a downshift in Fed interest rate rises, After suffering for the past year on interest rate rises Tech lead gains overnight on hopes of a dovish Fed. The Dow Jones was up 269 points (0.8%). At best it was up 271 points, and at worst it was up 7 points. The NASDAQ rose 1.76%, and the S&P 500 finished up 1.28%. In Europe, Stoxx 50 +1.04%, UK FTSE +0.4%, France's CAC +0.8%, German DAX +1.17%. SPI Futures are up 57 points (+0.80%) this morning as the US optimism spills over.
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ASX 200 rose 64 points to 7195 (0.9%) in a good bounce led by resources. Even a better CPI number couldn’t hold the Mustangs down. Gold miners bounced back after falls yesterday, iron ore miners BHP, FMG and RIO all better by close to 2% and even lithium stocks had a day in the sun. PLS up 2.8% and AKE with a broker upgrade up 5.1%. Base metal stocks in demand. S32 up 1.1% and IGO up 5.2%. Energy stocks better too, WDS up 1.5% and BPT doing OK. REITs did well despite no move on the yields, GPT up 1.2% and GMG up 2.9%. E-commerce is the place to be apparently. Industrials were firm but unexciting. Tech better with WTC up 1.2% but XRO falling 3.3% on UK tax changes. ‘Old skool’ platforms were up, REA up 2.4% and CAR up 2.9%. Banks were becalmed with the Big Bank Basket at $180.90(0.3%). Insurers improved, and Fund managers also doing better, GQG up 2.0%. In corporate news, SQM is moving in the WA lithium race with a possible 20% stake in AZS. On the economic front, busy day, retails sales boosted by Black Friday, CPI above expectations, there goes the pause and job vacancies down a little but still pretty robust. Asian market better, and 10-year yields around 3.71%. Dow futures up 28 points.
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The Dow Jones Industrial Average gained 186.45 points, or 0.56%, to end at 33,704.10. The S&P 500 traded up 0.70%, to close at 3,919.25 points.
The Nasdaq Composite led the major indexes for another day, adding 1.01% to end the session at 10,742.63. The average has rallied for the past three sessions as optimism over cooling inflation pushed investors to beaten-up technology stocks. It was the index’s first three-day win streak since November.
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ASX 200 closes down 20 points to 7131 (0.3%), its first loss in four trading sessions. Resources slid lower as Chinese authorities look to have been spooked by the big iron ore rise recently and looking to talk prices down. BHP fell 0.4%, FMG up 0.7% after a loss yesterday, lithium stocks on the nose, PLS dropped 1.5%, IGO off 1.8% and MIN down 1.3%. Rare earths also in the doghouse with ARU down 9.1% and LYC off 3.8%. Second-line lithium stocks whacked, CXO down 5.0% and LTR down 1.4%. Gold stocks fell despite a bullion rise, NCM down 2.3%, NST down 1.9% and DEG off 7.9%. Energy stocks eased as oil came off a little. Coal stocks lower too. The banks held firm but no great moves, the Big Bank Basket was mostly unchanged at $180.38. MQG down 0.3% on some EU FX issues with a $71m problem. Insurers down, QBE down 2.7% and MFG falling 1.1%. Industrials drifted lower, REITs mixed, tech dull and unexciting. CPU steadied down 0.2%. In corporate news, LKE updated the market on its Kachi project, up 1.2%, RCE jumped 4.6% after being granted an intent offer from the patent office. In economic news, Xmas consumer confidence cheer came with a 4.9-point rise last week. In Asian markets, Japan rose 0.8%, China unchanged and HK down 0.3%. 10-year yields steady at 3.72%. Dow futures down 70 points.
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US stocks failed to hold onto the morning rally with the Dow falling in the afternoon after two Fed officials signalled that interest rates could top 5%. The Dow Jones closed down 113 points (-0.34%). At best it was up 305 points, at worst it was down 143 points. The NASDAQ rose 0.63%, supported by gains in Tesla up 5.93% Amazon up 1.49%, and Microsoft up 0.97%. The S&P 500 fell 0.08%. In Europe, STOXX 50 +1.5%, FTSE +0.3%, CAC +0.9%, and DAX +1.4%. SPI Futures are down 10 points.
Copper prices have hit a 6-month high, up 3.1% as hopes for increased demand from the reopening of China. The weakening of the US dollar continues to push the price of commodities up with Zinc up 5% and Aluminium up 5.8%. Nickel fell 2.2%. Gold continuing its rally, up 0.3%. Iron ore also continuing skyward on China demand, up 0.7%. Brent Crude up 1.5% and WTI up 1.25%. Bitcoin had modest gains overnight, up 3.4% after 6 days of gains.
Later in the week, investors will watch for December’s consumer price index report coming Thursday and big bank earnings scheduled for Friday.
- S&P 500, Nasdaq rise as investors bet on less aggressive rate hikes.
- Global stocks rally to near 4-week highs, oil rises on hopes of 'soft landing'.
- Dollar at 7-month low vs euro on slower Fed rate hike expectations.
- U.S. Treasuries rally as market anticipates Fed pivot.
- European shares rise on China reopening optimism, tech stocks lead gains.
- Oil rises over 1% on demand optimism as China reopens borders.
- US coal prices plunge amid warm winter weather.
- Goldman Sachs readies biggest layoffs since the financial crisis.
- Credit Suisse nears deal to buy Michael Klein's advisory firm .
- Bed, Bath & Beyond rebounds in meme-stock rally.
- Tesla delivery time is longer on some China models after discounts.
- Russia intensifies assaults on Ukrainian salt mining town and eastern front.
- Chinese rush to renew passports as COVID border curbs lifted.
- UK strikes to continue after govt's talks with unions fail.
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ASX 200 started the week up 42 points to 7154 (0.6%). A solid start but off the intraday highs. Banks somewhat lacklustre with the Big Bank Basket up to $180.41 (0.2). Mixed across the financials, AMP slipped 4.2% on a Collinmate update, GQG rose 5.7% on FUM and insurers slid on IAG update. Industrials firmed with TCL up 1.1%, QAN up 1.9% and REITs better with GMG up 1.4%. Tech a little mixed, CPU sold off hard down 5.5% as brokers turn bearish, WTC up 1.3% and the All-Tech Index slightly higher. In resources, gold miners shone, NCM up 2.8%, NST up 1.7% and EVN pushing another 2.2% ahead. Lithium shares were mildly positive, PLS floundered a little, off 0.8%, CHN rose 1.5% and S32 up 3.8%. Iron ore miners mixed, BHP up 1.0% but FMG down 0.8%. Energy shares better, WDS up 1.2% and STO up 1.3%. Coal stocks mildly positive. In corporate news, FMG CFO resigns, IGO -Tianqi bids for ESS at 50c. IMU up 6.3% on ethics approval for Vaxinia trials. Stellantis has bought into E25 with the stock rallying 14.6%. On the economic front, building approvals fell more than expected. Asian markets slightly higher with Japan closed for a holiday. HK opens its border to China for the first time in three years.
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US stocks triggered a global rally overnight following a crucial US jobs report that showed wage growth slowed in December, fuelling speculation the slowdown will keep the Fed at bay from intensifying its battle with inflation. The Dow Jones closed up 701 points (+2.13%). At best it was up 781 points, and at worst it was up 67 points. The NASDAQ rose 2.56%, and the S&P 500 finished 2.28% lower. In Europe, STOXX 600 +1.16%, FTSE +0.87%, CAC +1.47%, DAX +1.20%.
- 200K non-farm payolls number versus 263,000 in November.
- "Softening trend" taken positively.
- Lower than expected (225K expected).
- Unemployment rate at a new low of 3.5%.
- Average hourly earnings up 4.6% in December down from 4.8% in November.
- The US dollar dropped sharply.
- US bond yields fell.
- The equity markets bounced setting a new hope for a market rally this month based on an inflation peak.
Commodities – Most commodities rallied overnight following the US jobs report. All base metals up with copper and aluminium finishing highest up 2.38% and 2.3%. Copper hits a three-week high due to a weaker dollar recovering some of Thursday’s losses after falling 6.8%. A weaker dollar makes commodities priced in USD cheaper for buyers using other currencies. Iron ore up 1.42% on optimism around China stepping up support for its struggling domestic property sector. Oil prices mixed, brent crude down 0.23% and WTI up 0.22%. Gold rose sharply up 1.78%, seeing a seven-month high as treasury yields fell. Resource stocks BHP and RIO both up 4.28% and 2.95% in ADR terms. Bitcoin steady up 0.23%.
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The Dow Jones Industrial Average fell 348.99 points, or 1.05%, to 33,027.49 — after falling as much as 803.05 points earlier in the session. S&P 500 declined 1.45% to 3,822.39. Meanwhile, the Nasdaq Composite was 2.18% lower at 10,476.12.
This decline follows a 526-point rally in the Dow on Wednesday after better-than-expected earnings from Nike.
So far in December, the Dow is down 4.52%, while the S&P 500 and Nasdaq have tumbled 6.32% and 8.65%, respectively.
In commodities, base metals are mostly down as the US dollar climbed. Zinc, tin, and copper were the biggest losers falling 1.9%, 1.08%, and 0.84%, respectively while lead and aluminium rose 0.1% and 0.59%. Copper prices are down ~15% this year as demand eroded and data suggests interest rates will remain higher for longer applying pressure on growth. Brent crude and WTI are both down 0.95% and 0.69%. BHP and RIO are also both down 2.04% and 0.72%, respectively, in ADR terms. Gold fell 1.1% and bitcoin held steady up 0.08%
HEADLINES
- ASX set to dive 1.5pc, following Wall Street’s plunge.
- Low weekly jobless claims underscore U.S. labor market tightness; Q3 growth revised up.
- Wall Street dives amid Fed rate hike worries, chipmaker woes.
- Short sellers gain nearly $304 bln after tumble in U.S. stocks.
- Tesla shares tank after doubling U.S. discounts on key models.
- Twitter's top global policy official departs as layoffs continue.
- FTX founder Bankman-Fried released on $250 mln bond at U.S. court appearance.
- Oil falls as rate hike fears outweigh tighter U.S. stockpiles.
- Global steel output falls 2.6% yr/yr in November.
- Gold drops over 1% after U.S. data lifts prolonged Fed hike hopes.
- Shanghai hospital warns of 'tragic battle' as COVID spreads.
- Putin says Russia wants end to war in Ukraine.
- U.S. Senate passes $1.66 trillion spending bill, sends to House.
- Fed's balance sheet drawdown could sunset next year.
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ASX 200 finished up 37 points to 7153 (0.5%). A thin and directionless day despite the rise. Investors are winding down. Resources mixed after the 29M production issue caused them to fall hard down 22.2% with BHP and OZL announcing the deal is done. Now to regulatory issues and timing. Lithium stocks continue to slip as brokers pile on with downgrades. Oil and gas stocks slightly firmer with WDS up 0.2%. Limited moves elsewhere. Gold miners gave back some gains with NCM off 1.1% and NST down 0.8%. Industrials firmed again with REITS doing well despite yields pushing higher again. GMG up 1.3% and SCG up 1.4%. Tech stocks better as WTC rose 1.5% and XRO up 1.6% with the All Tech Index up 1.8%. Banks slightly better as the Big Bank Basket rose to $183.70 (0.6). MQG rallied 0.5% and Fund Managers were better, MFG up 2.3% and GQG up 2.6%. Healthcare in rude health today, CSL up 1.2% and COH gaining 2.7%. In corporate news, KGN rescued a small furniture player from administration, BHP went official with OZL and 29M tried to sneak through a downgrade. Failed. MPL will return another $207m of the savings from CV19 to customers. Nothing on the economic front. Asian markets slightly higher, HK up 0.5%, China up 0.6% with Japan up 0.5%. 10 -year yields also pushing higher again. 3.78%.
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US tech stocks drove markets up last night off the back of better-than-expected earnings reports and an improvement in consumer confidence. The Dow Jones rose 527 points (+1.6%). At worst it was up 178 points and at best it was up 588 points. The NASDAQ finished the session up 1.54%, the S&P 500 gained 1.49%. In Europe, STOXX 600 was up 1.17%, FTSE +1.7% DAX +1.5% CAC +2.0%. SPI Futures are up 41 points (+0.53%).
Commodities rallied overnight, most base metals continued their rally as the US dollar continued to drop. Nickel and lead flying ahead, up 4.33% and 1.33%, respectively. While aluminium, copper and tin rose 0.63%, 0.23% and 0.65%, respectively. The only base metal to drop overnight was Zinc, falling 2.57%. Oil prices performed well, brent crude up 3.16% and WTI up 2.97%. Coal was unchanged, natural gas up 0.11%, nowhere near enough to claw back yesterday’s losses. Gold was down 0.16%, and bitcoin fell 0.8% overnight.
- Biden and Zelenskiy show solidarity at White House in first wartime visit.
- U.S. consumer confidence rebounds; existing home sales sink.
- Wall Street jumps with help from Nike, FedEx and consumer sentiment.
- Musk to step down as Twitter CEO once he finds 'someone foolish' enough as successor.
- FTX founder Bankman-Fried consents to extradition.
- U.S. slaps sanctions on Iran officials over protest crackdown.
- For Japan's small businesses, central bank move serves up more uncertainty.
- Oil prices rise over $2 on drawdown in U.S. crude stocks.
- World shares advance but face most monthly losses since 2008.
- Recession, rate hikes seen jamming brakes on global 2023 earnings growth.
- European Commission clears Germany's Uniper bailout.
- Core Scientific files for bankruptcy as crypto winter bites.
- U.S. dollar likely has further upside vs yen despite BOJ move.
- Japanese insurers likely to provide tailwind to yen as BOJ shifts.
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ASX 200 closed up 91 points at 7115 (1.3%) reversing the 110-point BoJ inspired loss of yesterday. Gains across the board although the banks were slightly muted but then they didn’t fall yesterday. CBA slid 0.6% and the Big Bank Basket square again. Insurers rose on higher bond yields. REITs too rose bouncing back on the same bond yields. QBE up 1.5% and SUN up 2.1% with GMG bouncing 2.3% and MGR up 2.4%. Healthcare bounced somewhat anaemically, CSL mustering a 0.5% rise. Industrials slightly higher but no great oomph! TCL up 0.4%, REA bounced 2.0% and DHG under pressure again down 1.2%. The action was in the resources as BHP rose 2.4%, RIO up 1.7% and FMG rallying 3.0%. Lithium stocks were mixed despite 30% higher prices from PLS but cost overruns for expansion hampered sentiment. Gold miners were the stand outs as bullion ran again, NST up 4.0%, SBM up 8.0% and NCM up 6.5%. Screaming ahead, maybe more USD weakness ahead. Energy stocks also back in favour, WDS up 2.7%, KAR up 4.2% and STO doing well. Coal stocks were a merry old soul, WHC up 4.5%. Tech better but not shooting the lights out. In corporate news, ORG up 6.6% as DD on track. TLS and TPG got knocked back on the network sharing agreement. On the economic front, ANZ Roy Morgan consumer sentiment still weighing and daily home value index shows some mixed results. In Asian markets, HK flat, China up 0.1% with Japan down 0.6%. 10-year yields up to 3.74%. No one seems to care today though.
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US markets finished higher after a choppy session, as the shock from the Bank of Japan’s sudden move was felt throughout global markets. The Dow Jones climbed 92 points (+28%). At worst it was down 108 points and at best it was up 235 points. The NASDAQ traded in a narrow range and finished the session up 0.01%, the S&P 500 gained 0.10%. In Europe, STOXX 600 was down 0.4%, FTSE up 0.1%, DAX down 0.4%, and France down 0.35%. SPI Futures are up 58 points (+0.83%), despite soft leads from the US.
In commodities, base metals rallied overnight thanks to the US dollar weakening helping make dollar-priced metals cheaper for buyers using other currencies. Nickel, zinc, and tin leading the charge up 3.43%, 2.14%, and 1.83%, respectively. Aluminium up 0.19% finding support from a weakening US dollar and a steep fall in inventories tradable on the LME. Oil prices mixed, brent crude down 0.57% and WTI up 1.16%. Coal was unchanged, natural gas took a massive hit down 8.93%. Gold rose 1.68%, recovering some of yesterday's losses. Bitcoin had a good night up 1.93%.
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ASX 200 crashed 110 points to 7024 (1.5%) today on a killer combo of weaker US, RBA minutes and the shock of the BoJ effectively letting rates drift higher. 10-year yields jumped to 3.71% and banks at least held their ground on the jump but everything else, well Split Enz summed it up. I See Red! Maybe more Martha with no where to run, no where to hide. Except banks with the Big Bank Basket unchanged at $182.68 MQG fell hard 1.6%, Insurers better, just, Fund managers turned lower, MFG down another 2.0%, AMP off 1.5%. Healthcare in ICU with CSL down 0.9% and FPH off 2.0%, RHC down 2.5% and RMD easing back. REITS were smashed on higher interest rates, GMG down 4.5%, SCG off 3.8% and DXS down 2.4%. Old skool platform stocks dropped hard as DHG revealed surprisingly weak listing numbers. REA followed down 7.7% and CAR off 3.3% with SEK not found off 5.5%. Industrials hit hard, WES down 3.4%, ALL off 4.5% and DMP falling 4.0%. Resources though bore the brunt of the sell off. Holding in for so long it was only natural, that ice would melt and so would BHP off 1.6%, FMG slid 1.5% and lithium and base metal stocks saw sellers back ready or not. PLS down 4.2% and S32 off 2.4%. Energy stocks too ran out with WDS off 1.2% and WHC down 2.6%. In corporate news, DHG whacked 9.1% with NEC, on update. BWX returned and wished they hadn’t falling 53.2%. JLG cratered 12.3% as the COO sold 4m shares to ‘diversify his risk’. CCX freaked out falling 31.4% on volatile demand. BHP extended its DD on OZL for another week. Someone is working over Xmas. In economic news, consumer confidence end 2022 on a weak note. Maybe a middle D. The RBA minutes showed could have been anything. BoJ raised rates! 10 year yields soared, Asian markets slapped down.
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Stocks in the US have fallen for a fourth consecutive day as traders continue to assess The Fed’s plan following the central bank’s comments vowing to keep raising rates until they’re confident inflation is coming down meaningfully. The Dow Jones closed down 163 points (-0.49%). At best it was up 118, and at worst it was down 338. The S&P 500 fell 0.9%, and the NASDAQ was down -0.76%. In Europe, Stoxx 50 +0.2% FTSE +0.4% DAX +0.4% CAC +0.3%. SPI Futures are down 27 points (-0.38%).
Markets are still wary following the Fed’s comments last week, and other central banks maintaining a hawkish tone. Adding to this, former New York Fed President William Dudley said optimistic markets could only make the central bank tighten further. While the US home builder sentiment for December fell to levels not seen in the last 10 years, besides during the pandemic. With high mortgage rates and construction costs factoring into the reading. US bond yields were up overnight, with the 10-year yield up 11bps and the 2-year yield up 8.6bps. The USD was relatively unchanged for the session, up only 0.02%, while the AUD is slowly recovering, up 0.15% to 66.96c.
- Wall Street falls as recession worries persist.
- EU countries agree gas price cap to contain energy crisis.
- Binance's books are a black box, filings show, as crypto giant tries to rally confidence.
- Oil rises on hopes for China's economy; recession fears limit gains.
- EU countries vote to weaken law on methane emissions.
- Shareholders of gas group Uniper approve German bailout.
- Gold inches lower in thin trading on higher yields.
- Copper rises as China pledges economic support.
- Bankman-Fried to agree to U.S. extradition in about-face after Bahamas hearing.
- Nike sales may soar as discounts draw shoppers; margin squeeze looms.
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ASX 200 closed down 15 points to 7134 (0.2%). Volumes starting to thin out pre Xmas. Not a bad performance considering US falls. Resources once again finding support with BHP, RIO and FMG all in the green. Gold miners too showing good strength today with NST up 3.4%, EVN up 4.3% and NCM down 0.3% on news of the CEO retiring. Lithium stocks trying hard and failing in places to find support. Oil and gas stocks better as oil prices rising in Asia. WDS up 0.4% and coal stocks ahead, WHC up 3.1% and YAL better by 2.3%. Base metals stocks better too. Banks were mixed but more drift than pressure, CBA down % with the Big Bank Basket down to $182.86 (0.3%). Insurers fell despite 10-year yields picking up. SUN down 0.3% and QBE down 0.9%. Healthcare fell led by CSL off 1.1% and RMD down 0.9%. Industrials mainly weaker, COL off 1.3%, ALL off 2.0% and SGR getting smashed on NSW tax changes down 17.8%. REITs fell on higher rates, GMG off 1.7% and MGR down 1.4%. Tech eased at the close, XRO off 0.4% and the Index down 0.4 %. In corporate news, STX made a scrip play for WGO, MCR saw Wyloo emerge as a near 20% holder. PRN rose 10.6% on a decent update, GMD saw some director buying. BWX has downgraded its earnings and has replaced the chair but still remains suspended. David Jones has been sold to Anchorage PE. In economic news, not much to get excited about but in some positive political news, Penny Wong is heading to China. Asian markets slightly lower, 10 year yields up to 3.51%
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US markets finished a volatile week lower overnight as the Fed’s hawkish tone weighed on sentiment. The Dow Jones fell 282 points (-0.85%). At best it was down just 36 points, and at worst it was down 548 points. The NASDAQ lost 0.97% and the S&P 500 finished down 1.12%. In Europe, STOXX 600 was down 1.20%, FTSE was down 1.27%, DAX was down 0.67%, and France was down 1.08%. SPI Futures are down 27 points (-0.38%) this morning, following a 54-point loss yesterday.
In commodities, base metals were mostly lower with zinc falling 4.0%. Nickel and tin both finished higher. Oil prices fell overnight, Brent crude was down 2.77% and WTI was down 2.24%, but finished the week 4.60% higher. Gold rose overnight despite a stronger USD. Iron ore fell in China, down 3.66%, with the COVID saga continuing.
- Fed could push rates higher, keep them there longer, policymakers say
- Wall Street ends lower for third straight day as recession worries rise
- Goldman to cut thousands of staff as Wall Street layoffs intensify
- Elon Musk's Twitter suspension of journalists draws global backlash
- Russia fires scores of missiles in one of its biggest attacks on Ukraine
- FTX’s Bankman-Fried could face long road to fraud trial
- U.S. defense policy bill could make it harder to ship fuel in crises
- PepsiCo to roll out 100 Tesla Semis in 2023
- Opposition to U.S. school vaccine mandates rose during pandemic
- Oil drops by over $2/bbl, dogged by recession fears
- Speculators raise U.S. crude oil net longs-CFTC
- No evidence of space aliens so far in the Pentagon's UFO deep-dive
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Stocks across the global financial markets took a hit after a week of rate hikes from central banks around the world, with the Fed and ECB signalling more pain to come. The Dow Jones closed down 764 points (-2.25%). At best it was up -193, and at worst it was down -950. The S&P 500 fell 2.49%, and the NASDAQ was down 3.23%. In Europe, Stoxx 50 -3.5% FTSE -0.9% CAC -3.1% DAX -3.3%. SPI Futures are down 71 points (-1.06%). Hard contraction from Wednesday’s rally.
It was a complete reversal of the CPI rally we had early in the week overnight. Markets went risk-off, and the USD Index rallied with the hopes of the Fed cutting rates next year slashed. But Morgan Stanley’s chief economist is not buying the Fed’s latest message and sees a peak rate of 4.50-4.75%, and rate cuts late in 2023. US bond yields fell again despite the risk-off market sentiment and rallying USD. The 10-year yield was down 4.9bps and the 2-year yield was down 1.5bps. The USD Index rose 0.71%, and the Aussie Dollar fell 2.38% to 66.99c.
The Bank of England and the ECB have joined the party with a 0.50% rate rise each. Both had raised rates by 0.75% at the previous meeting. The BOE’s target rate is now 3.5%, a 14-year high, while the ECB’s target rate is 2%, which is also the highest since 2008. BoE is expected to peak rates at 4.25% and the ECB is expected to peak at least at 3%.
- ASX to plunge, Dow tumbles as soft landing hopes fade.
- YourGrocer collapses, capping disastrous year for delivery firms.
- Commodity market returns next year to rival 2021.
- Wall Street tumbles as Fed sparks recession fears.
- ECB slows rate hikes but pledges more to keep up inflation fight.
- U.S. retail sales fall after hefty gains; labor market still tight.
- Biden blacklists China's YMTC, crackdowns on AI chip sector.
- Oil prices slid 2% as dollar firms and central banks hike interest rates.
- Gold broods over Fed's higher-for-longer rate hike stance.
- JPMorgan to convert another $2 billlion of mutual funds to ETFs.
- Musk cashes out another $3.6 bln in Tesla stock.
- Ukraine general says Russia digging in for long war.
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A pretty shabby day for the ASX 200, down 47 points (-0.6%), but better than the futures had suggested his morning. Positive sectors were few and far between. Banks were so-so and resources were bad. Lithium crashed and burned after a sub-optimal BMX auction result from PLS, down 11.4%. MIN was down 4.7%, AKE was down 4.9%, and LTR fell 7.9%. Musk sells $3.58bn of Tesla shares. Market cap just dropped under US$500bn - down 55% this year. Jeff Bezos' Amazon is only down 47% this year. Mark Zuckerberg's Meta Platforms is down 66.3%. Dow Futures are up 37 points, NASDAQ Futures are down 9 points.
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- SPI Futures down 61 points.
- The Dow Jones Industrial Average fell 142.29 points, or 0.42%, to 33,966.35. The S&P 500 declined 0.61% to 3,995.32. The Nasdaq Composite dropped 0.76% to 11,170.89.
- Markets gyrated after Federal Reserve Chairman Jerome Powell signaled more data was needed before the central bank would meaningfully change its view of inflation. The Dow fell as much as 404.47 points, after climbing 287.01 points earlier in the day.
- FOMC sees rates rise 0.5% and the Terminal Rate up to 5.1% at the end of 2023.
- Base metals slipped. Oil pushing higher for third day.
- Iron ore down 0.5%
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ASX 200 put in a good day up 48 points to 7251 (+0.7%). After a spluttering start, firm US futures ahead of FOMC. Things turned around with resources finding their feet. BHP up 0.5%, RIO up 0.5% and FMG up 1.1% leading things higher. Lithium stocks found their level for now and base metal stocks also in demand, IGO up 0.5% and SFR running 3.4%. 29M doing well up 6.0% too with gold miners especially firm as GMD rose 12.6% on the SBM merger and the later up 13.9%. Energy stocks also doing well, WDS up 1.5% and STO up 0.9%. Coalstocks better, WHC up 2.4%. Industrials were also firm with CSL up 0.8%, TLS rose 1.2% as TPG ran into cyber trouble falling 2.8%. ORG continued to rally 2.9% with REITs also in demand, CHC up 1.0% and GMG rallying 1.6%. Tech stocks slightly better, XRO up 3.0% and the Index up 1.3%. Banks were the one sector overlooked. Some downgrades for BEN hurt a little with NAB down 0.30% and BEN off 3.3%. The Big Bank Basket up to $185.21 (0.05%). Insurers eased and money managers pushed a little higher. In corporate news, GMD and SBM back after the merger and cap raise. WOW sold down some EDV with the drinks company off 4.3%. In economic news, some jobs data showed the tightness of the labour market still. Asian markets were better as China is opening up at breakneck speed. Japan’s Tankan survey out with markets slightly positive. 10-year yields falling to 3.36% Dow futures up 97 points. Nasdaq futures up 39 points.
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US markets gave up early gains but still finished higher following a better-than-expected inflation rate for November. The Dow Jones closed up 104 points (+0.30%), recovering from a mid-session stumble. At best it was up 707, and at worst it was down 114. The S&P 500 rose 0.73% and the NASDAQ was up 1.01%. In Europe, STOXX 50 +1.7%, FTSE +0.8%, CAC +1.4%, and DAX +1.3%. SPI Futures are up 16 points (+0.22%).
It was a volatile session in the US as November inflation came in at 7.1% YoY, ahead of the consensus figure of 7.3%, and the lowest reading since December last year. This was largely due to lower energy costs which increased 13.1% YoY, below the 17.6% in October. While gasoline, fuel oil, electricity, and food also decreased from the October reading. On the other hand, the cost of shelter increased to 7.1% from 6.9% in October.
The Fed is now largely expected to raise rates by 50bps tomorrow as it begins to slow the pace of rate hikes. Markets are now factoring in a 25bp rate hike as early as the February Fed meeting. Bond yields fell sharply during the session, the 10-year yield was down 9.9bps while the 2-year yield fell 17.2bps. The USD Index also came off 1.09%, with the Aussie Dollar gaining 1.62% to 68.54c.
- U.S. inflation subsiding as consumer prices rise moderately in boost to economy
- U.S. charges FTX founder with fraud, illegal campaign contributions
- Fed seen slowing rate hikes, likely ending them below 5%
- Wall Street rises after cooler CPI data but off highs as Fed eyed
- EU delays decision on natural gas price cap, countries still at odds
- China's massive older chip tech build up raises U.S. concern
- Apple prepares to allow alternative app stores on iPhones, iPads
- Positive Moderna, Merck cancer vaccine data advances mRNA promise, shares rise
- OPEC sees robust global oil demand growth in 2023 after 2022 Chinese contraction
- U.S. lab hits fusion milestone raising hopes for clean power
- U.S. Energy Department to spend $3.7 billion on carbon removal
- Oil rises to over $80/bbl as dollar slumps on slowing inflation
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ASX 200 closed modestly, up 23 points to 7203 (0.3%) higher as banks rallied post the BEN results and Resources fell as UBS downgraded BHP and others. Cautious trade ahead of US CPI and FOMC. BHP sank 1.5% on the downgrade after a great run, RIO succumbed too with FMG off 4.2%. MIN collapsed 3.8% with lithium and base metal stocks also under pressure. LTR down 2.6%, NIC off 2.5% and SFR falling 4.1%. Gold miners eased with EVN down 1.4% and DEG off 1.2%. Energy stocks mixed, WDS up 0.1% but ORG regained some poise after the big fall yesterday. Banks were the standout today after BEN results cheered on NIM, the regional bank up % with CBA up 1.0% and NAB racing 2.0% ahead with the Big Bank Basket up to $184.99 (). Insurers also in demand, QBE doing well up 0.8% and SUN up 1.7% on the timetable for the SUN transaction. MQG managed a 0.8% gain. Industrials were firm across the board, TCL up 1.5%, ALL up 0.2% and TPG up 1.4%. Tech better following Nasdaq higher, WTC up 2.0% and XRO up 3.3%. The All-Tech Index rising 1.2%. In corporate news, MCR fell 4.4% after returning from a capital raise. CHN fell 8.1% on disappointment on the timing of the scoping study being pushed out. ZIP made a small capital call too falling %, BEN woke up the bank sector ahead of AGM with better NIM and rose 6.9%. On the economic front, consumer sentiment recovered a little and trade data out. China still our #1 trading partner. Asian market subdued, HK up 0.6%, China down 0.3% with Japan up 0.3%. 10-year yields tickling back up to 3.39%.
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- The Dow Jones Industrial Average jumped Monday, clawing back some of the steep losses from the previous week, as traders looked ahead to a highly anticipated Federal Reserve meeting and new inflation data.
- The blue-chip Dow added 528.58 points, or 1.58%, to 34,005.04. That was its first close over 34,000 since Dec. 2. The S&P 500 gained 1.43% to close at 3,990.56, and the Nasdaq Composite rose 1.26% to 11,143.74. Interestingly the VIX was up 9.6% ahead of US CPI and FOMC.
- CPI on Tuesday expectations for a slight easing to 0.3% for October.
- A lift in Boeing shares pushed the Dow higher following reports that the airline is close to a deal with Air India.
- Energy stocks rose as oil prices steadied, following several weeks of declines.
- Base metals eased slightly. Iron ore down and gold falling on higher USD.
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ASX 200 closed down 32 points to 7181 (0.5%) as banks steady and resources slip ahead of FOMC. Gas caps hurting sentiment in utilities not helpful with ORG dropping 7.8%. In iron ore stocks, BHP dragged the index lower falling 1.5% with FMG in trouble too. MIN off 2.4% with IGO down 2.6%. Base metal and lithium stocks off again too, LTR down 2.2% and CXO falling 1.3% on a slight broker downgrade. PLS bucked the trend rising 1.3% and SYA up 2.3% with some permitting news in Quebec. Gold miners hit, NCM down 3.4% and NST off 3.1% as GMD and SBM announced their engagement in the press. Oil and gas mixed, crude rose in Asian trade, WDS up 2.7% but coal stocks eased on worries about price caps. WHC down 2.0% and NHC off 1.4%. Banks were flat with the Big Bank Basket pretty much unchanged, MQG bounced 2.1% and Insurers mixed, MPL grinding lower down 2.0%. Industrials mixed, WOW and COL eased, REITs better as rates rose, GMG up 0.1% and SCG better by 0.4%. Healthcare easier, CSL unchanged and RMD off 0.6%. Technology mixed. CPU down 0.8% and WTC up 0.2%. In corporate news, TYR rebuffed the latest 160c offer from Potentia, down 19.5%, NTO got a 215c bid from Allude. GMD and SBM announced the long- awaited merger and a $275m capital raise. DOW added more information to its opaque accounts process. Nothing on the economic front, with Asian market weaker and 10-year yields up to 3.36%
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US markets fell overnight as the Producer Price Index for November came in ahead of consensus, in the final puzzle piece for the Fed heading into the FOMC meeting next week. The Dow Jones fell 305 points (-0.90%) to close near lows. At best it was up 63 points, and at worst it was down 319 points. The NASDAQ slipped 0.70% and the S&P 500 fell 0.73%. In Europe, STOXX 600 +0.84%, FTSE +0.06%, DAX +0.74%, and France +0.046%. SPI Futures are down 35 points (-0.48%) this morning.
The US PPI print for November came in at 0.3% month on month ahead of consensus of 0.2%. This is the final piece of the puzzle in the Fed’s decision-making for the next FOMC meeting. The probability for a 75bp rate hike jumped a couple of per cent but a 50bp hike is still favoured. On a slightly better note, consumer sentiment in the US picked up overnight, buoyed by falling petrol prices. Bond yields were higher overnight, with the 10-year yield up 9.6bps and the 2-year yield up 3.2bps. The USD Index was up a touch and the Aussie Dollar rose 0.38% to 67.92c, closing in on 68c.
In commodities, base metals were mostly lower, aluminium, lead, and tin were all down over 1%. The oil price woes continued with West Texas Intermediate down 0.35%, rounding out the biggest losing week in months. Brent crude prices rose 0.47%. Gold was up 0.44%, despite a slightly stronger USD. Dalian iron ore futures jumped 3.34% as optimism around China improved with COVID curbs continuing to ease. BHP and RIO both finished higher in the US, but other resources stocks experienced a volatile session. Freeport was down 3.149%, Alcoa fell 4.65%, and Anglo-American dropped 3.32%.
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ASX 200 finishes up 38 points at 7213 (0.5%) as iron ore stocks rally hard on Asian gains. BHP up 2.7% and FMG up 2.8% leading the charge as Dalian futures hit a 4-month high on hopes of a Chinese property rescue. Lithium stocks still struggling a little post GS research. Gold miners were better with NCM up 0.8% and NST gaining 2.0%. EVN up 2.4%. CHN continue to push on up another 3.8%. SYR and 29M also in demand. Energy stocks flat, coal stocks mixed, WHC up 1.3%. In industrials, REITs slipped a little, gaming stocks better with ALL up 0.2% and healthcare modestly higher. Tech stocks better as WTC rallied 1.2% and XRO up 0.8% as book squaring pre-PPI was the way to go. Banks were mixed with CBA easing 0.4% and the Big Bank Basket flat. MQG under pressure down 1.8%, PNI slammed as performance fee evaporated, down 3.8%. In corporate news, Potentia were back for NTO, up 3.4% and above the 200c bid price. BTH returned after its ‘successful’ capital raise falling 21.5%. BSL up 0.4% after accused of cartel behaviour. SGR up 0.6% after being fined $100m but QLD casino’s allowed to stay open. BPT threw in the towel in the WGO takeover battle and rose slightly. STX hurt on the news down 8.0%. Nothing on the economic front. 10-year yields lower at 3.29%. Asian markets better HK up 1.7%, China up 0.3% with Japan up 1.2%.
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US markets snapped a five-day losing streak to finish higher ahead of PPI data tonight, which will factor into the Fed’s next move. The Dow Jones closed up 184 points (+0.55%), having been up 301 points at its best. The NASDAQ bounced 1.13%, and the S&P 500 rose 0.75%. In Europe, STOXX 50 +0.2%, FTSE -0.2%, CAC -0.2%, DAX +0.02%. SPI Futures are up 33 points (+0.46%) as we look to finish the week on a positive note.
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ASX 200 dropped another 54 points to 7175 (0.8%) as international recession fears continue. Banks eased back with the Big Bank Basket down to $182.35 (0.8%). MQG slid another 1.4% with insurers coming off their highs, QBE down 1.4%, MPL pushing higher by 2.1%. FUM managers again under pressure, PPT down 2.8% and GQG off 1.4%. REITs better as 10-year yields stable. GMG up 1.3% and CHC the stand out up 3.0%. Industrials were firm generally, WES up 0.7%, TCL up 1.2% and WOW and COL doing ok. Tech stocks mixed, the All -Tech Index down slightly. XRO rebounded 0.9%. Resources were mixed, iron ore stocks giving back some recent gains, BHP down 0.8% and FMG off 1.8%. Lithium stocks under pressure as Goldman Sachs weighed in with another report. CXO down 9.9% and LTR taking it especially hard, down 7.5%. Gold miners though in the box seat as bullion increased, NCM up 2.0% and EVN up 3.6%, Good drill results from CHN saw the stock soar 13.11%. Oil stocks also on the nose with WDS down 4.3% and STO off %. BPT recovered some ground from yesterday up 0.3%. Coal stocks slipped a little. In corporate news, DOW were hammered after it ‘presented an ability to be opaque’ with a $40m accounting issue. JRV returned to trade up 4.6%. In economic news, we had international trade and tourism numbers. 10 year yields steady at 3.35%. Asian markets mixed with HK once again sprinting ahead on relaxation of restrictions up 2.8%, China up 0.2% with Japan down 0.5%.
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US markets fell for the fifth straight session with recession fears weighing heavily. It was a choppy session, with multiple swings either way, as the Dow Jones closed up two points. At best it was up 178 points, and at worst it was down 93 points. The NASDAQ fell another 0.51% and the S&P 500 finished 0.19% lower. In Europe, STOXX 50 -0.5%, FTSE -0.4%, CAC -0.4%, DAX -0.6%. SPI Futures are down 16 points (-0.22%).
- Wall St ends lower after choppy trading from rising recession worries
- 'We're going to be free': Chinese cheer as COVID curbs are loosened
- Putin says Russia could be fighting in Ukraine for a long time
- Bank of Canada makes big rate hike, hints it may the last one
- U.S. third-quarter productivity raised; labor costs still running high
- Western officials in talks with Turkey over oil tanker delays
- Brazil's Vale forecasts flat iron ore output, shares dive 4.4%
- Oil gives up the year's gains, closing at 2022 low
- U.S. crude stocks drop; fuel stocks post large builds
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ASX 200 dropped 62 points to 7229 (0.85%) in lacklustre trade, cratering on the match out as GDP came in below forecasts. Once again resources were the stars at least until the close, base metal stocks in favour. BHP up 0.1%, FMG up 2.3% and even PLS joined in the positivity up 2.2%. Gold miners were slightly firmer, NCM up 1.1% and NST up 0.2% but BGL dropped 12% on news of a $60m placement. Oil and gas stocks fell back, WDS down 2.0%, STO off 1.1% and BPT taking a tumble on broker moves down 9.9%. Second line lithium a little depressed. Banks eased back following their US counterparts. CBA dropped 0.8%, NAB down 1.2% and the Big Bank Basket at $183.80 (-1.0%). Insurers doing well, QBE up 1.9%, SUN up 1.5% and IAG in the box seat up 1.9%. MQG slid 1.8% with GQG better by 1.4% on its FUM numbers. Industrials eased back too, TLS down 0.5%, WES off 1.5% and TCL down 1.9% on higher rates. Tech stocks under pressure after Nasdaq falls, the All-Tech Index down 3.2% with WTC off 5.3% and XRO heading another 4.2% lower. Healthcare eased, SHL off 2.3%. In corporate news, STO extended its buy back down 1.1%, BTH launched a placement whilst under takeover. STX has bought a 19.9% stake in WGO blocking Gina and Kerry. Squadron Energy (Twiggy’s private company) paid $4bn for CWP renewables. In economic news, GDP for the September quarter came in at 0.6% below consensus. 10-year yields down to 3.35%. Asian markets, Japan up 0.1%, China down 0.1% post economic data and HK added 0.8%. Dow futures are up 51 points and NASDAQ futures are up 22 points.
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US markets crumbled overnight as concerns that the US economy is heading toward a recession in 2023 took their toll. The Dow Jones fell 351 points (-1.03%). At best, it was up 60 points, and at worst, it was down 529 points. The NASDAQ took a heavy blow, down 2.00%, with selloffs in tech giants including Apple, Meta, and Amazon, and the S&P 500 fell 1.44%. The recent rally looks like it was very overdone, with markets sobering up as we see a correction. In Europe, STOXX 50 -0.4%, FTSE -0.6%, CAC -0.1%, and DAX -0.7%. SPI Futures are down 37 points (-0.51%), following a 34-point loss yesterday, as the RBA raised interest rates by 25bps.
CEOs from the biggest banks, including Goldman Sachs, Morgan Stanley, and JPMorgan, shared their concerns about the economic outlook. Goldman warned about cutting pay and jobs with “bumpy times ahead,” while Bank of America is slowing down hiring, with fewer employees leaving as a possible economic contraction lies ahead. Morgan Stanley is set to cut around 2,000 global positions, and JPMorgan says a “mild to hard recession” may hit next year. Money moved to the “safe haven” US dollar as bond yields fell. The US 10-Year Yield was down 6.9bps, while the 2-Year Yield fell 3.0bps. The USD index rose for the second straight session, up 0.27%, while the Aussie Dollar settled a little lower, down 0.12% to 66.85c.
In commodities, oil prices fell, with WTI down 3.41% to its lowest price this year after touching a higher above $123/barrel in March. Brent crude was down 4.14% below $40/barrel for the second time in 2022. Base metals were mixed with nickel, zinc, and tin,finishing higher, while copper, aluminium, and lead all closed lower. Gold rose 0.29% after a hard fall in the previous session. Coal was back on the winner’s list, up 0.90% overnight. Bitcoin steadied, up 0.24%.
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ASX 200 slipped 34 points to 7291 (0.5%) after fighting back from early US inspired losses. RBA moved rates 25bps higher as expected and market sold off after the announcement. Bank slid finally after holding up well until the RBA decision. CBA dropped 0.5%, NAB down 0.7% and the Big Bank Basket off to $185.60 (-0.5%). ASX fell hard on latest volume numbers off 2.5%. MFG disappointed with FUM down 3.3%. Insurers were better with QBE up 0.6% and IAG up 1.3%. MPL grinding higher by 1.7%. REITS fell led by GMG down 1.1%, SCG off 1.4% and VCX down 1.5%. Healthcare was mixed, CSL barely changed, RMD fell 2.3% as US listing slid on broker comments. Industrials relatively solid, TLS grinding higher again up 0.5%, BXB up 0.8% and WOW up 0.3%. Tech fell hard, WTC down 2.4% and XRO off 4.0%. Resources under pressure. BHP and RIO easing slightly but FMG off 1.6% and gold miners slammed NST down 2.0% and NCM off 2.3%. Lithium feeling depressed today AKE down 0.8%, LTR off 3.2% and AGY off 4.6%. Oil and gas stocks down with STO off 1.2% and KAR off 3.3%. In corporate news, SPT did a deal with Google. BGL raising $60m in a placement at 105c. On the economic front, it was the RBA and consumer confidence, 25bps as expected but Lowe has raised his terminal rate forecast. This is the rate at which the economy becomes terminal. In Asia, HK down 0.8% and China kicking another 0.6%. Tokyo better by 0.4%. 10-year yields up to 3.39%.
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US markets fell overnight on the back of strong economic data, which supports the case for the Fed to continue to raise interest rates. The Dow Jones was down 438 points (-1.40%). At best it was down 94 points, and at worst it was down 583 points. The NASDAQ fell 1.92%, and the S&P 500 finished xx% lower, with 95% of companies trading lower. In Europe, STOXX 50 -0.5%, FTSE +0.2%, CAC -0.7%, DAX -0.6%. SPI Futures are down 47 points (-0.64%) this morning, following a 24-point rally yesterday.
HEADLINES
- Wall St sinks as strong services data causes jitters over Fed direction
- Stocks Hit by Fed-Hike Worries as Bond Yields Jump
- U.S. services industry regains steam; factory orders accelerate
- Russia unleashes missiles across Ukraine, drones hit bases deep inside Russian territory
- FX swap debt an $80 trillion 'blind spot' global regulator says
- Vodafone CEO to leave after frustrating four years for shareholders
- U.S. Supreme Court leans toward web designer with anti-gay marriage stance
- Oil falls over 3% after data raises Fed interest rate worries
- Gold pulls back as dollar rebounds on strong U.S. data
- Lithium price to retreat from record as electric car sales slow
- China demand hopes fuel copper's rise to three-week peak
ON THE CALENDAR
- Domestic data: RBA interest rate decision & current account for Q3.
- Japan data: Household spending for October.
- UK: Retail sales for November.
- US: Balance of trade for October & Redbook data for December.
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ASX 200 rallies 24 points to 7326 (0.3%) as iron ore bounces to $110 in Singapore. FMG leading the charge higher up 6.9%, BHP up 2.3% and second-liners CIA doing well up 2.2%. Lithium stocks a little on the nose with PLS down 5.1%, IGO off 4.9% and LTR falling 2.4%. Base metal stocks slightly firmer, S32 up 3.6%. Energy stocks firmed post-OPEC plus, WDS up 2.0% and STO up 2.7%, coal stocks a little weaker. Banks going nowhere in a hurry, the Big Bank Basket $186.49 (unchanged). Industrials firmed in quiet trade, TLS up 0.3%, WOW up 0.6% and ‘old skool’ platform stocks REA up 0.7% though CAR and SEK slipped slightly. REITs firm, GMG up 1.7% and healthcare slipping back slightly, CSL down 0.6% and RMD off %. Tech stocks eased back, WTC off 0.7% and CPU down 0.2%. The index falling 0.2%. In corporate news, WGO got another bid up 11.5%, with Gina and Kerry fighting it out. NEA takeover now approved by the court. MTS up 0.2% on higher earnings and a 9.5% increase in dividend. Nothing significant on the economic front ahead of the RBA tomorrow. Asian markets firm, HK up 3.5% and China kicking another 1.7%. Tokyo unchanged.10-year yields slip to 3.37%. Dow futures down 32 points. Nasdaq futures down 22 points.
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- US stocks and bonds experienced a volatile session on Friday following a jobs number that fuelled bets the Fed will continue tightening after a lot of talk of a slowdown of rate hikes this month. The Dow Jones fell hard at the open but managed to recover its losses and finish up 34 points (+0.10%). The NASDAQ finished 0.17% lower and the S&P 500 lost 0.12%. European markets were mostly lower, with STOXX 600 down 0.15%, UK FTSE down 0.03%, France down 0.17%, Italy down 0.26%, and Greece down 2.00%, German DAX finished 0.27% higher. SPI Futures are up 19 points (+0.26%), following a 0.6% rise in the ASX 200 for the week.
- US employers added more jobs than expected and wages increased by the most in nearly 12 months. Nonfarm payrolls were 263K higher in November, ahead of market forecasts of 200K, with the unemployment rate steady at 3.7%.
- US bond yields spiked on the jobs number but gave up their gains and were relatively unchanged for the session, the US 10-Year fell 4.1bps, while the 2-Year rose 2.2bps. The USD index jumped close to 1% on the release but finished down 0.17%. The Aussie Dollar was unchanged against the USD, fetching 68.03c.
- In commodities, easing restrictions in China has provided a boost for metals, with all finishing higher. Copper rose 1.56% to its highest level since mid-November, while nickel added 4.58% and aluminium climbed 2.68%. Gold finished 0.32% lower after a good run against the USD. Oil prices slumped on the EU agreeing to a $60 Russian oil price cap, and reports that the US oil-production rebound is set to slow. Brent crude was down 1.28% and WTI fell 1.48%. Coal prices rose again, adding 1.59%, for the week, it gained 14.23%.
- OPEC Plus announced no changes.
- China relaxing more CV19 restrictions over the weekend.
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ASX 200 dropped 53 points to close at 7302 (0.7%). Up 55 points for the week. Some caution creeping in before the US jobs data tonight and it has run hard. The BIg Bank Basket fell to $186.74 (1.1%). MQG slid 1.0% and insurers also in the doghouse as bond yields continue to fall. 10-year yields now back to 3.39%. QBE down 0.2%, MPL off 1.7% and money managers down too, GQG off 3.0% with MFG falling another 1.9%. Industrials relatively firm, TLS up 0.5%, REA up 0.7% and CPU up 0.1% with healthcare also doing ok as RMD rose 1.6% and CSL up 1.1%. REITs stumbled lower despite rates easing, GMG down 4.1%, GPT off 2.2% and SCG falling 2.7%. Tech better with the All-Tech Index up 0.6% as WTC rallied 0.5% and BTH got an 80c bid. In resources, iron ore stocks eased, BHP down 1.4% energy down too WDS copping some broker negativity falling 2.6% and coal stocks not such a merry old place to be. Gold miners though enjoying a day in the sun, SBM up 10.4%, NCM up 2.1% and GOR flying another 2.2%. Base metals too in the green, IGO up %, PLS up % and CHN up 3.7% in speculation Twiggy is interested. In corporate news, WGO got another revised bid from BPT at 25c. STO had a court case go against them on Barossa gas project falling %, PMV posted record Black Friday sales higher by %. CRN warned on wet weather impacts, DMP completes its placement of $150m to buy out its German partner. In economic news, the total new loan commitments for housing fell 2.7% in October. Japan down 1.8%, China off 0.6% and HK down 0.8%. 10-year yields at 3.39%.
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US markets faltered following as manufacturing data showed a contraction in November for the first time since May 2020. The Dow Jones closed down 195 points (-0.56%) after falling as much as 460 points in early trade. The NASDAQ managed to continue yesterday’s run and gained 0.14%, while the S&P 500 was largely unchanged for the session, down just four points. In Europe, STOXX 50 +0.5%, FTSE -0.2%, CAC +0.2%, DAX +0.7%. SPI Futures are down 15 points (-0.20%) following a 70-point rise yesterday.
- Wall Street ends mixed; Salesforce selloff pressures Dow
- Biden, Macron condemn Russia invasion of Ukraine at White House meeting
- U.S. Supreme Court to hear Biden's bid to reinstate student debt plan
- U.S. Congress backs legislation to block rail strike
- Global factory activity shrank in November but price pressures ease
- EU tentatively agrees $60 price cap on Russian seaborne oil
- U.S., France present united front to hold Russia to account on Ukraine
- Chicago Fed hires Austan Goolsbee as new chief after Evans
- HSBC shedding at least 200 senior operations managers in global cuts
- China set to loosen COVID curbs after week of historic protests
- Oil prices could fall without further OPEC+ cut, analysts say
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ASX 200 jumped out of the blocks today finishing up 70 points at 7354 (1.0%). The Powell Punt now live. Resources led the charge selectively, BHP up 2.11% with RIO up 3.3% on Chinese reopening hopes. Gold miners did well as the USD fell away, NCM up 4.3% and NST up 3.0%. Base metals stocks better CHN up 5.7% and IGO up 4.0% with PLS better by 2.2%. Patches of weakness with oil and gas mixed, WDS falling 1.7% on its impending investor day, STO up 0.4% on better crude prices and KAR up 2.6%. In the industrials, green across the screen with interest rate sensitive stocks better, REITs up with GMG up 0.4% and SCG better by 1.4%. ‘Old Skool’ Platform stocks doing well, REA up 2.4% and SEK rallying 2.6%. Staples ok but unspectacular. Healthcare eased with CSL down 0.5% though FPH kicked another 2.7% higher on broker optimism. In the banks, the Big Bank Basket showed a modest gain, at $188.97 (+0.6%). MQG did well up 1.9% and Insurers mixed with MPL 1.7% better as the last data hits the dark web. In corporate news, DMP tapped the market for a thin and crispy cap raise to buy the German partners out. RF1 is raising $79m to increase the fund at NTA, COH down 0.5% and has drawn the attention of the ACCC. AGY issued an update to its Rincon operations, up 6.4%. On the economic front, private new capital expenditure unexpectedly fell 0.6% quarter-on-quarter. Meanwhile, in Asia, Japan followed the US higher by 1%, China up 1.3% and HK up 1.6% 10-year bond yields fell to 3.49%. Dow futures up 22 points. Nasdaq futures up 29 points.
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The ASX 200 finished up 31 points (+0.4%) on a better-than-expected monthly CPI indicator number for October. The figure came in at 6.9%, ahead of consensus of 7.4%, and slowing from the 7.3% CPI read in September. Resources were strong, BHP was up 1.6% and RIO rose 1.7%. Lithium stocks also found some strength, with MIN up 4.4%, PLS up 3.8%, and AKE up 3.4%. Energy was the clear winner, with coal stocks attracting attention on a rising coal price and increasing uncertainty surrounding the oil price cap situation with OPEC+. WDS up 1.3% and STO up 1.0%, with YAL up 3.3%, WHC up 8.4%. Banks came under some pressure following the CPI indicator release, with the Big Bank Basket down to $187.91 (-0.3%). CBA down 0.2%, NAB down 0.5%, and ANZ down 0.7%. Other financials were better, MQG up 0.4%. Technology stocks were better, the All-Tech Index was up 1.0%, with CAR up 3.4%. REITs also better following the CPI update, GMG was up 2.3%. In corporate news, TPW rose 14.1% on a 55% increase in revenue compared to pre-COVID levels. MYX fell hard, down 16.4%, following an outlook update at its AGM. TLG recovered from some weakness to finish unchanged after it said it expects to finalise negotiations and provide definitive documentation on Automotive Cells Company shortly. Jerome Powell speaks in the US tonight, looking out for some confirmation of slowing rate rises in December. European inflation data for November also out tonight. Dow Futures are up 50 points and NASDAQ Futures are up 18 points.
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- The S&P 500 and Nasdaq Composite closed lower for a third straight session Tuesday as traders struggled to recover from sharp losses suffered in the previous session and looked ahead to more economic tea leaves coming later in the week.
- The Nasdaq Composite shed 0.59% to close at 10,983.78. The S&P 500 lost 0.16%, ending the day at 3,957.63. The Dow Jones Industrial Average notched a marginal gain, closing 3.07 points, or 0.01%, higher at 33,852.53.
- Data out of Germany, Spain and Brazil signaled that inflation in the country could be cooling, as desired by officials, Reuters reported. German consumer prices in comparison to other European Union countries rose 11.3% in November, cooling slightly.
- RBA’s Jonathan Kearns, head of domestic markets, speaks at the 2022 Australian Securitisation Conference in Sydney at 11am;
- Third quarter construction work done, building approvals October, private sector credit October and CPI indicator October all at 11.30am. Australian CPI today expected to be 7.8% up from 7.3%
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ASX 200 rose 24 points to 7253 as iron ore drives the market from negative to positive. Quiet conditions with Chinese stability helping sentiment. Iron ore hit US$100 in Singapore pushing BHP up 2.1%, FMG up 2.2% and RIO up 3.5%. Base metals rose slightly, S32 up 3.0% and MIN doing well up 2.4%. Lithium stocks found some buyers but conviction remains low. Gold miners under a little pressure as USD rises, NCM down 0.1% and NST off 0.5%. Energy stocks mixed with WDS off 0.4% and STO up 1.1% on its BKW deal. Old king coal a very mixed soul, WHC down 1.8% and YAL up 0.4%. Banks were flat with CBA down 0.4% dragging the Big Bank Basket to $188.52. Other financials drifted off, MQG down 0.3% and ASX off 4.7%. Industrials slightly weaker in thin trade. WES fell 0.3%, ALL down 0.8% and REITS slipped slightly, GMG down 1.2%. Healthcare was firm led by CSL. RHC up 0.9% on its AGM and FPH doing well on its results up 9.8%. Tech stocks going nowhere, XRO up 1.0% and the index unchanged. In corporate news, CKF dropped like a hot bucket of chicken down 19.8% on inflation biting margins. Some presentations around in CIA and AGY and in economic news, consumer confidence is picking up a little after the budget. Asian market calmly better after the weekend of protests in China. HK up 3.9% 10 year yields steady at 3.61%.
HEADLINES
- Winners: FPH, ACL, AGY, PBH, MAD, NAN, BGL, SYR
- Losers: CKF, RNU, LFG, OBL, MGH, GNC
- Positive sectors: Iron ore. Banks. Healthcare. Lithium.
- Negative sectors: Industrials. REITs. Oil and Gas.
- High 7254 Low 7201
- Dalian iron ore up in Asia.
- Big Bank Basket: Closed up at $188.52
- All-Tech index: Unchanged.
- Gold steady at $2614
- Bitcoin: Steady at US$16,267
- Aussie Dollar: Higher at 66.99c
- 10-Year Yield: Steady at 3.61%
- Asian markets: Japan down 0.5%. HK up 3.9% China up 3%
- US Futures: Dow up 70 Nasdaq up 54.
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US Markets were closed overnight for the Thanksgiving Holiday and will close early tonight. SPI Futures are up 12 points (+0.17%), following gains in Europe on the hopes that the US Federal Reserve will begin to slow the pace of its rate rises soon. European markets all finished higher, with the Stoxx 600 +0.46%, FTSE +0.02%, German DAX +0.78%, and France +0.42%. The ASX 200 is poised to end the week 1.6% higher.
The oil price steadied overnight, climbing 0.57%, as the EU considers a higher-than-expected price cap on Russian oil. Goldman Sachs believes that the higher price cap being considered could reduce the risk of retaliation from Moscow. Talks to finalise the deal were supposed to be completed yesterday but were delayed.
In Asia, Chinese stocks finished lower as the battle against COVID continues. Officials are pushing forward with their aggressive tactics to slow the spread, ordering lockdowns and movement curbs with daily cases nearing 30,000. Official comments from Wednesday indicate that the PBOC will allow banks to reduce capital reserves to stimulate growth.
In commodities, it was a mixed bag. Base metals were mostly higher, with nickel, lead and tin all up over 1%. Dalian iron ore slipped as COVID continues to run through China, while US futures climbed 1.3%. Brent crude steadied and rose 0.57% as the Russian oil price cap talks continued. Volatility in the coal price continued, falling 3.46% overnight. The Aussie Dollar rose 0.52%, now fetching US67.66c.
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ASX 200 traded quietly in a very narrow range closing up only 10 points to 7242 (0.1%). Banks were a little on the nose today with the Big Bank Basket easing to $187.76 (0.3%) Other financials also eased back with MQG down 0.4% with insurers flat lining. Healthcare was firmer with CSL up 0.4 % after its new $3.5m drug brought upgrades from brokers. The rest of the sector was flat. Industrials mainly flat with squirts of green own TCL up 0.4% KGN up 7.9% and REA doing ok, up 2.9%. REITs also better as bond yields fell slightly. Resources were once again the driving force with BHP up 1.4% and FMG up 0.5% with base metals and lithium stocks a little flat but gold miners enjoying a good run despite AUD bullion going no where. Oil and gas stocks under pressure on crude falls. WDS down 1.4% and STO falling 1.6%. Coal stocks sold off today not helped by WHC falling 6.7% on CEO selling down his holdings for tax issues. In corporate news, KGN AGM today saw gains though HVN eased slightly after its own AGM. CLX rallied hard up 27.5% on profit guidance last night and IVZ fell 20.6% on additional elevated gas shows. Nothing on the economic front as we digest the FOMC minutes last night. Asian markets mixed with Japan playing catch up rising 1.1%. 10 -year yields slipping back to 3.58%.
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US markets rallied overnight with further evidence suggesting the Fed will soon slow rate rises came to light. The Dow Jones was up 96 points (+0.28%), closing at its highest level since April 21. At worst, it was down 93 points, and at best, it was up 164 points. The NASDAQ rose 0.99%, and the S&P 500 was up 0.59%. In Europe, the Stoxx 600 +0.6%, FTSE +0.17%, German DAX +0.04%, and France +0.32%. SPI Futures are up 5 points (+0.07%) following a 51-point rise yesterday. The ASX 200 is up 1.1% for the week.
- US Treasury yields dropped as Fed minutes suggests lower rate hikes.
- ‘Substantial’ majority of Fed officials see rate hikes slowing ‘soon’.
- US weekly jobless claims at three month high.
- US business activity weakens further.
- NY Fed s analysts say bank deposit rates lag changes in Fed policy rate.
- Euro zone downturn eases slightly. Offers hope for milder recession.
- Oil slides 3% on Russian price cap talks. US gasoline inventories build.
- G7 looking at Russian oil price cap of $65-$70 per barrel.
- Oil price Would have immediate impact on Russian revenue. Russian tanker fleet too small to bypass cap.
- Germany plans 33% windfall tax on gas, coal and oil firms.
- China widens COVID curbs, iPhone factory unrest adds to economic worries.
- Russian missile barrage forces Ukraine to shut nuclear power plants.
- Copper demand to rise on surging EV and power investment.
- BHP sees 2-3 years of elevated costs, near-term copper oversupply.
- Crypto exchanges enabled online child sex abuse profiteer on darknet.
- FTX was run as ‘personal fiefdom’, faces hacks, missing assets.
- Bank regulators tell Citigroup to take urgent action to fix resolution plan.
- Credit Suisse flags hefty loss as rich clients leave.
- News Corp merger with Fox opposed by big shareholder.
- Soccer - Japan stun Germany with come from behind 2-1 win. Spain 7-0 v Costa Rica.
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ASX 200 rose 51 points to 7232 (0.7%) in disappointing trade really. Early signs of kicking on evaporated and we gave a little back, iron ore in China slipped over 2% but that didn’t hurt BHP up 1.0% and RIO up 0.5%. Base metals held firm with S32 up 2.0%, LYC up 1.8% and MIN doing well up 1.9%. Gold miners rallied despite little movement in bullion, NST up 2.2% and NCM better by 2.4%. Energy both old and new, was the place to be, lithium stocks mixed, AKE up 1.5% and CXO rising 2.1%, WDS up 0.9% and coal stocks soaring as WHC rose 5.6% with YAL up 3.8%. Big Banks were also better yet again, CBA hitting records, up 0.5%, the Big Bank Basket up to $188.18 (1.1%). MQG joined in today up 1.6% and insurers also firm. Industrials positive, REITS a little better and healthcare ahead with CSL up on upgrades and news. Techno slipping as WTC crashed 6.7% on its AGM statement. All-Tech Index down 0.5%. In corporate news, CXL rose 7.8% on its CEMEX announcement, CHN up 6.5% on a drill report and QAN dominated as it raised guidance by $1bn in just six weeks, rising another 5.3%. PNV slipped back 8.9% on its capital raise and GNG fell 6.5% on its AGM report. Nothing to write home about on the economic front. Japan closed for Thanksgiving. China seeing more lockdowns and the index easing back slightly. 10-year yields back to 3.58%
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US markets rallied overnight as Fed officials indicated that they will continue to raise rates, but they’re open to slowing the pace of hikes. The Dow Jones rallied throughout the session, finishing up 398 points (+1.18%). At worst it was up 110 points, and at best it was up 415 points. The S&P 500 gained 1.36%, and the NASDAQ climbed 1.36%. In Europe, Stoxx 50 +0.5%, FTSE +1%, CAC +0.4%, DAX +0.3%. SPI Futures are up 62 points (+0.86%), following a 42-point rise yesterday.
HEADLINES
- Stocks soar as investors expect Fed to slow pace
- Retailers rally into holiday season after earnings blowouts
- FTX collapse ensnares creditors big and small all over the world
- Carvana’s unwinding triggers cascade of warnings on Wall Street
- U.S. Supreme Court clears way for lawmakers to get Trump's tax returns
- Harsh winter looms as Russian attacks hobble Ukraine's power capacity
- Best Buy forecasts smaller drop in sales ahead of holiday season
- Europe to be hit hardest in global slowdown – OECD
- EU executive proposes gas price cap at 275 euros/MWh
- China set to fine Ant Group over $1bn, signalling revamp nears end-sources
- Ronaldo to leave Manchester United after criticism of club
- Australia loses to France in World Cup 4-1
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ASX 200 continued to push higher in quiet trade finishing up 42 points at 7181 (0.6%). Coordinated positivity in banks and resources saw the index close in on the 7200 level. The Big Bank Basket topped $187.10 (0.5) with CBA close to an all time high. NAB in favour too up 0.5% with QBE better by 2.7% on broker upgrades. MQG missed the memo down 0.9% with MFG up 0.4%. Healthcare better as CSL up 0.1% and FPH rising 2.5%. REITs did well too, GMG up 0.2%, SCG up 1.4% and VCX rising 0.8% despite recent CEO woes. Industrials firm but unspectacular. Tech stuck in the slow lane with the All Tech Index up 0.3%. Resources though were back in demand despite more CV19 cases in China. BHP rose 1.2%, RIO up 1.0% and MIN doing well up 2.8%. Lithium stocks were firm but again unspectacular, PLS up 3.4% and LTR roaring 2.5% better. Energy stocks though in demand with WDS going great guns up 2.9% and coal stocks rallying hard on higher coal prices. WHC up 7.8% and NHC up 7.3%. Gold miners uneventful. In corporate news, TNE rose 5.1% on some impressive numbers, VUK up 10.6% on results and buy back update, AXE chopping higher on qubit news, up 21.8%. BST was worse with its AGM update falling 13.6% and 360 returned from a capital raising falling close to the placement price of 630c. Nothing on the economic front, Phil Lowe speaks tonight his specialist subject. How to forecast inflation and interest rates correctly. Meanwhile Asian markets mixed on CV news, Japan up 0.7% HK down 0.4% and China up 0.8%. 10 -year yields steady at 3.60%.
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US markets slipped overnight as Chinese COVID concerns, and the expectation for Fed interest rate hikes continued to dominate headlines. The Dow Jones dropped 45 points (-0.13%), closing in the middle of its trading range. At best it was up 119, at worst it was down 187 points. The NASDAQ was down 122 points (-1.09%). The S&P 500 fell 18 points (-0.45%). In Europe, Stoxx 50 -0.4%, FTSE -0.1%, CAC -0.2%, DAX -0.4%. SPI Futures are up 32 points (+0.45%), with RBA governor Philip Lowe set to speak about “price stability, the supply side and prosperity” at the Annual CEDA Dinner in Melbourne tonight.
- China COVID cases weigh on the Wall Street; Disney jumps 6%.
- Disney brings back Bob Iger as CEO in bid to boost growth
- Saudi denies oil output hike discussion, says OPEC+ may cut if needed
- Real impact of Fed hikes likely bigger than what target rate implies, Daly says
- Goldman Sachs Strategists Say Bear Market Will Last in 2023
- Activist investor asks News Corp to spin off unit instead of merger with Fox
- Chinese carmakers target more European sales with five-star EVs
- Indonesia quake kills over 160, search for survivors continues
- Global stocks, oil prices slip as rising COVID cases prompt Chinese lockdowns.
- China COVID cases rise, hard-hit Beijing’s tightens entry rules.
- Beijing’s reports 316 new local COVID cases, enforces inbound travel rules.
- Iron ore retreats on China COVID flareups, India’s export tax move.
- India scraps export taxes on low-grade iron ore.
- New China COVID curbs push copper (down 2.1%) to two-week low.
- Saudi denies oil output hike discussion, says OPEC+ may cut if needed.
- Oil rebounds from early 5% plunge after Saudis deny OPEC+ output report.
- ECB’s Lane makes a case for smaller rate hikes ahead.
- Australia considers credit card laws for BNPL lenders.
- England beats Iran 6-2 in the World Cup, "It's coming home" - Henry Jennings
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ASX 200 fell 13 points to 7139 (0.2%) in another quiet day of trade. Once again banks strong, resources weaker. BHP fell 2.3% with RIO off 2.3% as Turquoise Hill becoming an issue with the takeover, FMG dropped 3.8%. Lithium stocks steadied but no huge rally, MIN down 0.2%, PLS up 0.1% with LTR up 3.1% and CXO up 0.4%. Oil and gas stocks slipped on the falls in crude, WDS down 1.4% and STO off 1.0% with coal stocks better on coal price rise, WHC up 3.2% and NHC rising 1.9%. Gold miners doing little. The Big Bank Basket rose to $186.14 (0.8%). Insurers slipped as QBE updated the market falling 0.6%, MQG down 1.0% and fund managers dipped with MFG down 2.7%. Healthcare mixed, CSL up 0.9% and SHL eased 1.1%. Industrials mixed, technology fell, XRO down 3.7% with the All-Tech Index down 1.7%. In corporate news, SFR rose 1.5% on its rights issue, HLS fell 4.2% on media speculation on day hospital sale. 360 to raise $50m, NHF looks to be a winner from MPL fallout. Nothing on the economic front. In Asia, China continues to grapple with CV19 with the first death in six months, HK slipped 2%, China down 1.3% and Japan flat. 10-year yields down slightly at 3.58%
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The Dow Jones was up 199 points (+0.59%). At best it was up 282 points, and at worst it was down six points. The NASDAQ failed to kick into gear, closing a single point higher. The S&P 500 gained 0.48%. Ahead of Thanksgiving week this week (a lot of people go on holiday) it was another narrow session with trading volumes around 20% below the 30-day average despite a US$2.1bn options expiry.
US bond yields kicked up again, with the 10-year up 5.2bps and the 2-year up 7.7bps. Fed head comments fuelling the rise, with Bullard suggesting rates need to go to at least 5-5.25%, and Kashkari saying how far the central bank will go is an “open question”. Collins suggested that another 75bps hike could be on the cards for December 14, with little evidence that price pressures are waining. But some strategists suggest that investors are seeing the signs of steadying inflation as an opportunity to take advantage of the Fed easing its rate rise to 50bps on December 14. The US Dollar index rose again overnight, up 0.22%, with the Aussie Dollar slipping 0.09%
In commodities, the oil price was probably;y the main feature, down 2% as global demand fell, leading to the second weekly decline in oil prices - down almost 10%. Brent crude was down 2.35%, and WTI was down 1.98%, for the week, WTI fell 9.98%. Base metals steadied the ship, most were higher, with copper the only loser, down 0.63%. Dalian iron ore was up 0.52%. Coal rebounded again, up 4.40%. Gold was down 0.65%, falling 0.80% for the week. Bitcoin was down 0.57%, it seems like the initial fallout from the FTX drama has washed over.
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ASX 200 closed up 16 points at 7150 (0.2%). Index down 6 points for the week. Another narrow range trading day with banks and resources heading higher in unison. The Big Bank Basket up to $184.60 (0.5%). MQG slipped a little, insurers better led by QBE up 1.9% and IAG up 1.2%. PPT down 2.4% with PDL down 1.6%. Healthcare slightly better, CSL up 0.4% and FPH rallying 2.7%. Industrials were firmer, WES up 0.7%, TLS up 1.6% and WOW up 0.7%. REITs better on falling yields, TCL doing well again too up 1.0%. Tech flat with WTC down 0.4%. Resources somewhat mixed as BHP rose 0.3% on its increased offer at 2825c for OZL up 4.0% Lithium stocks continue to see profit taking. CXO off another 1.1% with PLS sliding 2.9%. Oil and gas stocks fell, WDS down 0.8% and coal stocks finding support on higher coal prices. In corporate news, LOV slid 7.1% on a business update. STA up 5.6% on a corporate presentation, CTT fell 12.2% as founder sells down, NXL up 21.9% on its AGM addresses. Nothing on the economic front. Asian markets flat with the 10-year yield steady at 3.60%
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US markets slipped overnight, and bond yields jumped as the hope of a Fed pivot dissipated. The Dow Jones closed down eight points (-0.02%), following a late rally into the close. At worst it was down 314 points, at best it was up 62 points. The S&P 500 slipped 0.31%, and the NASDAQ fell 0.43%. In Europe, Stoxx 50 down 0.1% FTSE down 0.1%, CAC down 0.5%, and DAX up 0.2%. SPI Futures are up six points (+0.08%%), following a 14-point rise yesterday.
- Copper retreats on renewed worries about China Covid curbs.
- Gold slides 1% as dollar marches ahead.
- India set to be one of the world’s fastest-growing copper markets in 2022.
- Canada very unlikely to join OPEC like group for nickel.
- LME tightens restraints as nickel turns unruly again.
- LME raises initial margins on nickel by 28% after volatility.
- Nickel price tumbles as LME scrutinises volatile trading.
ON THE CALENDAR TODAY
Japanese data: Inflation rate for October.
* UK data: Retail sales for October.
* US data: Existing home sales for October & CB leading Index for October.
* Corporate events: N/A.
* AGM’s: MGR, LLC, ATM, NXT, NHF, LOV, PXA, NAN, & CVN.
* Ex-Dividends today:* SOL, ORI
Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.
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A very narrow day of trade today, the ASX 200 finished up 14 points (+0.2%), with a range of only 40 points. Defensive stocks were the best place to be while resources weighed on the market. Iron ore miners struggled, BHP was down 1.5%, RIO was down 1.8%, and FMG fell 1.8%. S32 lost 5.2% on a Macquarie downgrade. Financials were better after some weakness yesterday. The Big Bank Basket was up 0.5% to $183.75. MQG joined in, up 1.1%. Healthcare shone brightly, with CSL up 1.4%, RMD up 1.5%, and FPH up 3.9%. Consumer staples were higher, with WOW up 2.1%, COL up 1.9%, and WES rising 2.5%. The travel sector enjoyed a nice rally on the back of some solid numbers from WEB, up 10.1%. Technology stocks pushed higher, the All-Tech Index was up xx%, with REA up 0.3%, XRO up 1.7%, and WTC climbing 1.3%. Energy stocks struggled, coal stocks in particular, fell hard, following a 5.3% fall in the coal price overnight. WHC down 6.3%, CRN down 3.8% and NHC down 6.5%. Lithium miners steadied the ship after suffering from some profit-taking in recent sessions. And gold stocks were a bit all over the shop, SFR the biggest loser, down 3.0%. In corporate news, the PDL/PPT deal in the courts with PDL up 10.5% as it lowered its takeover offer of PPT, down 12.6%. WEB flew up 10.1% on some well-received first-half results. In economic news, unemployment fell to 3.4% in October, down from 3.5% in September, with consensus for a 0.1% rise. The market was relatively unphased, the release paves the way for further RBA rate rises. Asian markets are mixed. Dow Futures are up 21 points.
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- The S&P 500 ended the day down 0.83% at 3,958.79, and the Nasdaq Composite shed 1.54% to 11,183.66.
- The Dow Jones Industrial Average wrestled with the flat line all day, but finished down 39.09 points, or 0.12% at 33,553.83.
- Federal Reserve governor Chris Waller said he could be open to slowing the pace of rate rises, though he’s waiting for more data.
- US Treasury Secretary Janet Yellen signalled the Biden administration will push for greater regulation of the cryptocurrency market following the collapse of FTX.
- Target are down 13.4% in late trade after its profit tumbled 52% in the September quarter and it warned of Christmas sales down on 2021.
- Cisco slightly firmer after hours on results.
- Base metals weaker. Nickel down 8.5%
- Oil off 0.9% Gold down 0.3%
- Iron ore better in Asia yesterday up 2.5%
- AUD 67.38c.
- BHP/OZL deal expected to be announced
- ASX update on CHESS.
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ASX 200 fell back another 19 points to 7122 (0.3%) as momentum is stalling. Poland may be a distraction but banks down as yields fall, the Big Bank Basket down to $182.89 (1.2%). CBA down 1.8% on broker downgrades, MQG losing 0.9%, insurers off too, IAG down 2.3% and QBE off 2.9%. Fund managers slipping away, MFG down 2.2%, PPT down 4.3% and PTM off 1.3%. PDL still in demand up 4.5%. Industrials pretty flat, REITs unchanged, healthcare eased, CSL off 0.5% and SHL down 2.5% with RMD falling 1.3%. Tech mixed, XRO down 1.8% with the All-Tech Index off 0.6%. Resources were mostly firm although lithium stocks still a little depressed, PLS rose 1.9% on dividend policy news, AKE rallied back 2.4% but CXO dropped 5.4% and LTR off 3.4%. Iron ore stocks better, BHP up 1.2% with FMG rallying 2.3%. Base metals better and OZL in a trading halt as it looks like BHP is trying to button down the takeover. IGO up 4.0% and LYC doing well up 4.0%. Gold miners eased back again, NCM down 1.9% and NST off 2.6%. Energy stocks better, WDS up 1.4% and coal stocks doing very well, WHC up 5.8% and NHC rallying 4.4%.
In corporate news, ALL came up lemons, down 5.0% as it issued no guidance, NUF up 8.9% on its results. KMD up 4.2% on its results. SZL did well up 15.0% with a business update and AXE up 4.6% on another step forward to commercialisation.
On the economic front, wage growth in the private sector grew 4.3% in September quarter. Overall wage growth picked up 1% over the quarter to 3.1%. Asian markets were mixed consolidating recent gains. 10-year yields falling again to 3.70%
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US stocks jumped back on the train, pushing higher overnight as PPI data supported the peak inflation story. The Dow Jones finished up 56 points (+0.17%), in the middle of a big trading range and making up for some of the previous session’s losses. At best it was up 450 points and at worst it was down 217 points. The S&P 500 rose 0.87%, and the NASDAQ was up 1.45%. In Europe, Stoxx 50 was up 0.7%, FTSE was down 0.2%, CAC was up 0.5%, DAX was up 0.5%, with reports coming in that Russian missiles hit Poland. SPI Futures are down 12 points (-0.17%) this morning. This follows a 5-point fall yesterday.
The US producer price index for October came in at 8% last night, below the 8.3% expected. This helped fuel investor optimism of the Fed slowing the pace of rate increases. But the rally came to a halt when news of the Russian missiles hitting Poland landed, with markets dropping sharply on the news. The USD Index also slipped on the news but rallied into the close, finishing down 0.24% but off lows for the session. US 10-Year and 2-Year yields also fell during the session, down 9.6bps and 6.1bps respectively.
In commodities, oil prices rose overnight, with brent crude up 1.12% and WTI up 1.19%, following news of a pipeline disruption to Hungary. Base metals were mixed with some big moves in nickel, up 10.53%, and tin, up 8.63%. Gold continued higher up another 1.31. Coal prices jumped overnight, up 6.24%. Iron ore moved slightly higher, up 0.42%, with BHP up 2.23% and RIO up 1.62% in ADR terms. Bitcoin found some buyers, up 3.35%, but is still down over 24% in the past 10 days.
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- ASX 200 fought back to close down only 5 points at 7142 (0.1%). Once again it was the tale of two sectors. Resources on the nose after some good rises, lithium stocks depressed as Goldman Sachs issued another sell note citing oversupply from 2025. CXO, PLS and AKE whacked hard with second liners also in the seller’s sights. Stop losses and profit taking also at play. Base metals eased too with OZL down 1.0% and S32 off 1.1%. Less damage than lithium and rare earths as money flowed into laggards, iron ore stocks saw some selling pressure BHP down 0.2% and FMG off 0.8%. Gold miners steady and selective. DCN up 6.7% with DEG off 1.1%. No real damage in the sector with bullion flat. Oil and gas eased, WDS down 1.4% and coal stocks mixed. In the banking sector, CBA up 1.3% was the focus after ok results, only Q1 so no dividend announcement and not much detail, the Big Bank Basket $185.16 (0.4%) as NAB went ex-dividend. MQG and the insurers better, IAG up 1.3%. MPL pretty much unchanged. Industrials slightly weaker, REITs down led by GMG, healthcare better after falls yesterday CSL up 1.5% and RHC up 1.3%. Tech slightly higher XRO up 3.1%. The All-Tech Index up 1.3%.
- On the corporate front, AKE held its AGM, AGL saw four new MCB nominated directors join the board, DGL rose 16.7% on its AGM. IPL up 5.9% on good results and delays to demerger.
- In economic news we had RBA minutes. Not sure we learnt much, Asian markets continued higher on Chinese optimism. TSMC a stand-out as Buffett buys in and tech sector doing well. 10-year yields slightly higher at 3.77%.
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- The US rally came to a halt overnight as markets gave back some of the gains from the previous two sessions. The Dow Jones faded into the close, down 211 points (-xx%), closing just off lows. At best it was up 216 points, at worst it was down 214 points. The S&P 500 was down 0.20%, and the NASDAQ slipped 1.12%. The US Dollar index moved higher during the session, up 0.35%. The Aussie dollar was unchanged, fetching 67.00c. And US 10-Year and 2-Year yields moved higher, up 4.3bps and 8.0bps respectively. In Europe, Stoxx 50 up 0.5%, FTSE up 0.9%, CAC up 0.2%, and DAX up 0.6%.
- SPI Futures are set to open 37 points (-0.52%) lower.
- Markets rallied before a late sell off as Federal Reserve Vice Chair Lael Brainard indicated the central bank could soon slow the pace of interest rate rises.
- President Biden and Xi Jinping meet for three hours.
- Amazon.com plans to cut about 10,000 jobs, the largest ever headcount reduction at the e-commerce giant as it braces for slower growth and a possible recession.
- In commodities, oil tripped up, with brent crude down 3.47% and WTI down 3.69%, as OPEC cut oil demand growth forecasts for the fifth time since April. Base metals were mixed, copper, nickel, and aluminium were all lower, while zinc, lead and tin all moved higher. The iron ore price was up 3.3% overnight, with BHP up 0.6% and RIO down 0.73% in ADR terms. Gold was slightly higher, up 0.12%. Bitcoin slipped another 3.8%, with the FTX drama deepening.
- CBA results may be a little light on.
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ASX 200 finished down 12 points to 7146 (0.2%) as Fed official talks tough on rates again. USD rises, gold slips and yields up too. Banks wore the brunt of the selling as the bifurcation in the market kicked off again. The Big Bank Basket fell to $184.48 (-0.8%). Insurers also hurt with IAG down 2.4%, QBE down 4.0% and PPT off 5.8% on court moves. Healthcare too in ICU with CSL down 2.0%, COH off 4.2% and RMD falling 3.4%. Industrials slipping as TLS fell 3.5% on a management change, staples eased back, WES down 2.1% and COL off 2.0%. REITs slipped too, SCG down 3.1%. Tech stocks mixed as WTC fell 1.7% and XRO resumed its slide down 3.9%. The All-Tech Index dropped 0.5%. Resources though were a different story although off highs as USD gathered strength. Iron ore in demand, BHP up 4.6%, FMG up 10.1% with base metals also doing well, S32 up 5.9%, CIA up 12.9%, OZL up 1.1% and selected lithium plays better. CXO marching 11.7% ahead with LTR in demand. Energy stocks better as WDS ran 1.5% with WHC up 3.2% the best of the coal stocks.
In corporate news, ELD were smashed 22.9% on an uncertain outlook and the CEO retiring in the next 12 months. WGO rose 16.7% on a takeover from BPT. IVZ had another strong rise on drill results, RMS chopped by 6.5% on a 3-year production outlook and NEA fell 5.8% on churn issues. FLT fell 3.8% on underwhelming growth numbers and a threat to airline commissions. Nothing on the economic front, Asian market mixed as Japan fell 0.9%, China up 1.1% and HK up 2.9%. 10-year yields at 3.75%
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- US markets found some solid ground after a slow start. The Dow Jones finished up a modest 32 points (+0.10%) but most importantly, it didn't give back any of the 1200 point gain the night before. Building foundations. At worst, down 321, at best, up 103. The S&P 500 gained 38 points (+0.95%) in its best week since June. While the NASDAQ rose a further 209 points (+1.88%) to round out its best week in two years. In Europe, the STOXX 600 was unchanged, the German DAX, France and Italy saw some gains, but the UK FTSE, Spain, and Greece finished lower.
- SPI Futures are up 42 points (+0.59%) this morning, which follows the 2.79% gain yesterday.
- The Nasdaq Golden Dragon Index rose 6.6% on Friday, extending a 7.6% gain in the previous session and capping its best two-day performance since March 17.
- Commodities also found favour following the news out of China (quarantine periods reduced by 2 days) with rallies across the board. Base metals pushed higher, aluminium, zinc, and tin were all up over 5%, with big gains in copper, nickel, and lead. Oil prices continued to rally, Brent crude was up 2.92%, and WTI was up 3.03%. BHP and RIO raced ahead overseas, with gains of around 6.5% each in the US. Other resources stocks also had a good night, Alcoa was up 8.74%, Anglo-American was up 6.99%, and Vale was up 11.55%.
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- ASX 200 finished the week in style up 194 points at 7158 (2.8%) to a five-month high. Up around 3.8% for the week. Everything was up with the exception of the insurers which suffered as rates fell, banks were well sought as the Big Bank Basket hit $185.88 (+1.6%). Fund managers leveraged to the market also doing well, MFG up 9.8%, MQG up 5.6% and PNI up 12.5%. Industrials bid well too, Healthcare firm, CSL up 3.4%, RHC up 4.7% and PME up 11.5% some of the standouts. Telcos better, TLS up 1.0%, tech in demand with the All-Tech Index up 5.8%. WTC bouncing 10.4%, XRO up 8.3%. CPU a rare weaker stock down 2.9% on falling rates. 10-year yields falling to 3.64%. Staples finding friends again and will continue to do so, WOW up 1.6% and COL better by 2.3%. Resources very strong, BHP up 3.8%, FMG up 5.8% and S32 up 5.7%. Gold miners raced higher, NCM up 3.5% and NST rallying another 3.3%. Lithium slightly left out but LYC up 3.9%. Energy stocks mixed, coal down and oil and gas better led by WDS up 1.4%. In corporate news, AX1 rose 17.5% after a positive AGM, JRV fell 17.6% after a placement weighed on the stock, APX rallied 8.7% on a substantial shareholder notice. Nothing on the economic front. Meanwhile, in Asia, Japan up 2.8%, HK up 5.5% and China up 2.1%, US Bond markets closed tonight for Veterans Day. Dow Futures up 63 points and Nasdaq Futures up 17 points.
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- ASX 200 SPI futures up 190 points.
- The Dow Jones Industrial Average jumped 1,201.43 points, or 3.7%, to 33,715.37. The S&P 500 jumped 5.53% to 3,955.94 in its biggest rally since April 2020. The Nasdaq Composite surged 7.35%, also its best since April 2020.
- October’s CPI rose 0.4% for the month and 7.7% from a year ago, its lowest annual increase since January and a slowdown from the 8.2% annual pace in the prior month.
- Economists were expecting increases of 0.6% and 7.9%, according to Dow Jones. Excluding volatile food and energy costs, so-called core CPI increased 0.3% for the month and 6.3% on an annual basis, also less than expected.
- Base metals better. Gold up nearly 3%.
- Oil up 1.1% Iron ore fell 1% in Asia yesterday.
- AUD up to 66.3c USD Index fell 2.1%
- BHP ADRs up 3.6%.
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ASX 200 falls 35 points to 6964 (0.5%) ahead of US CPI tonight. Banks eased back as NAB saw downgrades post results, falling 2.1%, the Big Bank Basket down to $182.93 (1%). MQG fell 1.0% and insurers slid slightly as bond yields fell to 3.72% in the 10s. Plenty going on with PPT, PDL one up one down. MFG fell another 3.2% as it continues to head lower. Industrials were mixed, CSL up 1.1% on an upgrade, COH better by 1.5% but others slightly lower. REITs better on lower yields, Staples continue to find bargain hunters with EDV, COL and WOW all doing ok. Resources slipped as China locked down more areas due to CV19. BHP fell 1.5%, FMG off 2.0% and base metals and lithium stocks falling away. PLS down 3.3% and MIN off 1.1%. Gold miners were mixed, DEG up 2.1% and NCM down 1.3%. Energy stocks weak, WDS down 2.3% and STO fell 1.6% with WHC dipping another 3.3%.
ORG bucked the trend as Brookfield lobbed a 900c bid into the equation, in other corporate news, NWS rallied 8.7% on better Q1 numbers, XRO fell hard by 10.9% on margin and growth issues, PPT got another bid at 3300c rising 14.8% whilst PDL fell 10.9% on a delay. CPU gained 4.1% after better AGM update and A11 fell 4.0% after a presentation at the Noosa Mining Conference. On the economic front, no big news but US CPI in focus. Asian markets weaker and 10-year yields fell to 3.72%. Bitcoin craters.Finding some support.
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- The Dow Jones fell into the close, finishing down 647 points (-1.95%), snapping a three-day winning streak to finish near lows. Never trading in positive territory at best, it was down 96, at worst, it was down 682. An unexpected swing in the midterms spooked US markets, with uncertainty creeping back in for investors. The NASDAQ lost 263 points (-2.49%). The S&P 500 was down 80 points (-2.08%). In Europe, Stoxx 50 -0.3%, FTSE -0.1%, CAC -0.2%, and DAX -0.2%. SPI Futures are down 61 points (-0.87%) this morning.
- The US mega-cap tech rout has continued. Amazon, down 4.27% overnight, has become the first public company in the world to lose US$1 trillion in market value. Tesla stocks fell 7.17% overnight as Musk sold US$4bn worth of shares. Netflix was down 3.34%, and Disney fell 13.16%. Meta, on the other hand, heading in the right direction, was up 5.18% as it announced it would cut around 11,000 jobs to further invest in the Metaverse.
- In commodities, oil continued to fall overnight as US crude inventories rose alongside China's COVID struggle. Brent crude fell 3.06%, and WTI fell 3.57%. Base metals were mostly lower, but nickel managed to climb 3.07% and lead added 1.20%. BHP and RIO were down 2.34% and 1.97% in ADR terms. And gold dropped a little overnight, down 0.68%, after an astonishing run yesterday.
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The ASX 200 closed up 40 points (+0.6%) to 6999, adding to yesterday’s 25-point gain. It was gold’s time to shine today, as miners rallied hard with NCM up 6.9%, NST up 6.8% and EVN up 9.3%. Other resources remained in good shape, with BHP up 2.1%, RIO up 2.4% and FMG up 3.0%. The banks evened out. CBA, ANZ, and WBC finished marginally higher, but NAB failed to keep up, down 0.9%, as it reported falling NIM. The Big Bank Basket was up 0.1% to $184.70. Energy was mixed. Oil stocks did okay despite a falling oil price overnight. WDS was up 0.5%, STO was 0.9%, and ORG was up 0.7%. But coal stocks took a bit of a hit, as WHC reported negative impacts weather impacts, down 8.5%. Technology stocks lagged, the All-Tech Index was down 1.5% and the worst sector. REA fell 4.3% on its results despite lifting revenue and commenting that listings are positive. Industrials were mostly lower, WOW and COL were down around 0.5%. Healthcare stocks were mixed, CSL and SHL were both down 0.4%, but RMD rose a touch, up 0.1%. In corporate news, HLO fell 11.5% as QAN sold its $33m stake in the company. WHC fell 8.5% on a bad weather update. NWS dropped sharply, down 11.2%, as it reported a 1% fall in revenue. In China, inflation fell more than expected to 2.1% YoY in October. Asian markets are opening lower. European futures are mixed. Dow Futures are down 17 points, and NASDAQ Futures are up 33 points. US midterm results are starting to come out.
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Another strong rally in the US as the Dow climbed 335 points (1.02%). At worst, up 4, and at best, up 528. The NASDAQ gained 52 points (+0.49%), and the S&P 500 rose 21 points (+0.56%). It was the third winning session for US stocks ahead of the midterm results. In Europe, Stoxx 50 +0.8%, FTSE +0.1%, CAC +0.4%, DAX +1.2%. SPI Futures are up 34 points (+0.49%), as we look to test the 7000-resistance level again.
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ASX 200 closed up 25 points to 6959 (0.4%) in very tight trade. Volumes down too. Banks bounced back as WBC ran 2.0% and the Big Bank Basket rose to $184.49 (1.2%). MQG up 0.9% with insurers flat and MFG slightly higher despite Hamish selling down another parcel on a block trade. Industrials slightly higher as staples rallied, EDV, COL, WOW and WES all better, REITs better despite 10-year yields scything through 4%. Tech marooned with the Al Tech Index unchanged. Resources were mixed as lithium stocks continued to power up, PLS up 4.4%, CXO up 3.8% and MIN rising 5.0%. Iron ore stocks eased with gold miners seeing some small gains. NCM up 0.2% and NST up 1.2%. Oil and gas fell, WDS down 1.2% and STO with a reduced production forecast falling 5.3%. Coal stocks not in a merry place at all, WHC down 5.5% and NHC off 7.8%. Incorporate news, MPL was threatened with a data dump on the Dark Web by a RaaS (Ransom as a Software) provider, falling 1.8%. JHX was sideswiped as US and local housing slowing dramatically and fell 13.8%. SGM also in the seller’s spotlight on its update on lower scrap volumes, down 9.7%. A2M rose 4.0% on the kick off of its buyback. TLC 4% better on an update. No good news on the economic front with both consumer sentiment and business sentiment falling again. In Asia, Japan up 1.4%, HK unchanged, China down 0.8%. 10-year yields better again above 4%.
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ASX 200 SPI Futures up 24 points.
- The Dow Jones Industrial Average traded higher by 423.78 points, or 1.31%, to 32,827.00. The S&P 500 gained 0.96% to 3,806.80. The Nasdaq Composite rose 0.85% to 10,564.52, after trading between gains and losses earlier in the session. All three major averages notched a second straight positive day.
- Of the 11 S&P 500 sector indexes, eight rose, led by communication services which was up 1.83%, followed by a 1.73% gain in energy.
- VIX down 3.4%
- USD Index falls again. AUD 64.77c
- Oil down 0.7%. Gold unchanged.
- Base metals ease slightly. Lead up 2.1%
- Iron ore up 2.3% BHP down 0.5% in ADRs
- Midterms loom in US.
- JHX announces no dividend but US$200m buy back.
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ASX 200 closed up 41 points at 6934 (+0.6%) in a quiet day as banks fell and resources rose. A solid day for resources which despite no easing in China, managed to do well. Asian markets better too helping. BHP up 5.0%, RIO up 3.8% and FMG rallying 4.9%. Gold miners were back in fashion despite no movement at all in AUD bullion pricing. NCM up 4.2% and NST rising 6.1% with second liners doing well, DEG up 6.2% and RMS ahead by 6.6%. Lithium stocks were modestly higher with LYC doing well up 3.0% and IGO up 2.2%. Energy stocks mixed as WDS gained 2.6% and STO flat. Coal stocks a little flat after CRN fell 7.1% on no merger with Peabody announcement. Banks were the weak spot today, ANZ and MQG ex dividend didn’t help but WBC underdelivered falling 3.9%. The Big Bank Basket falling to $182.33 (-2.1%). Insurers held up, MPL rose 0.4% after saying it would not pay a ransom. Healthcare was mixes, CSL better but RMD dropping 3.3%. Industrials flat, tech eased as CPU fell 0.7%, WTC down 5.8% and XRO dropping 2.1%. REITs slightly better.
In corporate news, WBC results today, ARU rose 13.1% on a binding offtake agreement, IMU fell 2.5% in a European patent being granted and ECX fell 5.9% on results and a new CEO.
Nothing on the economic front as COP 27 kicks off in Egypt. In Asia, Japan up 1.1%, China up 0.3% and HK charging ahead by 3.1%.
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- Dow Jones up 402 in high volume (+1.26%). Down 62 at worst and up 610 at best. S&P 500 +1.34%. NASDAQ +1.28%. The US markets had a pretty shabby week last week with the Dow Jones down 1.4%, the NASDAQ down 5.6% and the S&P 500 down 4.6%. STOXX 600 index up 1.81% overnight with the UK market up 2% and Germany up 2.5%, France up 2.8%. The Chinese market was up 5.3% last week. The Hang Seng (Hong Kong) was up 5.3% on Friday.
- SPI Futures up 91 this morning. That follows a 35 point rise in our market on Friday. The ASX 200 was up 116 points (1.66%) last week. It was led higher by the resources sector (+3.53%) and the energy sector (+4.96%). Gold the loser of the week down 2.05% although the gold price is up a big $50 overnight (+3.12%) so the gold sector looking good for a bounce.
- Over the weekend the Chinese have denied any changes to CV19 policy so we are unlikely to see such a good response from our market today.
- WBC results out this morning $5.28bn cash profit and 64c fully franked dividend. More cautious than ANZ. The bank said it had not yet seen increases in hardship or stressed assets, with 68% of its customers still ahead on their mortgage repayments.
- MPL update on cyber crime. Operations have been maintained.
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ASX 200 up 35 points to 6893. Up 1.5% for the week. Australia outperformed the US markets this week, helped by a 113-point rise on Tuesday as the RBA went soft yet again with a 25bp rate rise. The RBA upgraded inflation and downgraded GDP forecasts in their Statement on Monetary Policy today. GDP forecast to fall below 2.00% from mid-2023. Bond yields fell in Australia on the back of that. The RBA see inflation above their 2-3% target through 2024. A range of 65 points for the day as the market awaits US Jobs numbers tonight. Closed pretty much on its highs led by Resources which were chasing a 5% rally in the Dalian iron ore price.
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Dow Jones down 147 points (-0.46%). Not a bad performance considering at one point it was down 421 points. It was up 38 points at best. NASDAQ down 1.73% (ouch) with the S&P 500 down 1.04%. The STOXX 600 index was down 0.93%, Germany down 0.95%. US bond yields rose yet again, quite savagely unfortunately. US 10 year bond yield up 8bp and the two-year up 14bp. The US dollar also (irritatingly) jumped a massive (massive!) 1.42% overnight taking the Aussie dollar down to 62.92c.
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ASX 200 fell 129 points to 6858. Off lows but caution remains. Losses across the board with the Big Bank Basket down to $186.24 (-1.6%). MQG down 1.4% with insurers holding up as 10-year yields rose to 3.91%. MPL up slightly. Fund mangers in focus as PPT rose 7.1% on a potential bid, PDL dropped 10.7% as its party could be spoilt and MFG just lost 5.7%. Healthcare down as CSL fell 1.6% dragging SHL lower and COH falling 3.5%. Industrials weaker, staples in focus on WOW numbers, COL fell1.0 %, WES down 3.8% and EDV off 1.4% with WOW falling 3.5% on quarterly results. TLSDA gained as a defensive up 1.3% but REITs sliding on rate woes. GMG down 0.8% with LLC down 8.7% on a strategy update. Tech on the nose again, the Index down 1.5%, XRO off 2.0% and SQ2 off 5.7% as US slumped. Resources fell with BHP down 3.2%, FMG off 2.9% and RIO down 2.2%. Lithium was a little depressed, PLS down 1.4% and MIN off 3.1%. Gold miners fell despite no change in bullion, NST off 3.4% and NCM down 3.0%. Energy stocks mixed, WDS fell 1.4% yet NHC rose 5.9% on new buy back.
In corporate news, BVS was guillotined by a business update from the new CEO falling a massive 52.1%, A2B fell 7.4% on guidance reaffirmed, PPT up 7.1% on a bid at 3000c cash from Regal and its partner. A2M rose 4.2% on USA tick and JAN rose 17.0% on a trading update. In economic news, strong exports helped the trade surplus to $12.4bn. In Asia, Japan closed for a holiday. HK fell hard as it raised rates, falling nearly 3% and China down around 1.2%.
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The Fed offered little relief for investors overnight. Despite lifting rates by 75bps as expected, Jerome Powell's hawkish comments following the decision spooked the Dow Jones into a 505-point loss (-1.55%) finishing just off lows. At best it was up 419 points following the rate rise, then dropped over 930 points on Powell's comments. The S&P 500 fell 96 points (-2.5%), and the Nasdaq took the biggest hit, falling 366 points (-3.4%). In Europe, Stoxx 50 -0.8%, FTSE -0.6%, CAC -0.8%, and DAX -0.6%. SPI Futures are down 113 points (-1.62%).
- Fed delivers big rate hike, signals possible smaller increases ahead
- Stocks end down, yields up as Powell sticks to hawkish stance
- Powell sees higher peak for rates, path to slow tempo of hikes
- Wall Street sees ‘devil’s bargain’ in Powell’s rate comments
- Ukraine grain export deal back on track as Russia resumes participation
- North Korea fires 23 missiles, one landing off South Korean coast for first time
- Amazon sees record interest from retail investors after earnings
- Oil jumps to three-week high as tight fuel supplies spark worry
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ASX 200 rose 10 points to 6987 (0.1%). A cautious day today ahead of Fed meeting outcome. 75bps the forecast, Q&A will be the focal point. A mixed sessions as banks eased, the Big Bank Basket up to $189.19 (0.1%). MQG slipped 1.8% with insurers solid as MPL rose 1.0%. Healthcare slipped a little with CSL down 0.2% after announcing a new deal down. Industrials weaker, WOW down 0.8%, EDV down 1.3% and COL sliding 0.8%. TLSDA also slightly weaker with no real interest. Tech stocks fell, XRO down 3.4%, WTC off 2.5% and the All-Tech Index down 0.8%. Resources were mixed as lithium stocks took a break PLS down 4.0%, MIN off 1.7% and AKE falling 3.9%. Base metals and iron ore better, BHP up 2.1% with FMG up 1.5% and RIO rising 2.4%. Gold miners were slightly firmer as bullion rose slightly. NCM up 1.6% and NST rising 1.2%. Energy stocks doing well on crude rises and coal stocks back in favour. WDS hitting highs up 1.2% and STO up 0.8% with WHC back in the green up 4.2%. In corporate news, AMC fell 4.3% on reaffirming guidance, LKE rose 5.2% on a Kachi update, CSL will work with Arcturus Therapeutics on a new mRNA flu vaccine. DMP had its AGM and again inflationary pressures hurting down 5.3%. On the economic front, building approvals and housing finance showing the extent of the price and activity falls. In Asia, a mixed session, Japan down a little but China up a touch and HK doing well.
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- The Dow Jones fell 80 points (-0.2%) overnight as the market prepares for the Fed Decision tonight. The Nasdaq had the biggest losses, down 97 points (-0.9%), and the S&P 500 fell 16 points (-0.4%). The losses followed some stronger-than-expected economic data, with job openings and construction rising, although the S&P Global manufacturing index fell. Mega-cap tech stocks weighed on the Nasdaq again, with Amazon falling 5.5%. In Europe, Stoxx 50 rose 0.9%, FTSE was up 1.3%, CAC was up 1%, and DAX climbed 0.6%. SPI Futures are up five points this morning.
- US treasuries were mixed, 10-year yields fell by 3bps to 4.05%, but 2-year yields rose by 4bps to 4.55%. Not a lot of action in the FX market overnight, though most currencies were weaker against the US Dollar. The USD Index fell 0.04%. The probability of a 75bps rise at tonight’s meeting is now 85.5%.
- The iron ore price has fallen over 16% in the last month on Chinese concerns. But news headlines out this morning suggest that we could see some relief from China soon, as speculation of an exit from COVID zero has begun to circulate.
- In commodities, Brent Crude and WTI oil prices rose 2.0% each. Gold was barely changed. There were some big moves in base metals, with nickel up over 6%, while zinc dropped 2.1%. The iron ore price rose overnight, against the recent downtrend.
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ASX 200 soared 113 points to 6977 (1.7%) as buyers emerged pre the RBA meeting and kicked a little higher after the central bank raised rates 25bps as widely anticipated. Banks led the charge higher with the Big Bank Basket up to $189.05 (1.2%). MQG pushed another 1.5% higher with insurers also in demand on higher rates. IAG up 1.6% and QBE rallying 2.3%. MPL rallied 1.4% too as the hack fallout subsides. Even MFG rallied 2.1%. Healthcare in demand, CSL up 1.0%, RMD finding buyers up 2.1% and FPH up 2.4%. Industrials were firm but a little uninspiring, WES rose 1.4%, WOW up 1.4% and ALL up 1.8%. Old skool platforms stocks mixed, CAR up 2.2% and REA down 0.4%. Tech was slightly better by 1.5%. WTC up 1.8%, NXT bounced back 5.4%, CPU up 0.9%. Resources were in demand, BHP up 2.8% despite iron ores recent falls. RIO up 2.6% and FMG also showing a clean pair of heels up 5.4%. Lithium stocks remain in favour, PLS up 4.3%, CXO up 4.0% and MIN rising 0.8%. S32 bouncing well and NIC doing well up 7.4%. Gold miners slightly positive and oil and gas better, WDS up 2.3% and STO rising 2.0%. Coal stocks though in a hole, YAL down 3.1%, TER off 6.8% and WHC up 1.3%.
In corporate news, AGY fell 2.9% on an operations update, GMA rallied 5.2% on an upgrade. RDY got bid for rising 28.1%.
In economic news, the RBA raised rates 25bps, ANZ has stuck with its view that the RBA will deliver another 0.25% rate rise in December. Capital Economics says the revisions made to the Reserve Bank’s economic forecasts were “slightly hawkish” with a peak at 3.85%. Asian markets firmed and 10-year yields at 3.77% steady after RBA.
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US markets saw a little selling pressure last night with the Dow falling 128 points (-0.4%) at 32732. The S&P 500 fell 0.75% to finish at 3872. Nasdaq though fell harder with the index down 1.03% to 10988. October has been a good month for the market with a near 14% gain in the Dow for its best month since 1976. The S&P and Nasdaq gained about 8% and 3.9%, respectively, for October. This is the best October ever. In Europe, Stoxx 50 +0.1%, FTSE +0.7%, CAC -0.1%, and DAX +0.1%. **ASX SPI Futures are up 10 points.
Technology and communications stocks were the biggest drags on the broader market. Apple fell 1.5%, and Google’s parent fell 2%. Communication services fell 1.7%. November has historically been one of the strongest months of the year for US stocks. The S&P 500 has experienced an average gain of 0.82% with positive returns 69% of the time, according to data going back to 1983. Morgan Stanley** has called for the rally to reach 4000-4150 but now leaning toward the upper bound.
In the bond market, two-year US yields moved higher to around 4.5%. The yield on 10-year Treasuries advanced three basis points to 4.05%. Swap markets are pricing in a 75bps hike this week. JPMorgan is joining strategists who believe the aggressive hiking by global central banks is close to an end. BlackRock said the markets are rallying on hopes that policy tightening is coming to an end, which it thinks is premature. The Bloomberg Dollar Spot Index rose 0.75%.
In commodities, gold slid 0.5%, and Oil was off nearly 2%. Base metals were mostly lower, and iron ore fell also. Bitcoin fell 1.1% to $20,409.
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ASX 200 pushed another 78 points higher to 6864 (+1.2%) as Tech rebounded. Everything performing well except Resources and Energy. Banks pushed higher again as the Big Bank Basket rose to $186.77 (+1.3%). Insurers positive, AMP up 4.6% and MPL finally moving up 0.7%. Healthcare made steady gains, with CSL up 2.3% and IDX up 6.9%. Industrials were positive as the sector moved up 1.1%, TLSDA up 1.6% and RWC doing well up 3.6% as bond yields marginally increased to 3.74%. RBA decision tomorrow.REITs happy, WES up 3.2% and PBH bouncing up 3.6%. Tech stocks were winning today with the All-Tech index up 2.6%. XRO doing a backflip on last week and bouncing 4.6% and Resources still hurting as iron ore stocks continue to fall, BHP down 0.3%, RIO down 0.4%. Lithium stocks having a good day with, PLS up 4.5% and CXO up 3.4%. Gold miners the worst performer of the day, NCM dropping 2.6% and GOR down 3.2%. Coal had a mixed day with YAL down 3.2% and WHC down 4.1% yet SMR up 2.9%. Dow futures are down 14 points.
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- Dow Jones up 829 points (2.59%) closing pretty much on its highs. NASDAQ up 2.87% after a 7.6% bounce in Apple and a 4% recovery in Microsoft after results this week. Intel also up 10.7% and Nvidia was up 5.0%. S&P 500 up 2.46%. Caterpillar continued its rally up 3.4% after results last week. It was up 17.5% for the week. Exxon Mobil was up 2.9% on results with Chevron up 1.2%.
- The Dow Jones was up a solid 5.72% last week with the NASDAQ up 2.24% and the S&P 500 up 3.95% which was a remarkably good performance considering the drop in Tech stocks on the back of a week of poor results reactions.
- The SPI Futures are up 92 points which makes up for the 59 point drop on the ASX 200 on Friday. The Friday performance was driven by a 3.56% drop in the resources sector offset by a 0.7% rise in the bank sector.
- Bond yields in the US rose on Friday with the 10 year bond yield up 7bp and the two year bond yield up 9bp, but there was still a substantial drop in bond yields on the week.
- In commodities, the oil price was down 1.23% and 1.44% but was up 3.35% on the week. BHP and RIO were down 4.75% and 3.5% in the US. The gold price was down 1.27% ($21) and down $11 for the week. Most of the metal prices were lower except for Lead which rallied 8% one point after being included in the Bloomberg Commodity Index. For the week, the Dalian iron ore price was down 8.2%, and the coal price down 6.8%. Lithium managed a 3.7% rise. Metal prices didn’t see much action on the week. Zinc was down 4.4%, and copper down 1.1%.
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ASX 200 finished the week down 59 points to 6786 (-0.9%) as resources fell hard on iron ore falls. For the week the index rose 1.6% with Banks better again as the Big Bank Basket rose to $184.42 (0.7%). ANZ recovered from early losses to close up 0.9% on broker commentary. MQG down slightly giving back early gains, Insurers mixed, QBE down 0.4% and MPL down 2.8%. Healthcare took flight with RMD leading the sector down falling 5.0% on quarterly results. CSL dropped 0.6% and CUV lower by 5.2%. Industrials were mixed, some buying of defensives, TLSDA up 0.3% and TCL doing well up 2.2% as bond yields dropped to 3.76%. RBA beckons next week. REITs mixed, GMG off 1.1% with SCG up 4.0%. Tech stocks were down but not out with the All-Tech index down 1.5%. XRO continued to slide down another 2.8% with our own ‘Amazon Lite’ KGN falling 3.0%. Resources were hurt today as iron ore stocks fell hard, BHP down 5.0% (30 index points alone), FMG savaged 8.2% after production and broker rethink. Lithium stocks too in distress, PLS off 4.7% and CXO down 2.9%. Gold miners held up relatively well, MIN dropping 6.4% and IGO in base metals not flash. Oil and gas stocks held up but coal not such a merry old soul. NHC down 9.7% and WHC off 4.2%.
In corporate news, CXL lost its grants, falling 19.0%, MCR got smashed 14.8% on a quarterly report. AQZ fell 3.90% as ACCC pushed out its decision yet again to March 2023.
Nothing significant on the economic front as we line up for the RBA decision on Tuesday. Asian markets ease as Japan falls 0.6% as BoJ leaves rates unchanged, HK down 2.2% and China down 1%. Dow futures are down 20 points.
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- ASX SPI Futures down 26 points to 6813.
- The Dow climbed 194.17 points, or 0.6%, to end at 32,033.28 for its fifth day of wins driven by results from Caterpillar.
- The S&P 500 closed down 0.6%, ending the session at 3,807.30. The Nasdaq Composite lost 1.6%, closing at 10,792.68, as a rout in Meta and other tech stocks weighed on the index.
- After hours Amazon has fallen close to 20% on very disappointing results an doutlook. Apple is flat after its results with some hits and misses on numbers.
- Autos, biotech, MedTech, trucking, industrial metals, apparel, semis, tech hardware also among the laggards. Energy, media, machinery, multis airlines exchange sasset managers among the outperformers.
- Meta’s Reality Labs division, which houses its VR headsets, lost over $9bn in the first three quarters. Morgan Stanley, Cowen and KeyBanc downgraded Meta on Thursday, citing increased spending.
- Core Scientific, one of the largest publicly traded crypto mining companies in the U.S., raised the possibility of bankruptcy in a statement filed with the SEC. Core’s stock was down as much as 77% on Thursday following the filing, and has lost more than 97% of its value to date.
- Treasuries firm with the 10Y yield moving back below 4%.
- Dollar index up 0.8%, performing best vs euro though a bit weaker on yen cross.
- Gold ended down 0.2%. Bitcoin futures down 0.7%.
- Base metals were weaker as the USD rebounded. Nickel down 1.3%. BHP and RIO fell 2.3% and 3.8% respectively in ADRs. Vale down 2.7% as Brazil elections in focus.
- WTI crude ended up 1.3%, and up over 4.5% for the week.
- GDP rose 2.6% in the third quarter versus the estimate of 2.3%. Makes life interesting for Fed next week. A narrowing trade deficit and increases in consumer spending and government outlays boosted the number.
- A sharp pullback in housing subtracted from the number, part of a broader decline in private investment.
- Consumer spending decelerated, increasing at just a 1.4% pace in the quarter, down from 2% in Q2.
- September core durable goods orders posted surprise contraction.
- Initial jobless claims beat.
- ECB raised rates by 75 bps, as expected and has withdrawn support for European banks.
- China President Xi said willing to cooperate with US on finding ways to get along while Biden said US not seeking conflict with China.
- MQG out this morning.
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ASX 200 pushed another 34 points higher to 6845 (0.5%) despite bank weakness after ANZ results. Six-week high. MQG tomorrow. The Big Bank Basket fell to $183.08 (0.1%). CBA managed a gain of 0.4% as its out of cycle. ANZ down 3.3% on results and outlook. MQG up 0.3% with insurers also doing well, IAG up 1.0% and QBE rallying 1.1%. MPL steadied after the rout yesterday. Fund managers mixed, MFG down another 0.7%. Healthcare stocks mildly positive, CSL up 0.2% and RMD rising 0.8%. Industrials firm but unspectacular, WOW up 0.7%, WES up 0.4% and TCL doing well up 1.3% on director buying. Tech slightly better, whilst Resources were higher leading the market. BHP up 2.4%, RIO up 0.8% and FMG falling 0.4% on its quarterly. Base metal stocks and lithium slightly firmer as S32 recovered some lost ground up 3.0% and PLS rallied 2.6% after 7% sell off yesterday. Gold miners heading higher, NCM up 3.2% and NST rallying 4.3%. Oil and gas stocks better as crude rose, WDS up 3.2% and STO rallying 2.0% with coal stocks back to their merry old souls.
In corporate news, ANZ dominated, LYC rose 5.6% despite issues with quarter, ACL revealed a cyberattack on data, falling 5.4%, CXO missed out on Musk signature, losing 5.2%, WBT soared 25.8% on another step along the ReRam road.
On the economic front, economists were trying to grab headlines with RBA predictions for next week. 50bps rise now firming. Most got it wrong last time anyway. Asian markets mixed and 10-year yields slipped slightly lower.
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- ASX 200 SPI Futures up 26. Resources to shine. ANZ in focus. MQG Results.
- US equities were mixed in Wednesday trading. S&P and Nasdaq both finished lower after rallying for a third straight session on Tuesday and finishing at best levels in over a month. The Nasdaq dropped 228.12 points, or 2.04%, to close at 10,970.99. The Dow Jones Industrial Average gained 2.37 points, roughly flat for the day and ending at 31,839.11. S&P 500 lost 0.74%, ending at 3,830.60.
- Metals, healthcare, payments, rails, autos, IBs, semi-cap equipment, casual diners, grocers, tobacco among best performers. Most groups held up despite megacap tech weakness.
- Advancing stocks outnumber declining ones by a roughly 2-to-1 margin in the NYSE Composite, according to FactSet. In the S&P 500, the split is nearly 60-40 with advancers in the lead.
- Meta results after hours saw losses again. Down 12% after hours. Meta Platforms beat estimates for quarterly revenue on Wednesday as its dominance of the online ad market helped it attract a steady stream of business from recession-wary companies.
- Meta revenue in the third quarter fell for a second straight time to $US27.71bn from $US29.01bn.
- Harley-Davidson shares rose 12.6% after the motorcycle manufacturer reported beating expectations before the bell.
- Spotify fell more than 8% after it reported a wider-than-expected Q3 loss.
- Treasuries were better. 10Y yields spent some time below 4% and 3m/10Y spread inverted.
- Dollar index down 1.1% after losing ~1% on Tuesday, now lowest in over a month. Gold finished up 0.7%. Bitcoin futures up 2.3%, nearing $21K. The price of bitcoin was trading above its 50-day moving average for a second day.
- WTI crude settled up 3%, just off best levels.
- S&P was lower on Alphabet and Microsoft selloff (which make up ~10% of S&P 500),
- Biggest bright spot seemed to be lower rate backdrop and weaker dollar. Terminal rate below 4.90% after pushing above 5% last week and dollar index at a three week low.
- BoC raised rates by 50 bp vs expectations for a 75 bp move. Is this the first central bank to pivot? The benchmark overnight lending rate by 0.5% to 3.75%, less than the 0.75% move expected by markets
- September US new home sales came in above consensus, though August was revised down.
- The US will release its third-quarter annualised GDP data on Thursday.
- Jerome Powell could hint next week that the central bank’s aggressive pace of tightening won’t continue indefinitely, according to Capital Economics’s Andrew Hunter.
- The Bank of England will lift its key rate by 0.75 percentage points next week, and also say it will shift to a slower pace of rate increases going forward, according to Pantheon Macroeconomics.
- Stoxx 50 +0.6% FTSE +0.6% CAC +0.4% DAX +1.1%
- Base metals rally hard as USD falls 1%.
- AUD up to 65c. Oil up 2.3%. Gold up 1%.
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ASX 200 closed up 12 points to 6811 (0.2%) as caution crept in following worse than expected CPI numbers.7.3% is a big number and has sent economists to the models ahead of the RBA next week. Solid opening saw sellers take a few profits. Maybe time to consolidate. Bank results start tomorrow. Sector remain strong with the Big Bank Basket up to $183.92(0.3%). CBA up 0.2% and ANZ up 0.5% ahead of its numbers tomorrow. MQG rose 0.6% ahead of results tomorrow. QBE up 1.2%, IAG down 0.6% and ASX up 0.1%. MPL returned to trade falling 18.1% after its cyber attack update. Healthcare mixed, CSL slipped 0.3% with RHC and SHL slightly better. Industrials mixed, TLSDA up 0.5%, TCL up 1.7% with WES continuing to struggle down 0.5%. WOW, EDV and COL all lost ground yet again on inflation woes. Tech eased with the All-Tech Index unchanged. Resources mixed, some profit taking in lithium stocks as PLS fell 7.1% as brokers moved to take profits. AKE also eased 4.2% with others in the second tier under pressure too. Gold miners better, NCM up 1.6% with iron ore miners falling away, BHP up 0.1% and FMG down 0.8%. Selected base metal stocks doing ok, IGO up 3.3% and S32 up 1.1%. Energy stocks eased, WDS down 1.1% and STO off 0.7% with WHC down 8.1% after announcing yet another on market share buyback.
In corporate news, CDA tumbled 20.7% on its AGM update, CGC rose 10.8% on private equity taking a stake. BOE up 4.7% on its quarterly report. ELO saw plenty of Mr Blue Sky with a 485c bid from K1, rising 40.3%. WGX rose 8.0% on bonanza grad results.
In economic news, it was all about the 7.3% inflation rate. Over to you RBA. Asian markets continue to recover from Black Monday. 10-year yields dropping below 4%.
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- ASX 200 SPI Futures up 56 points (0.8%)
- Dow Jones up 337 points (1.1%) near highs for the day. Three days of gains.
- Nasdaq up 247 points (2.3%)
- S&P 500 up 62 (1.6%)
- Google and Microsoft disappoint.
- Results in focus. Buy backs kicking off again.
- Oil rises 0.3% Bitcoin up 4%
- Gold unchanged. Copper down 0.8%
- Nasdaq Golden Dragon Index rallies 4.6%
- Australian CPI today. Budget analysis.
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ASX 200 closed up 19 points to 6799 (0.3%) ahead of tonight’s budget and US results drop. Banks good, resources bad today. The Big Bank Basket closed at $183.33 (%) with CBA and NAB the best of the bunch. MQG piled on some points rising 2.2% ahead of the interim number on Thursday. Insurers better too, QBE up 1.1% and SUN rising 1.9%. Industrials generally led the way with CSL up 1.1%, FPH up 1.5%, REITs rising on lower 10-year yields. Some friends appearing for staples like WES, WOW and COL even TCL managed a rise today of 0.6%. Tech going nowhere though, the All-Tech Index becalmed up a mere 0.6%. XRO up another 0.7%. Resources though under pressure from the open. BHP down 1.4% and FMG slipping 3.0% on China woes. RIO off 1.4% and S32 suffering from broker downgrades. MIN down 1.8% on iron ore exposure as lithium stocks in places kicked higher again although some steam running out of PLS down 0.4% following quarterly. Energy tickled down, WDS giving back 0.9% as STO up 0.9% and coal stocks eased back. NHC down 6.2% and WHC off 4.5%.
In corporate news, CCP rose 7.9% on its AGM, CTT had another stonking day despite a ASX speeding ticket up 12.9%. RWC plumbed new depths down 13.4% after a trading updates, showed pressures on all front, ALD dropped 12.6% on an update despite record numbers but volatile conditions and lack of clarity hurt.
In economic news, consumer confidence continues to fall as rate pain hurts. Asian markets have rebounded from Black Monday’s sell off. 10 year yields softer at 4.09%
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- ASX 200 SPI Futures up 28 points (0.4%)
- Dow Jones up 417 (1.3%)
- S&P 500 up 45 (1.2%)
- Nasdaq up 93 points (0.9%)
- US 10 year yields 4.24%
- Gold unchanged. Oil unchanged.
- Base metals mixed. Iron ore eases.
- UK has a new PM.
- US results beckon.
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ASX 200 closes up 103 points to 6779 (+1.5%). Big jump straight out of the blocks but off highs as Chinese GDP and politics sends HK down 5% and US futures give up Sunday night gains. Volume remains on the modest side, Banks shining ahead of the results later this week and to come, the Big Bank Basket now at $181.57 (+0.9%). CBA doing well up 1.2% and MQG finding some support up 2.4%. Insurers gained with IAG up 2.1% and QBE rallying 0.5%. Industrials were firm but somewhat underwhelming. TLS rose 0.5%, WOW up 1.2% and WES up 2.1%. Healthcare better, CSL up 2.1%, RMD up 1.9% and FPH up 2.4%. Tech stocks rose 2.7% with XRO up 3.5% and NXT up 3.1%. Resources were the driving force today with BHP up 2.6% being nearly 15 points of index gains. RIO up 1.2%, FMG rallying 2.5% and even gold miners gaining ground as the USD falls. NCM up 2.9% and NST up 5.0%. EVN a stand out up 7.7%. Lithium and battery tech stocks once again in favour, PLS up 6.1% on another sales result and AKE rising 1.8%. CXO rose 1.8% and LPM up 7.3%. Oil and gas were mixed, STO down 0.1% and WDS up 0.4% with coal stocks in demand, WHC up 3.4%. NHC ex-dividend today. In corporate news, S32 fell 1.9% on a disappointing quarterly and OZL dropped 1.2% on a similar underwhelming report and BHP was steadfast in only paying 2500c for the company. VUL rose 13.4% on good pilot plant news in Germany and NMT rose 10.5% on environmental permitting. On the economic front, RBA assistant Clarke talked rates and demand, and the private sector contracted for the first time in nine months in October. Asian markets stumbled lower on GDP numbers from China finally dropping and around 3.9%. 10-year yields 4.15%. Dow Futures up 19 points.
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- ASX 200 SPI Futures up 95 points.
- Dow Jones soars 749 points (2.47%) WSJ helps sentiment on rate rises.
- S&P500 up 87 points (2.4%)
- Nasdaq up 245 points (2.3%)
- VIX falls 1% USD under pressure. AUD hits 64c.
- Banks and resources in focus. Oil up 1.1%
- Gold rallies 1.1% on lower USD.
- Base metals mixed.
- US 10-year yield falls to 4.22%
- Johnson pulls out of UK OM race.
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ASX 200 dropped from the open closing down 54 points at 6677 finishing the week down 1.2%. Quiet trading, volumes boosted by options expiry. 10-year bond yields ramped higher again at 4.22%. Banks on the nose today with the Big Bank Basket down to $179.96 (1.5%). Insurers also falling foul to sellers, QBE down 2.8%, SUN off 2.2% and MFG sinking into oblivion, down another 2.8%. Industrials falling again, REITs suffering on the higher bond yields, GMG down 3.6% and TLSDA down 1.6%. Staples off as price rises due to floods set to kick inflation higher. Nothing RBA can do about that. COL off 1.5% and WOW down 1.4%. Tech unchanged after the drubbing yesterday. Resources tried to hold the line but in the end, BHP slid 0.7% with FMG off 1.0%. MIN up 3.1% and lithium stocks bid again, although AKE off on production delays. Oil and gas stocks doing well as WDS rose 2.6% and STO up 0.9%.
In corporate news, BCB fell 13.3% on a placement, other coal stocks rose, NHC hit a record high up 7.7%. 360 raised prices and gained 7.3% and PRU up 5.6% on its 90% consolidation of Mako. Nothing on the economic front today. UK the focus. Asian market modestly lower. 10-year yields 4.22%
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- ASX 200 SPI Futures down 25 points.
- Dow eases back 90 points to 30334 (0.3%)
- S&P 500 down 29 points (0.8%)
- Nasdaq falls 66 points to 10615 (0.6%)
- Snaps falls 25% after hours on results.
- IBM better on numbers.
- Fed chiefs once again warn on higher rates.
- 10 - year yields up to 4.24%
- Base metals better. Copper up 2.4% Oil unchanged.
- Gold better by 0.2% Iron ore unchanged.
- Liz Truss resigns as UK PM.
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- ASX 200 falls 69 points to 6731 (1%). Rallied a little but Asian markets weaker hurting sentiment. Banks help up well with the Big Bank Basket up to $182.41 (0.4%). MQG though continued to be pressured falling 2.9% with insurers flat. Fund managers falling away again, GQG down 3.6%, MFG off another 4.8% and PDL down 3.0%. Healthcare stocks slipped led by CSL down 1.9%, COH off 3.3% and RMD down 2.2%. Industrials eased as WES fell 0.8%, BXB down 2.0% and TCL off 1.1% on rising yields. Telcos and ‘old skool’ platforms slid, TLS down 0.8%, REA falling 4.2%. Tech down and small tech remains under pressure, XRO down 5.2% and the All-Tech Index down 3.7%. Resources were an unhappy place to be as China wallows in CV19 protectionism, although there are some signs of easing quarantine for incoming passengers. Unlikely to help much. BHP fell 2.3%, FMG off 4.0% and base metals stocks under pressure, S32 down 2.7% and LYC down 4.2%. Lithium companies fell, PLS down 2.2% and AKE dipping 2.8%, graphite and battery companies benefitted from Biden building back better batteries. SYR up 10.6% and NVX the best up 7.0%. On oil and gas, WDS knocked it out of the park with higher LNG prices, rising 6.2%, STO also doing well on its production report rising 2.0%. Old king coal not such a merry old soul as brokers trimmed recommendations after the huge runs with rain continuing.
- In corporate news, CGF bounced 4.6% on Q1 AUM and sales rising, MP1 fell 11.8% as it restated some crucial numbers from presentation, SFR fell 13.2% on quarterly update. RBL burst popping 26.9% with CGS also down 9.4% on a business update.
- On the economic front, jobless came in again at 3.5% with a mere 900 jobs added below forecast. In Asian markets, some buying appeared at the lows after the HK market fell to a 13-year low, Japan fell 1% after the BoJ had to intervene as the Yen hit 150 v the USD.
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Dow Jones finished down 100 points (-0.33%). Up 138 at best, down 297 at worst. Nasdaq down 0.85%, S&P 500 down 0.67%. VIX Volatility Index rose 0.9%. European markets ran out of steam, STOXX 600 down 0.53%, UK down 0.17%, and Germany down 0.19%. SPI Futures are down 47 points (-0.69%).
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And just like that, the ASX 200 recovered yesterday’s losses and then some, rallying from the open and pushing higher into the close, up 115 points (+1.7%), to 6779. Most sectors managed to climb higher, with energy lagging, the only sector in negative territory. Technology stocks leading the way, with the All-Tech Index rallying 4.2%. The big tech names had a day to remember, SQ2 up 10.7%, XRO up 5.9%, and WTC up 4.8%. Resources were mixed, as base metals struggled to make any notable gains, with BHP up 1.4%, FMG up 1.0%, and RIO just climbing higher on third-quarter production numbers, up 0.1%. Gold, on the other hand, pushed higher after a tough day yesterday, NCM up 4.6%, NST up 5.6%, and EVN up 5.3%. The banks continued their recent strength, with the Big Bank Basket pushing through $180, closing up at $180.64 (+1.6%), with CBA adding 1.7% and WBC adding 2.4%, but MQG was the standout in the sector, up 5.3%. Other financials performed well, NWL up 5.9%, and HUB climbed 14.2% on a positive FUM update. Oil and Gas stocks continued to struggle, with WDS down 0.8% and STO down 1.2%. Insurers managed to find a footing, QBE and SUN both up 1.8%. Healthcare held its own, CSL continued lower, down 0.4%, but RMD gained 1.4%, and SHL was up 2.1%. Lithium stocks still pushing higher as the lithium price (which doesn’t move much) jumped overnight, LTR up 4.1%, and CXO up 4.9%. In corporate news, HUB jumped 14.2% on a positive FUM update, one of the first we’ve seen in a while. SZL climbed 12.6% as it entered a new $100m credit facility. RIO escaped damage, up 0.1%, after it lowered its full-year guidance to the bottom of the prior range. Asian markets are opening higher. 10-year yields fell to 3.92%. Dow Futures are up 431 points.
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Dow Jones up 551 points (+1.86%). It was up 363 at worst and up 677 at best. NASDAQ up 3.43%. S&P 500 up 2.52%. VIX Volatility Index down 1.8%. European markets also higher with the STOXX 600 index up 1.83%. UK up 0.9% in Germany up 1.7%. SPI Futures up 61 points this morning. Two drivers of the overnight rally include some solid earnings numbers and a policy reversal in the UK.
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ASX fell hard from the open closing down 94 points at 6664 (1.4%). All sectors eased but resources and iron ore especially bore the brunt. BHP down 2.3%, RIO off 2.6% and FMG falling 1.2%, not helped by Xi’s speech over the weekend on CV19 Zero. Gold miners fell hard too despite AUD bullion prices rising yet again as the AUD hovered around 62c. NCM down 1.8% and NST off 4.0%. Base metal miners also on the nose, IGO falling 1.6% after the MD died on the weekend unexpectedly. Lithium stocks in demand with PLS pushing 2.1% higher and LTR and CXO having a good day out, both in the top performers on the day. Record high prices in China. Oil and gas stocks fell after crude falls on Friday although Asian oil slightly higher at least. Coal stocks also took a breather. Banks were weak but outperformed, the Big Bank Basket falling to $177.71 (0.6%), CBA down 0.8% and MQG dropping 4.2%. Insurers also stumbled lower as QBE fell 4.1% and IAG up 1.6% despite announcing a buy back post the court win last week. Other financials fell, ASX down 1.4% and MFG falling yet another 2.5%. Healthcare slid as CSL updated the market on Vifor, falling 1.3% with RHC down 1.7%. Industrials sagged as ABC collapsed 22.0% on a bad update, CGC fell 13.4% on citrus issues and TLS fell 1.3%. Tech drifted only slightly lower, which was a result given Nasdaq falls, CPU off 1.2% and the All Tech Index down 0.3%.
In corporate news, TYR looks like WBC has joined the game, up 8.7%, CXO rallied 5.2% as the MD is moving on sooner rather than later, NWS up 3.6% on Fix merger talk and SRX fell 13.7% on a production and cost update.
Nothing on the economic front. Asian markets slightly lower, 10-year yields at 4.03% again.
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- ASX 200 SPI Futures down 102 points (1.5%)
- Dow falls 404 points on inflation fears again Closes near lows.
- Nasdaq down 328 points (3.1%)
- S&P500 down 83 points (2.3%)
- USD continues higher. AUD at 62c. 10-year yields at 4.02%
- Commodities slip with Nickel down 3%. Gold down 1.4$
- Brent Crude falls 3.3%. Iron ore 0.6% higher ahead of Chinese news.
- US reporting season kicks off mixed.
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ASX bounced hard up 116 points to 6759 (1.8%) for a 4-point loss for the week. The hard way. Solid bounce but lacking volumes and still some caution. Banks carried through with the recent strength with the Big Bank Basket up to $178.84 (%). CBA up 0.8%, NAB up 1.6% and MQG rallying 2.4%. Insurers too in demand together with Fund Managers, MFG up 2.5% and QBE up 5.1%. ASX up 3.1% with CGF also doing well up 4.1%. MPL suspended still on hacking concerns. In the healthcare sector, CSL up 1.4% with all stocks finding friends, SHL up 1.0% and COH rising 5.1%. Industrials also bouncing hard as expected. EDV up 2.4%, WOW up 2.6% and COL up 2.5%. QAN continued to push higher on broker upgrades, up 3.2%. WES up 1.7% and tech stocks doing OK too. The All-Tech Index rose 1.8% with CPU the stand out up 2.6%. REITs firmed as yields came off slightly. Resources also in demand although lithium stocks were a little depressed. PLS continuing to find profit takers, down 5.1% and gold miners hardly stirred as AUD bullion fell. BHP up 2.0% and RIO doing well, MIN up 2.7% and AKE up 4.6%. Gold miners missed out as AUD bullion prices fell, NCM down 1.2%. Oil and gas stocks better led by WDS up 4.0% and STO up 4.4% as oil steadied in Asian trade.
In corporate news today, not much out as a Friday with eyes shifting back to US for bank results.
Economic data thin on the ground too. Asia markets bucked up with HK up 3.4%, China up 2% as CPI came in better than expected and the PBoC looks to further support of the economy. Japan up 3.5% too. 10-year yields back above 4%.
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- ASX 200 SPI Futures up 110 points.
- Dow reverses 500 point loss to close up 828 points (2.8%)
- Nasdaq up 232 points (2.2%)
- S&P500 up 93 points (2.6%)
- US Core CPI hits 40-year high. Bond yields off highs.
- US Banks soar on CPI.
- VIX drops 4.8%. USD falls.
- Oil gains 2.6% Gold down 0.5%
- Base metals mixed but unspectacular.
- Iron ore eases back. RIO in the hunt for lithium projects in news.
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ASX 200 closes down 5 points to 6643 in thin cautious trade. Late slide into close. US CPI tonight is the focal point. Then results. AGM season continues locally, Banks pushing ahead again following a great run yesterday. The Big Bank Basket up to $177.06 (2.1%). WBC the stand out up nearly 3%. MQG failed to fire falling 0.7% as insurers slipped, QBE down 0.3% and NHF off 12.0% after its cap raise. MPL in a trading halt on word of a cyberattack. Healthcare eased again, CSL off 1.2% and COH down 2.0%. Industrials wafted around, BXB down 1.1%, TCL down 1.0% and REA falling 2.3%. REITs back on defence as yields rose, GMG down 1.4% and SCG fell 2.7%. Tech eased but nothing significant, the All-Tech Index down 0.3% with WTC off 2.4%. In resources, BHP fell 0.8% with lithium stocks a little depressed, PLS off 4.5% and CXO down 2.6%. AKE dropped 5.6%. Gold miners were sightly better with some bargain hunters appearing, NCM up 0.8% and NST rallying 0.7%. Oil and gas stocks down, WDS off 1.4% and STO falling 0.8%. Coal stocks modestly lower.
In corporate news, Alan Joyce surprised the market with a profit update and the stock rallied %. PLS held its AGM and NHF returned to trade post its cap raise down 12.0%.
On the economic front, ABS Census data out today and we had weekly wage growth numbers, total wages, up 1.4%. 10-year yields rise again to nigh on 4% and Asian markets weaker across the board.
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Dow Jones gives away a 216 point rise to close down 28 on the day (-0.1%). NASDAQ almost unchanged down 0.09%. S&P 500 down 0.24%. VIX Volatility index down 0.2%. European markets quietly fading, STOXX 600 index down 0.5%, UK down 0.8%, Germany down 0.4%. No one wants to do anything ahead of the US CPI number tonight. Expecting core CPI of +6.5% YonY and +0.5% MonM. Up from 6.4% and 0.3%. So no peak in inflation yet.
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ASX 200 closed 3 points to 6648 (0.04%) higher as banks rebounded led by BOQ and its results report. BOQ up 11.1% with CBA up 2.4% after its AGM and reaffirmed guidance. The Big Bank Basket rose to $173.33 (2.5%). WBC up 3.8% and ANZ running hot up 3.3%. Other financials flat with MQG down 0.1% and insurers flatlining too. Healthcare fell with CSL down 1.1% on its AGM comments, COH down 2.0% and RHC off 0.8%. Industrials pretty uninspiring with some gains in REITs as bond yields fell back a little. GMG up 0.5% and SCG up 1.9%. TLS flat after the AGM yesterday and the plan to sell 49.9% of InfraCo. Tech stocks mixed with WTC up 1.6% and XRO and CPU falling. The All-Tech Index falling 0.8%. Resources were a little weaker as iron ore stocks were sold off, BHP down 1.0% and FMG continuing to slide 2.8%. MIN down 3.7% on no decision yet on processing at Wodgina and iron ore falling in Asia. Oil and gas stocks fell with WDS down 1.9% and STO off 2.5%. Lithium flat and gold miners also out of the limelight. In corporate news, CRN ran 8.0% higher on media speculation of a merger with Peabody. Other coal stocks also made gains. QPM rose 16.7% after a deal with GM and IGO up 0.7% as its partner reported high grade lithium at Mt Alexander. On the economic front, plenty of chat from Matt Comyn from CBA at AGM and consumer sentiment continues to slip. In Asian markets, Japan unchanged HK down 2.0% though China down 1.4%. 10-year yields falling to 3.95%.
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- ASX 200 SPI Futures down 22 points
- Dow rallies off lows to close up 36 points (0.1%)
- S&P 500 down 24 points (0.7%)
- Nasdaq falls 116 points (1.2%) as chip makers suffer.
- Oil drops another 2% Gold steady.
- Iron ore down 1.1% BHP and RIO down over 2% in ADRs
- Base metals ease. Nickel down 1.8%
- CPI and US Reports in focus.
- CSL and CBA AGMs today.
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ASX 200 closed down 23 to 6645 as early gains evaporated in thin, convictionless trade. US futures turned south, and bond yields rose with the 10-year heading over 4%. AUD under pressure again. Banks turned lower with the Big Bank Basket down to $169.04 (0.6%). CBA and NAB on the nose. MQG fell 0.6% in a late sell off, insurers unchanged. Healthcare stocks also held up just CSL down 0.1% with RHC up 1.0%. Industrials were firm but idle, TLS rose 0.3% on its AGM and restructure plans. Tech slipped slightly but no real damage, WTC off 1.3% and the Index down 1.0%. Resources gave up some early gains as BHP slid 0.4% and FMG fell 2.2%. S32 eased 2.9% with lithium stocks remaining well sought, PLS up 0.6% and MIN up 2.8%. Energy stocks fell harder with WDS down 2.4% and STO off 1.3% with coal not such a merry old soul, WHC off 0.8%.
In corporate news, BBN spat the dummy after its update on lower margins and inflation impacts, falling 20.5%. DBI rose 6.2% on an investor presentation, PNV up 6.0% on more director buying and SLC better by 11.8% on its AGM commentary.
On the economic front, Westpac consumer confidence slipped again, and the Australian Office of Financial Management said it could nearly halve the amount of debt it plans to seek this year after a better than expected position. Asian markets off as Japan falls 2.6% HK down 1.6% though China up 0.5%.
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- ASX 200 SPI Futures up 12 points
- Dow down 94 points (0.3%)
- Nasdaq off 110 points (1.0%)
- S&P 500 falls 27 points (0.8%)
- VIX up 3.5% to 32.45
- Oil falls 2.3% Gold down 1.6% as USD heads higher.
- Base metals slightly weaker. Iron ore up 2.6%
- Yields up with US 10 years 3.888%
- AUD under 63c
- AGM season kicks off here with TLS.
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ASX 200 fell 95 points to 6668 (1.4%). Falls across the board with the only bright spot iron ore, RIO up 0.9% and FMG up 1.9%. Base metals fell slightly as PLS dropped 3.9%, S32 down 1.6% and IGO off 0.6%. A falling AUD helping the resource sector but no such luck for the gold miners with NCM off 4.0% and NST down 4.4%. Energy stocks failed to find buyers today with WDS down 0.7% and STO off 1.0%. Coal stocks also saw some profit taking as WHC slipped 4.7%. In the banks the Big Bank Basket fell to $170.08 (2.0%). CBA down 1.5% and MQG sliding 1.2% with ASX off 4.8% and MFG falling yet again another 4.1%. Healthcare down, CSL off % and industrials eased with REITs suffering from higher 10-year yields. GMG down 1.9% and SCG falling 1.9%. Tech followed Nasdaq lower with the Index down 3.0% and WTC off 2.3%.
In corporate news, JLG crashed 14.8% as the CEO sold 4m shares to buy a house in the US. PPH rose 4.9% on an increased bid speculation, TYR rose 1.7% after a business update.
Nothing exciting on the economic front. In Asia, China back and weaker following PMI numbers Saturday and lower spending during Golden Week, off the worst down only 0.9%, HK down 2.5% and Japan falling 0.7%. 10-year yields 3.90%.
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- ASX 200 SPI Futures down 61 (0.9%)
- Dow falls 630 points (2.1%) after better than expected jobs numbers.
- S&P500 down 105 points (2.8%)
- Nasdaq down 421 (3.8%)
- USD better again AUD below 64c.
- 10-year yields unchanged. VIX up 2.2%
- Oil rallies 3.7% Gold down 1.5%
- Base metals ease.
- US reporting season kicks off later this week. US CPI Thursday.
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- ASX 200 SPI Futures down 50 points (0.7%)
- Dow Jones fall 346 points (1.2%)
- S&P 500 down 39 points (1.0%)
- Nasdaq down 75 points (0.7%)
- US yields push higher again. USD back up too. AUD down to 64.10.
- Gold unchanged. Oil continues to push higher up 1.1%
- RBA Financial stability report today. US jobs Friday.
Catch up on the latest news with Henry Jennings’ Pre-Market Podcast.
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ASX 200 flip flopped around in quieter trade, finishing up 2 points at 6818. Banks bad. Resources good today. 10-year yields pushing back up today to 3.79% and taking its toll on the Big Bank Basket falling to $173.48 (0.5%). CBA fell 0.4%, NAB down 0.8% with MQG firm still up 0.7%. REITS fell as rates pushed back up GMG down 2.5% and SCG off 0.8%. Healthcare suffering from a hangover as CSL fell 0.1% and FPH dropped 2.8%. Industrials were wishy washy with few highlights either way. WOW continued to fall, down 0.8% and EDV joined in down 2.2%. REA reversed yesterday’s gains dropping 2.8%. Tech showing little change too. The All-Tech Index down 0.4%. Resources were once again the place to be. BHP have been enjoying Golden Week with the stock up another 0.6%, FMG and RIO more modest gains. IGO did well up 1.0% and lithium stocks back in demand as oil prices rose, PLS hitting new highs up 5.7%, CXO up 1.3% and coal stocks having a merry old time, WHC up 7.2% and NHC firming 2.3%. Oil and gas majors were ahead as crude rose post OPEC, STO up 1.8% and WDS up 2.6%. Gold miners flat.
In corporate news, MFG revealed another serious drip in FUM as instos deserted the ship, falling 8.4%, APX had yet another profit warning tumbling 11.7% and SGR was put on notice in QLD that it could lose its licence.
In economic news, the Balance of Trade came in a little below the $10bn anticipated at $8.3bn, NAB has cheered everyone up with predictions of housing falling 20% from the peak accelerating next year. Meanwhile in Asia, China still on Golden Week but HK and Japan trading with the former down slightly and Japan up around 1%.
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- ASX 200 SPI Futures down 27 points
- Dow fall 42 points (0.14%) after 2% loss erased on derivatives trade.
- S&P 500 dowwn 8 points (0.2%)
- Nasdaq down 28 points (0.25%)
- US 10 year yields 3.753% pushing back up as was USD Index up 1%
- Gold falls US$31.80 (1.8%) on USD move.
- Oil rises 2% on OPEC Plus 2m barrel a day cut.
- Iron ore unchanged. Metals slightly positive nickel up 2.3%
- US data still pointing to strong labour market. Jobs number Friday.
- Nothing early on corporate front.
Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.
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ASX 200 gained another 116 points to 6814 (1.7%). Big runs in the banks continue with the Big Bank Basket up to $174.45 (2.6%). MQG rallying another 2.4% with fund managers GQG up 3.2% and MFG up 1.7%. Insurers rallied as QBE up 1.4%. Nothing else really moving. Healthcare up as CSL up 1.1%, RMD up 3.4% and SHL doing well up 1.6%. Industrials firmed with WES rising 2.3%, TCL up 0.9% and ‘old skool’ platform stocks REA up 7.5% and SEK up 5.9%. REITs firmed with GMG leading the charge up 3.2%. Tech in demand as some of the bombed out stocks rallied hard like PBH up 9.1% and HUB up 9.7%, TLX rallied 11.7%. Resources better but not stunning, BHP up 1.1% and FMG up 2.4% as MIN rose 3.4% with S32 finding friends on manganese interest, up 3.7%. Lithium stocks eased back as PLS unchanged and CXO fell 3.4% on drilling news. Energy stocks ahead with OPEC looming, WDS up 0.7% and STO up 1.9%. Coal stocks flat. Gold miners were mixed, DEG in a trading halt with a $130m cap raise, GOR up 1.5% and NCM up 1.0%.
In corporate news, LNK rose 6.7% on media speculation that Dye and Durham were looking at fresh proposals, STX fell 3.9% on a South Erregulla update, and FMG announced more green deals. BHP held an Iron ore briefing day in WA.
Nothing on the economic front except for our Kiwi cousins raising rates by 50bps. China still closed but HK back online, and playing catch up. 10-year yields continue to slide to 3.65%
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- ASX 200 SPI Futures up 107 points.
- Dow kicks again another 825 points (2.8%) Closing on highs.
- S&P500 up 111 points (3.0%)
- Nasdaq up 361 (3.3%) Musk bids for Twitter. For real this time.
- 10 year US yields fall 2bps.
- Oil rallies 3.2% Gold up 3.1%
- Metals significantly higher. Iron ore flat as China closed.
- TYR in sights of Big Four Bank.
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ASX 200 up a massive 242 points to 6699.3 (3.8%) on rallying US markets and a surprise 25bps rise from the RBA. The market kicked higher after the less than expected rise, AUD fell and 10-year yields tumbled to 3.70% Green across the screen with few exceptions. Financials fired higher with the Big Bank Basket up to $169.99 (4.4%). MQG rallied 4.5%, insurers rose with QBE up 4.3% and fund managers also joined in the fun. MFG up 5.2% and GQG up 7.3%. Healthcare blossomed, CSL up 1.5%, SHL up 2.9% and COH up 3.8%. Industrials fired, COL up 1.4%, EDV up 3.9% and TCL rallying 3.0%. REITs in demand on lower bond yields, GMG up 5.7% and SGP up 4.3%.
Tech went nuts with the All-Tech Index up 4.8%, XRO up % and CPU up %. Resources also firing on all cylinders, BHP up %, RIO up % and base metals all good. IGO up 6.3%, PLS and other lithium stocks also doing well, PLS up 12.3%, LTR up 9.3% and CXO up 11.8%. Gold miners did well too as bullion rose and the AUD fell. NCM up 6.3% and NST up 7.4%. Oil and gas better on crude rises.
Corporate news took a back seat today, SYA rose 13.3% as it launched its PFS for NAL. PAR soared 19.8% on good news on its Phase 2 trials and EMV up 16.8% on ethics permission.
On the economic front it was all about the RBA. 25bps and the falling yields and AUD. Meanwhile in Asia, Japan kicked higher as the USD fell with the Topix up 3% and the Nikkei up 2.8%. China still closed.
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- ASX 200 SPI Futures up 102
- Dow Jones up 765 (2.6%)
- Nasdaq up 240 (2.3%) Tesla falls 8.6%
- S&P 500 up 91 points (2.6%)
- Oil up 3.8% Gold up 2.3%
- Commodities mixed nickel bounces 0.8%
- Iron ore unchanged. China closed for Golden Week.
- AUD rallies back above 65c. US 10 year yields drop to 3.64% UK government U turn.
- RBA meeting beckons at 2.30pm
Tune in to Henry Jennings’ Pre-Market Podcast to get in the know for the day ahead.
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ASX 200 finished down 17 points to 6457 (0.3%) in a topsy turvy day of thin volatile trading. NSW holidays kept most players sidelined as the market waited for RBA decision tomorrow (50bps expected). Banks eased along with industrials, the Big Bank Basket closed down at $162.71 (0.1%). MQG dropped hard again with insurers also suffering as QBE fell 2.0%. Fund managers continued to sell off, MFG down 2.6% and GQG off 3.3%. Healthcare slipped slightly with CSL down 0.6% on media reports of potential Moderna CV19 and flu jab hopes. RHC fell 1.3%, SHL down 0.3% and defensives slipping. COL down 0.8%, WOW off 1.3% and EDV falling 1.6%. TLS gave back 0.3% with tech stocks falling WTC down 1.2% and XRO sliding another 2.7%. The All-Tech Index dropped 1.3%. REITs better but resources were the strength, BHP up 0.2%, FMG rising 0.7% but RIO down by 0.3%. Base metals and lithium stocks eased, oil and gas better, WDS up 1.2% and STO up 1.1%. In corporate news, BUB applied for permanent FDA approvals in the US, up 1%. MSB rose 7.7% on some rare positive drug news on SR-aGVHD. Nothing on the economic front today. Asian markets partially closed for Chinese Golden Week. Japan up 0.3%. 10-year yields 3.89% .
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- ASX 200 SPI Futures up 5
- Dow closes down 500 points (1.7%) lows of 510 down.
- S&P500 down 55 points (1.5%)
- Nasdaq down 162 points (1.5%)
- European markets better. STOCXX 600 up 1.3%
- VIX falls slightly. Oil down 1%
- Gold slightly higher. Commodities mixed. Nickel loses 8.7%
- RBA meeting tomorrow. NSW Public holiday today.
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ASX 200 fell another 81 points to 6475 (-1.2%) as September quarter ends in negativity. For the week, the index is down 100 points and for the quarter a mere 93 points. Some rebalancing taking place and nerves ahead of a long weekend in NSW and a week-long holiday in China. Banks well and truly in the doghouse today with the Big Bank Basket down to $162.95 (-2.4%). MQG continuing under pressure down 4.2% with insurers flat. Defensives in healthcare and industrials sold off, CSL down 0.6%, COH off 6.6% and PME being hit hard on profit taking down 5.6%. REITS eased, tech whacked WTC down 5.6% and XRO falling 4.3%. The All-Tech Index down big time following Nasdaq, off 3.1%. Industrials like TCL eased, BXB down 2.2% and TLS fell 0.8%. Resources though were a bright spot especially in the heavily sold off gold miners. NCM up 2.7% NST up 4.5% and SBM up 6.5%. BHP better too up 0.9% with RIO up 2.7%. Base metals and lithium stocks eased.
In corporate news, CXO revealed a $100m placement, TGR recommended takeover scheme, Nick Falloon exits NEC and RBA meeting next week. TPG response to ACCC views.
Nothing on the economic front but China data showed the economy is still failing to fire. Asian markets weaker slightly but Japan down over 2% . 10-year yields at 3.89%. Dow Futures down eight points.
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- ASX 200 SPI Futures down 23 points.
- Dow reverses gains from Wednesday falling 458 points (1.5%) off low of down 686.
- Nasdaq drop 314 points (2.8%) Tesla and Apple hot hard.
- S&P 500 down 79 points (2.1) VIX back up 5.5%
- Commodities better. Nickel up 5.3% on LME moves against Russian exports.
- Oil flat. Gold flat. US yields better. 30 year mortgage rate hits 7% , first time since 2008.
- Iron ore unchanged.
- NSW Public Holiday Monday and quarter end.
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ASX 200 kicks 93 points higher to 6555 (1.4%) after a surge in US markets. Some selling into the close though.A slightly better CPI monthly number. First time we have had a monthly number. Very 21stcentury. Every sector was better. Banks doing well with the Big Bank Basket up to $166.88 (0.8%). MQG rallied 0.9% as a market leverage play. Insurers rallied hard too as yields fell, QBE up 1.8% and SUN better by 1.6%. ASX up 2.4% though IRE dropped like a stone following a guidance downgrade, down 17.3%. Healthcare better, CGS the standout on Alzheimer breakthroughs in US, up 16%. CSL up 1.6% and COH rising 2.6%. Even RHC rallied 1.8%. Industrials too doing well, WES up 2.0%, TLS up 1.6% and REITs back in favour. GMG up 0.8% and SCG rallying 2.0%. Tech better, the All-Tech Index up 1.3%, WTC up 2.7% and ‘old skool’ platform stocks also back in demand, SEK up 2.2% and REA better by 2.5%. Resources were a good place to be. Gold miners one of the big winners with NCM up 2.6%, GMD up 15.2% and NST up 4.5%. DEG also had a decent day up 7.2% and SBM rose 3.0% as consolidation in the Leonora region look to be kicking in again. RED in a trading halt raising money. BHP rose 2.5%, RIO up 1.0% and base metals doing well, IGO up 2.1% with lithium back, PLS up 1.5% and MIN rallying 3.4%. Energy of any sort better again. Coal and oil stocks rising as sabotage and US inventories help sentiment. STO up 2.3% and WHC running another 4.6%.
In corporate news, IRE stumbled falling 17.3%, PMV rose 14.6% after it announced a special dividend and buy back with good numbers from Smiggle. AJL dropped 25.8% as it raised money at 11c. ATL takeover was cleared with some caveats and WOW appointed a new Big W chief.
In economic news, CPI for the month came in slightly less than expected but given petrol prices are rising again, this could be short lived. Asian markets better with Japan up 1%, China up 0.5% and HK up 1.1%
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A great night in the US, with the Dow Jones climbing549 points (+1.9%), rallying on the back of action from the Bank of England. SPI Futures are up 98 points (+1.5%).
- ASX SPI Futures up 98 points.
- Dow up 549 points (1.88%) Off high of +677 points
- Nasdaq up 222 (2.05%)
- S&P 500 up 72 points (1.97%)
- VIX index down 7.04%
- Commodities mixed. Oil up 6.3%. Gold up 2.3% on USD weakness.
- BoE intervenes. USD falls AUD back to 65c.
- Bon yields tumble. US 10's hit 4% then back to 3.7%
- Monthly CPI at 11.30am - First monthly for Australia.
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- ASX 200 falls another 34 points to 6462 (0.5%) as AUD gets hit in Asian woes. Early strength gives way to Asian selling pressure and AUD under siege. Banks in the firing line today with the Big Bank Basket down to $165.51 (0.8%). MQG continuing to slip slide away, down 2.5%, QBE down 2.2% on Hurricane woes perhaps. ASX up 1.6% despite scathing RBA report. Healthcare eased, CSL down 0.8% and RHC sliding away again down 0.8%. REITs weak and industrials also in the doghouse, WES down 2.0%, WOW off 0.4% and TWE off 1.0%. TLS rallied 2.7% on Optus woes, and Tech eased back with the index falling 1% as CPU dropped 0.6% and XRO fell 3.2%. In resources some early strength took a beating as BHP rose 0.1%, RIO down 0.4% and FMG under pressure off 2.1%. Base metals too falling S32 down 1.1% and MIN off 3.7%. Lithium stocks were a little depressed, CXO down 7.6% PLS falling 2.8% and AKE down 3.1%. Oil and gas eased STO off 1.3% after PNG LNG deal failed to stir brokers excitement though coal stocks enjoyed another day in the sun after Macquarie upgraded price forecasts.
- In corporate news, BUB has signed a deal for a Chinese JV, UP 5.1%, TLX has hit a wall in Europe with withdrawal of Illuccix application, falling 15.4%.
- In economic news, retail sales remain strong local, but in Asia market tumbling on the rampant USD. Japan down 2.5%, HK down 2% and China down %. 10-year yields pushing ever higher to 4.09%
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- ASX SPI Futures down 35 points.
- US markets mixed as early gains evaporate
- Dow down 126 points at the close (0.4%) Dow down 21% from high.
- NASDAQ up 27 points (0.3%) Down 33% from its all time high.
- S&P 500 down 8 points (0.2%) - Down 24% from record in January.
- Fed chiefs talking mixed messages. Yields push back towards 4% in 10 years.
- Commodities mixed. Oil up 2.4% in Brent. Nord Stream sabotage in Europe.
- Copper down 0.2% Nickel down 2.7%
- BHP and RIO better in ADRs
- September quarter end beckons
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ASX 200 rebounded 27 points to 6487 (0.4%) in quiet trade. Resources were the stand outs today after the rout yesterday as BHP gained 2.8%, RIO up 3.0% and FMG better by 5.5%. Lower AUD doing its job with exporters to benefit. Gold miners missed out but lithium and coal stocks rebounding strongly, PLS up 6.1% AKE up 3.6%, WHC rallying 6.8% with other coal stocks in demand. TER up 8.5% and BCB doing well, up 7.6%. Energy stocks also doing well, STO up 1.0% and WDS bouncing 1.6%. Elsewhere banks slid as 10-year bonds cruised through 4%. The Big Bank Basket fell to $166.89 (0.2%). CBA down 0.2% and MQG falling 0.9%. Insurers steady as yields rose. Healthcare reversed yesterday’s gains, CSL falling 0.1%, RHC down 3.5% and FPH down 4.8%. REITs down and defensives giving back a little TLS down 1.1% and REA off 2.5%. Tech stocks modestly lower. The All-Tech Index unchanged.
In corporate news, POS down 8.3% on an update and CXO dropped 5.6% on a Finniss lithium project update on production later this year. SM1 fell 4.4% after underwhelming on results and TLG rallied 19.4% on an offtake agreement. Nothing on the economic front. Asian markets slightly better with European markets heading for a stronger open. Asian markets mixed. 10-year yields up to 4.06%.
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The Dow Jones fell a further 330 points (1.1%) overnight, but despite that, SPI Futures are up 17 points (+0.3%) this morning, as it looks like we might have overdone the sell-off yesterday.
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ASX 200 closed at a three-month low at 6469 down 105 points (1.6%) despite a solid rally off morning lows. Banks and defensive industrials held up better today as resources were hammered. Commodities on the nose in China not helping sentiment. BHP fell 5.2% wiping 30 points off the index alone. RIO dropped 5.6% and FMG down 4.9% with lithium stocks depressed, PLS off 9.1% and MIN down 7.9%. Base metals under pressure with S32 falling 7.0% and LYC dipping 6.0%. Oil and energy stocks under pressure too on recession fears, STO down 7.3% and WDS off 5.0% with coal stocks easing. WHC down 14.0% and NHC off 14.7%. Gold miners remain in the naughty corner with NCM falling 5.9% and NST down 7.1%. Banks held up a little with the Big Bank Basket at $167.18. CBA and NAB unchanged whilst financials drifted a little lower, MQG down 1.2% and QBE down 1.7%. Healthcare a little better, CSL up 2.4%, SHL up 0.9% on new directors, RHC fell 2.4% on news KKR are no longer at the gate. Not a big surprise really. Industrials were mixed but holding the line, TCL up 0.9%. ALL up 0.8% and COL. WOW and WES all solid. Tech also surprisingly solid, WTC up 1.4% and XRO better by 3.2% with the All-Tech Index up 0.8%.
In corporate news, it was deal off Monday, RHC is no longer and LNK has pulled the plug again on the Dye and Durham deal. LNK fell 7.9% and RHC off 2.4%. CGC lost a CEO and fell 14.2%, SYR encountered issues in Mozambique, down 18.3%. Nothing locally on the economic front but currency wars continue as pound gets pounded. Near parity with USD. Asian markets mixed, Japan down 2.6% with HK and China near unchanged. 10- year yields 3.95%.
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The Dow Jones fell 486 points (-1.6%) on Friday night as the conversation moved away from central-bank aggression and interest rates and firmly to the risk of recession.
SPI Futures are down 82 points, following a 126-point fall on Friday.
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The Dow Jones rallied overnight, closing up 197 points (+0.6%), having been down 263 points.
SPI Futures this morning are up 55 points (+0.8%), with all eyes firmly on the Fed meeting on Wednesday.
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The Dow Jones capped off an ugly week on Friday night with a 139-point (-0.45%) drop. The S&P 500 dropped (a huge) 4.77% last week, with the NASDAQ down 5.48%.
SPI Futures are down only two points this morning.
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US markets spent the session catching up on the European energy crisis, the Dow Jones fell 173 points (-0.55%), with the NASDAQ falling 0.74% and making it seven straight losing sessions – the longest streak in six years. European markets shook the energy crisis paranoia slightly to creep up for the session.
SPI Futures are down 37 points (-0.54%) following a 26-point fall yesterday.
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US markets were closed overnight for the Labour Day holiday. We take our leads from European markets this morning - the DAX was down 2.2%, and the STOXX 600 down 0.6% overnight amid the energy crisis that saw LNG pricing in Europe up as much as 35%.
SPI Futures holding well, up eight points this morning.
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The Dow closed down 338 points on Friday night following the jobs number that came in with no real surprises and helped subdue interest rate fears. However, news that Gazprom halted restarting the gas pipeline due to an oil leak spooked the market into a 600-point fall.
SPI Futures are down 16 points this morning with the US on holiday tonight.
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US markets found some footing overnight as the Dow finished up 146 points, snapping a four-day losing streak, although the Nasdaq fell 0.26%. The iron ore price crumbled, falling 8% to trade below $100, as China reimposed COVID restrictions.
SPI Futures are up 20 points (+0.29%) following the 141-point drop we saw yesterday.
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The 1000-point fall in the Dow on Friday night is starting to look like a bit of a downtrend. The Dow closed down a further 280 points (-0.9%) last night, bringing the total slip to 5.5% since Friday. Headlines on oil prices and recession fears colouring the market.
SPI Futures pointing to a 69-point loss today (-1.0%).
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Bit of a shabby night in the US, the Dow fell 308 points (-0.96%), with expectations that the Fed’s ‘soft pivot’ is a while off. Oil had its worst day since mid-July, falling 4.8% and putting pressure on the energy sector.
SPI Futures are down 58 points (-0.84%).
Tune in to Marcus Padley’s Breakfast Briefing Podcast to get in the know for the day ahead.
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Henry is heading off on holiday today, so I (Marcus Padley) will fill in for him in the Breakfast Briefing podcasts. Wall Street behaved itself overnight ahead of Jackson Hole and Jerome Powell’s speech tonight.
The Dow finished up 323 points (+1%), while the Nasdaq saw some nice gains, up 1.7%. Locally we’re still focusing on results, quiet day today, but picking up again next week as we round out results season.
SPI Futures are up nine points (+0.1%) today, looking like we’ll end the week down around 0.9%.
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- ASX 200 up another 50 points to 7048 (0.7%) as banks and resources rally pre-Jackson Hole. Resources continue to find friends on Chinese stimulus moves. Iron ore stocks wilted from highs with BHP up 0.7%, FMG up 0.1% and RIO lagging slightly although still up 0.2%. Base metals also doing well despite nickel falling overnight, S32 good results up 1.0% and IGO up 1.8%. Lithium stocks took a slight breather, PLS down 1.7% as uranium took centre stage on Japanese moves to embrace more nuclear power. PDN rose 11.6%, BOE up 5.2% and BMN up 15.4%. Oil and gas stocks continue to find buyers as STO rose 1.3% and WDS up 2.0%. WHC results today saw early losses as buyers stepped back in and erased the fall closing only down 1.4%. Even gold miners put in a better day, NCM up 3.0% and DEG up 5.3%. Banks were better as bond yields rose, CBA up 0.6% and WBC the stars, the Big Bank Basket rose 0.7% to $172.57. IFL pushed 11.4% ahead as MLC integration looks to be working out. MQG saw a rebound too up % with insurers a little left out. Healthcare better as CSL bouncing back 0.4%. SHL up 2.2% saw upgrades from brokers, RHC up 0.8% as BlackRock becomes a substantial shareholder at 5.1%. Industrials were firm with the exception of the staples which again came under pressure as WOW fell 3.2% on results. Plenty of ex dividends today as well. Tech was firm but unremarkable with the All- Tech Index up 0.5%.
- In corporate news, Super Thursday today, QAN announced a $400m buyback and Joyce gave $50 vouchers to say sorry, up 7%. NEC streaming 9.0% higher on better numbers, IEL doing well on its pivot up 7.5% and KAR better on a full year of Bauna, up 8.4%. Nothing much on the economic front. In Asia, markets pushing higher although HK suffering from storm disruptions Japan up 0.7% China up 0.4% and HK up 1.7%. 10-year yields higher again at 3.67%.
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- ASX 200 SPI Futures up 31 (0.5%)
- Dow rose 60 points (0.2%)
- S&P 500 up 12 points (0.3%)
- Nasdaq up 50 points (0.4%)
- Oil up again 1% Gold unchanged.
- Base metals mixed nickel down 1.8%
- Iron ore up 0.2%
- Results to dominate on Super Thursday.
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- ASX 200 rallied 36 points to 6998 (0.5%) after two days of losses, Banks rebounded with the Big Bank Basket back to $171.40 (0.4%). ANZ the standout, up 1.6%. MQG rallied slightly but still lots a little underwhelming. Insurers better with ASX slipping 1.4%. Healthcare flat as CSL fell 0.4%, RMD down 1.2% and SHL doing well on results up 6.2%. Industrials a little lacklustre, TLS ex dividend, GMG slid 2.0%, WOW and staples eased with EDV finding some support after the rout yesterday. TCL down 0.4% and BXB drifting 1.1% lower. In resources, iron ore strength as BHP continue to hold up well, up 1.1%, FMG up 0.4% but RIO down 0.5%, S32 up 2.7% and lithium stocks bubbling away. MIN up 3.0% and PLS forgoing ahead 6.1% despite broker downgrades. Oil and gas stocks doing well with WDS up 3.4% and STO up another 2.1%. Coal stocks continue to play well, WHC up 1.9%. In the tech sector, WTC shot the lights out with results up 12.8% dragging the index up 1.5%.
- In corporate news, results in abundance, ILU up 9.8% on good numbers, EML fell 10.6% on fraud issues., NWL rose 7.0% on its numbers, DMP saw a 7.6% gain as Don charmed the market on cheese falls. HSN fell hard on disappointing numbers, off 13.3%, COL dropped 4.6% as staples coming under inflation pressures. WGN down 19.3% hard as profits not set in concrete. Super Thursday beckons for results tomorrow. Nothing on the economic front. Asian market soft on Chinese woes. Japan down 0.5% China down 1.2% and HK down 1.3%. 10-year yields flat around 3.60%
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- ASX 200 SPI Futures rise 15 points.
- Dow drops 154 points (0.5%)
- Nasdaq unchanged.
- S&P 500 down 9 (0.2%)
- Base metals mixed. Gold up 0.7%
- Oil rises 3.9% IO up 0.5%
- Results in focus.
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- ASX 200 drops another 85 points to 6962 (1.2%) as rates rise and risks grow. Banks bore the brunt of the sell off with the Big Bank Basket down to $170.77. CBA down 2.0% and NAB sliding 2.0% as yields pushed towards 3.6%. MQG fell 3.4%, insurers down too, QBE off 1.6% and SUN going down 2.2%. Fund managers down too PDL off 1.7%. Healthcare in ICU as CSL dropped 2.0%, RMD down 2.7% and COH off 2.5%. Industrials in trouble too with staples under pressure following the EDV result, falling 12.3% and COL off 3.4% with BXB dropping 3.5%, REH off 3.4% and REITS sliding led by GMG, down 2.3%. Telcos eased, tech fell with REA down % and WTC and XRO continuing lower. The All-Tech Index only modestly lower by 0.9% as ALU sprang to life and saved the day up 19.8%. Resources did their best to hold up but eventually succumbed. BHP remain steadfast, pregnant with a huge dividend. RIO dropped 0.5%, FMG off 0.3% and S32 off 1.4%. Base metals and lithium holding on Chinese stimulus hopes, oil and gas stocks better as Saudi talks production cuts. WDS up 1.9% and STO up 2.3%. Coal stocks remain well bid. WHC up 2.8%.
- In corporate news, results, results, results, ALU the best of the bunch up 19.8%, ANN bounced 8.6% as the gloves came off, MND doing well too despite staffing issues up 5.9%. KGN fell hard on stuffing up inventory issues down 6.6%, PLS better on good numbers up 3.2% but SSM fell hard on results, off 17.2%, EDV down 12.3% with CCP off 6.1% on customer remediation. In Asia, we saw Japan sag 1.2% on PMI numbers and China eases as stimulus attempts fail to fire. HK down 0.8%. 10-year yields continue to push higher at 3.59%.
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- ASX 200 SPI Futures down 43 points
- Dow down 643 points (1.9%) 800 point trading range.
- Nasdaq down 2.6%
- S&P 500 down 2.1%
- VIX up 15.5%
- Oil down 0.3% Gold down 0.8%
- Base metals flat. IO up 0.2% on Chinese stimulus.
- Results in focus
- 10 - year yields rising.
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- ASX 200 SPI Futures down 29 points.
- Dow falls 292 points (0.9%)
- Nasdaq down 260 (2.0%)
- S&P500 down 55 (1.3%)
- Metal prices fall slightly. Gold down 0.5% on stronger USD
- Oil up 0.1% IO down 0.5%
- US 10-year yields close to 3% again
- Jackson Hole in focus.
- Results here will be key.
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- ASX 200 closes flat after a quiet day at index level but a flurry of results provide plenty of fun beneath the surface. Banks slid slightly with the Big Bank Basket down to $176.15 (1.2%). CBA down 1.0%, ANZ off 2.0% and other financials unchanged. MQG flat, insurers flat too. Healthcare suffering with CSL down 1.5% and FPH dropping 5.2% on results. RHC up 1.6% and COH up 2.2% on its results. Industrials firmed to finish the week, WES up 0.7%, TLS doing well up 0.5% as TPG fell hard on disappointing results, down 12.5%. Tech slightly higher although XRO falling 2.0% on negative broker moves. The All-Tech Index down 0.3%. REITS struggled led lower by GMG down 2.6%. Resources were better finishing the week in style as IO stocks rallied, BHP up 1.0%, FMG up 0.4% and RIO up 1.5%. Base metals stocks also doing well with S32 up 1.7% as coal stocks fired up yet again, WHC 6.2% TER up 7.8% and NHC rising 4.0%. Lithium stocks still a little becalmed and some profit taking creeping in, LTR down 1.5% but majors better, AKE up 1.5%. Oil and gas stocks doing well as crude rises, WDS up 4.2%, STO up 6.4% and KAR doing very well up 7.3%. Gold miners better as NCM rose 3.6% on better than expected results.
- In corporate news, plenty going on as we hit the half-way point on results. TPG cratered on mobile wars, AX1 had a great day on better numbers, up 11.0%. ING down 9.4% with LFS off 1.6% as Fahour set to leave in a year. Nothing significant on the economic front. Asian markets mixed but little changed. 10-year yields up to 3.39%, creeping higher.
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- ASX 200 SPI Futures up 23 points.
- Dow up 19 (0.1%) in quiet directionless trade.
- Nasdaq up 27 points (0.2%)
- S&P 500 up 10 (0.2%)
- Base metals ease slightly. Gold off 0.3%
- Oil up 3.1% IO up 0.1%
- Results in focus. COH. FPH. TPG.
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- ASX 200 fell 15 points to 7113 (0.2%) in a day dominated by Super Thursday results. Resources are stumbling lower as gold miners slid, NCM off 2.9% and NST down 4.1%. Base metals and lithium shares under a little pressure, MIN off 1.0%, PLS down 1.9% and LYC falling 3.1%. Oil stocks firmed on higher crude prices, coal stocks again in demand, WHC up 2.2% and NHC better by 3.7%. Industrials slipped slightly, TCL disappointed with results falling 3.4%, WES eased 0.8%, REITs down led by SCG down 1.0%. Healthcare mixed as CSL rallied 2.3% with the rest of the sector suffering from the sniffles. Tech down and out for now, WTC down 1.9%, XRO off 7.1% and SQ2 falling 6.0%. The All–Tech Index fell 2.2%. Banks were mixed as CBA rallied 1.4% and NAB up 0.3% with ANZ and WBC easing lower. The Big Bank Basket pretty unchanged at 178.33 Insurers eased and MQG slid 0.9% with ASX off 4.0%. MFG continues lower by 0.9% with PNI down 2.6%.
- In corporate news, plenty happening, TWE rose 4.0% following its numbers, BXB 3.6% better on broker upgrades, IRE moving higher in results, CDA and BKL both tanked on disappointing numbers, XRO fell 7.1% and TLX down 8.7%. KLL returned to trade with a large capital raise and debt restructure, down 38.0%. In economic news, the jobs headline was 3.4% unemployment. Everyone that wants a go gets a go. Scottie has many goes. Asian market weaker, Japan down 0.9%, China down 1% and HK down 0.7%. 10-year yields rise to 3.32%
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- ASX 200 SPI Futures down 13 - Results in focus
- Dow falls 172 post FOMC minutes.
- Nasdaq down 164 points (1.3%)
- S&P 500 down 31 points (0.7%)
- Base metals slip slightly. Iron ore down 1.9% Oil up 1.4%
- Gold falls 0.7% - Jobs number at 11.30am.
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- ASX 200 SPI Futures up 12 points
- US markets mixed in volatile session.
- Dow closes up 240 points (0.7%)
- S&P 500 up 8 points (0.2%)
- Nasdaq down 26 (0.2%)
- Base metals flat. Gold down 0.5%
- Oil falls 3% IO down 0.2%
- Results in focus again. BAP, CTD, FBU
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- s ASX 200 rallied another 41 points to 7105 (0.6%) as BHP release a cracker result and a record dividend of US1.75c. BHP accounted for 24 index points with a gain of 4.1% on the results. FMG joined in up 1.6% but RIO stuck in the slow lane. Base metals slipped and lithium came off the boil, MIN down 0.4%, BSL down 2.6% and CXO down 7.7% with PLS down 1.9%. Oil and gas stocks slipped on crude falls. WDS fell 1.8%, STO down 0.3% and BPT falling another 3.3% with Macquarie downgrading. Gold miners under pressure despite AUD bullion rising on a falling AUD. NCM down 0.7% and NST off 1.0%. Banks and defensives were in demand as yields fell to 3.22%. The Big Bank Basket rose to 178.64% (0.5%) with CBA the stand-out, up 1%. MQG rose 1.0% and insurers were mixed after CGF dropped 10.1% on disappointing results. Healthcare stocks rallied led by CSL up 1.1% and RMD up 1.5% with RHC rallying 2.0%. Staples were better, WES up 0.3%, EDV up 2.3% and WOW higher by 1.1%. ‘Old Skool’ platforms fell, SEK off 5.1%, REA down 1.5% and CAR down 2.7% after results yesterday. Tech slipped with the index down 0.5% and WTC off 0.3%. TPW soared 29.8% as shorts ran for cover on better than expected numbers. ZIP dropped 7.1% and ELD fell 4.0% on foot and mouth concerns.
- In corporate news, BHP was the highlight. CGF fell 10.1% on results, TGR rose 5.1% on a takeover at 523c in cash, 4DS crashed 68.1% as the technology stumbled with numerous problems. 360 up 5.5% as it heads for profit, SWM fell 3.9% despite CEO saying ad concerns are overblown. SGM down 3.3% looking at ways to cut costs as scrap metal prices sag.
- In economic news, ANZ Consumer confidence rose slightly, and RBA minutes were released with no surprises. Asian markets: mixed, Japan flat, China unchanged on rate cut and HK down 0.4%. 10-year yields at 3.22%.
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ASX 200 SPI Futures up 22 points.
Dow up 151 points (0.5%)
Nasdaq up 81 (0.6%)
S&P500 up 17 (0.4%)
Base metals fall on Chinese data. Copper down 1.2% Nickel down 4.8%.
Oil falls 3.1% Iron ore down 2.8%
BHP results in focus US1.75c Dividend. A new record. US$21.3bn underlying profit.
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- ASX 200 SPI Futures 39 points
- Dow up 424 points (1.3%)
- S&P500 up 73 points (1.7%)
- Nasdaq up 267 points (2.1%)
- Base metals ease slightly. Gold up 0.5%
- Iron ore down 1%.
- Results in focus. BHP and FOMC Minutes this week.
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- ASX 200 fell 38 points to 7033 (0.5%) as market gave up most of the gains this week. Late rally helped somewhat. Resources slid as the AUD strengthened above 71c and 10-year yields soared to 3.40%. BHP fell 0.8%, BSL off 1.6% and FMG fell 0.7%. Base metals eased and lithium mixed after a good week. PLS up 0.3% and AKE down 0.4%. LTR fell 5.6% with SYA under pressure, down 3.5%. Oil and gas stocks moved higher on oil prices, WDS up 3.7% and STO doing well up 0.8%, coal was a merry old soul as SMR delivered with results and rose 10.9%. Gold miners eased back on the stronger dollar hitting bullion prices. Banks were mixed with CBA suffering downgrades and down 0.5%, NAB up 0.8% and the Big Bank Basket relatively unchanged. MQG dropped 0.5%, insurers fell too with QBE down 2.4% and SUN falling 3.9%. Healthcare dived, CSL off 0.8%, RMD down 3.1% and SHL off 3.3%.
- Industrials were weaker with REITs under pressure, GMG fell 2.8%. WES down 1.7% and consumer stocks generally eased, ALL off 0.7% with tech falling as Nasdaq dropped last night. WTC down 2.5%, XRO off 2.4% and the All-Tech Index off 1.6% with CPU rallying slightly.
- In corporate news, IAG reported and rose 1.1%. RMD tanked 3.1% on its results and BBN got wind and fell 4.9% on supply chain issues.
- Nothing on the economic front. Asian markets generally better, Japan back on stream after another holiday and up 2.4%. China down 0.1% and HK up 0.5%. 10-year yields at 3.40%. Bit of a worry.
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- ASX 200 SPI Futures down 20 points
- Dow gains 27 points (0.1%) well off highs.
- S&P 500 down 3 (0.1%)
- Nasdaq falls 75 points (0.6%) as bond yields rise.
- US PPI falls. Gold down 0.6%
- Oil up 2.3% on IEA report.
- Base metals better. Iron ore up 1.6%
- Results dropping. IAG, BBN.
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- ASX 200 rallies 78 points to 7057 (1.1%) on positive US leads and CPI number. Risk on, as the shorts are being punished across the board still. Resources leading the charge higher, BHP up 2.2% with FMG up 1.3% and RIO down 3.9% but ex div. Base metals and lithium back in demand. PLS up 4.4%, S32 up 4.1% and OZL rising 1.0%. Gold miners missing out a little as the stronger AUD hinders. NCM down 0.7% though NST up 1.8%. Oil and gas mixed with WDS off 0.6% and STO up 2.3% with coal stocks slightly firmer, WHC up 1.4% and NHC up 1.7%. Banks did well with the Big Bank Basket up to $177.76 (0.5%). CBA the only faller as brokers were ‘ho hum’ on numbers yesterday. NAB recovering 1.0% with insurers better after the QBE results pleased the market. The sector better as QBE rose 3.3% and SUN up 1.2%. AMP reported but failed to inspire, down 0.9%. MFG had a solid day, up 3.5% and GQG rose 4.9% on FUM and results. Healthcare better on sentiment shift, CSL up 0.9% and RMD doing better up 1.4%. Industrials firm with WES up 2.2%, ALL rising 2.9% and ‘old skool platform’ stocks rising, REA up 4.6% and SEK up %. Staples and defensives underwhelming. Tech doing well despite CPU down 5.1%, XRO up 5.4% and 360 firing ahead by 13.3%. The All Tech Index up 2.3%.
- In corporate news, TLS fell 1.3% after seemingly good results and the first dividend increase in years. QBE rallied on a positive surprise up 3.3%, STO better by 2.3% on the Hunter pipeline acquisition.
- In economic news, consumer inflation expectations have moderated a little. In Asian markets Japan is closed for Mountain Lion day, China is up 1.5% and HK up 1.8%. 10 -year yields pushed a little higher to 3.28%.
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- ASX 200 SPI Futures up 70 points (1.0%)
- Dow surges 535 points (1.6%) on CPI beat. of 8.5%
- Nasdaq up 361 points (2.9%)
- S&P 500 up 88 (2.1%)
- Base metals better. Nickel up 3.9% Gold slightly higher.
- Oil up 1.1% Iron ore unchanged.
- TLS and QBE drop early Results remain in focus.
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- ASX 200 slips 37 points to 6993 (0.5%) ahead of the crucial US CPI tonight. Banks held firm with the Big Bank Basket up to $176.88 (0.7%) as CBA delivered and slid slightly lower by 0.3%. NAB rebounded 1.4% on broker comments and ANZ better by 3.4%. MQG backtracked 1.1% with insurers flat. Other financials relatively unchanged. Healthcare slid as CSL fell 1.6%, SHL off 2.9% and COH down 2.9%. REITS slipped GMG down 2.6% and Industrials slightly weaker, WES down 1.1%, REA off 3.8% and ALL down 1.2%. Tech fell back as Nasdaq woes and CPU results weighed on the sector. XRO fell 3.8% with WTC off 1.4% with heavyweight CPU falling 4.8%. The All-Tech Index fell 2.8%. In the mining sector, a wishy washy start saw buyers return but with no real conviction and slid into the afternoon. BHP down 1.3%, lithium stocks rolling off the top as PLS dropped 0.7% with MIN down 2.0% with LTR up 1.5%. Gold miners dribbled back, and oil and gas stocks eased although coal stocks better.
- In corporate news, ISU saw a 30c bid, CBA fell 0.3% on a strong result, GNC up 5.1% on an earnings update and MYX sold a business for $680m, rising 4.4%. SBM sold off again by 11.6% after another production cut and A2M dived 6.9% as the US FDA deferred a decision on entry. ACL also eased 7.6% on its results despite seemingly better results.
- In economic news, the ABS will begin monthly CPI reads from October. Asian markets weaker as Chinese CPI came in below expectation but still at a 2-year high. Japan down 0.7%, China down 0.9% and HK down 2.1%. 10-year yields rose to 3.23%
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- ASX 200 SPI Futures down 39 points (0.6%)
- Dow fdalls 58 points (0.2%)
- Nasdaq down 151 (1.2%)
- S&P500 down 18 (0.4%)
- Base metals better slightly. Gold up 0.4%
- Iron ore down 1.5% Oil down 0.4%
- CBA numbers drop. In line and dividend looks ok.
- Chinese data at 11.30am. US CPI tonight.
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- ASX 200 slightly better in a closing rally with the index up 9 points to 7030 (0.1%). Results focus. Another small range day today with Banks weighing following NAB results down 2.9% with the Big Bank Basket down to $ 175.59(1.5%). CBA results tomorrow with SUN bouncing 2.5% post its numbers and broker updates. Insurers doing well, QBE rising 1.4% and IAG up 1.8%. MQG in demand following Veolia deal, up 0.9%. ASX rose 0.5% and MFG rallying 2.8%. Healthcare better with CSL up 0.5% and RHC better by 0.4%. Industrials also in demand, WES up 1.8%, ALL up 1.4% and TLS up 0.8% with ‘old skool’ platform stocks doing well today. REA up 6.7% on results, SEK up 3.2% and tech better with the All Tech Index up 2.1%. XRO up 3.7% and WTC doing well up 2.5%. Resources coming off the boil slightly with OZL up 0.3% but BHP down 0.8%. Lithium stocks in demand and a huge short squeeze in some. LKE up 15.4% and LTR up 5.3%. Off highs but still strong. Base metals eased, S32 down 0.5%, IGO up 0.3%. Oil and gas stocks mixed.
- In corporate news, NAB fell 2.9% on slightly disappointing NIM numbers, NWS rose 5.9% as its digital offerings did well, MP1 results squeezed the shorts rising 10.0% and MSB fell 7.0% on yet another capital raising at 75c.
- In economic news, consumer confidence remains fragile and falling, hitting lowest level since April 2020. Asian markets mixed, Japan down 0.9%, China up 0.1% and HK up 0.3%.
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ASX 200 SPI down 8 points
Dow up 29 points (0.1%) Results focus.
S&P 500 down 5 points (0.1%)
Nasdaq down 13 (0.1%)
Base metals mixed. Copper up 1.3% Nickel down 2.5%
Gold up 0.8% Oil up 1.8%
Iron ore up 1.7%
Results in focus. NWS, REA, CPU and NAB.
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- ASX 200 SPI Futures down 7 points.
- Dow closes up 77 points (0.2%)
- S&P500 down 7 (0.2%)
- Nasdaq down 63 points (0.5%)
- Iron ore up 1.8% Gold down 0.9%
- USD stronger. Yields rise on 528k jobs number.
- Chinese data over weekend positive.
- Base metals better. Oil up 0.9%
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- ASX 200 finished the week in style hitting a high or 7016 up 41 points (0.6%). Global markets hitting two-month highs. Resources were back in fashion, BHP leading the charge, up 1.7% and RIO up 2.6% with FMG rallying 2.7%. Base metals in demand too, OZL up 3.1%, IGO up 4.1% and S32 rallying 2.4%. Gold miners shining, NCM up 0.7%, DEG up 3.2% and EVN up 3.4%. Lithium stocks too continued the rally, LTR up 6.7% and CXO up 6.2% on a new CEO. Oil and gas though fell sharply, KAR down 5.85% WDS off 1.3% and STO falling 0.7%. Old king coal not such a merry old soul either WHC down 3.5% and NHC off 5.4%. Industrials and healthcare going nicely nicely. CSL up 0.7% with RHC finding friends finally up 3.7%, COH also up 1.8%. WES rallied 1.5%, TLS very solid again up 1.0% and COL, EDV and WOW doing well. Tech better, WTC up 1.2% on an upgrade, XRO eased 2.6% and CPU off1.5 %. The All-Tech Index off 1.1%. The banks were solid, CBA slipped 0.4% but the other three solid, ANZ up 0.8% and Rights up 5.7%. MQG rallied with insurers also in demand, QBE up 1.3% and SUN ahead by 1.7%. The Big Bank Basket steady at $177.23(0%).
- In corporate news, ARU dived 14.0% as its capital raising weighed. SQ2 fell 6.2% on the US results. The RBA released its SOMP. No surprises really. None expected. Asian markets firm, Japan up 0.8%, China up 0.3% and HK unchanged.
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- ASX 200 SPI Futures up 6 points
- Dow fell 86 pointsn(0.3%) in tight range trading ahead of jobs numbers.
- Nasdaq up 52 points (0.4%)
- S&P 500 down 3 points. VIX falls again to 21.
- Gold soars $30.50 to US$1806.90
- Iron ore down 3.5% Oil down 2.8%
- Quiet day ahead.
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ASX 200 closed down 1 point at 6975 well off intra day highs as enthusiasm wanes and iron ore stocks sagged. BHP down 1.1%, FMG down 2.0% and RIO off 1.6%. Base metals were slightly weaker but hardly registering on the same level, lithium stocks a little mixed, PLS down 1.1% LTR up 3.7% and AKE up 1.4%. Gold miners eased back slightly with NCM off 1.0%, DEG down 2.6% and NST falling 0.1%. Oil and gas down hard as crude sank, STO down 1.3% and WDS off 3.1%. Banks were a beacon of green light today with the Big Bank Basket up to $177.33 (0.9%). CBA the biggest and the brightest with a 1.3% gain. Other financials caught in a trap, can’t get out, MQG eased 0.3%. Insurers mixed. Healthcare slightly lower as CSL slipped 0.7%, FPH fell 2.5% and industrials flat. COL down 0.6%, EDV off 2.5% and WOW falling 1.1%. Telcos rose as TLS rallied 1.3% and tech stocks better with XRO up 0.7% and WTC up 0.9%, the All-Tech Index up 2.2%.
In corporate news, ORI returned from its outsized cap raise and fell 9.3%, NWH rose 10.9% on its results update. On the economic front the BoP came in better than expected. Asian market slightly firmer despite fly-bys in Taiwan. 10 year yields up to 3.12%
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US stocks reversed losses from earlier in the week overnight, the Dow added 416 points (+1.3%), while the Nasdaq continued its charge, finishing up 2.6%. SPI Futures are indicating a 32-point (+0.47%) gain.
- ASX 200 SPI Futures up 32 points
- Dow soars 416 points (1.3%) on better corporate results.
- Nasdaq up 319 points (2.6%)
- S&P500 up 64 points (1.6%)
- Oil drops 3.7% ahead of OPEC Plus
- Iron ore down 3.8% Base metals ease.
- Gold off 0.7% as Pelosi flies out ofTaiwan
- VIX index in US down to 22.
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ASX 200 closed down 22 points at 6976 (0.3%) off the lows as Pelosi visit fears calm slightly. Banks slipped lower with the Big Bank Basket down to $175.71 (1%). MQG down 1.4% and ASX slipping 3.4% on yet more delays to CHESS replacement. Insurers slightly higher, QBE up 1.1%. Healthcare fell away with CSL leading the sector flat after early losses, SHL off 1.5% and COH off 0.6%. Industrials eased back with WOW and COL easier by 1.3%, WES down 1.1% and ALL off 1.6%. REITs steady and Tech better. WTC up 3.3% and XRO pushing ahead by 3.6%. The All-Tech Index up 1.8%. In resources, miners staged a comeback with BHP up 0.1%, FMG doing better up 0.7% and base metal stocks in favour. S32 up 0.8% and LYC rallying 7.6% on Mt Weld expansion plans. Lithium stocks better led by PLS and CXO up 2.2% and 4.0% respectively. Gold miners eased off slightly with oil and gas stocks under pressure, WDS down 0.3% and STO off 2.1%. In corporate news, ORI in a halt with a $650m capital raise and an acquisition. RAP rose 50% on an increased offer from Pfizer. In economic news, we had retail trade volumes up 1.4% which gave some hope to the sector. Asian markets being cautious on Pelosi visit with Japan up 0.4%, China flat and HK up 0.6%. 10 -year yields steady at 3.06% after the drop yesterday in RBA news.
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US markets fell again overnight, the Dow fell 402 points (-1.2%), following US-China political tensions and hawkish comments from the Fed’s Daly. SPI Futures indicating a soft day of trade ahead, down 11 points (-0.2%).
- ASX 200 SPI Futures down 11 points.
- Dow falls 402 points (1.2%) Caterpillar weighs.
- S&P 500 down 27 points (0.7%)
- Nasdaq down 20 points (0.2%) Paypal soars after hours. Airbnb slumps after hours.
- Base metals ease slightly.
- Oil up 0.5%. Gold slightly higher.
- Iron ore up down slightly.
- US Bond yields rise as pivot comes into question.
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- ASX 200 SPI Futures up 70 points.
- Dow runs another 332 points (1.0%)
- Nasdaq up 130 points (1.1%)
- S&P 500 up 49 (1.2%)
- Apple and Amazon please after hours. Nasdaq futures up 140 after trade.
- Base metals better. Gold runs 1.8%
- Oil up 0.5%. Iron ore better.
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- ASX 200 SPI Futures up 70 points.
- Dow runs another 332 points (1.0%)
- Nasdaq up 130 points (1.1%)
- S&P 500 up 49 (1.2%)
- Apple and Amazon please after hours. Nasdaq futures up 140 after trade.
- Base metals better. Gold runs 1.8%
- Oil up 0.5%. Iron ore better.
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- ASX 200 rose 67 points to 6890 (1%) as buyers flooded back post Fed. Almost like a short squeeze of epic proportions in second line tech. Banks boosted despite falling yields, the Big Bank Basket up to $174.35 (0.7%) with ANZR down 1.8%. CBA the super star up 1%. MQG delivered again up 3.0% for its 53rd yearly consecutive profit. Insurers mixed, QBE up 1.1%, SUN down 0.8% and MFG up 2.4%. Healthcare going nowhere today, CSL down 0.2% and RMD flat. REITS slightly higher, GMG up 1.8%. Industrials better but somewhat anaemic, telcos better on NBN news, tech was the word. The All-Tech Index up 2.3% but hampered by CPU down 3.5%. Second liners took comfort from quarterlies, KGN up 50.2%, PBH up 20.6%, NMT up 13.0%, AD8 up 9.6% on a business update, MP1 soaring another 9.3% and SZL up 44.7%. BNPL is back. At least for now. Massive short squeeze.
- In resources, RIO was slightly lagging up 0.7% but BHP up 2.1% and FMG firing 2.9% on production numbers and CEO comments. Gold miners doing well, NST up 2.6% EVN up 2.9% and DEG better by 6.1%. Lithium in demand, PLS quarterly cheered up 6.2%, LYC hitting straps again up 2.7% and MIN turning hard by 9.0%. Base metals in demand too IGO up 7.0% and OZL up 7.1%. Oil and gas better, WDS up 1.5% STO up 1.0% with YAL down 10.9% as Glencore sold out.
- In corporate news, ALX saw the bidder walk away without paying the toll, down 6.1%, KGN went nuts on a ho-hum quarterly update. SYR received a binding US$102m loan from US DoE and rallied 12.8%. In economic news, retail sales rose 0.2% month-on-month. Meanwhile in Asia, Japan up 0.2%, China up 0.5% and HK down 0.4%.
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- ASX 200 SPI Futures up 52
- Dow runs 436 points higher (1.4%) as Fed raises rates 75bps.
- Nasdaq up 470 points (4.1%)
- S&P 500 up 103 points (2.6%)
- Base metals firm. Gold and iron ore steady.
- Oil up 2.1%
- RIO in focus post results. Div a little light on.
- MQG update out.
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- ASX 200 pushes another 16 points ahead to 6823 as CPI comes in below expectations. Core inflation at highest since 1991 at 4.9%. Good news. Banks led the market higher as the Big Bank Basket rallied to $173.17 (1.7%) with ANZ up 0.4% and ANZR up 2.9%. Insurers slightly higher with IAG better by 1.1%, MQG dropped 1.1% though. Healthcare better with CSL up 1.8% and RMD up 0.7%. Industrials mixed as WES rose 0.9%, WOW up 0.7% and TCL rose 1.9%. REITS slightly better, 10-year yields dropping to 3.28%. Techs were flying, risk appetite is back. The All-Tech Index was flat, but second line June casualties are roaring ahead. BNPL SZL was up 95.82% before a trading pause, ZIP up another 21.0%, FLN up 8.6% CTT up 11.5% and ALC up 14.8%.
- Quarterly reports better than expected. In resources it was red day with smatterings of green. Iron ore stocks eased, BHP down 2.0% RIO off 2.0% with LYC off 0.7%. Lithium stocks were mixed, LTR down 0.8% but AKE up 2.6%. Coal stocks mixed and oil and gas flat. Gold stocks twitching. In corporate news, plenty of quarterlies, SRX began life ex ILU. CMM rose 8.8% on its quarterly report. On the economic front CPI came in at 6.1%, below forecasts and 10-year yields fell again. Good sign and one reason why tech is rallying hard. 50bps now locked in. Asian markets mixed Japan up 0.3%. China down 0.3% and HK down 1.1%
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- ASX 200 SPI Futures down 36 points
- Dow down 229 points (0.7%)
- S&P 500 down 46 points 1.2%
- Nasdaq down 220 points 1.9%
- Base metals up slightly.
- Iron ore up 1.3% Oil down 1.8%
- Gold unchanged.
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ASX 200 pushed 17 points ahead to 6807 (0.3%) despite US futures weakness on Walmart news. Fed watching continues. US results in focus tonight. Resources carried the day with iron ore producers doing well, BHP up 2.5%, RIO up 1.9% and FMG rallying 2.5%. Base metals were also better as OZL ran 1.1% and lithium stocks firmed. Oil and gas doing ok as crude prices rose and Russia cut back gas supplies in Europe. STO up 2.6% and WDS up 2.8%. Coal stock finding friends again with WHC up 6.4%. Some tech in demand as ZIP led the charge up 19.9%, with WTC up 0.8% and XRO falling 1.3%. The All-Tech Index flat. Industrials were sloppy, CSL down 1.5% and ALL to find any cherries down 1.8% with TCL coming under fire down 1.1% and WOW off 1.3%. Banks were mixed but ANZ still a firm fave with the Rights up 0.8%. The Big Bank Basket steady at $170.16. In corporate news, MYR delighted shareholders with some good numbers up 21.3%, quarterlies in SYA and PDN with VUL up 4.9% on council approvals. GRR got whacked 11.4% after its quarterly disappointed. NTO blew up on its Q2 update imploding 22.7%. In economic news, agriculture is going well, Asian markets better with China up 0.8% and HK up 1.4%. 10 -year yields ease to 3.34%
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- ASX 200 finished slightly weaker down 3 at 6792 (0%) as the index drifted around ahead of weekend. Dow futures weighing slightly on Snap drop. Banks were firm dominated by trade in ANZ rights up 25.4%. The Big Bank Basket rose to $171.34(0.8%). MQG slipped slightly as brokers warning of a weaker result to come, QBE slumped 2.1% as IAG underwhelmed with numbers falling 1.4%. MFG continued to find friends up 2.3%. Healthcare mixed, CSL down 0.6% and COH up 3.2%. Industrials wafted around, TLS fell 1.3%, REA down 3.9%, DMP down 4.5% with REITs unchanged. Tech patchy with some good gains in DUB, PNV and MP1. The All-Tech Index unchanged. Miners were flat with some strength in some gold miners, NST up 2.0% and BHP still under pressure on iron ore pricing down 0.11%. Lithium stocks mixed, Julie Bishop’s MIN fell 1.5%. Oil and gas stocks fell, WDS down 0.6% and STO off 3.0% with coal stocks mixed after a big week.
- In corporate news, AX1 slipped 11.6% lower on a disappointing update, CRN had a quarterly falling 8.1% and HUM fell 5.9% on an update on potential exposure to Forum Finance. Nothing special on the economic front. Asian markets Japan up 0.4%. China unchanged and HK up 0.2%. 10-year yields under pressure at 3.43%.
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Another good night in the US as the Dow finished up 162 points (+0.51%) rallying off lows and closing near highs, rounding out the best three-session rally since May. SPI Futures indicating a slow day ahead, up 12 points (+0.18%) this morning. Get up to speed on the latest with Henry’s Breakfast Briefing.
- ASX SPI 200 Futures up 12 points
- Dow up 162 v (0.5%0
- Nasdaq up 162 v (1.4%)
- S&P 500 up 39 points (1.0%)
- ECB raises rates to zero. Creates Transmission Protection Instrument.
- Base metals mixed.
- Oil pulls back as Nord Stream comes back on line.
- Gold up $13.20 (0.8%)
- Iron ore down 0.7%
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- ASX 200 surged 35-points to 6794 (0.5%) in late trade. Banks were the strength and industrials, as the Big Bank Basket rose to $170.05 (1.1%) after ANZ joined the fray, up 2.2%. Seems $3.5bn was an easy raise for a good acquisition. CBA up 1.7%, elsewhere financials flat, MQG up 0.4% and SUN dropping 2.1%. MFG kicked again rising 2.8%. Healthcare out of ICU with CSL rising 1.4%, RMD up 2.5% and SHL doing well as CV19 cases mount. Industrials better, TLS up 1.5%, WES up 1.7% and ‘old skool’ stocks REA up 5.0% and SEK up 2.0%. Staples better COL up 1.3% and WOW up 1.0% with tech stocks powering ahead again, WTC up 3.6%, XRO up 3.3% and the All-Tech Index better by 3.4%. REITs eased back led by GMG down 0.1%. In resources, iron ore stocks on the nose, BHP down 0.9%, FMG off 1.1% and oil and gas flopped with both WDS down 4.4% and STO under pressure on production reports, down 1.4%. Lithium stocks found a friend in Musk who said that it was a licence to print money, LTR up 11.2% on a KV update, CXO doing well up 6.5% and PLS up 3.2%. Coal stocks finding sellers with WHC down 4.0%.
- In corporate news, Z1P soared again as it revealed a cunning plan to improve the business, TLX up 20.7% on its quarterly report, LNK agreed to a new bid from Dye and Durham although ACCC could still be an issue. The stock rose 12.6% on the news but still a discount to the bid. Production and quarterly reports continuing, nothing on the economic front. Asian markets mixed as BoJ does ‘nashi’ again.10-year yields steady at 3.53%
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Upbeat US corporate earnings provided a boost for stocks overnight, the Dow finished up 48 points (+0.15%) while the Nasdaq outperformed finishing up 1.58%. SPI Futures are down 33 points this morning (-0.49%).
Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 33 points
- Dow up 48 points(0.25%)
- Nasdaq up 185 points (1.6%)
- S&P 500 up 23 v (0.6%)
- Tesla up 0.7% after results.
- Base metals slightly higher. Nickel up 2.4%
- Gold hits 11-month low at US$1700 down 0.6%
- Oil down 0.4%
- ANZ completes institutional entitlement
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- ASX 200 sprinted 110 points higher to 6759 (1.7%) on US rally and company updates. All cylinders firing as banks, resources and industrials were bought up. Another bear rally or the real thing? The Big Bank Basket rose to $168.20 (1.0) with ANZ still in a halt. Fund managers also in demand, MQG up 3.9%, HUB rose 0.5% and Insurers also in demand, QBE up 1.0% with SUN rallying 1.1%. Even MFG had its day in the sun, up 7.0%. Healthcare bounced back with CSL up 0.2% and SHL up 2.1% as RMD rallied 2.6%. REITs flying with GMG up 3.1% and SCG up 2.5% with industrials in demand. Staples a little left behind, JBH up raced 4.6% higher post broker comments, REH doing well up 6.3%, TLS up 0.5% and ‘old skool’ REA up 2.8% with CAR up 2.6%. Tech stocks bouncing hard, WTC up 5.6%, XRO up 5.9% and ZIP doing well up 12.71%. The All-Tech Index up 3.8%. In resources it was all systems go, BHP up 1.4%, FMG up 5.2% and even gold miners doing ok, NCM up 2.8% and BGL up 3.7%. Lithium in demand, LTR soaring 10.4%, PDN rallying 10.5% and SLX up 12.4% on good news. Oil and gas stocks rallied, WDS up 0.4% and STO 2.1% higher.
- In corporate news, MP1 silenced the bears with a better than expected update, rising 23.0%, ILU rallied 7.2% on a strategic update. SMP up 18.4% on a trading update, BUB up 6.5% on a update on I’m Biden , Fly me. AKE shrugged of early losses after its quarterly report, up 0.9%, BPT up 2.8% on its quarterly. In economic news, Phil Lowe gave a speech and admitted RBA had been too pessimistic on economy. Asian markets better and 10-year yields up to 3.54%
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US markets had a strong rally overnight with the S&P 500 (+1.92%) posting its best day in three weeks. The Dow finished just off highs, up 754 points (+2.43%). SPI Futures are indicating a strong day of trade ahead for Aussie markets, up 79 points (+1.21%).
Get all you need to know for today with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 79 Points (1.2%)
- Dow up 754 points (2.4%)
- Nasdaaq up 353 points (3.5%)
- S&P 500 up 106 points (2.8%)
- Oil up 1%. Iron ore down 2%
- Gold unchanged.
- Base metals flat.Miners head higher.
- US banks rally hard. Results not as bad as expected.
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- ASX 200 fell 38 points to 6650 (-0.6%). Asian markets all weaker and RBA minutes kicked in at 11.30am to help us down a little. Volumes remain modest. Resources turned turtle with iron ore miners mixed on BHP production report, down 1.0%. FMG up 0.7% whilst base metals stocks slipped quietly away, IGO down 1.4%, S32 off 2.3% and LYC down 1.6%. Lithium stocks a little depressed, AKE off 3.3% and PLS down 3.3%. Gold miners going nowhere but energy stocks full of beans, WDS up 3.6%, STO up 1.1% and WHC up 5.3%, Banks were firm on higher bond yields around 3.49% post-RBA, the Big Bank Basket up to $166.66 (0.2%). ANZ still suspended but CBA better by 0.8%. MQG slid 3.3% and insurers under pressure again despite higher bond yields. Healthcare in ICU today, CSL falling 2.0%, RMD down 4.6% and SHL sliding 3.7%. Industrials weak, WOW and COL off with GMG leading REITs lower with the GMG at 2.6%. Tech eased as XRO cratered 6.0%, WTC saw profit taking down 4.9% and the All Tech Index down 2.2%.
- In corporate news, PDL looks like it will be knocked off with another share bid from PTM. JBH pushed 2.2% higher despite record results. HUB fell 5.0% on a market update. In economic news, ANZ consumer confidence showed a slight kick higher the RBA minutes curbed enthusiasm. Asian markets weaker with 10-year yields rising to 3.51%.
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US stocks slipped overnight, the Dow posted its biggest loss in more than two weeks, giving up early gains to finish down 193 points (-0.32%). SPI Futures are pointing to a 21-point loss today after a good start to the week yesterday.
Catch up on the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 21
- Dow falls 216 (0.7%) as Apples freezes hiring
- Nasdaq down 92 points (0.8%)
- S&P 500 down 32 points (0.8%)
- Oil up 5%. Base metals rally hard.
- Nickel up 6.2% Lead up 9%
- Iron ore up 2.1% Gold up 0.4%
- BHP Production report
- JBH sales update
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- ASX 200 kicks 82 points to 6666 (1.2%) as bank rally after Citi results and iron ore steadies in Asia, giving BHP a 2.4% lift. Late kick helps too, with 25 points on match out. The Miners were better across the board with RIO up 2.1% and FMG up 3.4%. Base metals doing well, S32 up 2.1% and IGO up 4.4% and lithium stocks doing well, LTR up 8.4%, INR better by 5.8% and PLS rallying 2.5%. Oil and gas better again as crude rises after Biden fails to get much from MBS. STO up 2.4% and WDS up another 2.2%. Coal stocks again pushed up as thermal coal doing well, WHC released a business update, very positive up 5.2% and NHC up 2.9%. Banks were in demand despite ANZ tapping shareholders for $3.5bn to buy SUN’s banking business kicking them up a notch. ANZ is paying $5bn for the unit, the Big Bank Basket rallied to $166.24 (1.8%) with only three legs firing. CBA up 1.0% and NAB up 1.9%. MQG doing well as US banks rally, up 3.2%. SUN up 6.1% on the ANZ news, insurers slightly better. Healthcare was weaker as money flowed into growth and risk, CSL down 0.9%, FPH down 1.9%. Industrials were mostly flat, tech better WTC kicked again up 7.2% and XRO up 2.0%. The All-Tech Index rose 2.5%.
- In corporate news, NXL fell 13.0% on its update sinking toward an ignominious end perhaps, PPS rose 10.6% on a business update and TYR rose 7.7% as its #122 CV19 update dropped. Nothing on the economic front. Asian markets firmed with Japan closed for Marine Day and both China and HK doing well as property developers being helped with bank loans. 10-year yields 3.42%.
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US stocks rallied on Friday night, with better-than-expected retail sales and a jump in bank stocks acting as a catalyst for markets. The Dow gained 658 points, closing on highs. SPI Futures are pointing to a 57-point gain.
Get up to speed with Henry's Breakfast Briefing.
- ASX 200 SPI Futures up 57
- Dow up 658 points (2.2%) Citi drives bulls.
- S&P 500 up 73 (1.9%)
- Nasdaq up 201 points (1.8%)
- Base metals slightly better.
- Iron ore falls 1.8% Gold down 0.1%
- Oil up 2.1%
- ANZ to buy SUN's banking business for $5bn. Raising $3.5bn in entitlement issue.
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- ASX 200 falls 45 points to 6606 (-0.7%) after a solid rally off lows. Resources took the big hit. Banks had a decent rally off early lows. Resources saw commodities flop and took the sector with it. BHP down 3.5%, FMG off 6.2% and RIO down 2.9%. Gold miners also fell, NCM down 2.8%, NST off 2.5%. Base metal stocks hit, IGO down 7.1%, POS off 2.4% and S32 falling 3.7%. Lithium stocks down but escaping somewhat, AKE down 1.4%, PLS off 2.9% and LYC off 0.7% in the REE space. Oil and gas stocks were flat as oil briefly fell below US$95 for Brent. Coal stocks eased back slightly, WHC down 2.3%, NHC off 1.7% and SMR dropping 1.6%. In the banks, the Big Bank Basket fell to $163.26 (-0.01%). CBA up 0.1% with ANZ under pressure over its MYOB business buy, down 1.3%. MQG fell 1.8% in sympathy with US banks. Insurers eased, QBE down 0.6%. Healthcare better led by CSL up 1.0%, RMD up 1.9%, COH up 1.7%. Industrials flat, WOW and COL higher but REA fell 1.2%, SEK down 2.7% and CAR off 4.3%.WES 0.9% better. Tech dominated by a good update from WTC up 3.4%, the All-Tech Index fell 0.8%.
- In corporate news, JIN fell 15.00% on a disappointing update. PDL saw FUM drop again and the stock fell 7.8%. PTX up 15.62% on news on orphan drug designation for PTX 100. Asian markets mixed, 10-year yields steady at 3.40%.
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US stocks rallied into the close from early lows as rate-hike concerns and weak results from Morgan Stanley and JPMorgan hurt the market. The Dow finished down 143 points (-0.46%). SPI Futures are pointing to a 52 point loss (-0.79%) with iron ore and base metals all moving lower.
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- ASX 200 SPI Futures down 52 points.
- Dow closes down only 143 points (0.46%) after a 600point plus fall early.
- Nasdaq up 4 points (0.03%)
- S&P 500 falls 11 points (0.3%)
- Base metals smashed. Nickel down 8.7% Copper off 2.5%
- Oil falls 0.5% Gold down 1.7%
- Iron ore falls 4.8%
- US Bank reports disappoint. Chinese GDP today.
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- ASX 200 rallied 29 points to 6651 (0.4%) despite US CPI and a strong jobs number locally. Resources firm., Banks weak ahead of US reports tonight. The Big Bank Basket fell to $163.39 (1.3%). CBA off 1.5%, MQG falling 0.2% and insurers under pressure, SUN down 0.2% and QBE unchanged Industrials firm with CSL up 0.8%, RHC up 1.1% in the healthcare space, TLS rallied 0.8% on its acquisition finalised. ‘Old Skool’ platform stocks better, SEK up 2.7%, REA up 2.1% and CAR doing well up 1.4%. Tech stocks better too, WTC up 2.5% and XRO going to hero up 2.0%, maybe some valuation upgrades given ANZ moves on MYOB. All Tech Index up 2.2%. Resources were better led by coal stocks, WHC up 6.5%, TER up 9.6% and SMR up 4.3% as coal prices remain elevated. Rumours that China will abandon its coal ban. BHP and FMG doing well as iron ore rise, Base metal stocks also in demand, IGO up 2.4%, MIN up 5.7% and IGO doing well up 2.4%. Lithium stocks marched ahead, PLS up 3.8% on a positive BMX result, AKE up 2.7% and oil and gas stocks better with WDS up 1.6% and STO rallying 1.5%.
- In corporate news, DTL rose 9.9% on a positive upgrade, CHN up 8.4% on director buying, LKE returns and falls 10.4% on short seller attack.
- In economic news, jobs data showed a remarkably strong economy with 3.5% unemployment. Lowest in 41 years. Asian markets, generallybetter, with Japan up 0.7%, China up 0.3% and HK down 0.2%
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- ASX 200 SPI Futures down 4 points.
- Dow falls 209 points (0.7%) Choppy and low volume.
- Nasdaq down 17 points (0.2%)
- S&P 500 down 17 points (0.5%)
- US CPI hits 9.1% highest in 41 years.
- Base metals flat. Iron ore up 1.9%
- Gold rises 0.6%
- Oil falt. Biden in Mid East.
- US Banks kicks off reporting season tomorrow.
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- ASX 200 closed up 15 to 6605 (0.2%) as a late afternoon charge helped. A mixed quiet session as we await the US CPI release tonight. Banks firmed slightly with the Big Bank Basket up to $165.67 (0.7%). CBA the star up 1.1% with MQG doing well up 2.2%. MFG slightly higher too up 2.9%. Insurers flat with IAG down 1.1%. Industrials higher with TLS up 1.0%, WES up 1.2%. GMG rose 2.4% with REITS flat behind it. Tech stocks slightly better with WTC up 1.3% and XRO up 1.3% as ANZ indicates interest in MYOB. QAN rallying on the fall in oil price up 4.3% and TCL better again up 1.0%. Resources were mixed, BHP fell 1.4% with RIO off 1.4%, lithium stocks better as VUL ran 7.1%, PLS up 5.4 % and IGO up 1.1%. Oil and gas stocks eased as crude prices fell, STO down 1.3% and WDS off 2.9%. Coal stocks once again doing well, WHC up 4.5% and NHC up 3.1%.
- In corporate news, CHN up 3.7% on identifying new Ni-Cu-PGE targets at Thor. KMD issued an update rising 0.5% as winter has been good. In economic news, the RBNZ went hard again by 50bps to 2.5%. Asian markets better across the board with 10-year yields easing to 3.37%.
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US stock fell overnight as recession fears continue ahead of the CPI number tonight. The Dow finished down 192 points (-0.62%). SPI Futures are predicting a flat open.
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- ASX 200 SPI Futures unchanged.
- Dow falls 193 in late fall (0.6%)
- Nasdaq down 108 points (1.0%)
- S&P 500 drops 36 points (0.9%)
- Base metals ease. Copper down 2.9%
- Gold down 0.5% Iron ore down heavily 3.1%
- Oil tumbles on recession fears down 7.1%
- RBNZ in focus at Midday.
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- ASX 200 gave up early gains to close up 4 points at 6606 (+0.1%). Resources were once again on the nose after more shutdowns in China affecting stimulus hopes with recession fears trumping all. Iron ore miners led falls, BHP down 1.4%, MIN off 2.6% and base metal stocks weaker with lithium depressed. INR down 7.5%, PLS off 2.2% and AKE down 4.8%. Coal and energy stocks firmed with WHC up 1.8% and WDS rising 0.5%. In the banking sector the Big Bank Basket rose to $164.56 (+1.1%) with CBA up 1.2%, elsewhere insurers flat, MFG continue to slip another 0.8%. Healthcare better led by CSL up 1.6% and RMD gaining 2.1%. Elsewhere industrials were mixed, WES better by 0.8%, COL up 1.9% and WOW up 2.0% but TLS down 0.8% and REA off 0.2%. Tech stocks slipping TNE down 2.4%, MP1 down 4.1%. The All-Tech Index fell 1.1%.
- In corporate news, APE rose 3.3% on a positive business update. CXO fell 7.1% after a resource upgrade. RHC eased 1.6% as media reports that KKR may walk and LNK down 3.5% for a similar reason. In economic news, consumer confidence fell again. Asian markets weak, lowest levels for two years. 10-year yields at 3.39%.
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- ASX 200 SPI Futures up 18
- Dow down 164 (0.5%)
- Nasdaq down 263 (2.3%) Twitter falls 11.3% on Musk pulling out.
- S&P 500 down 45 (1.2%)
- Base metals ease. Gold down 0.5%
- Iron ore down 1.9% Oil steady.
- CPI and US Results in focus.
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- ASX 200 fell 76 points to 6602 (1.1%) on next to no volumes. Closed on day low. US futures turned negative with big week ahead and profit taking hitting last week’s winners. Banks fell with the Big Bank Basket down to $162.85 (0.2%). MQG slipped 1.7%, ASX off 1.8% and MFG rose 0.8%. Insurers held up as bond yields rose to 3.53%. Healthcare mixed, CSL up 0.2% with FPH and RMD snoozing, Industrials slipped, WES down 0.7%, TCL off 0.8% and GMG led REITs lower falling 1.6%. ‘Old skool’ platforms, REA down 4.2%, SEK off 4.7% and CAR crashing 2.8%. Tech stocks back in the seller’s sights today with second liners smacked again, DUB down 18.0%, PBH down 9.5% and CDA falling 6.2%. DMP dropped 6.3% on a broker downgrade. Resources were weak, BHP fell 3.1%, FMG off 2.6% with gold miners falling as NCM dropped 2.5%. Base metals and lithium stocks pushed lower S32 down 2.7% and PLS off 2.6%. Oil and gas was a bright spot, WDS up 0.2% though STO fell 0.4%.
- In corporate news, EML lost a CEO falling 24.6%, LNK up 0.3% after knocking back Dye and Durham offer rejected. CGC fell hard, halted and came back with a business update and bounced at the close down 8.0%. GAL had some good assays rising 5.9%.
- In economic news, building approvals fell 1.5%. Asian markets mixed with HK tech down heavily but Tokyo up 1.2% on election result. 10-year yields 3.53%
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US stocks closed the week mixed but the major indices posted gains overall. SPI Futures closed up 20 points on Saturday morning.
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- ASX 200 SPI Futures up 20 points
- Dow down 46 points (0.2%)
- Nasdaq up 14 points (0.1%)
- S&P 500 unchaanged.
- US jobs numbers 372k better than expected.
- Base metals ease slightly. Oil up 2.3%
- Gold up 0.1% Iron ore down 0.4%
- Quiet day in store.
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- ASX 200 rose 30 points to 6678 (+0.5%) in lacklustre trade to end its best week since March. It was another day of bifurcation with resources turning green and banks seeing red. The Big Bank Basket slipped back to $163.35 (-0.4%). Insurers flat. MFG down 3% again on leaky FUM, GQG down 4.1% on its FUM. MQG flat with PNI up 1.7% after good results yesterday. Healthcare doing nada, RHC up 0.9% on speculation on takeover, CSL up 0.1% and industrials flat too. TLS down 0.8%, WOW down 0.3% and ALL up 0.3%. REITs dominated by a fall of 1.2% in GMG and tech becalmed. XRO up 1.6% and WTC rising 0.3%. Resources rallied hard but failed to hold early gains, zero to hero and back, BHP up 0.7%, FMG up 0.6% and RIO up 0.3% all doing well. Gold miners flat, base metals better, IGO up 3.2% and OZL rising 1.7%. Lithium stocks back in favour with PLS up 6.8% and LTR roaring ahead by 7.4%. Oil and gas perked up with crude rises, STO up 2.3% and WDS rallying 1.7%.
- In corporate news, SBM up 9.6% on a production update and guidance. MFG fell on FUM as did GQG. AWC up 5.2% on Dutch designs on Portland smelter. Nothing significant on the economic front ahead of NFP tonight in the US. Asia markets were rocked by Abe shooting. 10-year yields heading higher again.
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US stocks rallied as fed hawks downplayed recession fears. The S&P 500 (+1.5 %) and NASDAQ (+2.28%) posted their longest winning streaks since March, while the Dow finished up 1.12%. Looking to finish off the week on a positive note SPI Futures are up 49 points (+0.75%).
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- ASX 200 SPI Futures up 49 points (0.8%)
- Dow up 347 points (1.1%)
- Nasdaq up 259 points (2.3%)
- S&P 500 up 58 (1.5%)
- Base metals rebound strongly. Miners up overseas.
- Gold up 0.2% Oil up 4%
- Iron ore up 1.7%
- US Results kick off next week.
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- ASX 200 SPI Futures up 35 points (0.5%)
- Dow up 70 points (0.2%)
- Nasdaq up 40 points (0.4%)
- S&P500 up 14 (0.4%)
- Gold falls 1.6% Oil down 2%
- Iron ore down 1%. Base metals mixed. Nickel falls 3.7%
- Mining stocks finding some support.
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- ASX 200 fell 35 points to 6594 (0.5%) as commodity stocks remain under serious pressure on crude falls. Iron ore stocks led the falls with BHP down 5.6% (34 index points alone) and FMG off 4.9%. Gold miners slid on bullion falls, NCM down 6.6% RRL down 6.9% and EVN off 4.0%. Base metals also in the firing line, IGO collapsed 4.9%, S32 off 8.3% and AKE down 4.0%. Energy stocks also on the nose, WDS down 6.9%, STO falling 6.2% and KAR down 11.0%. Coal stocks ease with WHC down 3.7%. The pile on continues. The banks though kept their end up as they passed on rate increases. The Big Bank Basket rose to $162.40 (1.0%). CBA up 0.8%, NAB up 1.8% and MQG doing well up 0.6%. Insurers remain unloves as flood waters rise and Albo visits the scene. No hose for him either. Healthcare doing ok, CSL up 2.6% and FPH rising 3.4%, industrials gained, WES up 1.6%, ALL up 2.3% and REH up 3.2%. ‘Old Skool’ platform stocks pushed up with REA up 2.4% and SEK up 1.9%. Unloved and shorted stocks that were belted due to tax year selling have been the stand out stars. MP1 up 14.0%, 360 up 13.9% and DMP +6.5% doing better as it now charges a 6% surcharge on deliveries. Tech stocks better in line with Nasdaq, WTC up 3.7%, XRO bouncing 6.7%. The All -Tech Index rose 3.2%.
- In corporate news, BUB returned from a trading halt after a cap raise falling 3.1%. EML rose 10.5% after signing a deal in Spain and QAN is facing a strike after its $5000 incentive fails to fly with engineers. Asian markets drift lower with Japan down 1.1%, HK down 1.6% and China off 1.2%. 10-year yields fell hard down to 3.39%
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US markets were a little mixed overnight. The Dow finished down 129 points, with tech outperforming, leading the NASDAQ to a 194-point gain. The big story from the night though, was the oil price as WTI crude fell below US$100 a barrel. SPI Futures are down 64 points as the energy sector looks to be topping out fast.
- ASX 200 SPI Futures down 64 points (1%)
- Dow down 126 points in volatile trade (0.4%)
- S&P 500 up 6 points (0.2%)
- Nasdaq up 194 points (1.8%)
- Recession fears driving USD higher and yields lower.
- Commodities fall.
- Oil falls 10% Gold down 2.1%
- Iron ore slightly better up 3.2%
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- ASX 200 rallies 17 points to 6629 (+0.3%) on very light volumes. School holidays and end-of-year marketing reports taking their toll. RBA decision kept many players on the sidelines as Lowe moved 50bps as widely expected. Rally petered out at the close. Resources doing ok despite some concerns in iron ore, BHP rose 0.3%, FMG up 1.5% and RIO unchanged despite news on Simantou. Gold miners doing well today as consolidation begins, GMD the latest to swoop on DCN up 3.3%. Base metals and lithium flat. Energy stocks better with crude rising again, STO up 0.4% and WDS up 3.8%. Coal stocks modestly higher. Banks switched around from losses to gains and back to losses on RBA move, CBA down 0.2% on reports it may need to write off $2bn on BNPL investment. The Big Bank Basket fell to $160.75 with NAB down 0.3% with MQG up 0.9%. Insurers flat as floods prevail in NSW. Healthcare better with CSL up 1.5% and industrials firm, COL up 0.4%, EDV up 0.7% and WES rising 0.6%. ’Old Skool’ tech doing ok, REA up 3.8%, CAR up 1.4% and SEK up 3.5%. Tech better led by CPU up 0.2% and WTC rising 5.2%.
- In corporate news, RRL up 10.7% on record gold production, ALG up 8.5% going ex div and ex return of capital. BUB tapped the market for $63m at 52c, RSG up 15.6% on an operational update. In economic news, RBA moved up rates by 50bps, Chinese PMI better again. Mixed markets in Asia with Japan up 0.5%, HK flat but China down 0.9%. 10-year yields steady at 3.54%.
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US markets are closed for July 4th Independence Day holiday. SPI Futures are up a single point this morning, muted ahead of the RBA interest rate decision today at 2:30 pm.
Get up to speed on all the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 1
- US markets closed for Independence Day
- European markets slightly positive. Dow futures showing small loss.
- Oil higher at US$113.50 up 1.7%
- Iron ore hit again down 4.6%
- RBA decision in focus. 50 bps the consensus taking us to 1.35% on official rates.
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- y ASX 200 rose 73 points to 6613 (1.1%) ahead of the RBA meeting tomorrow with the US markets closed tonight for Independence Day. Banks were the stand-out together with healthcare and industrials, The Big Bank Basket rose to $161.14 with CBA leading the charge up 0.8%. MQG also doing well up 1.8% with insurers a little flat despite bond yields rising. 10 -year yields at 3.53%. MFG under pressure today on another resignation down 9.9%. Healthcare also doing well with CSL up 2.1% and RMD in the winners circle up 2.8%. Industrials rose with WES finding some buyers up 2.5%, REH up 3.4% and TLS doing well still up 1.3%. REITs better despite bond yield rallies, GMG up 2.8% and SCG rising 2.3%. Tech stocks mildly positive with the All-Tech Index up 1.7%. WTC up 2.4% and XRO doing well up 2.3%, with second liners back in fashion if only for a day or so, DUB up 14.84% and 360 rallying 2.5%. Some of the worst of last year finding bargain hunters, KGN up 3.9%. Resources were better with the exception of BHP which fell 0.4%. RIO and FMG eked out small gains of around 0.4%, lithium stocks unchanged, gold miners up slightly with NCM up 2.3% and NST moving 3.7% higher. Oil and gas stocks better too, WDS up 2.7% and STO rallying 3.3%.
- In corporate news, LNK knocked back the revised bid from Dye and Durham, SBM has recommenced discussions with Genesis and SLC announced a buyback. In economic news, Building approvals rose by 9.9% in May. Asian markets mixed, Japan up 0.8%, HK down 0.2% and China up 0.5%
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- ASX 200 SPI futures up 96 points.
- Dow up 322 points (1.1%)
- Nasdaq up 99 points (0.9%)
- Iron ore falls. Gold eases.
- Oil up 2.4%. Base metals fall slightly
- RBA in focus.
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A night for record-breaking in the US. Unfortunately, they weren’t good records. The worst first half for the S&P 500 since 1970, worst first half for the Dow since 1962 and the NASDAQ saw its worst first half ever. But it’s not all bad news with history showing The S&P 500 has bounced back following all losses of 15% or more. As we kick off the new financial year today SPI Futures are up 12 points (+0.19%).
Catch up on all the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 12 points
- Dow down 254 points (0.8%)
- Nasdaq down 149 points (1.3%)
- S&P 500 down 33 points (0.9%)
- Oil falls 1.3%
- Base metals under pressure. Miners sag.
- Iron Ore flat. Gold down 0.6%
- Happy New Financial year.
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- ASX 200 finished the year down in the dumps down 132 points to 6568 (2.0%). More undressing than window dressing. Late sell off as funds took out the trash. Sloppy across the board. Banks were hit again as the rally from the lows has been skewered, the Big Bank Basket fell 2.6% to $159.30 with CBA down 2.8% and NAB off 2.4%. MQG off 2.1%, with the ASX down 1.6%, MFG down 5.1% as wealth managers under pressure with performance fees in doubt. AEF off 5.9% with PTM falling 2.3%. Insurers muted, Healthcare too escaping most of the fall, CSL down 0.3% and SHL up 0.6%. Industrials hit again, WES down 1.8% with COL and WOW also under pressure with EDV giving away recent gains down 1.4%. Tech was relatively calm, for tech. WTC down 0.5%, XRO off 2.0% and the All-Tech Index off another 0.9%. Resources though a sad and sorry place, BHP dropped 3.5%, FMG down 4.7% and RIO off 3.3%. Gold miners still under the kosh. NCM down 2.8% and NST falling 2.7%. Base metals eased but not significant. Energy stock fell, WDS down 3.0% and STO fell 1.6% with coal stocks easing back too.
- In corporate news, CSR fell 1.5% after announcing a buy back, PAR rose 10.3% after acceptance by local partner, LTR gave back some gains falling 5.80% on a presentation. In economic news, job vacancies were up 13.8% and CBA raised mortgage rates on fixed rate loans. Asian markets were mixed with China still pushing ahead on reopening hopes. 10-year yields steady at 3.68%
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Not a lot of action overnight, the Dow finished barely positive, up 82 points (+0.27%), while the S&P and NASDAQ were unchanged. SPI Futures are indicating a muted day of trade for the end of financial year, down a solitary point.
Catch up on all there is to know for the day ahead with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 1 point.
- Dow closes up 82 points (0.3%) Narrow convictionless trade.
- Nasdaq down 4 points (0.03%
- S&P 500 down 3 points (o.07%)
- Base metals mixed. Nickel up 2.5%
- Oil down 1.5% on inventories in US. OPEC + to come.
- Iron ore down 0.1% Gold down 0.2%
- ASX 200 finishing down 8% for financial year.
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The ASX 200 closed down 63 points to 6700 (-0.9%). The market made a small recovery through the second half of the session but still finished in the red. Institutional portfolio rebalancing, as we approach the end of the quarter a feature. Financials, consumer staples and energy were the only sectors that finished in positive territory. Energy names outperformed ahead of an OPEC + meeting tonight. Major producers Saudi Arabia and the United Arab Emirates look unlikely to be able to boost output significantly which is good news for the oil price. Not so good for taming inflation. Woodside (WDS) up 0.4% and Santos (STO) down 0.5%. Property and technology names led the market lower. The property sector was held back by a lot of companies trading ex-distribution. Transurban (TCL) also ex-dividend, down 0.8%. Telstra (TLS) off 1% and Macquarie Telecom (MAQ) down 1.8% despite a guidance upgrade. Liontown (LTR) up 5.2% on the back of an offtake deal with Ford. Pilbara (PLS) was down 3.8% despite lifting production guidance and lithium price forecasts. Tyro (TYR) off 16.7% as the CEO stepped down. BWX (BWX) was downgraded to neutral from buy at Citi. BNPL names fell on soft US consumer data. Block (SQ2) down 6.2%, Zip Co (ZIP) down 4.2%. ZIP now down ~95% in the last year to a six-year low. Retail sales up 0.9% in May ahead of consensus and hitting another record level according to the ABS. The rise was driven by department stores and cafes. Jerome Powell is attending an economic policy panel discussion tonight. The US also has a GDP number out but as it is the third release, it is unlikely to move the needle. Dow futures are up 42 points.
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Big tech stocks took a tumble as US markets saw their second consecutive losing session overnight. The catalyst was weak economic data which fueled more fears of a recession. The Dow fell 491 points (-1.56%), giving up some early gains. SPI Futures are pointing to an 84 point loss today (-1.26%).
Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 84 points (1.3%)
- Dow finishes volatile day down 491 points (1.6%)
- Nasdaq falls 343 points (3.0%)
- S&P 500 down 70 (2.0%)
- US consumer sentiment falls to levels not seen since Feb 2021.
- Base metals flat. Oil better again as China opens up slightly.
- Iron ore slightly higher.
- Retail sales today.
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ASX 200 up another 58 points to 6764 (+0.9%) as the grind higher continues. Late kick helps as US futures rally hard. Resources took up the baton today with iron ore producers pushing ahead. BHP up 4.3%, RIO up 3.0% and FMG doing well up 3.8%. Gold miners rallied after the sharp knee-jerk sell-off yesterday, NCM up 2.9% and NST up 6.1% on a KCGM PFS update. Lithium was mixed as PLS rose 3.0% but AKE off 0.5%. Base metals rallied S32 up 3.7% as coal prices continue to push higher, CRN up 2.9% and WHC in the coal space running hard up 2.7%. Oil and gas stocks better as crude rallies, WDS up 4.3% and STO better by 2.7%. Elsewhere things were mixed, Banks eased after a stunning run yesterday with the Basket down 0.4% to $163.50. MQG rose 0.6% on a $400m Capital Note raising, Insurers eased too. Healthcare stocks going nowhere fast, CSL the exception up 0.4%, the rest in a slow lane. COH down 0.3% and HLS down 2.1%. REITs better GMG the star up 0.7%, Industrials flat, WES down 2.3% and ALL off 0.9%. QAN down 2.2% again, JBH off 3.90%. Tech eased back with XRO down 0.7%, WTC off 0.8% and the index down 1.1%.
In corporate news, CKF had a good result with KFC big in Germany, rising 11.5%. BWX crashed 40.6% on an update and capital raise and EOS in a trading halt as it taps the market for fresh funds. On the economic front, consumer confidence rose 3.7% last week. TGR up 16.1% after a bid from a Canadian group. Asian markets a little softer with HK techs under pressure. 10-year yields steady.
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SPI futures are flat this morning as the market pumps the breaks a bit following a volatile session in the US. The Dow finished down 62 (-0.2%) points after being up 98 and down 149 during trade.
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- ASX 200 SPI Futures unchanged
- Dow down 62 points (0.2%)
- Nasdaq down 83 points (0.7%)
- S&P 500 down 12 points (0.3%)
- Base metals slightly higher. Oil up 1.7%
- Gold down slightly and iron ore up 0.9%
- No economic data.
- Bid for TGR.
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- ASX 200 jumped on better US markets with the index closing up 127 points (1.9%) as buyers rushed in and window dressing for EOFY took hold. Banks were the major drivers with the Big Bank Basket gaining 3.5% to $164.16. CBA up 4.0% and NAB up 3.4% were the standouts. Insurers also rise with IAG up 0.9% and SUN up 3.6% on demerger talk of the banking business. MQG up 0.6% with NWL rallying 4.8%. Healthcare also in demand with CSL up 0.7% and RHC doing well up 3.0% on media reports of continued PE interest. REITs in demand, GMG up 1.0%. Industrials also in demand as bond yields remained steady at lower levels, ALL up 3.8% WES bouncing 0.8%, COL up 0.6%, TLS up 1.0% and SEK rising 4.1%. Tech stocks too in demand, XRO up 1.2%, WTC up 0.9% and the All-Tech Index up 2.5%. In resources we saw money rush back in to base metals and iron ore stocks, BHP up 3.0%, FMG up 3.5% and S32 up 1.3%. Lithium stocks continuing to find friends, PLS up 4.0% and MIN up 1.1%. CXO the stand-out in the sector, up 12.0%. Energy stocks also doing well, STO up 2.2% and WPL rising %. Coal back in demand on increasing coal pricing ex Newcastle. WHC up % and YAL rising 0.4%. Gold miners were the only losing sector today as EVN announced production issues and the sentiment spread across the sector, EVN fell 21.9% NCM down 5.6% and GOR off 4.2%.
- In corporate news, IMU rose 45.45% on some very positive trial results, SYA up 12.0% on new lithium discoveries, CAR in a trading halt raising $1.2bn in an entitlement issue to buy US Trader Interactive and BWX doing a capital raise to pay down debt after covenants broken. MTS rose 4.1% on its results. Nothing on the economic front today but yields steady at 3.75%. Asian markets better across the board.
- ASX 200 SPI Futures up 103 (1.6%)
- Dow up 823 points (2.7%)
- Nasdaq up 375 points (3.3%)
- S&P 500 up 116 points (3.1%)
- Base metals fall hard Tim down 16.6% Mining stocks rally.
- Oil up 0.7% Gold down 0.7%
- Iron ore up slightly.
- SUN looking at floating off bank.
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- ASX 200 finished the week up 50 points to 6579 (0.8%) as US futures rose and industrials firmed. Positive week for the ASX up 104 points (1.6%). The banks were mixed today as the bond yields collapsed, with the 10-year dropping to 3.69% as recession fears continue. CBA rose 0.5% but the other three big banks slipped with the Big Bank Basket exactly unchanged at $158.57. MQG rallied another 1.1% and MFG up 7.4% on the finalisation of the sale of Guzman and Gomez. Insurers flat on yield moves. Industrials better with bond proxies strong, TCL up 0.9%, REITs doing well led by GMG up 3.3% and healthcare also in favour still CSL up 1.4% and RMD firing up 2.7%. RHC remain well below the bid price only up 0.6%. Consumer stocks also in demand, COL up 1.1%, WES up 1.8% and WOW better by 1.3%. Old skool platform stocks improving REA up 8.2% and DHG rallying 7.2%. Tech was soaring, especially bombed out second liners firing up. DUB up 25.7% and 360 up 24.9% with BNPL doing very well, ZIP up 21.6%. WTC rallied 8.4% and the All-Tech Index rallying another 6.3%. Resources were interesting again. Weakness abounds but the lithium stocks soared higher after a week to forget. VUL rallied 26.8% on very good news from a new strategic partner. PLS rose 8.8% and LTR up 10.8% as book squaring and confidence returned. BHP dropped 1.2% with other iron ore players under pressure together with base metals, S32 down 1.5%. Oil and gas also on the nose with WDS down 1.7% and BPT falling 2.5%. Gold miners mixed.
- In corporate news, CWN is no more, done and dusted, BFG fell 19.4% on an update, HFR soared 24.3% on news from Spain on construction approvals and BET up 20.0% on announcing a 10% share buy-back. Asian markets firm with HK up 1.6% and Japan up 1.2% despite higher CPI numbers. 10-year yields 3.69%.
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- ASX 200 SPI Futures down 8 points to 6416
- Dow up 194 points (0.6%)
- Nasdaq up 179 points (1.6%)
- S&P500 up 36 (1.0%)
- Powell finishes testimony. US 10 year yields fall back to 3.08%
- Oil falls 1.5%. Gold down 0.5%
- Base metals under pressure. Copper at 16-month low.
- Iron ore up 1.8%.
- US Banks pass stress test.
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ASX 200 rose 20 points to 6528 (0.3%) in a quiet and cautious day. Once again, the market bifurcated with resources under pressure and banks and industrials rising as 10-year bond yields fell hard on recession fears. The Big Bank Basket rose again to $158.57 (0.4%). MQG rallied 0.8% with insurers up too, QBE better by 2.0% and IAG up 2.8%. ASX rose 2.3% with GQG down 4.5%. REITs also better with yields falling, GMG up 4.9%, SCG up 2.3% and TCL up 2.6%. Healthcare rising too with CSL up 2.2% and SHL 2.6% better as RMD rose 2.1% and RMD rallying 2.1%. Industrials also in favour with consumer stocks higher, COL up 2.3%, WES up 0.9% and WOW up 1.8%. Rises too for old skool platform stocks with REA up 2.2% and SEK up 3.5% with TLS firming 0.3%. Tech better too with the All-Tech Index up 1.6%. XRO up 1.9% and WTC rising 3.1%. In resources, soggy again today as iron ore stocks fell, BHP down 1.3% and FMG off 2.1%. Lithium stocks under pressure despite a solid pricing result for PLS down 0.5%. Base metal stocks also on the nose as recession fears trump inflation. Oil and gas stocks weakening as crude prices slipping, WDS down 2.6% and STO off 2.0%. In corporate news, RMS ran into trouble down 8.7% on a production update. COE down % as the placement weighed. HUM fell 8.9% with another board update. In economic news, PMIs mixed but household wealth rose to a record in March. Asian markets saw gains on tech hopes in China with HK strong up 1.2%. 10-year yields falling back to 3.83%
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- ASX 200 SPI Futures down 47 points (0.15%)
- Nasdaq down 16 points (0.15%)
- S&P 500 down 5 points (0.13%) VIX down 4.1%
- Base metals ease. Nickel down 5.9%
- Iron ore down another 1.5% Gold unchanged.
- Oil falls again down 2.5%.
- Fed chief Powell the focus with semi-annual testimony
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- ASX 200 falls 15 points to 6509 (0.2%) after a strong start peters out. Base metals and lithium shares walloped today with PLS down 2.8% and CXO down 15.4% with S32 off 1.7% and LYC down 4.3%. Iron ore miners held up with BHP up 0.2% and FMG up 0.2% with gold miners flat. Oil and gas better but oil prices falling in Asia so expect some falls in coming days. STO up 1.2%, WDS up 2.0% and coal stocks recovered after shock QLD coal tax. SMR up 11.5% with WHC slipping 1.7% lower. Banks were flat with the Big Bank Basket down to $157.92 (0.3). WBC the worst of the bunch down 0.9% with insurers off too, QBE down 0.3% and SUN falling 1.6%. MQG down too with a 1.0% loss. Healthcare mostly weaker except CSL rising 0.7%. Industrials lost ground as WES fell 0.7%, ALL off 3.4% and TCL falling 1.4%, REITS slipped lower again with GMG off 1.6%. Tech stock eased back 0.8% with CPU falling 3.0% as bond yields continue to moderate. XRO fell 0.7% with the All -Tech Index down slightly by 0.8%.
- In corporate news, HUM rattled by total board chaos falling 3.8%, SBM dropped hard by 18.4% on a Simberi operation review. CWN finally got its P’s with the Sydney Casino.
- In economic news, Westpac leading index for May down 0.06% to 98.05 vs prior 0.15% drop with 10 years at 4.0% Asian markets flat with HK down 1.8% the worst.
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- ASX 200 SPI Futures up 48 points
- Dow up 641 points (2.2%)
- Nasdaq up 271 points (2.5%)
- S&P 500 up 90 points (2.5%)
- Oil up 0.5%. Gold unchanged.
- Base metal steady. Iron ore slightly better.
- US Banks very firm. Could see our banks do well today.
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- The ASX 200 closed up 90 points (+1.4%) to 6524, the market rallied through the day although finished off highs. The market was little changed by Philip Lowes's RBA speech and minutes from the June meeting. The RBA said the pace of interest rate rise will depend on inflation and the jobs market. The market also enjoyed the RBA downplaying the chances of a 75bp rate rise at the July meeting. The review of the RBA’s yield curve control policy was about as exciting as it sounds. The board said while the measures were successful, they also caused some reputational damage to the Bank. Energy and miners were the most improved sectors. BHP Group (BHP) and Rio Tinto (RIO) up 1.7% and 2.3% respectively, recovering some of yesterday’s weakness. Coal stocks were the standout performers as more European countries revive coal-fired power sectors. Whitehaven (WHC) up 5.3% and New Hope (NHC) up 2.2%. News coal miners in QLD will have to pay new royalties took some of the shine off the sector. Property and healthcare names were the worst performers. CSL Limited (CSL) down 1.2% and Cochlear (COH) off 1.6%. The big four banks were all positive. On the corporate front, Westpac (WBC) to launch a $750m capital notes offer. Stockland (SGP) sees a second-half dividend of 14.6c, in line with guidance. GrainCorp (GNC) up 5.0%, reaffirmed full-year guidance. Humm (HUM) up 5.0% on speculation it may have to raise equity after profit fall. Bega (BGA) falling another 1.8% on another broker downgrade. Australian Agricultural Co. (AAC) CEO steps down. Weekly consumer confidence was up 1.6% to 81.7 after a 7.6% fall the week before. A reading of 100 is considered neutral. Dow Futures up 391 points. US markets returning after a long weekend.
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- ASX 200 SPI Futures up 47
- US Markets closed. European markets up around 1-1.5%
- Dow Futures up 277
- Nasdaq futures up 116
- Oil up 0.9% Gold unchanged.
- Copper hits 9-month low.
- Iron ore down 11% on Dalian Futures Monday on Chinese growth fears.
- RBA Minutes today. Phil Lowe speaking at Conference.
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- ASX 200 fell 41 points to 6433 (0.6%) as resources saw a big sell off. Iron ore prices in China fell heavily leaving BHP down 5.3%, RIO off 5.1% and FMG falling 8.6%. Gold miners too joined in with NCM falling 4.6%, NST down 6.1% and EVN off 6.2%. Base metal and lithium stocks eased, PLS down 2.9%, LTR down 1.9% and IGO off 2.6%. Oil and gas stocks under heavy pressure, STO down 6.0%, WDS unwinding 4.9% and coal stocks not so merry, SMR fell 9.6% and WHC off 9.2%. Industrials were better, healthcare rallying across the board, CSL up 2.8%, RHC up 0.9% and RMD rallying 1.7%. REITs rallied as 10-year yields fell back to earth with a thud, GMG up 3.4% and GPT up 4.2%. Consumer stocks also doing well, WES rallying 3.0%, ALL up 2.2% and TCL up 2.2% on its distribution announcement. Tech stocks better, XRO up 3.0% and WTC up 0.8% with the All-Tech Index up 0.7%. Banks were a stalwart with the Big Bank Basket up to $154.19 (0.4%). ANZ the standout up 1.1%. Insurers better, QBE up 0.2%, IAG up 1.7% and ASX up 0.4%.
- In corporate news, PBH rallied hard in news of a new strategic shareholder in SIG up 18.6%. IFM got another bid up 7.4%, VCX reaffirmed guidance rising 6.3% and LKE fell 13.7% unwinding last week’s rally on a new Executive Chair. Nothing on the economic front, Asian markets flat with Japan down 1.1%. 10-year yields fell to 4.05%
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ASX 200 SPI Futures down 19 points.
Dow down 38 points (0.1%)
Nasdaq up 152 points (1.4%)
S&P500 up 8 (0.2%)
VIX down 5.5%
Oil falls 5.2% Gold down 1.9%
Iron ore tumbles 5.9%
US markets closed for Bank Holiday
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- ASX 200 falls 116 points to 6475 (1.8%) well off lows ahead of US Juneeth Holiday Monday. Good rally into the close. ASX 200 down 6.6% this week. Few sectors were spared today with the Banks falling hard, CBA down 3.6% and NAB down 1.7% hitting 52-week lows. The Big Bank Basket dropped to $153.53 (2.6%). Insurers eased back as QBE fell 2.7% and MQG eased 3.0%. GQG fell 5.5% but MFG actually rallied 1.8%. Healthcare in casualty again today with CSL down 1.0%, RHC falling 3.2% a long way from the supposed bid price from KKR at 8800c. Barbarians not even in the area let alone the gate. Industrials sagged as WES fell another 1.2%, REITs under pressure, GMG down 2.5%, TLS falling 2.1% and REA and SEK under pressure again. One bright spot in WOW up 0.2%. Tech stocks in the seller’s sights, XRO down 5.6%, CPU off 0.9% and SQ2 collapsing 7.8% with the All-Tech Index down 1.2%. Resources on the nose as iron ore producers fell, BHP off 3.4%, FMG down 5.3% and RIO down 4.2%. Gold miners rose as AUD gold prices pushed higher, NCM up 3.7% and NST up 5.1%. Lithium depressed again, AKE down 4.2%, LYC down 2.8% and IGO off 3.5%. Oil and gas stocks fell hard too, WDS down 0.9% and STO tumbling 2.9%. Old king coal not such a merry old soul with WHC down 6.2% and YAL off 4.0%.
- In corporate news, BUB updated the market on a big bounce in China and US formula crisis as tailwinds rising 9.1%, GUD tried to sneak through a market update after hours last night, failed and fell %. DCN crashed 19.6% after closing Mt Morgans due to cost pressures. Nothing on the economic front today. Asian markets mixed with China and HK better. Japan down 1.5% as BOJ stays on hold.
- ASX 200 SPI Futures down 135 points
- Dow down 741 points (2.4%)
- Nasdaq down 453 points (4.1%)
- S&P500 down 123 (3.3%)
- Base metals fall. Oil up 1.1%
- Iron ore falls 0.3% with Coking coal down 6.2% yesterday in China.
- Gold up 1.7% as USD falls.
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- ASX 200 gave up all its early gains to finish down 10 points to 6594 (0.2%). US futures flip flopped and jobs numbers came in better than expected below the headline making it more likely that the RBA has to go harder. The Big Bank Basket slipped again to $157.67 (). CBA down 0.2% and WBC off 1.9% with insurers off as QBE slipped 2.0% and SUN fell 1.0%. MQG held up and Buy Now Pain Later stocks rose slightly with ZIP up 1.0% and SQ2 up 1.5%. Healthcare was also under some stress with CSL dropping 0.9%, COH off 2.9% and RHC down 1.4%. Industrials were mixed with TCL down 1.6%, REITs better as GMG rose 2.4% and supermarkets COL and WOW both slipped slightly. Tech stocks going sideways with the Index unchanged, WTC rose 1.8% and XRO up 0.3%. Resources were a happy place today, BHP up 0.3% and RIO rising 0.7%, lithium back in fashion as LTR rallied 3.9% and PLS up 3.9%. Uranium back too with PDN rallying 1.6% and coal stocks bouncing back. SMR up 10.5% and CRN rising 6.1%. Oil and gas stocks better, WDS up 0.7% and BPT up 0.3%. Oil slightly higher in Asian trade.
- In corporate news, LNK were shaken and stirred by 10.4% as the ACCC having concerns with the Dye and Durham bid, SIQ fell 10.9% after losing a government contract in VIC, HUM rattled down 14.8% on a business update.
- On the economic front, more bad news on our doorsteps with house price forecasts but official jobs data still showed a booming economy and a 3.9% unemployment rate despite participation heading higher again. Mixed session in Asia with HK and China slipping. Local 10-year yields back down to 4.10%
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EARLY BRIEFING
- ASX 200 SPI Futures up 16 points
- Fed raises rates 0.75% biggest rise since 1994.
- Dow up 304 points (1.0%)
- Nasdaq up 271 points (2.5%)
- S&P500 up 55 (1.5%)
- Base metals better with Nickel up 2.2%
- Oil down 2.2% Gold up 0.3%
- Iron ore down 2%.
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ASX 200 down 85 points to 6601 (1.3%). Bond yields jump to 4.23% in 10-year yields as minimum wage worries fuel inflation fears. Banks get smacked down with the Big Bank Basket down to $158.25 (%). CBA down 0.6% and NAB off 1.9% with MQG holding firm up 0.5% as insurers rising slightly. SUN up 3.5% and QBE up 2.2%. Fund managers slipped with GQG off 3.1% and MFG down 2.1%. In healthcare CSL dropped 1.2% and others fell, RHC off 0.9%, COH off 3.9% and FPH under pressure down 3.5%. Industrials saw selling with defensives like TCL falling 0.9% on higher rates, WOW down 1.6% and COL down 1.2%. REITS off as GMG fell 4.4%, DXS down 1.9% and old school platform stocks remain under pressure, REA down 6.4% and SEK off 6.8%. TLS was a green spot in another sea of red, up 2.1%. Tech down hard again, WTC off %3.7%, XRO down 5.2%. All Tech Index down 3.6%. In resources, BHP dropped 0.8% with S32 down 3.6% and FMG bucking the trend up 1.3%. Gold miners eased back, and lithium fell again, PLS down 5.1% and AKE off 1.4%. Oil and gas stocks fell too despite crude rising slightly, WDS down 3.1% and STO down 1.0%. Coal too buckled, WHC off 0.4% and SMR down 7.8%.
- In corporate news, RMD down 2.9%, agreed to buy a software firm in a $1.45bn deal. Plenty happening on the economic front as consumer sentiment plummets to recessionary readings and Chinese data better than expected. Asian markets were mixed with China up 2.2% and HK up 1.3%.
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The Dow fell for a fifth consecutive session ending up down 152 points (-0.5%) as markets remain skittish ahead of the FOMC interest rate decision tonight. SPI Futures are down 40 points (-0.6%) following yesterday’s fall. Get up to speed on all the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 40 points
- Dow drops another 152 points (0.5%)
- Nasdaq up 19 (0.2%)
- S&P 500 down 14 (0.4%)
- Iron ore down 0.9%
- Base metals down down slightly.
- Oil down 1.7%
- Chinese data due later.
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- ASX 200 fell 246 points to 6686 (3.6%). A surprisingly calm and steady day at least after the collapse at the open. Good rally into the close as US futures rallied. Sideways from the initial dump. All sectors of the market were trashed today with the financials under pressure led by the big four as the Bank Basket fell to $160.11 (3.4%). MQG fell 5.2% as deals are drying up, MFG down just 0.4 % and insurers under pressure with QBE down 4.0%. Healthcare proved no happy hiding place, CSL down 2.7% and RHC falling 3.5%. RMD the best of the bunch up 0.2%.
- Industrials under pressure, even consumer staples succumbed to the sell off. WOW down 1.5%, COL off 1.4% and EDV unchanged. REITs got smacked down as GMG fell 3.6% and DXS down 4.6%.; Tech stocks sold off led by SQ2 down 15.1% with WTC down 6.0% and Z1P falling 15.9%. In resources, BHP staggered 4.2% wiping 30 points off the index by itself. Iron ore stocks were down hard as China sees CV10 cases rise and some restrictions back. FMG fell 8.5%, RIO down 4.2% and base metal stocks eased, IGO down 4.0%, S32 off 6.5% and lithium stocks depressed, PLS down 4.0% and AKE off 5.3%. Plenty of other casualties in the hot metal space, oil and gas also under pressure, STO down 5.0% and WDS down 5.3%. No hiding in energy despite oil holding above US$120.
- In corporate news, WGX rose 3.9% on production numbers, MSB down 10.3% on a second-class action.
- Not much on the economic front, household spending rose 7.6% in April 2022. Asian markets lost ground as expected but escaped better than local markets, China down 1.9%, HK off 0.9% and Japan down 1.8%.
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- ASX 200 SPI Futures down 183 points.
- Dow falls another 876 points (2.8%)
- Nasdaq down 531 points (4.7%)
- S&P 500 down 151 points (3.9%)
- VIX up 22.6%
- Base metals hit. Iron ore down 2%
- Oil up 0.2% Libyan oil supply issues.
- Fed meeting now 75bps firming.
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- ASX 200 finished near lows down 84 points at 6936 (1.3%). Plenty of nerves pre the CPI tonight as banks tried to rally before being ambushed again. The Big Bank Basket fell to $165.76 (1.2) with CBA off 1.2% and MQG dropping 3.5%. Insurers also easier despite yields rising on bonds. QBE down 2.0% and IAG off 2.6%. Fund managers fell again, GQG down 1.2% and MFG down 4.2%. Industrials continued to slip slide away, WES under more pressure down 2.5%, GMG off 2.8% and TLS falling 1.6%. Small losses across others with CAR and SEK steady. Healthcare mixed as CSL flat, but the rest of the sector weakened, SHL down 1.3%.Tech stocks mixed with XRO rising 4.0% but others falling away, SQ2 down 5.7%, WTC down 1.5% and the All-Tech Index down 0.9%. In resources, it was bad but a rally into the close helped as RIO dropped 1.3% on lower commodity prices, FMG down 0.5% and BHP flat. Lithium and base metal stocks under pressure again, off lows at the close though PLS down 1.8%, MIN down 1.9% and IGO falling 2.4%. S32 a casualty too falling 4.2%. Oil and gas stocks eased as WDS fell 1.6%, STO down 1.5% and SOL off 1.6%, WHC down 1.3%. Gold miners fell led by NCM and NST with EVN down 2.2%.
- In corporate news, BUB announced a new USA distribution deal rising 9.2%, TER rose 1.9% on a business update, HLS up 2.1% on a new substantial shareholder in John Wylie and BRG reaffirmed guidance rising 1.0%. In economic news, we had business turnover numbers from ABS and CPI from China showing the effects of lockdowns. Asian markets mixed again, Japan off 1.4%, China up 0.4% and HK down 0.3%.10-year yields 3.65%
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The Dow finished down 638 points (-1.94%) in a late sell-off ahead of tonight’s key CPI print.
SPI Futures are indicating another down day for Australian markets, down 55 points (-0.78%) this morning.
Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 55 points
- Dow falls 638 points (1.9%)
- Nasdaq down 332 points (2.8%)
- S&P 500 down 98 (2.4%)
- Oil falls 0.4%. Gold down 0.2%
- Iron ore slips 1.4% Base metals ease.
- ECB moves to raise rates.
- US banks fall, miners fall overseas.
- US CPI tonight.
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- ASX 200 fell another 101 points today to 7020 (-1.4%) as once again banks saw widespread selling and resources eased despite good numbers from China. The Big Bank Basket fell to $167.72 (2.6%). CBA down 2.6%, WBC down another 3.7%. MQG held up with a small loss, insurers were under a little pressure, QBE down 0.7% and MFG rose 2.2% on news of Hamish. Industrials were patchy with CSL up 0.3% and RHC up 0.6% with SHL off 1.7%, WES continued its slide down 1.0%, GMG down 1.7% and QAN falling 4.1% as it strains to cope with travel boom. Tech under pressure again with WTC down 3.1%, XRO off 2.6% and the All-Tech Index off 1.3%. BNPL stocks steadied at lower levels, ZIP flat and SQ2 up 0.2%. In resources, BHP fell 2.4%, RIO dropped 1.2% with base metals and lithium under a little pressure, PLS down 5.4% and AKE off 4.2%. Energy stocks mixed, WDS up another 1.9% with STO off 1.1% and coal stocks seeing some sellers as Chinese coal imports weaken on demand.
- In corporate news, JLG dropped 5.5% again despite reaffirming guidance, SYR fell 10.1% on a little trouble in Mozambique. In economic news, banks and economists racing to talk down property and the economy and rates rises to come. Meanwhile, in Asia, China slid a little as Shanghai is seeing some isolated lockdowns again, HK down 1.2% and Japan flat.
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- ASX 200 SPI Futures down 54 points
- Dow down 269 points (0.8%)
- Nasdaq down 89 poimnts (0.7%)
- S&P 500 down 45 (1.1%)
- Base metals slightly higher.
- Oil up 2.5% Iron ore up 0.05%
- Gold up 0.2%
- Chinese data today. ECB tonight. US CPI Friday.
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- ASX 200 rises 25 points to 7121 (+0.4%) as the bifurcation continues. Banks in the doghouse on fears for growth, housing and NIM. The Big Bank Basket fell to $172.25 (-4.3%), now around 9% off its recent highs. WBC down 6.1%, CBA down 4.4% Other financials doing much better, MQG up 1.0%, QBE up 1.4% and SUN up 1.3%. MFG still fell another 4.3%, PTM up 0.9% on FUM numbers. Healthcare was also better led by CSL up 1.2% and RHC rallying 1.6%, Industrials saw some strength too, TCL up 1.4% as ALX attracts the attention of IFM, ALX up 16.2%, Consumer stocks better, COL up 1.2%, WOW up 1.0% but WES struggling down 0.7%. Tech stocks better as Nasdaq rallies, XRO, CPU up 1.6% and WTC rising 2.8%. The All-Tech Index up 1.4%. Resources kicked higher, iron ore stocks leading the charge, BHP up 2.3%, RIO up 2.0% and base metal stocks also doing well, S32 up 1.6% and IGO rallying 2.8%. Lithium flat, gold miners better with NCM up 1.1% and NST rising 2.3%. Energy stocks pushing hard, STO up 3.4%, WDS up 5.6% and coal stocks a little better with YAL up 7.8% on more news on a potential takeover.
- In corporate news, BLD found a new CEO and rose 14.7%, ALX caught the eye of IFM rising 16.2% and PTM revealed its FUM dropped $209m. Nothing new on the economic front as banks rush to raise mortgage rates and pass-through RBA rate rise. Asian markets mixed Japan up 1.2% China down 0.1% and HK up 1.8%. 10-year yields ease to 3.54%.
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The Dow finished up 264 points (+0.80%) as US stocks climbed for a second consecutive session. SPI Futures are up 45 points (+0.63%) following a hawkish rate hike of 50 bps yesterday at the RBA meeting.
Catch up on all the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 45 points.
- Dow up 264 (0.8%)
- Nasdaq up 114 (0.9%)
- S&P 500 up 39 points (1.0%)
- Oil up 0.9%. Gold up 0.5%
- Iron ore up 0.4% Base metals ease
- Uranium in focus
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- ASX 200 dropped 111 points to 7096 (1.5%) after the RBA unexpectedly raised rates by 50bps. The market was already shaking on US futures losses as Banks fell hard but the momentum picked up after 2.30pm. The Big Bank Basket fell to $179.92 (2.5%). CBA off 2.6% and NAB down 3.3%. MQG slumped 3.0% with ASX down 3.2% as volumes continue to be low and deals are being pulled. Insurers slipped slightly. MFG rallied slightly after the drubbing yesterday up 2.1%. REITS fell hard as rates rose and 10-year yields rallied hard above 3.5%. GMG down 3.7% on consumer sentiment, SCG down 2.5% and SGP suffering a 3.6% fall. Healthcare was not spared either with CSL under pressure down 1.2% and RHC off 1.3% with FPH down 2.9%. Industrials slid and accelerated after the RBA move, WES down 3.9%, COL off 1.5% and TCL down 3.0%. ‘Old skool’ platform stocks fell hard too, REA down 4.2% SEK off 3.2% and CAR down 3.0%. Tech stocks falling hard with WTC off 5.3%, XRO down 5.0% and the All-Tech Index off 2.8%. BNPL stocks under pressure as Apple joins the BNPL game. ZIP comes undone by 14.3%, SZL off 5.2% and SPT down 12.0%. Resources tried valiantly to hold the line but big miners succumbed with BHP down 0.1%, FMG off 1.1% and gold miners off a little, NCM down 1.5%. Lithium stocks were relatively firm, PLS unchanged, CXO up 3.8%, AKE up 1.0%. Energy stocks drifted lower with STO down 1.2% and WHC off 0.6%.
- In corporate news, YAL up 4.2% as it updated the market on the potential takeover bid, PRN rose 10.1% on a promising update and buy back announcement. SXE also rose 11.2% on a business update.
- In economic news, it was all about the RBA as it raised rates by 0.5%. Big surprise and AUD heads higher. Consumer confidence fell 4.1% to 87. Japan up 0.1% China down 0.1% and HK down 0.5%.
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- ASX 200 SPI Futures down 5 points.
- Dow up 16 points (0.05%)
- Nasdaq up 49 (0.4%)
- S&P 500 up 13 (0.3%)
- 10-year yields in US hit 3% again. Oil off 0.2%. Gold down 0.4%
- Iron ore at 10 month high up 0.6%
- Base metals better in LME trade after two days of holidays.
- RBA in focus today.
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- ASX 200 drifts 33 points to 7206 (0.5%) lower in thin lacklustre trade ahead of RBA tomorrow. Banks slipped slightly with the Big Bank Basket down to $184.49 (0.5%). NAB launched a new $1bn hybrid falling 0.5%. MQG fell 0.6% and MFG got whacked 13.9% as FUM continues to slip. PTM joined in down 2.8% with GQG off 0.3%. Insurers flat as healthcare saw a gain in CSL of 0.7% with SHL under fire down 2.4%. Industrials were mixed, TCL fell 1.3%, WES rose 0.6%, WOW up 0.5% and TLS down 0.8%. Tech stocks slipped again following Nasdaq lower, WTC fell 2.3%, XRO off 1.5% and the All-Tech Index dropped 1.8%. Resources drifted lower too with no LME pricing to go over the last two session. UK back from celebrations today. BHP fell 0.9%, FMG down 0.3% and lithium stocks a little depressed, PLS down 0.8% and AKE off 1.8% on a production update. Energy stocks were a bright spot as oil hits US$120 on Saudi price rises to Asian customers. WDS kicked again up another 3.2% as the rerating continues. Coal stocks slightly higher, WHC up 0.7%.
- In corporate news, TAH rose 5.3% as it settled with Racing QLD, MFG hit hard on FUM details, LNK fell 0.9% as ACCC delayed decision on takeover.
- On the economic front, ANZ jobs ads today with a slight rise, MI Inflation gauge lifted 1.1% in May to be up 4.8% on a year ago. Asian markets better as China returns from holidays and 10-year yields steady at 3.49%.
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US markets pulled back a touch on Friday night and SPI Futures were down 32 points at the Saturday morning close. Big week ahead with the RBA and ECB decisions. Catch up on all the latest with Henry's Breakfast Briefing.
- ASX 200 SPI futures down 32 points.
- Dow down 349 points (1.1%)
- Nasdaq down 304 (2.5%)
- S&P 500 down 68 (1.6%)
- US jobs number better than expectations. Headline rate unchanged at 3.6%
- LME closed for Jubilee Celebrations. Oil up 1.8%
- Iron ore up 1.6% Gold down 1.1%
- RBA in focus tomorrow.
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- ASX 200 rallied 63 points to 7239 (+0.9%). Resources were the stand outs today with iron ore stocks leading the charge, BHP up 2.5% and FMG rising 4.1%. Base metal stocks also rose with S32 up 2.0% and lithium stocks charging ahead on a bounce from Wednesday’s carnage. PLS rose 7.5%, INR up 16.5% and AKE up 3.8%. Gold miners were better too as bullion rose in USD with NCM up 1.4% and NST up 1.4%. Oil and gas a little mixed as WDS flat lined with STO up 0.8%, WOR up 4.4%. Industrials were mildly better with REITs drifting higher, GMG up 1.2% and SCG up 0.7%. Healthcare finished a little higher as CSL rose 0.1%, RMD up 2.6% and RHC off 0.2%. Tech better as the All-Tech Index rose 1.9% with WTC up 5.1% and XRO up 1.0%. Banks a little mixed with the Big Bank Basket $185.50. CBA down 0.2% and WBC up 0.3%. Insurers were under a little pressure as yields steady at 3.50%.
- In corporate news, HLS fell 8.7% on a trading update citing headwinds etc, FFX dropped 63.7% as it went Ex-Bonus of the Leo Lithium stock. Asian markets subdued as China and HK closed.
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- ASX 200 SPI Futures up 77
- Dow up 435 (1.3%)
- Nasdaq up 322 points (2.7%)
- S&P 500 up 76 points (1.8%)
- Gold up 1.2%
- Oil up 1.1% as OPEC agrees to more supply.
- Iron ore up 5.1% on Chinese reopening.
- LME closed for Jubilee celebrations.
- Housing finance at 11.30am
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ASX 200 fell 58 points to 7176 (-0.8%) as negative sentiment flooded all sectors today. Banks slid with the Big Bank Basket down to $185.64 (-1%). CBA off 1.2% and other financials sliding too, MQG down 2.7% and insurers off with QBE falling 1.1%. MFG fell 3.1% and ASX off 1.0% despite announcing a new CEO. Healthcare on the nose too as CSL dropped 1.8%, SHL down 2.4% and RHC off 1.3%. Industrials fell, WES falling 0.6% on its investor day, TCL off 1.1% as yields rose, REITS fell hard as GMG dropped 1.8%. Telcos gave back some recent defensive gains with TLS down 1.0% and TUA down 2.6%. Tech fell with the All-Tech Index down 2.5%, WTC off 2.0%, XRO down 3.0% and CPU slipping 1.0%. BNPL stocks again on sale, SQ2 down 5.0% and ZIP off 4.8%. Over in resources, oil and gas stocks rallied despite crude slipping 2% in Asian trade ahead of OPEC plus. STO up 1.3% and WDS up 5.2% after its block trade cleared the overhang. Iron ore stocks slipped, FMG down 0.7%, RIO down 1.7% BHP off 0.1% and base metals drifted lower. Lithium stocks seemed to find a level, PLS and AKE modestly lower after the rout yesterday. Gold miners steady. In corporate news, not much out today with some economic news on balance of payments increasing to $10.495bn in April. Asian markets weaker, 10-year yields up to 3.50%
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US stocks posted their second losing session in a row, the Dow finished down 177 points (-0.54%). Economic data came in hotter across the board indicating the economy is still running hot. SPI Futures are pointing to a 55 point loss today. Catch up on the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 55 points
- Dow down 177 points (0.5%0
- Nasdaq down 87 (0.7%)
- S&P500 down 31 (0.8%)
- Oil up 0.6% ahead of OPEC Plus. Gold unchanged.
- Iron ore up 1.4%.
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ASX 200 rose 23 points to 7234 (+0.3%) as banks bounced back and lithium stocks got poleaxed by a perfect storm of research and Chinese moves in Africa. PLS fell 22.0%, MIN down 8.1% and LTR down 19.1%. Base metal stocks also fell in sympathy with IGO down 11.7%, LYC off 6.4%. Iron ore miners held up better with BHP up 2.3% and FMG rising 3.2%. Gold miners slid with NCM down 2.7% and NST off 2.6%. Oil stocks were mixed with STO unchanged and WDS better by 1.4%. The Big Bank Basket rallied hard to $187.61 (+1.7%). CBA better by 2.3% with MQG up 1.3% and ASX rising 0.8%. Healthcare mixed led by CSL up 0.6% and RMD down 1.6% with FPH off 1.4% too. Industrials better, TLS rallying hard up 3.1%, REITs slipped as 10-year bond rates rose to 3.43%. Tech off 1.1% with XRO down 2.2% and SQ2 down 4.3%. On the corporate front, ORG confessed that it was short of coal for its biggest power station and dropped 13.7% after removing guidance. On the economic front, GDP rose 0.8% in the March quarter better than expected and Asian markets mixed with the 10-year yield stronger at 3.43%.
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The Dow finished down 223 points in a late fade as Biden and Powell met to discuss inflation. The headline from the meeting was that Biden will not interfere with the Fed’s decisions on inflation.
SPI Futures are down 26 points with first-quarter GDP out today.
Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 26 points.
- Dow down 223 points (0.7%)
- S&P 500 down 26 (0.6%)
- Nasdaq down 50 (0.4%)
- Gold flat. Oil falls 2% after rally fades.
- US consumer sentiment falls. Biden talks turkey with Powell.
- Base metals ease. Iron ore unchanged.
- GDP beckons at 11.30am
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- The ASX 200 slid 75 points lower to 7211 (-1.0%) as banks wobbled despite bond yields rising. A 20 point sell-off on close not helping. The Big Bank Basket fell to $184.53 (-2%) as the AFR Banking Summit brought out the bears. NAB down 1.9%, CBA off 2.1% and insurers also falling on negative industry comments, SUN down 6.4% and QBE off 2.3%. Financial also suffering as MQG fell 1.1% and MFG down 2.9%. Industrials too in the naughty corner today with consumer stocks slipping slowly, WES down 1.0%, WOW off 0.8% and QAN down 1.8% as oil continues to surge higher. Healthcare also on A&E today with CSL down 0.8% and SHL falling 1.2%. Tech slipped, the All-Tech Index down 2.0% with XRO and WTC lower, BNPL once again slid with ZIP down 6.2% and SZL off 3.5%. In resources, some green on the screen, RIO and FMG better with base metals and lithium stocks holding firm but oil and gas stocks slipped a little, WOR down 2.8% and WDS off 1.6%.
- In corporate news, KLL rose 13.6% on a Beyondie update, WGN up 11.8% on a contract win in Sydney.
- On the economic front, plenty for analysts to digest with consumer confidence, Balance of Payments (BOP) and Chinese PMIs to keep us on our toes. Asian markets mixed ahead of US reopening Japan down 0.5% China up 0.8% and HK up 0.9%. 10 -year yields soaring to 3.35% on Chinese reopening.
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US markets were closed overnight for the Memorial Day Holiday. The Australian market is set to ease slightly today with the Futures indicating a 12 point loss. Catch up on all the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 12 points.
- US markets closed.
- European markets lightly better.
- German inflation hits 7.9%.
- EU agree oil embargo on Russian crude. Oil up 2%
- Base metals firm. Nickel up 3.7%
- Chinese PMIs due today.
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- ASX 200 starts the week off in style with a 104-point gain to 7287 (+1.5%). After a strong open, we kicked again into the close with commodity stocks leading the charge. BHP up 2.8%, FMG up 1.3% as China looks at some reopening as case numbers fall. Gold miners up with NCM up 1.1% and NST up 2.6%. Base metal stocks also firm S32 up 3.6% and lithium stocks pushing ahead as battery tech also joins in the fun. MIN up 2.3%, NMT up 4.2% and LTR up 5.3%. Coal stocks mixed with YAL down 7.6% on news of a cheeky bid below market. Oil and gas stocks relatively flat despite oil price gains. Industrials were firm, QAN up 2.8%, TLS up 0.5% and WOW rallying 2.2%. REITs better too, GMG up 2.7% and VCX up 1.1%. Healthcare better as CSL got a flu shot boost from free shots in NSW up 1.9%, SHL up 1.7% and RMD rallying 2.5%. In the tech sector it was game on for BNPL stocks as SQ2 rose 10.9%, ZIP recovered 14.0% and SZL rose 10.6%. WTC and XRO also showing good gains as money rushed back into the tech sector. The All-Tech Index rose 4.0%. Banks were solid as usual, the Big Bank Basket up to $188.40 (0.5%). MQG had a good day up 2.8% and other market geared stocks also doing well, MFG up 8.5% and ASX up 1.4%.
- In corporate news, AGL fell 1.69% after the demerger plans were scuppered and the chair and CEO have resigned. YAL had its AGM and commented on its Chinese shareholder’s plans. BUB soared 40.2% on news that Biden had called and placed an order. AXE rose 13.9% on good news on biochips.
- Nothing on the economic front, Asia markets were firm on Chinese stimulus hopes. Japan up 1.9%, HK up 1.9% and China up 0.2%. 10-year yields steady at 3.25%.
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The Dow rallied again closing on its high up 576 points and never trading in negative territory. SPI Futures are up 83 points, with the debate now whether this is a bear market bottom or a meaningful bottom. Catch up on the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 83
- Dow up 576 points (1.8%)
- Nasdaq up 390 (3.3%)
- S&P 500 up 100 (2.5%)
- Base metals better Nickel up 4.5%
- Oil up 1.7% Gold up 0.3%
- Iron ore up 0.7%
- AGL pulls demerger. GOR raises bid for DGO.
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- ASX 200 rallied another 77 points to 7182 (+1.1%) as the upward bias continues. Up 37 points for the week. Banks and resources once again the key with the Big Bank Basket up to $188.08 (0.9%). CBA up 1.1% and MQG rallying 2.9%. Insurers too also in the green with QBE up1.4 % and SUN rising 1.1%. Industrials slightly better, ALL up 2.7% and WES rising 1.6%. REITS too better SCG up 2.5%. Telco rallied slightly with TLS up 0.5% and TPG better by 1.4%. Iron ore stocks doing well, BHP up 2.5% and RIO up 2.4% with FMG under a little pressure down 1.7%. Base metals and lithium better, PLS up 3.6%, IGO up % and S32 up 1.3%. Oil and gas stocks also in demand with WDS up 3.6% and STO up 1.1% with KAR doing well up 4.8%. Tech stocks better as expected, PBH a stand-out up 16.4% whilst APX were smashed as the Canadians walked away after just a day falling 20.9%. The All-Tech Index up 1.1%.
- In corporate news, IFM rose 6.5% on another bid, GAL continued higher as it found Rhodium in the assays, up another 20.5%. VGI up 9.7% on its AGM address and business update.
- On the economic front retail sales cheered the bulls with the AUD pushing to 71.40c. Asian markets were better with HK tech doing well as Alibaba and Baidu rallied on better numbers. 10 year yields up to 3.25%.
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The Dow had its fifth winning session in a row finishing up 517 points, making it the longest win streak in two months. Solid earnings from US retailers spurred investors into a buying session. SPI Futures are pointing to a 69-point gain. Catch up with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 69
- Dow Jones up 517 (1.6%)
- Nasdaq up 306 (2.68%) S&P500 up 79 (1.99%)
- Base metals flat. Oil up 3%
- Gold flat Iron ore down 0.7%
- Retail sales data today. APX sees bidder walk already
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- ASX 200 falls 49 points to 7106 (0.7%). Late sell off too at close. No real reason, but banks wilted as 10-year yields continue to slip, the Big Bank Basket fell to $186.43 (-0.5%). CBA down 0.7% leading the sector lower. Financials elsewhere also slipping MQG down 0.3% and ASX falling 0.9%. Insurers eased and healthcare fell back a little as CSL down 1.4%, SHL fell 0.9% and RHC down 0.5%. Industrials also under the pump, consumer stocks faring badly, WES down 1.8%, COL down 2.2% and WOW off 2.6%. REITs slipping slightly, GMG up 1.3% bucking the trend. In resources, all sectors fell back, iron ore stocks down, BHP off 0.9% after a blip yesterday, FMG fell 3.7% and the gold miners gave up some recent gains, NCM down 2.5% and NST down 3.4%. Lithium stocks held up with PLS up 1.4% and AKE up 1.4%, oil and gas stocks barely raising a ripple, STO down 1%. Coal stocks on the other hand whacked hard on slowing demand in China despite YAL in a trading halt as its majority owner looks to tidy it up. WHC and NHC hit hard, the latter also with a business update not satisfying the market. In the tech sector all the talk was the bid for APX up 29.2% before heading into a trading halt, WTC rallied 2.4% and CPU up 0.6%. The All-Tech Index up 1.0%.
- In corporate news, APX in demand on the news, GAL went nuts again on assay results up 49.2%, ALQ up 6.1% on pleasing results, EDV fell 6.0% on its investor day and CRN down 5.6% on its AGM presentation.
- On the economic front, Private sector capital expenditure contracted 0.3% in the March quarter. Asian markets mixed, Japan down 0.1%, China up 0.5% and HK down 0.7%
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US markets posted gains overnight, although they were unconvincing.
Catch up on all the action with Chris' Breakfast Briefing.
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- The ASX 200 rose 26 points today to 7155 (+0.4%). A damp end to a steady session, falling 20 points on the match out. A solid day though with banks and resources leading the market higher. BHP added to the gains today as it went ex its oil and gas assets and the share price was reset for index purposes and the stock rose 1.1% on the news, Woodside, now WDS, rose slightly by 0.7%. Gold miners were in demand today as USD falls and rates slip lower, and stagflation is becoming a thing to worry about. NCM up 0.9%, EVN up 3.5% and NST up 2.5%. Lithium stocks a little depressed as other resources took up the baton, PLS down 4.5%, LYC off 2.6% and GRR down 6.5%. Oil stocks better and coal stocks pushed higher again, WHC up 1.7%.
- Banks were solid. The Big Bank Basket up to $187.33 (+1.2%) with strong safe-haven demand playing to their strengths. Elsewhere other financials slid, SQ2 down 5,5%, ZIP off 2.9% and CGF down 3.32%. Healthcare slipped, CSL down 0.2% as flu shots in focus. Consumer staple stocks rallied, WES up 1.1%, COL up 2.0% and WOW firmed 1.9%. Tech on the nose as usual. XRO down 1.1%, WTC down 3.2% and the All-Tech Index down 2.4%.
- In corporate news, CGC had a good day up 8.6% following a positive business update. FPH fell 2.3% on results, CHN returned after a $100m raise and fell 6.6%. DVP rose 11.86% on the start of work at Bellevue Gold. Nothing significant on the economic front. Asian markets slightly better. 10-year yields fall to 3.25%.
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Plenty to catch up on overnight as the Dow (+0.15%) rallied into the close following a soft start to finish in positive territory. SPI Futures are pointing toward another muted day of trade, up eight points.
Get up to speed on all the latest with Henry Jennings Breakfast Briefing.
- ASX 200 SPI Futures up 8
- Dow up 48 (0.15%) in volatile session.
- Nasdaq snaps lower with 271 point fall (2.4%)
- S&P500 down 32 (0.8%)
- VIX up 3.4%
- Iron ore down 0.9% Oil up 0.1%
- Gold up 1%
- RBNZ to raise rates by 0.5%
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- The ASX 200 drifted around in a tight range today before sliding to close down 20 at 7129 (0.3%). Overnight optimism was snapped shut as social media stocks in the US tumbled after hours. Banks were a bright shining light with the Big Bank Basket up to $185.09 as CBA rose 0.6% and NAB up 1.0%. Insurers drifted lower, MQG down 0.6% and fund managers giving it all away, MFG down 3.4% and GQG off 2.0%. Industrials slipped slightly as tech wrecked again with Snap the culprit this time. WTC lost 3.0%, XRO down 2.3% and the All-Tech Index down 3.0%. BNPL continues to implode with ZIP off 5.4% and SZL down 10.5%. PPH managed to get private equity interested, wing and a prayer and the stock rose 15.6%. Telcos slid with TLS down 1.3% and SEK and REA back in the red. Resources held firm but some selling crept into iron ore stocks with BHP flat and golds off slightly. NCM down 1.6%. Lithium back in favour, PLS up 3.2% and MIN up 1.7% with LTR doing ok, up 2.7%. Oil and gas going nowhere.
- In corporate news, TAH had its first day as a demerged business with new lottery business TLC kicking off life. NUF had a shocker down 14.6% as Sumitomo exited left after 12 years, CHN in a halt as it raises $100m for Gonneville PFS, and nothing exciting on the economic front today. Meanwhile in Asia markets pushed lower on US futures falling, China down 1.2%, HK down 1.6% and Japan down 0.8%. !0-year yields at 3.32%
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The Dow had its best session in almost three weeks finishing up 618 points (+1.98%). Positive sentiment in China was the main driver overnight as Beijing plans tax relief of over $21bn. SPI Futures are up 19 points (+0.27%). Catch up with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 19 points (0.3%)
- Dow up 618 (2.0%)
- Nasdaq up 181 (1.6%)
- S&_ 500 up 72 points (1.6%)
- Base metals better. Gold up 0.3%
- Oil up 0.8% IO unchanged.
- AUD touching 71c.
- Snap after hours fall 30% Meta down 7%. Snap cuts revenue guidance..US Futures hit.
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- The ASX 200 rose 3 points to 7149 in cautious trade. After a post -election bump early we saw Asian markets weaken and selling hit banks with the Big Bank Basket down to $184.00 (0.4%) with CBA off 0.1% and NAB down 0.9%. MQG fell 0.8% and insurers dropped slightly, QBE down 1.8%. Fund managers were firm GQG up 8.1%, MFG up 3.0% and AEF rising 3.5%. Healthcare fell slightly as CSL drifted 0.7% lower. REITs were better as rates drifted slightly lower, GMG bucked the trend falling 1.1%. Industrials flat, WOW and COL fell with WES off 1.2% but SEK, CAR and REA firmed slightly. Tech stocks mixed, SQ2 down 2.4% with ZIP down 1.1%, the All-Tech Index up 0.9%. Resources firm but not spectacular, BHP up 1.4%, FMG up 2.8% and lithium stocks mixed. Oil and gas firmed with WPL up 0.5% and WHC sliding 2.1%.
- In corporate news, great numbers from ELD up 8.9%, IPL is splitting into explosives and fertiliser, down 3.7% and CDA rose 14.5% on reaffirmation of guidance. SGR has a new chair and KAR rose % as it broke off its acquisition talks in Brazil.
- Nothing on the economic front. Asian markets mixed with China down 1.0%, HK down 1.9% and Japan up 0.7%. 10-year yields steady at 3.30%.
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SPI Futures are down 15 points following a volatile session in the US on Friday night. The Dow finished up 0.03% on a late rally, the S&P finished up 0.01%, and the NASDAQ took a hit, down 0.3%. Catch up on the latest news over the weekend with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 15
- Dow rallies hard in final hour to close up 9 points (0.03%)
- Nasdaq down 34 (0.3%)
- S&P500 up 1.
- Oil up 0.8% Gold up 0.2%
- Iron ore up 6.6% on Chinese rate cut Friday.
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- The ASX 200 rallied 81 points to 7146(1.2%) as commodity prices firmed overnight and China cut interest rates to stimulate the economy. Banks and miners led the rebound to give the ASX 200 a weekly gain of around 70 points. That’s right the index was up this week. The Big Bank Basket rallied to $184.74 with CBA up 0.8% and NAB shining through up 0.7%. MQG rallied 2.1% with MFG even 2.4% better. Insurers suffered as bond yields fell hard back to below 3.30% on the 10s. Industrials were firm, WES bounced 1.9%, ALL upgraded by brokers had another strong day up 4.3%, TCL rose 0.9% and the tech sector was in demand, SQ2 up 9.9% and WTC rising 2.8% with the All Tech Index up 3.6%. REITs firmed, GMG up 1.2% but the real action was in iron ore miners as BHP rose 2.1% FMG up 3.9% and RIO up 1.5%. Lithium stocks in demand too PLS up 4.4% and AKE rising 5.2%. Gold miners also in demand on better bullion prices, NCM up 2.6% and GOR up 3.5%. Oil stocks missed out despite better crude prices, WPL down 3.8% with a name and code change in the wind as it beds down the BHP deal. Coal stocks better, TER up 14.8% on more debt repayment.
- In corporate news, CWN takeover was approved, TAH demerger also approved, WOW moved to buy MYD for $243m and CHN flew out of the traps up 19.1% after state forest access granted.
- Nothing on the economic front but Asian markets better across the board. HK up 2.1%, Japan up 1.3% and China up 1.6%. 10-year yields falling to 3.30%
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US stocks fell overnight the Dow finished down 0.75% with the NASDAQ and S&P 500 also finishing lower. The narrative was unchanged, Chinese economy, inflation, and stagflation concerns all weighing on markets. The ASX 200 is set for a slight loss to finish the week, SPI Futures are down nine points.
Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 9
- Dow Jones down 237 points (0.8%)
- Nasdaq down 30 points (0.3%) S&P500 down 23 (0.6%)
- Base metals very strong. Oil up 2.4%
- Gold up 1.4% Iron ore up 0.8%
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- The ASX 200 fell 118 points to 7065 (1.7%) after big falls on US markets. Well off lows and stable at these levels waiting for US markets to find some stability. Banks fell with the Big Bank Basket down to $183.39 (1.7%). CBA down 1.0% and MQG falling 2.1%. Insurers eased back too with QBE down 1.7% and IAG off 1.7%. MFG fell another 3.9%. Industrials were weak with pockets of strength. Consumer stocks under pressure after the US retailers fessed up to margin pressures, SUL down 6.0%, JBH down 6.6% and WES down 7.8%. COL and WOW got bashed too for the same reason. WOW off 5.6% seems a little overdone. Telcos eased, healthcare was better as RHC rose 0.2% on KKR news confirming the bid is still live at $88. CSL up 0.3% but COH down 1.3%. Tech stocks under pressure again. XRO fell 3.1%, WTC down 1.6% and CPU off 3.2% with the All-Tech Index down 2.7%. Resources were hit too, iron ore fell, and BHP dropped 1.7%, FMG down 1.9% and RIO off 1.9%. Lithium stocks eased back, PLS down 2.5% and LTR falling 6.1%. Oil and gas stocks fell, WPL down 2.8% and STO falling 0.6%. JHX under serious pressure on US housing news down 5.5%.
- In corporate news, ALL produced a cracker result and should see upgrades tomorrow and $500m buy back also helping with the stock rising 6.7%. RIO released revised funding arrangements for Turquoise Hill. NUF fell hard after results, down 8.6%. CXL got more government funding, now $65m in three days, up 6.3%. Have to love an election. WEB rose 1.4% on the better than expected numbers and mild increase in costs.
- On the economic front, the LNP will be happy to see unemployment at its lowest since 1974 at 3.9%. Asian markets under pressure with HK the target down 2.2%. 10-year yields slipped slightly on jobs data.
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US stocks fell sharply overnight with the Dow (-3.57%) and S&P (-4.04%) posting their worst single-session declines in approximately two years. Results from major US retailers and Fed speak on interest rates and inflation were the catalysts for the sell-off. SPI Futures are down 126 points (-1.76%). Catch up with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 126
- Dow Jones down 1165 points (3.6%)
- Nasdaq down 566 (4.7%)
- S&P 500 down 165 points (4.0%)
- VIX up 18.6% to 31.
- Base metals ease slightly. Gold off 0.2%
- Oil falls 2.5% Iron ore down 1.3%
- Jobs data here at 11.30am. 3.8% headline rate.
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US stocks rallied overnight the Dow Jones, NASDAQ and S&P 500 all finished in positive territory following strong retail sales. SPI Futures pointing to another day of gains up 70 points (+0.98%). Catch up on the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 70 points
- Dow up 431 points (1.3%)
- Nasdaq up 322 (2.8%) S&P 500 up 81 points (2.0%)
- Base metals stronger. Iron ore down 0.7%
- Gold up 0.3%. Oil down 2%
- Twiggy back in charge at FMG
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- The ASX 200 closed up 20 points to 7113 (0.3%) in cautious trade after RBA minutes sapped some buying. News that Shanghai is beginning to reopen was good for Asian markets and resources with BHP leading iron ore stocks higher up by 0.6%. FMG rallied 2.3% and lithium stocks back in demand with AKE up 5.5% and PLS rising 5.0%. Base metals were also good with S32 up 1.6% and IGO making a move 2.7% higher. Energy stocks in demand as oil prices remain elevated, STO up 2.0% and WPL up 2.0% with KAR up 3.7%. Banks were firm again as bond yields rose to 3.44%. The Big Bank Basket was up 1.1% at $186.67. CBA up 1.7% and NAB doing well up 0.5%. MQG bounced too today up 0.5% with insurers solid. Healthcare was in the casualty ward today with CSL down 1.2% leading RHC down 1.5% and RMD off 2.6%. Industrials were mixed and uninspiring, GMG fell 4.1% after some broker downgrades, ALL slipped 1.4%, SEK down 4.3% and REA off 4.5%. Defensives did ok with WOW and COL up. Tech was mixed with CPU up 1.6% and XRO off 1.6% with WTC down 1.7% with the All Tech Index down 1.4%.
- In corporate news, BXB slid 7.6% after CVC walked off into the sunset due to market volatility, OFX rose another 8.9% on a profit update, CRR ran 19.2% on some promising spodumeme shows. IHL rallied 11.0% on positive FDA meeting.
- In economic news, the lection continues to sap consumer confidence and RBA minutes showed the board toyed with a bigger 40bps rise in rates. Asian markets firmed with Japan up 0.4% and HK soaring 2.3% with China up 1.2%. Signs that the tech crackdown is over from Beijing.
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US stocks extended losses in a late sell-off, the S&P 500 (-0.4%) and NASDAQ (-1.2%) both finishing in negative territory. SPI Futures are up 23 points this morning, following a disappointing session yesterday that saw the ASX finish well below what the Futures had expected.
- ASX 200 SPI futures up 23 points
- Dow up 27 (0.1%)
- Nasdaq down 142 (1.2%)
- S&P 500 down 16 points (0.4%).
- Base metals firmed. Nickel down 3.2%.
- Iron ore up 1.2% Gold up 0.1%
- Oil up again with Brent Crude up 2.4%
- RBA Minutes today.
Catch up on all the latest news with Henry Jennings Breakfast Briefing.
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- The ASX 200 jumped out of the blocks but closed a long way from the highs as China data showed the extent of the slowdown. The ASX 200 closed up 18 points at 7093 (0.3%). Failed to hold 7100. Banks and industrials were the strength with the Big Bank Basket up to $184.61 (1.0%). MQG ex dividend today of 350c and falling 345c. Insurers pushed ahead despite bond yields slipping back to 3.35% in the 10-years. Healthcare eased back with CSL down 1.1% and industrials slightly better, COL up 1.4%, QAN up 1.7% and TCL better by 1.2%. Both SEK and REA doing well in tech with the All -Tech Index up 2.0% as CPU rise 0.7% with SQ2 doing well too up 3.8%. Iron ore miners started out firm but falls in China as economic data hurt sentiment saw losses with BHP down 1.2%, FMG off 2.2% and RIO falling 1.1%. Base metals and lithium stocks slightly better, but again well off the highs. Gold miners were better despite bullion falls, NST up 1.3% and NCM rallying 0.8%.
- In corporate news, BXB up 11.2% on a bid from CVC with the usual caveats, IFM also saw a bid from its major shareholder up 28.5% and ASM rose 9.3% on a strategic placement deal well above market. STP fell heavily after a business update showed problems beyond just sales.
- Nothing locally on the economic front. 10-year yields eased a little and Asian markets, Japan up 0.6% China down 0.8% and HK down 0.4%.
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A good session on Friday in the US saw the Dow never trade in negative territory, finishing up 466 points (+1.47%). SPI Futures are up 54 (+0.77%) looking to continue from a strong session on Friday.
Catch up on the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 54 points.
- Dow up 466 points (1.5%)
- Nasdaq up 434 points (3.8%)
- S&P 500 up 94 (2.4%).
- Gold down $12.8 (0.7% )
- Brent Crude up 3.8%
- Base metals flat but miners up.
- Iron ore up 0.6%.
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- The ASX 200 up 134 points to 7075 (1.9%), gaining all of the losses from Thursday. Still down 1.8% for the week. Gains across the board as momentum and confidence built. 7000 seems to be the line in the sand for now. Resource stocks led the charge with BHP up 2.0%, FMG gaining 2.0% and RIO up 2.1%. Oil and gas stocks better as oil rose in Asia and Europe, STO up 3.2% and WPL rising 2.7%. Base metal and lithium stocks lagged a little with IGO down 3.5% and S32 struggling. PLS up 0.8% and AKE up 3.7%. Gold miners missed out as bullion fell but suspect Monday could bring bargain hunters in. GOR fell 2.3%, NCM down 0.5% and NST off 0.4%. Banks positive with the exception of CBA which drifted lower. The Big Bank Basket rose to $182.81 (0.5%) with a good solid bounce in insurers and MQG up 4.5%.
- Industrials solid with CSL up 3.3% and some of the oversold large caps being sought, ALL up 3.4%, WOW up 1.2% and WES up 2.5%. TWE up % as investors hit the bottle after a tough week. REITs better as 10-year yields slipping slightly, GMG up 4.0% and DXS up 2.6%.
- Tech stocks had a great day but its about time, the All-Tech Index rose 5.1% making up nearly for the collapse yesterday, SQ2 up 15.0% as bitcoin rallied, WTC up 7.3% and XRO bouncing 9.4% on broker upgrades.
- In corporate news, PPG fell 17.9% on a trading upgrade, AVH down 8.7% on its quarterly report whilst PNV up another 14.0% on more buying from one director. Nothing on the economic front today. Asian markets, Japan up 2.5% China up 0.4% and HK up 2%.
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The Dow finished down 104 points at the close, well-off lows of -606, as Jerome Powell was confirmed for a second term as Fed Chair. SPI Futures are pointing to a five-point loss to end the week.
- ASX 200 SPI Futures down 5 points.
- Dow down 104 points (0.3%)
- Nasdaq up 7 points (0.1%)
- S&P 500 down 5 points (0.1%)
- Powell reaffirmed as Fed chair - talks 50 bps rises.
- Base metals lower slightly. Iron ore down 3%.
- Gold down 1.6% Oil steady.
- Bit coin down 1.3% in volatile session.
Catch up on all the latest with Henry’s Breakfast Briefing.
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- The ASX 200 fell hard again after a rally was snuffed out early morning. The ASX 200 fell 124 points to 6941 (-1.8%) Resources tried to hold up in the big miners but threw in the towel with BHP down 1.6% and FMG down 2.8%. Gold miners fell with NCM down 0.6% despite AUD gold prices barely changing recently. Lithium stocks again in the shorters sights, PLS down 6.5% and MIN off 2.1%. Even oil and gas stocks saw selling again as WPL fell 2.1% and STO down 3.1%. Old King Coal not so merry, WHC off 2.8% and NHC down 3.3%. The tech wreck continues. CPU fell 2.0% with XRO results colouring the sector, after a fall of 11.6%. ALU tumbled 16.7%. SQ2 collapsed 17.6% as a big holder of crypto crapto. Other BNPL stocks falling away again as more regulation called for. The All-Tech Index was woeful down 6.6%. Industrials were weak, ALL down 3.9%, IEL down 9.2%, COL down 1.5% and TWE off 3.5%. REITs back on the nose., GMG down 3.0%, GPT down 4.4% and healthcare falling hard as CSL dropped 1.8%. Banks were the one oasis in the red desert with NAB and CBA gaining as cream rises to the top. CBA results cheered and drew buyers. The Big Bank Basket up to $181.92.
- In corporate news, good results from ORI with the stock exploding 4.7% higher. RED up 5.8% on news of production from KOTH. CSL fell % on news that the Vifor deal may take longer. On the economic front, building approvals approved fell 18.5%.
- Asian markets fell slightly. 10-year yields down a little.
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US stocks gave up early gains as CPI came in hotter than expected. The Dow finished down 327 (-1%) points after being up 423, the Nasdaq underperformed, losing 3.2%. SPI Futures are down 35 (-0.5%) points, with CBA and XRO results out this morning. Catch up on the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 35 points.
- Dow falls another 327 points down 1.0% in volatile trade.
- Nasdaq drops 373 points (3.2%)
- S&P 500 falls 66 points (1.7%)
- US CPI comes in at 8.3%. Ahead of forecasts but off highs.
- Gold rallies 0.7%. Iron ore up 3%. Base metals better.
- Oil up 5%.
- CBA results in focus.
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- The ASX 200 fights back to a slightly positive close, up 14 points to 7065 in a very dull day for a change. It was again a tale of two cities, Banks under pressure following the NAB dividend, falling % with the Big Bank Basket down to $181.69 (1.2%). CBA down 0.2% and ANZ down 1.5%. NAB ex dividend and some, falling 3.9%. MQG bounced slightly by 1.2% as insurers came under a little pressure. QBE down 1.1%, IAG down 1.3% and SUN setting 1.1%. ASX rallied 0.8% after pushing back its CHESS pieces, healthcare sector better with CSL up another 2.1% with SHL up 1.3% and RMD rising 2.0%. REITs improved slightly GMG up 1.4%, GPT up 1.9% and CHC up 1.3%. Industrials were mixed, TLS down 0.5%, TCL up 0.1%, REA down 1.8% but mostly the sector becalmed. Resources better in places, iron ore stocks better, BHP up 1.4% and FMG rallying 2.3%, MIN also better up 2.9%. Some stability returned to the lithium sector as PLS rose 3.6%, AKE up 2.7% and LYC up 3.9%. Oil and gas stocks mixed, WPL down 0.8% and STO up %, coal eased too. Tech stocks slid slightly with XRO down % and WTC down %. The All-Tech Index fell 0.4%.
- In corporate news, CSR up 0.5% on its results, with trading revenue up 9%. GNC sold off 1% after numbers and LNK fell 15.1% on concerns about the bid with a ASX query revealing nothing new. Worries persist though.
- In economic news, consumer sentiment fell again to the lowest level since August 2020 as rates rose. Asian markets, Japan rose 0.3%, China up 2.0% and HK up 1.7%. 10-year yields fell to 3.49%
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Stocks bounce back in the US ahead of the inflation number tonight. The Dow bounced off lows to finish down 0.3%, while the Nasdaq and the S&P both improved during the session. SPI Futures pointing to a muted day, down eight points as we hold our breath ahead of inflation. Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 8 points.
- Dow falls 85 points (0.3%)
- Nasdaq up 114 points (1.0%)
- S&P500 up 10 (0.35%)
- Base metals stable. Nickel up 0.9% Tin falls 5%.
- Oil drops 3.3% Gold down 1%
- Iron ore down 1.3%
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- The ASX 200 rallied from extreme lows finding support at 7000 closing down only 70 points at 7051 (1.0%). A decent turnaround after falling over 170 points shortly after the opening. Good close too. Selective buying emerged in some tech stocks and industrials, WTC rallied 4.1% and XRO finding friends rising 4.2%. The All- Tech Index slightly positive despite a 8.5% fall in SQ2. CSL was better but other healthcare stocks remain under pressure with RHC down 2.0% as AustralianSuper pulled out of a KKR bid. Banks on the nose again with the Big Bank Basket down to $183.92 (0.6%). The Big four banks made $14bn combined cash profits in the first half, back to pre CV19 levels. NAB up 0.3% ahead of the ex div tomorrow and CBA off 0.9%. MQG steadied at lower levels down only 1.1% with insurers doing ok. QBE up 0.7%. Industrials mixed, TLS fell 1.3% with some bounces in REITs with GMG up 0.3%. Resources under pressure as was the AUD as China growth worries continue. BHP fell 2.6%, FMG off 2.7% and RIO down 3.6% with iron ore second liners like MGX down 3.1%. Gold miners fell, NCM down 3.6% and NST off 3.6%. S32 hit hard by 3.5% as were other base metal and lithium stocks but off lows, energy stocks fell with STO down 1.7% and WPL off 2.6%. Coal stocks too under pressure as WHC fell 1.8% and SMR down 2.4%.
- In corporate news, PDL rose 8.1% on a very respectable set of numbers. IMU up 3.1% on moving to Phase II trials, AUB returned from its capital raise, ex entitlement and fell 9.9%, JLG got walloped down 16.6%, not sure of reason.
- In economic news, retail sales were better than expected with cafes and restaurants in demand. Asian markets weaker with Japan down 0.5%, HK down 2.3% and China actually up 0.6%. 10-year yields steady at 3.55%.
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A rough session in the US, as the Dow never traded in positive territory and closed down 2%. The NASDAQ was the worst performer falling 4.3% as stagflation fears continue to weigh on markets. SPI Futures pointing to another day of losses down 99 points (-1.39%). Catch up on the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 99 (1.4%)
- Dow falls 654 points (2.0%)
- Nasdaq down 521 points to 11623 (4.3%)
- S&P 500 falls 132 points (3.2%)
- Base metals fall hard. Nickel down 6.4%
- Gold off 1.3% Oil slumps 5.7% on growth fears.
- Iron ore down 4.7%
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- The ASX 200 has once again tumbled 85 points to 7121 (-1.2%) failing to find support as US futures pointed to another difficult week for equities. A slight rally into the close. Broad-based losses again with resources firmly in the seller’s sights today as a China proxy and the AUD testing 70c. BHP dropped 1.3%, FMG off 5.8% and RIO down 2.3% with gold miners hit too despite bullion being slightly stronger, NST down 3.8% and NCM down 1.6%. Lithium miners and speculative resource companies also sold off heavily, PLS down 6.2%, LTR down 8.7% and AKE falling 6.1%. Some big fallers in second liners like CHN down 9.8% and LKE off 11.5%. Oil and gas stocks tried to buck the trend and found some support with STO up 0.4% and WPL up 0.6%. Industrials are also under pressure across the board with REITs suffering, GMG falling 7.0% and SCG off 3.6%. Consumer stocks mixed with WES down 1.1% but COL up 0.6% and REA dipping 4.3%. NWS got whacked 8.8% post results.
- Tech under serious pressure again, the All-Tech Index dropped 3.1% and XRO testing new lows, down 2.6%, WTC off 4.9% and SQ2 down 6.2%. In the banking sector, a mixed session, WBC rose 3.2% on better than expected results, ANZ down 2.7% as it went ex-dividend, NAB up 0.2% ahead of its dividend tomorrow. MQG once again in trouble falling 2.6%. The Big Bank Basket up slightly to $184.97 Insurers eased.
- In corporate news, MFG sold its GYG stake falling 8.4%, WBC results better than expected and SGR down 1.0% as VIP packages were suspended. Nothing on the economic front, some news from China showing the impact of Covid shutdowns. Asian markets slid with China down 0.9%, HK closed and Japan down 2.4%. 10-year bond yields pushed to 3.56%.
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Not much to report on from the weekend with the central banks out of the way. SPI Futures pointing to another down day, down 51 points (-0.71%). Westpac Banking (WBC) results are out, mostly ahead of consensus. Catch up on the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 51 (0.7&)
- Dow down 99 (0.3%)
- Nasdaq down 173 (1.4%)
- S&P 500 down 24 (0.6%)
- Oil up 1.3% to US$112.39
- Gold up US$7.10 (0.4%)
- Iron ore down 4.7% to US$138.44
- Base metals under a little pressure.
- WBC Results.
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- The ASX 200 was whacked hard today falling 159 points to 7206 (2.2%). Selling from the open in all sectors as expected. Some small rally into the close. No where to hide although banks held up better and tech got hurt worse. The Big Bank Basket fell to $184.61 (1.2%) with NAB down 2.0% and MQG revealing great numbers but got smashed by 7.8%. Insurers held up slightly better with QBE off 0.3% and SUN down 1.2%. Healthcare slumped as CSL fell 2.9% with SHL off 1.5% and RHC falling 0.9%. REITS fell led by GMG down 4.7% and industrials also fell, QAN down 2.7%, SEK down 6.6% and NWS tumbling 7.8% on results, REA too down 8.1% on its results.
- Tech was in a world of pain with XRO off 9.1% and CPU falling 2.7% with second liners plugged and abandoned. The All-Tech Index outdid the Nasdaq falling 4.8%. Resource stocks also in the firing line, iron ore fell slightly in Asian trade, BHP off 1.4%, RIO down 2.1% and FMG unchanged Even oil and gas stocks fell despite crude price rises, STO down 1.6% and WPL down 1.4%. Coal too took a break, SMR down 4.8% and WHC off 2.4%. Lithium stocks were depressed PLS off 3.5% and LYC down 3.2%. Base metal and gold stocks also sold off. Plenty of unwinding of risk.
- In corporate news, NWS reported as did REA with MQG pretty much unchanged offering no guidance hurting sentiment. CRN responded to media speculation on merger activity. Asian stocks mixed, HK tech down hard, Japan better as inflation hits 1.9%. Locally we had RBA Statement of Monetary Policy (SOMP) and 10-year yields up to 3.45%. Ironically the US market has gone nowhere this week. Before tonight. NFP beckons.
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US markets fell hard from the start in a reversal of the previous session's gains. The Dow Jones fell over 3%, the NASDAQ down 5% and the S&P down more than 3.5%. SPI Futures pointing to a 1.5% loss today. Get up to speed with Henry's Breakfast Briefing.
- ASX 200 SPI Futures down 113 (1.5%)
- Dow falls 1063 points (3.15)
- Nasdaq down 647 (5%)
- S&P 500 down 153 (3.6%)
- Base metals fall slightly. Oil up 0.7%
- Gold rises 0.4%. Iron ore up 1.7%
- Macquarie results this morning.
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In the best session since May 2020, the Dow Jones finished up 932 points. The Fed raised rates by 50 bps overnight and a less hawkish outlook than expected rallied markets. SPI Futures pointing a modest gain, up 31 points this morning. Catch up on all the latest with Henry's Breakfast Briefing.
- ASX 200 SPI Futures up 31 points.
- Dow rallies 932 points (2.8%) most since March 2020.
- Nasdaq up 401 points (3.2%) S&P 500 up 125 (3%)
- Base metals slightly better. Copper up 1.2%
- Iron ore down 0.5% Oil jumps on EU oil ban, up 5%.
- NAB results in line or slightly better in places.
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- The ASX 200 gives back early gains to close down 12 at 7305 (0.2%) as resources came under pressure. Miners suffering as market remains cautious ahead of Fed verdict tonight. Banks got a boost from ANZ results which could have been a lot worse, the bank rose 0.4% with CBA up % and NAB up %. NAB results tomorrow and the Big Bank Basket closed at $186.87 (0.7%). MQG rallied 0.6% with insurers slightly better. Industrials mixed, REITs once again under pressure as bond yields move higher again. GMG unravelling down 2.4% with SCG down 1.1% and MGR down 3.0%. TCL continuing 1.4% higher as the ‘tarmac tech’ stock, TLS better by 0.3% and CSL up 0.7% in healthcare. RMD still under pressure down 1.6% and FPH down 0.4%. Travel stocks eased with FLT down 6.7% and WEB down 2.5%. Tech stocks holding up in the leaders but in second liners once again sellers have the upperhand. CPU up 1.8% after a dismal day yesterday, the All-Tech Index down 1.3%. In the miners, LME prices weighed on the sector with China still on its holidays, BHP dropped 0.6%, FMG down another 2.4% and S32 off 2.7%. Lithium stocks depressed again, PLS down 0.8% and AVZ off 19.2% on a mining licence agreement in the DRC. Oil and gas stocks better, ALD up 1.9% and STO rallying 1.1%.
- In corporate news, plenty of updates and guidance as the Macquarie Australia Conference continues. FLT fell 6.7% on its update, the media companies firmed on the outlook and ANZ results were slightly ‘less worse’ than expected.
- On the economic front, retails sales came in better than economist had forecast at 1.6%. Asian markets weaker with Japan and China still closed. 10-year yields at 3.52%
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It was a session that lacked conviction in the US, as everyone awaits the FOMC meeting tonight. SPI Futures are up 43 points, looking to reverse some of the losses from the start of the week. ANZ results came out this morning. Catch up on all the attest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 43 points.
- Dow up 67 points (0.2%)
- Nasdaq up 28 points (0.22%)
- S&P 500 up 20 points (0.5%)
- Base metals down as LME plays catch up after Bank Holiday.
- Oil falls 2.4% Gold up 0.4%
- ANZ Results in focus.
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- The ASX 200 dropped 31 points to 7329 (-0.4%). Pre RBA we were drifting slightly lower but RBA waking up finally pushed equities lower. Knee jerk lower with AUD up around 1% and 10-year yields pushing to 3.34%. Banks mixed on the news with the Big Bank Basket down to $185.53 (0.5%). CBA the biggest faller down 0.7% with NAB off 0.7% as we await ANZ on Wednesday. MQG rose 0.1% as CEO was upbeat on economy at 24th Conference and insurers unchanged. Fund managers better as MFG rose 5.0% on media speculation on ex CIO’s future role. GQG also doing well up 4.3%.
- Industrials were mixed as CSL rose 0.9%, TCL kicked another 1.0% and WOW rose 0.4% on a Q3 update. REITs eased back again on higher rates, GMG off 1.5% and tech stocks mixed. XRO up 2.0%, SQ2 up 4.6% and BNPL ZIP up 5.0% with CPU suffering a 3.6% fall on an update at Macquarie Conference. The All-Tech Index rose 0.7%. Miners were soggy again, China still closed for iron ore, BHP fell 0.7%, FMG off 4.8% and gold miners under pressure with NCM down 0.8% and lithium stocks finding a base. Oil and gas stocks becalmed, coal doing well though with SMR up 7.6% and CRN up 3.5%.
- In corporate news, plenty of companies reaffirming guidance as MacBank Conference. EML up 2.6% with BAP down 4.9% despite guidance, STX up 4.6% on a flow test at Walyering, ING down 4.3% on an update and WOW modestly higher on Q3 results. On the economic front, RBA moved to raise rates by 25bps. More aggressive and sooner than expected, RBA Chief Lowe fronted media to clarify the decision. Asian markets mostly closed still. 10-year yields rally to 3.34%.
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The Dow Jones finished up 84 points, rallying hard into the close. SPI Futures are down 25 points this morning, as we await the RBA's interest rate decision this afternoon at 2:30 pm. Catch up on all the latest news with Henry's Breakfast Briefing.
- ASX 200 SPI Futures down 25
- Dow rises 84 points (0.3%)
- Nasdaq up 201 points (1.6%) S&P up 23 0.6%)
- London closed - Oil better by 0.4%.
- Gold hit 2.5%
- RBA meeting in focus.
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- The ASX 200 kicked off a crucial week down 88 points at 7347 (-1.2%). A late rally helped lift it off the lows. Nowhere to run, nowhere to hide as the market followed the SPI futures into heavy losses. Industrials and tech took a hit with CSL down 1.0%, SHL down 1.9% and RHC off 1.3%. GMG took a tumble in the REITs falling 7.2%, SCG down 2.7% ahead of RBA meeting. Consumer stocks eased back, TLS down 7.2%, WES off 1.0% and WOW down 0.6%. Tech slumped with XRO down 6.6% and WTC falling 7.3%. The All Tech Index falling 4.0%. The banks were modestly weaker as we await the Killing Season, ANZ first unchanged, CBA fell 0.9% and NAB down 1.0% with MQG in negative territory down 1.8%. Insurers also fell with QBE down 2.4%. The Big Bank Basket fell to $186.47 (0.65%) Resource stocks showed pockets of resistance with RIO up 0.7% and FMG better by 0.1%, BHP fell 0.1% though with lithium and base metal stocks under pressure. PLS down 6.7%, IGO off 5.6% and MIN down 2.6%. Gold miners slid too, NCM down 0.9% and NST off 2.1%.
- In corporate news, QAN announced a new 12 plane order to be able to fly non-stop to London in 2025. PPC rose 5.0% after an earnings update and ABB was poleaxed by an update falling 28.1% with IMU not far behind after termination of its supply agreement. In economic news, the local PMI improved 2.8 points to 58.5 in April, 10-year yields rose to 3.25%. Asian markets closed.
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- ASX SPI Futures down 94 points.
- Dow falls 939 points (2.8%)
- Nasdaq down 537 points (4.2%) Amazon falls 14%
- S&P 500 down 156 points (3.6%). VIX up 11.4%
- Base metals mixed. Iron ore down 2.9%.
- Oil up 1.6% and Gold up 1.1%
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US markets saw a nice rally overnight and SPI Futures are up 50 points.
Get up to speed with Ben's Breakfast Briefing.
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US markets steadied overnight and SPI Futures are up 52 points.
Get up to speed with Chris' Breakfast Briefing.
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An ugly session overnight in the US is expected to flow into our session. Growth names tipped to underperform value. Key inflation data will be closely watched and is expected to add more pressure on the RBA to act on policy.
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US markets bounced from the lows overnight, climbing a wall of worry. Get up to speed with Chris' Breakfast Briefing.
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A soft night on Wall Street as hawkish comments from Jerome Powell brought spurred a risk-off session. The Dow finished down 368 points (-1.05%) and the NASDAQ lost 2.07%. SPI Futures point to a soft session in Australia, down 65 points (-0.86%). For all the latest, listen in to Tom's Breakfast Briefing.
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A good night in the US saw the Dow Jones finish up 500 points (+1.45%), surprisingly the NASDAQ finished up 2.15%, while Netflix fell 25% on results. SPI Futures are pointing to another positive day up 47 points (+0.62%). Catch up on all the latest with Tom on the Breakfast Briefing.
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- The ASX 200 finished the shortened week up 44 points to 7523 (0.6%). Positive leads and a solid resource sector helped the index close up 45 points for the week. Resources powered ahead, BHP up 1.4%, FMG up 1.3% and gold miners doing well too, NCM up 1.8% and NST up 4.2%. RED continued its charge up 7.2%. Uranium stocks in demand today again, PDN up 6.0% and BOE enjoying its honeymoon up 6.1%. Lithium stocks consolidated recent gains, AKE up 2.0% after a positive outlook statement and a ramp up in production. Energy stocks better on oil price rise, STO up 1.1% and WPL rallying 1.1% as it seeks secondary listings in London and NY. Industrials showed modest gain. Travel stocks rally on Delta results in US. QAN up 7.1%, FLT up 5.0% and WEB up 7.5%. Healthcare was better as US truck issues being sorted, CSL up 0.8% and FPH up 1.0%. Tech better with CPU up 1.1% and XRO up 2.0%. The index rose 1.1%. In the banking sector a combo of JP Morgan results and falling bond yields together with disappointing BOQ results clobbered the big four. BOQ dropped 6.3% whilst the Big Bank Basket slipped to $190.88 (0.3%). NAB a big faller down 0.7%. Insurers sold and other financials mixed.
- In corporate news, UWL agreed to its 500c bid from Morrisons. Unemployment numbers came in as expected with the headline at 4.0%. Albo memorising the numbers over Easter. In Asian trade, Japan up 1.2%, China up 0.9% and HK up 0.5%. 10-year yields back below 3%.
Happy Easter. Drive safe. Double demerit points.
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US markets weaker overnight. SPI Futures pointed to a 10 point on Thursday when they last traded. US quarterly earnings season in focus. Oil up on Russian sanctions and production issues in Libya. RBA meeting minutes at 11:30 am are expected to add colour to the bank’s hawkish stance.
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Happy Easter
US stocks found their legs overnight snapping a three-day losing streak. The Fed was busy with comments coming from many members, but the market seemed to only care for further commentary that the inflation number could be 'peak inflation'. SPI Futures are up 17 points this morning. Tune in to Henry's Breakfast Briefing to get all the details you need to know.
- ASX 200 SPI Futures up 17
- Dow up 344 points (1.01%)
- Nasdaq up 272 (2.0%) S&P 500 up 49 (1.1%)
- Base metals firm. Oil up 4% Gold up 0.4%
- Iron ore down 1.4%
- BOQ results out.
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- The ASX 200 rallied 25 points to 7479 (0.3%). Solid start to the day built as US futures turned positive ahead of US banks kicking off reporting. Miners were the strength today as lithium and uranium stock rampaged ahead. SYA up 16.4%, AVZ up 11.7% and PDN up 9.6%. Big miners also solid with BHP up 0.1% and FMG up 0.8%. S32 rallied 1.4% with IGO up 2.2%. Energy stocks too were better, STO up 1.3% and YAL up 5.8%. Healthcare rallied as CSL ran 0.4% with SHL up 1.6% and industrials subdued. WES up 0.9% being one of the better ones. Banks were positive though CBA down 0.2% with the Big Bank Basket steady at $191.40. Insurers flat as usual. Tech stocks were mixed with BNPL on the nose, Z1P down 2.3% and SZL down 6.4% now below its IPO price.
- In corporate news, EML rose 10.5% on speculation that private equity could be back after walking earlier this year from a takeover. In economic news, building activity fell and RBNZ raised rates by 50bps. 10-year yields eased back slightly with Asian markets, Japan up 1.7%, China down 0.3% and HK up 0.4%.
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US markets gave up a big lead, inflation the hottest since '82, oil prices surge almost 7%, Putin has lost the plot... plenty happening this morning so don't miss Chris' Breakfast Briefing.
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- The ASX 200 fell 31 points to 7454 (0.4%) in quiet trade ahead of US CPI. Everything down across the board, except 10-year yields up to 3.08%. Miners bounced a little in the afternoon as Asia rallied, lithium stocks on the nose again, PLS fell 5.8% on a production report, MIN down 0.2% and BHP unchanged with IGO and S32 down too. Gold miners a little mixed, RED doing well up 2.5% and NCM off 1.1%. Energy stocks flat despite a 2% rise in oil in Asian trade, STO down 0.9% and WPL unchanged. Banks stumbled with WBC down 0.4% and ANZ falling 1.0% on a broker downgrade. The Big Bank Basket eased back to $191.21 (0.3%), MQG rose 0.6%. Healthcare fell as CSL once again under pressure, down 1.3% with RMD and FPH off 3.4% and 2.3% respectively. WES fell 1.0% and other consumer stocks drifted lower in low volume trade. Tech fell with SQ2 down 0.4% and WTC falling 2.2%. The All -Tech Index fell 0.9%.
- In corporate news, IMU fell 8.7% as shares were released from escrow and PAR gained 19.0% on FDA fast tracking designation for OA. In economic news, ANZ consumer confidence rose slightly, and the 10-year keep going higher and higher. 3.08% now. Asian market mixed, China tech on the nose, CSI rose 1.1% HK up 0.6% and Tokyo down 1.7%
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US stocks fall as 10-year Treasury yield tops 2.75%, in the worst single-session since March. SPI Futures are down 22 points (-0.29%) as the ASX looks to back off a little into the Easter break.
- ASX 200 SPI futures down 22
- Dow falls 413 points (1.2%)
- Nasdaq down 299 (2.2%) S&P 500 down 76 (1.7%)
- Oil falls 4.2% Gold up 0.1%
- Iron ore and base metals slip.
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- The ASX 200 finished up 7 point at 7485 (0.1%) after an early spurt was derailed by Chinese CPI numbers combined with 10-year yields heading above 3%. Resources were the swing as BHP turned down losing 0.5% with FMG off 2.9% as iron ore in Asia slipped. Gold miners held up as NCM rose 2.1% and NST up 3.9%. Energy stocks mixed, WPL down 1.0% and STO better by 0.8% with some profit taking in coal stocks. YAL fell 5.6%. Lithium stocks were in demand early on Musk news, but gains became more selective as the session wore on. LKE up 7.0% on a deal with Ford, Macquarie upgraded the sector again, but PLS failed to be inspired down 3.8%, MIN lost 3.3% more on iron ore, IGO rose 2.3% on its agreed deal with WSA that rose 5.5%. Banks were firm as always ahead of results and the 10-year yields burst above 3%. The Big Bank Basket rose to $191.78 (1.2%). MQG slid 0.9% and QBE enjoyed the rising yields up 1.8%.
- Industrials went sideways with some wins in COL and WOW as defensive inflation plays. Healthcare eased and tech slipped slightly with CPU up 0.7% and NXT down 2.5%. SQ2 down 2.3% and the All-Tech Index falling 0.6%.
- In corporate news, BSL made an acquisition of Coil Coatings for US$500m. PLS updated the market on its POSCO JV falling 3.8%. Nothing on the economic front but Chinese PPI and CPI surging squished the rally both here and in China. Asian markets weaker across the board. China down 2.4% and HK off 2.5%.
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US stocks finished the week mixed; tech stocks on the nose whilst the broader S&P 500 wobbled between gains and losses only to close a touch lower. The Fed dialled up the market's expectations for rate hikes and balance sheet tapering, whilst the war in Ukraine raged on and Russia was hit with more sanctions.SPI Futures up 27 points (+0.36%). Catch up on the latest, with Henry's Breakfast Briefing.
- ASX 200 SPI Futures up 27
- Dow up 138 points (0.4%).
- Nasdaq down 186 (1.3%) S&P 500 down 12 (0.3%).
- Base metals slightly firmer. Gold eases 40c .
- Oil up 2.2% Iron ore down 0.7%.
- Chinese CPI and PPI today.
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- The ASX 200 finished the week up 35 points at 7478 (0.5%). Quiet trade with caution ahead of the weekend. Banks were slightly higher with CBA and ANZ showing gains, the Basket closed at $189.45 (0.2%). MQG bounced with a 0.8% gain, MFG fell back 1.6% and PTM had outflows to FUM and outflows to the share price falling 15.0%. Healthcare mixed, CSL down 0.3%, Industrials firmed, TLS up 1.3% and TCL up 1.0% with GMG better with a 0.2% gain. Miners were back in shopping baskets as BHP rose 1.7% as an independent report pronounced the WPL deal fair and reasonable. WPL down 1.5%. FMG rose 0.4% and gold miners firmed as bullion rose, NCM up 2.9% and EVN up 2.1%. Lithium stocks bounced as bargain hunters stepped in and UBS upgraded price forecasts. AKE up 2.2%. SYA up 6.8% and MIN up 2.2%. IGO fell 1.7% as the WSA talks continue.
- Uranium stocks were glowing red hot as French elections this weekend and UK embraces nuclear power too. PDN up 13.1%, BOE up 8.4% and ERA finding buyers up 4.7%. Tech stocks were mixed, WTC down 1.6% and SQ2 fell 1.4%. The All-Tech Index flat.
- In corporate news, not much really, SGR fell 2.8% on its licence review update and BHP/WPL merger ticked another box. 237-page merger explanatory memorandum released. Vote 19th May.
- On the economic front, the RBA released its financial stability report and Asian market were a little weaker. 10 -year yields hit 3% then backed off to 2.96%
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US stocks rebounded overnight while the yield curve steepened on the policy outlook. The Dow rallied hard after a slow start, but finished well off highs, up 87 points (+0.25%). SPI Futures are up 38 points (+0.51%) looking to end the week on a positive. Get up to speed ahead of the weekend with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 38
- Dow up 87 points (0.3%)
- Nasdaq up 8 points (0.1%) S&P 500 up 19 (0.4%)
- Base metals flat. Gold up 0.8%
- Oil down 0.5%. Iron ore down 2.1%
- RBA Stability report today.
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- The ASX 200 finished down 47 to 7443 (0.6%) as the unwind continues after the Fed speak. Tech and resources on the nose today. The Big Bank Basket slipped to $189.16 (0.3%) and MQG off 1.5% with insurers falling too. QBE down 2.0% and IAG off 2.5%. MFG had a great day on an update in FUM numbers, rising 11.4%, GQG too had better FUM numbers and rose 9.7%. Industrials mainly escaping the sell off although REA down 2.2% and SEK off 2.4%. Tech falling again as Nasdaq slid, WTC down 6.6%, CPU down 1.6% and SQ2 off 4.3%. The All-Tech Index down 3.1%. Materials and resources slipped again with lithium depressed, PLS off 3.6%, LTR falling % and LYC down 6.7%. BHP fell 0.7% with FMG and RIO barely changed. IGO down 3.1% and S32 sliding 1.0%. Gold miners going nowhere but energy stocks down despite higher crude prices in Asian trade. WPL down 2.5% and STO off 1.4%.
- In corporate news, another bid for VRT pending, ALG did a great deal with Main Event and rose 6.2%, BCI fell 6.3% on a Mardi project update and GOR fell 0.7% on a production update. In economic news, Trade balance for February fell to $7.46bn, below estimates of $11.65bn. Exports were flat which was in line with consensus. Asian markets weaker, 10-year yields ease back to 2.91%
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The hawkish Fed continued to sink tech stocks overnight, as officials weigh reducing the balance sheet by US$95B a month. The Dow slipped 0.42%, while the Nasdaq fell another 2.2%. SPI Futures down 21 points (-0.28%). Catch up on the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 21.
- Dow falls 145 points (0.4%)
- Nasdaq down 315 points (2.22%) S&P down 44 (1.0)
- Base metals flat. Iron ore down 1.4%
- Gold loses lustre down 0.2% Oil down 5.2%
- Yield curve still focus.
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- The ASX 200 recovered off lows to close down 38 points at 7490 (0.5%). The switch was back on as money flowed from resources and tech into banks and banks. The Big Bank Basket rose to $189.87 The big four were all bought on 10-year yields heading towards 3%. RBA rapidly becoming even more irrelevant. CBA up 1.3% and ANZ higher by 1.2% with QBE joining in the fun rising 1.4%. MFG slipped 6.0% as it went ex-bonus options, elsewhere in the industrials, GMG fell 1.7% on higher rates, ALL down 3.8% and SEK off 1.8%. Healthcare under a little pressure, CSL off 0.4% and SHL down 1.4%. In tech we saw sellers again as Nasdaq fell overnight, SQ2 down 6.9%, WTC down 1.0% and XRO off 2.9% with the All-Tech Index down 2.2%. Resources were the weak spot today. More CV19 cases in China and extended shutdowns sapping enthusiasm with Chinese PMI down to 43.9 from 50.1 in February. BHP off 1.0%, RIO down 1.2% and S32 down %. Lithium stocks were depressed as heat came out of the market, PLS off %, LYC fell 6.0% and LTR dropped 5.8%. Gold miners slid led by NCM down % and NST off %. Oil and gas stocks fell, STO down 1.0% and WPL down 0.6%.
- In corporate news, another bid for VRT, PNV rose % on a good earnings update and WBT rallied another 6.2% on successful functional testing of its demo chip.
- Nothing on the economic front. Asian markets weaker with Chinese PMI suffering from a nasty bout of omicron. 10 - year yield close to 3%.
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Stocks and bonds fell after Fed Brainard’s hawkish comments to shrink the balance sheet rapidly. The Dow slipped 0.8% and the Nasdaq fell 328 points (-2.26%). SPI Futures are down 48 points (-0.46%). Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 48
- Dow falls 281 points (0.8%)
- Nasdaq down 328 (2.3%) S&P down 58 (1.3%)
- Base metals mixed. Oil falls 0.8%
- Gold down 0.3%
- Iron ore up slightly. 10 year yields in US up to 2.55%
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Tech lead the gains in the US as Elon Musk bought a 9.2% stake in Twitter. The Nasdaq jumped 271 points (+1.9%). The RBA interest rate decision is today at 2:30 pm and will be eagerly waited on by the market. SPI Futures pointing to another day of gains up 50 points (+0.67%) Check out the latest news on Henry's Breakfast Briefing.
- ASX 200 SPI Futures up 50 (0.7%)
- Dow up 104 (0.3%) Nasdaq up 271 (1.9%)
- S&P 500 up 37 (0.8%)
- Musk buys 9.2% of Twitter.
- Base metals mixed. Nickel up 2.3%
- Oil up 3% Iron ore up 1.3%
- RBA meeting at 2.30pm. No change expected.
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- The ASX 200 kicked off the week in style rising 20 points to 7514 (0.3%). Off highs at close. Miners and material stocks led the way higher with BHP up 0.1%, FMG up 3.0% and lithium stocks in strong demand again. SYA up 32.0%, LTR up 9.0% and PLS up 5.5%. Gold stocks too slightly better despite falls in bullion, NCM up 0.9% and DEG up 6.9%. Energy stocks slightly firmer, STO up 0.3% and WPL better by 1.0%. Healthcare better with CSL leading the charge up 0.5% with RMD up 0.8%. Industrials uninspiring ALL down 3.0%, MGR up 2.8%, REA up 1.3% and tech firmer. XRO up 2.3% and WTC rallying 1.2%. The All-Tech Index up 0.9%. Banks eased back with the Big Bank Basket back to $186.82, MFG gained 9.7% on hopes for industry consolidation. Insurers unchanged.
- In corporate news, DGO up 15.3%, saw a bid from GOR with an all-share deal and PPT lobbed a bid for PDL up 18.1%, worth around $2.4bn. 1 for 7.5 PDL plus 167c in cash. On the economic front ANZ job ads for March up 0.4% and MI Inflation gauge for March up 0.8% in the month to be up 4.0% in annual terms. Asian market quiets as China has a holiday until Wednesday. Japan flat with HK up 1.5%. 10-year yields better at 2.84%.
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The Dow finished up 140 points on Friday as technology stocks were under pressure from rising yields as the 2-year and 10-year curve properly inverted. SPI Futures closed up 19 points (+0.25%). Catch up on the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 19 (0.25%)
- Dow rallies late up 140 (0.4%)
- Nasdaq up 41 (0.29%) S&P up 15 (0.34%)
- Iron ore allies 6% to $159.84
- Gold down $300 (1.55%) Oil falls 0.3%
- Base metals mixed.
- China closed Monday Tuesday.
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News overnight that Biden ordered the release of up to 1 million barrels of oil a day for 6 months, saw oil prices fall sharply. US stocks fell in an end-of-month/quarter slump, for the first quarterly loss in two years. The Dow finished down 550 points (-1.56%). SPI Futures pointing to a 42 point loss, but we’re still on track for a positive quarter and month. Catch up on the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 42.
- Dow closes down 550 (1.56%)
- Nasdaq down 222 (1.54%) S&P 500 down 72 (1.57%)
- Metals flat. Gold up 0.8%
- Oil slumps 4.9% on Biden's plan to release 1m barrels a day from SPR
- NFP and RBA looms.
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- The ASX 200 fell 15 points to 7500 (0.2%) as early enthusiasm waned and we limped into month and quarter end. Big match out sell off of 30 points. Banks under a little pressure with the Big Bank Basket down to $189.96. Insurers flat, MQG down 1.8% and MFG down 2.2% on an update on staff retention options. Healthcare slipped slightly, CSL off 0.7% and FPH back on the nose down 2.6%. Industrials mixed as WES consummated its API buy falling 1.5% and TLS rose 1.5% as the Brady Bunch story took hold. Tech on the nose slightly after Nasdaq falls and tech off in HK, XRO down 4.6% and SQ2 off 4.7%. The All-Tech Index down 1.6%. In the resources, lithium and battery tech fired up as the US looks to secure strategic metal supplies in the future. INR a big winner up 20.0%, AGY doing well up 10.6% and NVX pushing ahead by 9.7%. Iron ore stocks were also in demand as Dalian futures picked up, BHP up 2.3% and FMG rising 4.3%. Base metal stocks also good, S32 up 0.8% and MIN up 4.4%. Energy stocks fell as media reports that Biden plans to release 1m barrels a day from the SPR to counter oil price rises ahead of the OPEC + meeting tonight. STO down 1.7%, WPL down 1.4% and COE down 3.3%
- In corporate news, TAH announced its plan to demerge the lottery business, QAN talked net zero by 2050 and AIZ down % on its capital raising. PDN raising $200m at 72c to restart Langer Heinrich
- On the economic front plenty happening post budget as we shift to the RBA meeting next week. Last one before the election. No pressure Phil. Asian markets weaker with HK tech down on US moves to delist and China off 0.5% on lower-than-expected PMIs and more CV19 restrictions. 10 -year yields at 2.78%.
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The script flipped overnight as US stocks dropped on war concerns. The Dow fell 65 points (-0.19%) while the Nasdaq dropped 1.2%. SPI Futures are up 10 points (+0.13%) as the winning streak looks to slow down. Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 10
- Dow falls 65 (0.19%)
- Nasdaq down 177 (1.2%) S&P500 down 29 (0.6%)
- Commodities firm. Oil up 3%.
- Gold up 1.4% Iron ore flat.
- TAH Demerger presentation.
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- The ASX 200 rose for a seventh session with the market now edging further into positive for the calendar year. Risk was back on, helped by targeted spending measures in the Federal Budget aimed at reducing the cost of living and peace talk progress in Europe. Most sectors closed in positive territory. The All-Tech index was up 3.3% with Block (SQ2) up 7.3% and Xero (XRO) up 5.3%. Healthcare stocks were bid higher with CSL (CSL) up 1.6% and Nanosonics (NAN) improving 3.4%. The big bank basket finished at. Financials did well with Macquarie (MQG) and Magellan (MFG) both rising more than 2%. Miners and energy stocks eased with base metals, oil and iron ore all weaker. Woodside (WPL) off 1.5% and BHP (BHP) down 0.8%. Gold stocks eased as bullion slipped with Newcrest (NCM) down 0.5 and Northern Star (NST) steady. On the corporate front, Telstra's (TLS), up 1.8%, CEO Andy Penn announced his resignation along with Carsales (CAR) MD, up 1.1%. Star Entertainment (SGR) up 0.9%, confirmed a class action days after the resignation of CEO Matt Bekier. Uniti (UWL) down 1.3%, was upgraded by Ord Minnett. Brokers were neutral on Sigma Healthcare (SIG) up 3.4%, following results that highlighted expectations for a return to profit in FY23. Fortescue (FMG) up 0.2%, clarified its $50bn hydrogen investment comments saying it was a ‘high-level assessment’ not an official investment decision. Eagers Automotive (APE) up 3.2%, said it was acquiring car dealership WFM motors for $205m. Charter Hall Long WALE (CLW) up 1.2%, and HomeCo Daily Needs (HDN) off 0.7%, traded ex-dividend.
- Nothing exciting on the economic front. Government handouts from the budget led to calls for more aggressive monetary policy from the RBA. Interbank futures now suggest seven rate hikes this year from the RBA. The US has revised GDP data tonight. Dow Futures down 62.
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US stocks firmed again overnight, the Dow finished up 338 points (+0.97%) rallying hard into the close and making it four on the trot as peace talks between Russia and Ukraine lift sentiment. While no cease-fire was secured, Russia has reportedly softened demands as part of negotiations. The Australian Federal Government is set to hand out cash to millions in the pre-election budget release with cost-of-living relief payments and fuel subsidies. SPI Futures are up 56 points (+0.75%) following strong leads from the US. Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 56 (0.75%)
- Dow up 338 (0.97%) Nasdaq up 265 (1.84%)
- S&P 500 up 56 (1.23%)
- Gold fell 1.4% Oil down 2%
- Base metals slipped slightly.
- Budget in focus. Telstra Andy Penn steps down.
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- The ASX 200 climbed another 52 points to 7464 (0.7%) to be only around 2% from its all-time high. The budget looms and banks shone again with the Big Bank Basket up to $190.63 (0.4%). CBA running 0.2% and WBC up 1.1% as bond yields continue higher, now 2.91% in the 10s. MQG doing well too gaining 1.4% and Insurers slightly higher. Healthcare bounced as the AUD fell below 75c, CSL up 1.4% and RMD up 4.1%. Industrials firmed, WES up 1.8%, TLS up 1.6% and ALL up 2.6%. REITs up again despite higher rates, Tech also in demand as SQ2 up 6.8% with its bitcoin exposure helping, XRO up 3.3% and WTC better by 3.7%. The All -Tech Index up 2.6%. Miners mixed, iron ore and energy stocks eased, BHP down 0.6% and STO off 0.3% with WPL down 1.1%. Gold miners fell a little but rare earths and lithium stocks once again very firm. PLS up 1.6%, LYC up 3.1% and SYA up 6.8%.
- In corporate news, NEA soared 16.6% on an update on its ACV, UWL down 1.7% as an increased bid from Morrison’s at 500c saw off the Macquarie competition. TLX and LKE had positive announcements and Blackstone got approval to buy CWN from FIRB. Sigh of relief all around. Plenty happening in economic news ahead of the budget with retail sales beating expectations up by 1.8% to be 9.1% ahead of last year. Asian markets mixed and 10-year yields 2.91%.
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US stocks rallied for the third straight session, with Dow finishing up 95 points (+0.27%). Oil prices retreated on the back of China’s covid resurgence, as OPEC+ said it has no plans to change its output levels. SPI Futures pointing to another modest day of gains up 38 points (+0.52%) this morning. Catch up on the latest news with Henry’s Breakfast Briefing.
- ASX SPI 200 Futures up 38.
- Dow up 97 (0.3%) Nasdaq up 186 (1.3%)
- S&P 500 up 32 (0.7%)
- Commodities flat. Oil down 7% on China shutdowns.
- Gold falls 0.7% Iron ore unchanged.
- Budget tonight Retail Sales at 11.30am
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- The ASX 200 quietly firm up 6 points to 7412 (0.1%). Banks and materials firing up again ahead of budget tomorrow night. The Big Bank Basket rose to $189.87 with NAB up 0.8% and MQG doing well up 1.1% as SUN rallied 1.2%. ASX up 0.4% despite delays to CHESS with GQG down 1.5%. Healthcare down as dollar earners under pressure, CSL down 1.1%, COH off 3.2% and FPH continuing lower by 3.5%. REITS slipped led by GMG down 2.9%. Industrials weaker across the board, TLS down 0.8%, REH off 2.3%, WES falling 1.3% and SEK down 3.9%. TECH down heavily with the All Tech Index off 2.5% as WTC fell 4.1%, XRO down 5.2% and SQ2 off 3.7%. Different story in commodity stocks, BHP up 2.3%, FMG up 0.8%, S32 better by 2.0% and rare earths in demand, LYC up 2.2% and ARU doing well up 15.3%. Some profit taking in lithium stocks with LTR down 4.7%. Energy stocks mixed as crude fell in Asian trade, OPEC plus meeting Thursday, WPL down 1.3% and STO unchanged.
- In corporate news, SGR MD fell on his sword as the review of the casino continues rising 0.3%. Nothing on the economic front ahead of Budget tomorrow. In Asian trade, mixed session, HK up 1.3%, China down 0.8% and Japan down 0.4%. 10-year yields soaring again to 2.90%
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The big news from the weekend was President Biden’s comments that Russian President Putin “cannot remain in power”. The comment was met with mixed responses from European officials, as the White House assured it is not seeking a regime change. SPI Futures are 33 points this morning, looking to start the week off with a win.
Catch up on the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 33
- Dow up 153 (0.44%)
- Nasdaq down 23 (0.16%) S&P 500 up 23 (0.51%)
- Oil firms 1.4% Gold falls 0.2%
- Iron ore up 0.8% Nickel 4.9%
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- The ASX 200 limped 19 points higher to 7406 (0.3%) in quiet trade. Materials were once again the star sector. BHP up 1.0%, FMG up 1.7% and base metals too better, S32 up 0.4% and IGO better by 3.5%. Gold miners also in demand, NCM up 3.5% and RED up 5.5%. Lithium stocks firmed again, PLS up 3.2% and LTR up 2.7%. Oil stocks slightly positive, STO up 0.6% with coal stocks doing well, YAL up 1.7% and CRN better by 9.5%. In the banks, a slightly softer day, CBA down 1.3% and the Big Bank Basket down to $188.94 (1%). MQG bounced back 0.7% and GQG up 3.4%.
- Industrials were firm, CWN up 0.6%, ALL up 0.9% and BXB up 1.6%. REITs firm, Tech weaker, SQ2 down 3.1%, XRO up 1.6% and CPU up 1% with the All-Tech Index down 0.4%.
- In corporate news, FFX rose 5.6% after a resource upgrade, did JCap know? The MD of CXO resigned and PMV fell 1.6% after a good sales result and increased dividend. Nothing on the economic front ahead of the budget next week. Asian markets slightly weaker with Japan down 0.3% with China down 0.9% and HK down 1.6%
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- ASX 200 SPI Futures up 38 points.
- Dow rose 349 points (1.02%)
- Nasdaq up 269 points (1.93%)
- S&P 500 up 64 (1.43%) US 10 year yields 2.3699%
- Gold up 1.3% Oil eases 2.1%
- Iron ore flat. Nickel up 15%.
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- The ASX 200 had a quiet day bucking the downdraft from US markets rising nine points to 7387 (+0.1%). It was a tale of two sectors, banks down, resources up. The banks weakened ever so slightly despite another $2.5bn buyback from NAB, CBA down 0.1%, ANZ off 0.6% and the Big Bank Basket down to $190.75. MQG down a little, off 1.7% and insurers flat. Healthcare slid with CSL flat, RMD copping a downgrade off 4.2% and FPH down 3.5% after broker downgrades following guidance. Industrials sideways today, WES fell 0.4%, JHX down 3.4% as US housing slipping in latest numbers. Tech stocks fell with SQ2 down 2.3%, WTC down 0.1% and XRO off 0.2%. The All-Tech Index down 0.8%. Resources doing ok, BHP up 1.8%, RIO up 2.0% and MGX up 8.1%. Lithium took a break, S32 better by 1.0% and BKY smashing it up 21.7% chasing the Spanish listing higher. Energy stocks as expected better, STO up 1.5%, WPL up 2.8% and WHC up 6.5%. In corporate news, JBH rose 4.3% after another set of good numbers, bulletproof it seems. BKW up 5.0% after record numbers and raising prices, and UWL back and down 0.6% despite Macquarie and PSP circling. CWN looks to have clung on to its Perth licence, just up 0.2% on the news. Asian markets slightly weaker with Japan down 0.5% with China down 0.7% and HK up 0.2%. 10-year yields at 2.73%
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- ASX SPI Futures down 54 points to 7295
- Dow falls 449 points (1.3%)
- Nasdaq down 186 Points (1.3%)
- Oil rallies 5% plus. Gold up 0.8%
- Iron ore up 0.3%. Nickel up 14%.
AUD at highest in four months around 75c. Yields pull back from highs.
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- The ASX 200 moved up another 37 points to 7378(0.5%) today as banks burst higher as yields continue to move up. 10-year yields hit 2.82% at one stage and the Big Bank Basket rose to $190.85(1.1%) with CBA up 1.3% and NAB up 1.6% as brokers focus on buy back potential in May results. MQG kicked 1.3% higher but ASX lost 1.6% as CHESS issues abound. Insurers flat. Healthcare better with CSL up 0.8% and SHL up 1.7%, FPH fell 7.9% on a profit downgrade on freight cost increases, RMD down 3.0% on similar worries. Industrials were slightly higher with GMG up 1.3%, WES up 0.3% and REA up 1.0%. Tech doing well today, bombed out shorted stocks like KGN up 7.3% and PBH better by 8.3%. WTC rose 2.1% and SQ2 up another 7.5%. CTT crashed 13.2% lower as the founder sold a near 10% stake at depressed prices. The All-Tech Index up 2.3%. Lithium stocks again on the move and battery tech joining in, SYA up 13.5%, SYR up 6.8% and PLS up 3.7% with LTR approaching 200c. UWL went into a trading halt on huge volumes with Macquarie set to emerge with a 500c bid with PSP in tow.
- In more corporate news, KMD rose slightly on a profit downgrade. CVN rallied strongly up 14.1% on its drill results from Pavo-1 and CXL was rocket emojis all the way on FID on its LEILAC decision, closing up 15.7%. 10-year yields up to 2.78%, off highs. Asian markets better with Japan up 2.7% and HK up 1.7% with China missing the memo and flat.
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Strong night for US stocks as the Dow finished up 254 points (+0.74%) and never traded in negative territory. A big session for US tech stocks which are back in fashion, with most of the big names gaining more than 2%. Tesla added 7% as its market cap topped US$1 trillion. SPI Futures are up 31 points (+0.42%) following leads from the US. Catch up on the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 31 points to 7343.
- Dow rises 254 points to 34807 (0.7%)
- Nasdaq up 270 to 14109 (1.95%).
- US 10 year bond yields 2.386%
- Tesla up 7.9% as Musk opens German factory.
- Oil steady at $115.48. Gold down 0.4%.
- Metals flat. Iron ore down 1.2%
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- The ASX 200 jumped another 63 points to 7356 (+1.0%) as commodity and energy stocks led the charge. Well off highs of nearly 100 points up. Miners leading the way, BHP up 5.1% accounting for 35 points alone. RIO up 3% and FMG up 1.2% joined in with lithium and base metal stocks in demand. PLS up 4.5% and MIN up 4.9%. S32 put in another good day up 3.1% with gold miners also in demand despite no bullion movement, NCM up 2.8% and NST rallying 1.9%. Energy stocks in demand, oil up again in Asian trade, STO up 2.2%, WPL up 1.6% and YAL doing well rising 3.0%. NHC ran 8.5% better on news of a special dividend and increased interim as higher coal prices turbo charging results. Banks were the other movers and shakers with the Big Bank Basket up to $188.59 (+0.45%), CBA up 0.4% and NAB up 1.1% as 10-year bond yields soared to 2.72%. MQG up 1.3% on a broker upgrade and Insurers better too, QBE up 2.5%. Industrials missed the fun with healthcare up flat with CSL down 0.6% and RHC up 1.3% after an approach for its Asian business. Tech slightly sloppy, SQ2 down 5.1% taking Z1P down 4.1% and XRO down 2.6%. The All-Tech Index fell 0.9%.
- In corporate news, BLD fell 3.5% after an update on heavy rain recently. In economic news, ANZ Consumer confidence fell 4.8% last week as fuel price rises hit. Asian markets skipped higher in Japan by 1.2% and HK by 1.2% with China up slightly.
The Dow fell 202 points (-0.58%) overnight, with Powell saying the Fed will raise rates more aggressively if needed. SPI Futures are up 80 points (+1.1%) perhaps optimistic on the back of US markets and Powell’s comments. Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 80
- Dow falls 202 (0.6%) as Boeing falls on Chinese plane tragedy.
- Nasdaq down 55 (0.4%) S&P 500 unchanged.
- Oil surges 7%. Gold slightly higher.
- Nickel limit down but commodity stocks doing well.
- S&P Metals and Mining Index highest since august 2011.
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- The ASX 200 closed down 16 points at 7279 (-0.22%) as early exuberance evaporated. We turned negative having been up near 60 points. Banks were the swing factor as the Big Bank Basket fell to $187.73 (-0.53%). NAB eased back 1.0%, SUN down 2.2% and MFG fell 4.3% after Hamish resigned from the board. MQG was a pinprick of green, up 0.1%. Healthcare also weaker with CSL off 1.5% as the AUD rose. Industrials mixed with WES better up 0.7% and TCL down 2.4%. Commodity stocks were firm with the exception of gold miners, NCM down 2.7% and NST off 2.4%. Iron ore stocks in demand, BHP up 0.4%, FMG up 0.8% and MGX better by 7.0%. Base metal stocks also finding buyers, S32 up 1.2% and IGO up 1.7%. Lithium stocks soared again despite moves from China to rein in prices, INR up 3.8%, LTR up 5.42% and CXO running another 9.8% higher. Oil and gas better with STO up 1.1% and WPL up 0.9%. Tech followed SQ2 higher by 9.2% with TYR rallying another 2.3%, XRO up 2.4% and 360 doing very well. The All-Tech Index rose 1.1%.
- In corporate news, QUB announced a $400m buyback, API WES scheme approved by the court, and IMM up 7.6% on FDA approvals of its immune checkpoint. Nothing on the economic front. Asian markets mixed, Japan closed for a holiday, China down 0.1%, HK off 0.1%. Oil up 3.3% in Asia. 10-Year Yield: Steady at 2.56%.
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SPI Futures are pointing to a 59-point gain, following the ASX 200's best week in more than a year last week, with a 3.3% gain. The Russia/Ukraine war continues to headline news, and Hong Kong plans to review its COVID restrictions as cases ease. Catch up on the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 59 points.
- Dow up 274 points (0.8%)
- nasdaq up 279 points (2.05%)
- Base metals slightly fimer. Nickel limit down 12%
- Oil up 0.7% Iron ore up 3%
- AUD hits 74c.
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- The ASX 200 put on another 44 points to 7294 (+0.6%). Big jump on the 4.10 pm match out with banks turning positive as potential ASX Index rebalancing gave us a nudge, 3.2% for the week. Today was all about a resource bounce with BHP up 1.3%, RIO up 1.6% and FMG up 2.2%. Base metals up S32 better by 1.5%, Lithium and rare earths kicking higher too with LYC up 3.7% and LTR up 7.8%. Gold miners missed out as AUD pushing up towards 74c. NCM down 0.8% but some gains elsewhere with DEG up 1.2%. Energy stock better as crude prices rallied another 2% plus in Asia. STO up 1.9% and YAL up 3.9%. Banks flat with the Big Bank Basket up to $188.74 (+0.1%) though MQG up 1.7%. MFG kicked again up 2.5%.
- Industrials steady, travel stocks down with FLT down 2.6%, WEB off 1.05% and QAN down 0.4%. Healthcare staged a late rally with CSL up 0.1%, SHL up 1.2% and RMD off 0.2%. Tech was in demand but maybe some caution ahead of the weekend. WTC up 3.3%, SQ2 up 7.2% and Z1P up 1.6%.
- Nothing really on the corporate front, except SGR falling 3.6% on the inquiry into its casino licence in Sydney. Nothing much on economic data either. Asia gave back some gains with HK down 2.4% China down 0.2% and Japan up 0.4%. 10-year yields pushing higher to 2.56%.
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US stocks post the best three day run since November 2020. The Dow finished near highs up 418 points (+1.23%). Oil is back above US$100 following three consecutive days of losses. SPI Futures are up 37 points (+0.51%). Get up to speed with Henry's Breakfast Briefing.
- ASX 200 SPI up 37
- Dow up 418 (1.2%)
- Nasdaq up up 178 (1.3%)
- Gold pushes higher. Oil up 8.8%
- Iron ore up 1%.
- BoE raises rates by 25bps. BoJ to continue to stimulate.
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- The ASX 200 continues the rally up 76 points to 7215 (+1.0%) as tech stocks lead the charge higher. Bombed out and oversold tech stocks rallied hard after HK Tech and US Nasdaq gains. KGN up 12.0%, BET up 10.1% and PBH up 10.3% doing well as buyers return. BNPL stocks in focus as SQ2 bounces hard up 10.2%. The All-Tech Index rose 3.3%. WTC and XRO showing good gains. Banks were also strong with the Big Bank Basket up to $188.50 with MQG also up 1.1%. MFG up 6.6% continuing its run after the buyback was announced. Industrials firmed with CSL up 0.8%, ALL up 1.8% and REA better by 4.8%. Resources were better but not spectacular, BHP up 1.0%, FMG better by 4.3% and RIO up 1.4%. Lithium stocks in demand again, CXO up 3.9%, PLS rose 3.9% and MIN up 3.4%. Gold miners were ignored, energy stocks mixed.
- In corporate news, POS returned with a government grant to build a new plant in WA, up 9.2%.
- On the economic front, headline unemployment came in at 4% putting more pressure on the RBA to lift rates, shows what happens when immigration and international students are blocked. Asian markets firm again with Chinese tech stocks surging as authorities back the sector. HK up 5.8% Japan up 3.2% and China up 3.2%. 10-year bonds back to 2.52%.
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ASX 200 SPI Futures up 106
Dow up 519 (1.5%) Fed raises rates 25bps.
Nasdaq up 488 (3.8%).
Oil sells off 1.9%. Gold down 0.8%.
Base metals flat. Nickel reopens limit down.
AUD hits 73c.
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- ASX 200 SPI Futures up 41 points.
- Dow up 599 (1.8%). Nasdaq up 367 (2.9%).
- Base metals flat. Iron ore down 5.5%
- Oil falls 6.5%.China growth woes on CV19.
- FOMC meeting on Day Two.
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- The ASX 200 dropped 52 points to 7097 (0.7%) as bifurcation of banks and miners the focus. Commodity stocks under pressure across the board as China growth fears stalk the market. Iron ore stocks weaker as Dalian futures fall again, BHP down 4.2% and FMG off 4.9%. RIO off 3.9% following its bid for Turquoise Hill. Lithium and base metal stocks in the doghouse, PLS down 7.6%, IGO down 6.3% and S32 off 4.5%. Gold miners too under pressure, NCM fell 2.8%, NST down 2.7% and EVN weaker by 2.0%. Oil and gas stocks also falling as WTI dropped below US$100, WPL down 2.9% with STO giving up 4.1%. Across the valley in the banks, higher bond yields gave bank buyers more reasons to buy. The Big Bank Basket rose to $184.60 (1.3%). CBA up 1.8% and WBC out ahead of the pack. Insurers too doing well, QBE up 1.6% and SUN getting a double whammy hit up 2.8%.
- Industrials mostly unchanged, CSL better by 0.2%, AMC up 2.9% as packaging inputs dropped back slightly. Tech mixed with SQ2 down another 5.2%, WTC down 2.9% and the All-Tech Index off slightly as CPU rallied 1.7% to save some face.
- In corporate news, UWL returned froma trading halt after Morrison and Co have launched a takeover bid at 450c, rising 27.3%, HLS launched a $100m on market buy back. Asian markets weaker with Japan up 0.4%, China down 1.8% and HK off 3% again.
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The Dow finished up one point in a volatile session that at best was up 451 and at worst down 126. Ukraine president Zelensky has expressed hope for a ceasefire after talks between Ukrainian and Russian officials failed to reach a conclusion. The ASX 200 is set for a soft open, with SPI Futures down 61 points (-0.85%). Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 61
- Dow up 1 point. Nasdaq down 263 points (2.04%)
- Commodities sold off heavily. Iron ore down 6.2%
- Gold down 0.8% Oil down 5.1%
- RBA Minutes today.
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- The ASX 200 jumped out of the blocks consolidating the gains and finishing up 86 points to 7149(1.2%). US futures optimism helping ahead of FOMC this week. Financials and industrials were the backbone, the Big Bank Basket rose to $182.19 (2.4%), MQG up 2.6% and insurers better with SUN up 3.2%. Higher bond yields driving financials. MFG slipped again on FUM running out the door, down 1.4%. Healthcare was better, CSL up 2.6% and COH up 2.0%. In the industrials, TLS rose 1.6%, COL up 2.2% and WOW higher by 0.9%. REITs firm with tech mixed, SQ2 down 3.7% with CPU up 2.6% and the All-Tech Index up 1.1%. Miners were generally weaker, BHP off 0.7%, FMG down 1.0% and IGO falling 2.0% on delays to the WSA bid. WGX came back from suspension after a capital raise falling 12.70%. Oils eased back, STO down 0.3% and WPL off 0.2%.
- In corporate news, ELD soared on a business update with a 11.00% gain to a near 12-year high. VRT rose 7.5% on an agreed bid for the company from Cap Vest at 825c. BOE fell 3.8% in half yearly results. Asian markets mixed with HK under pressure on CV19 issues. 10 year yields up to 2.44%
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The Russia/Ukraine conflict could be nearing a conclusion with both sides saying that progress has been made. The Dow was down 230 points on Friday night, with the focus of markets shifting towards the FOMC meeting this week. SPI Futures are up 20 points (+0.28%) this morning. Catch up on the latest news with Henry’s Breakfast Briefing.
- ASX 200 Futures up 20 points.
- Dow down 230 (0.7%). Nasdaq down 286 (2.2%)
- Metals mixed. Nickel still closed.
- Oil up 3%. Gold down 0.8%
- FOMC meeting the focus this week. Tentative start in store.
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- The ASX 200 dropped 67 points to 7064 (0.9%) after a worse expected start was ambushed by Asian weakness. Moves by US SEC to withdrawal listing for some Chinese techs saw HK and China fall heavily dragging ASX 200 with it. Banks eased back as bond yields charged ahead again with the Big Bank Basket steady at $177.84. MQG fell 1.8%, ASX down 1.7% and MFG down 6.8%.
- Healthcare eased with CSL down 2.5%, SHL off 2.1% and RMD off 1.7%. Industrials slid as WES fell 1.9%, GMG dropped 2.9%, ALL down 3.8% and platform stocks like REA fell 5.0%. Tech stocks also fell with WTC down 4.1%, XRO off 5.9% and SQ2 down 3.2%. The All-Tech Index down 3.1%. Resource stocks held firm, lithium was especially firm PLS up 1.1%, CXO up 11.9% and AKE better by 4.9%. Iron ore giants steady and gold stocks slipping, NCM down 0.6% and BHP losing 0.1%, RIO and FMG better though. Oil and gas stocks firmed despite crude falling, STO flat, WPL up 1.0%.
- In corporate news, BRG has bought a coffee machine company, down 2.7%, CVN up 10.5% in drilling progress.
- Nothing on the economic front as we await the Fed next week. Asian markets fell and 10-year yields up to 2.39% as governor Lowe talks higher rates may be ‘plausible’.
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A soaring US inflation, surprisingly hawkish decision from the ECB, and a lack of progress from peace talks between Russia and Ukraine weighed on markets overnight. The Dow finished down 112 points (-0.34%), with SPI Futures following leads from the US, down 38 points (-0.53%). Catch up on the latest news with Henry's Breakfast Briefing.
- ASX 200 SPI Futures down 38
- Dow falls 112 (0.34%) Nasdaq down 126 (0.95%)
- Commodities higher. Iron ore falls 0.8%
- Oil off 1.6%. Coal down 13%.
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Stocks bounced overnight with the Dow up more than 600 points and the Nasdaq jumping 3.6%. Meanwhile, oil tumbled 12%, begging the question... 'is this the turning point in markets?'
Catch up on all the action with Chris' Breakfast Briefing.
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US markets dived into the close and there are still some crazy things going on in commodity markets... catch up on all the action with Chris' Breakfast Briefing.
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Commodity prices up again - oil, gold, iron ore, coal, nickel up 90%! Everything else....? Down. Catch up on all the action with Chris' Breakfast Briefing.
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SPI Futures closed up 28 points on Saturday morning but there were plenty of developments over the weekend that will influence our market this morning. Get up to speed with Chris' Breakfast Briefing.
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The Dow finished down 97 points (-0.29%) in a directionless session. It was the same narrative overnight, with the Russia-Ukraine conflict headlining. Ukraine said they did not get the result they had hoped for in the second round of peace talks but have agreed to hold another round of talks with Russia. SPI Futures are down 58 points (-0.81%) as oil finished lower after touching highs during trading. Catch up on the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 58.
- Dow falls 97 (0.3%) in volatile session.
- Nasdaq down 214 (1.6%)
- Commodities surge but miners only modest gains.
- Iron ore up 5.5%. Coal falls 33%
- Copper up 1.7% Nickel up 5.3%
- Oil hits highs but finishes down 2.2% and Gold up 0.7% with AUD at 73.3.
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- The ASX 200 rose 35 points (+0.5%) as commodities rose strongly across the board, oil, iron ore and coal showing serious strength. Well off early highs as we prepare for another bumpy night. Miners were sought out and bought up, BHP up 3.6%, FMG up 4.2% and STO rising 1.7%. WHC up 10.6%, not sure how rain is affecting production at Maules Creek but prices have doubled at Newcastle in a few days. YAL rose 11.0% and SMR in a trading halt as it takes advantage of demand to raise capital. Gold miners under pressure as safe haven selling saw bullion drop.
- Base metals better, IGO up 4.4%, lithium stocks string, PLS up 5.3% and CXO rising 5.3%. Coal and oil stocks a feature, SOL up 3.4% and NHC up 4.3%. Healthcare a little sick as CSL fell 1.3% and SHL down another 2.2%. Industrials weighed down by dividends, REITs under a little pressure as bond yields rose to 2.18% again. Banks flat with the Big Bank Basket unchanged. Tech mixed as SQ2 fell 3.1% and CPU up 0.6%. The All-Tech Index down 0.5 %. In corporate news, pretty quiet.
- Economic news with building approvals down 27.9% in January. Must have been omicron affected. Asian markets mixed with Japan up 1.3%, China up 0.1% and HK up 0.5%. 10-year yields up to 2.17%.
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The Russia-Ukraine conflict dominated overnight headlines again with Russia announcing they are ready to hold a second round of talks with Ukraine on Wednesday. On the US front, comments from Powell on plans to dial back the Fed’s interest rate stance settled markets, the Dow Jones rallying through the session, finishing just off highs up 596 points (+1.79%). SPI Futures are up 69 points (+0.97%) this morning. Energy still looks like the sector to be in with oil continuing to soar, up over 7% overnight. Get up to speed on all the latest market headlines with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 69
- Dow up 596 (1.8%) Nasdaq up 220 (1.6%)
- US 10 year yields spike on Powell comments.
- Commodities higher again. Oil at decade highs at US$113 for Brent.
- Iron ore slightly higher. Gold down 1.6%.
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- The ASX 200 rallied off early lows closing up 20 points at 7105 (0.3%). Early losses following US leads were soaked up by miners and resources stocks. Iron ore stocks in demand, BHP up 3.8% and RIO rising 4.6%. BHP was 27 points alone. Gold miners were better but hardly spectacular, NCM up 1.1% and EVN up 3.2%, that did not apply to oil and gas, STO up 6.2% and WPL up 6.1%. Small rises for lithium stocks and coal up with CRN flying 8.8% higher, WHC up 5.9% and YAL better by 7.0%. Banks sagged as bond yields fell, the Big Bank Basket fell to $171.89 (0.8%). MQG lost 1.9% and insurers under serious pressure with QBE down 4.1% and IAG off 4.4%. Floods probably not helping share prices. Healthcare slipped slightly with CSL off 0.1% and SHL down 1.3%.
- Industrials were flat ALL a loser down 3.0% and TLS ex dividend, Tech stocks down as CPU fell 1.4% with the All-Tech Index down 0.4%. SQ2 off 0.7% and EML off 4.1% with yesterday’s gains in PBH, given back by 11.8%. Travel stocks also under a little pressure, QAN down 1.0% and WEB off 2.9%.
- In corporate news, CXO up 15.2% after a deal with Tesla, MVP rose 31.7% on a green whistle green light and we saw GDP on the economic front of 3.4%. 10-year yields crash to 2.09%. Asian markets weaker with Japan down 1.9%, HK off 1.1% and China down 1.1%
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US stocks drop as energy prices soar, with oil nearing US$105 and European gas surging 23%. Western firms continue to pull out of Russia as more sanctions are introduced. The Dow Jones finished down 598 points (-1.76%) with energy the only sector in positive territory. SPI Futures are pointing to a soft open down 49 points (-0.7%). Catch up on the latest stories with Henry’s Breakfast Briefing.
- ASX200 SPI FUTURES down 49 points.
- Dow falls 598 points 1.8%
- Nasdaq dwon 219 points 1.6%
- Commodities soar. Oil up to US$105. Gold rallies to US$1955.
- Base metals and soft commodities up aggressively.
- GDP numbers today. 3.7% Q4 estimates.
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- The ASX 200 closed up 47 points at 7097 (0.7%), well off its highs as some caution crept in. No bad news from Ukraine was good news for the market with one eye on the RBA, which once again stressed ‘patience’ is required. Banks were solid as the Big Bank Basket rose $173.33 (1.3%) with CBA the standout, MQG rose 1.3% and insurers had a day to rally despite QLD and NSW floods. SUN up 1.2% and SDF up 0.7%. Industrials firmed with travel stocks in focus, QAN up 1.8%, FLT up 3.3% and WEB rising 4.0%.
- Tech was the big gainer today as the sector bounced hard and fast. SQ2 was a big winner up 12.8% as Block rallied in the US. The All-Tech Index rallied another 4.5% with XRO up 7.03% and WTC better by 4.7%. Even ‘old skool’ tech rallied, REA up 3.5% and SEK finding friends up 6.2%. Healthcare dominated by a rise in CSL up 0.4% and COH up 1.7%. Miners were mixed, base metal stocks were in demand, IGO rallied 6.7% on Glencore deal being off so no cap raise, lithium better, PLS up 3.3% AKE up 7.0% and SYA up strongly 11.1% on a resource upgrade. Iron ore miners flat and golds down led by NCM down 1.3% and NST off 2.8%. Energy stocks better, WPL up 0.5% and KAR rising 3.9%.
- Uranium stocks also doing well as Europe looks to new energy sources rather than oil and gas from Putin.
- In company news, Z1P returned post its capital raise down 6.3% still trading at a premium to target SZL up 9.8%. KLL fell 21.0 % on an operational update as more funding may be required, CBA sold its Chinese banking investment, ANZ saw some management changes and ALQ rose 4.7% on new guidance. Asian market slightly firmer and 10 year yields 2.18%.
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US markets were mixed but managed to perform better than the futures expected at the close yesterday afternoon. The Dow Jones fell 0.49% while the Nasdaq gained 0.41%. Russia has begun to hit back on the increasing sanctions implemented by western countries, as the Russian central bank hikes interest rates. SPI Futures are up 21 points with oil and iron ore both firming overnight. Catch up on the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 21.
- Dow rallies hard off lows to close down only 166 points (0.5%)
- Nasdaq up 57 points (0.4%) Tesla pops 7%.
- US 10- year yields back to 1.82%
- Commodities higher. Oil up 3.1%
- Gold up 0.7% Iron ore up 4.2%.
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The ASX 200 traded up 51 points today to 7049 (0.7%) in volatile trade ahead of events unfolding in Ukraine. Late 20-point surge helped. US futures having a serious wobble took the wind out of the sails from Saturday as weekend events unfolded. Bank stocks under pressure with the Big Bank Basket down to $171.22 (0.3%), Insurers fell as QLD floods get worse, QBE down 2.5% and IAG off 4.0%. Healthcare mixed with CSL down 0.5%, RMD up 1.8%. Industrials better, DXS up 2.6%, TLS up 0.5%, BXB up 0.9% and EDV rising 1.7%. Oil stocks bounced on oil moving higher with STO up 1.5% and WPL rallying 2.1%. Iron ore miners and gold were firm, BHP up 4.4% and RIO up 3.2%. FMG ex dividend today. Gold miners firmed as bullion pushed above US$1900. NCM up 3.4% and NST up 3.1%. Tech hanging in, WTC up 0.2% and SQ2 rising 1.0%. The All-Tech Index fell 0.6%.
In corporate news, Last day of results with Z1P tapping shareholders for another $200m and announcing it is buying SZL for shares. CVN up 17.8% on drilling news. Economic news today with retail trade up 1.8% slightly below estimates.
Asian markets weaker and volatile. Oil above US$100.
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Russia and Ukraine are set to hold talks without preconditions as Putin puts nuclear “deterrence” forces on alert. The Dow posted its largest daily gain on Friday night up 835 points, as all US sectors finished higher on optimism that the Russia-Ukraine situation may end sooner rather than later. With results season wrapping up, SPI Futures are up 166 points this morning (+2.4%). Catch up on the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 166 points 2.4%
- Dow rallies 835 points 2.5% Nasdaq up 221 1.6%.
- Oil down slightly. Gold off 2%
- Base metals slip. Iron ore down 2.6%.
- Last day for results.
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- The ASX 200 rallied 7 points to 6998. Quiet, too quiet. After the big falls yesterday, investors and traders were reluctant to chase the market higher ahead of a weekend. A good bounce from technology stocks predicated on a Nasdaq bounce but also a big after-hours jump in Block (SQ2) rising 32.5%. SQ2 is 5.9% of the All-Tech Index. CPU is the biggest holding at nearly 13%. CPU rose 1.5%. Results and Russia remain the focus. Industrials were mixed as REITs rose slightly, GMG up 2.4% and CHC up 3.7%. WES rose 0.3% and ALL up 1.9% with TLS off 0.3% and BXB slipping 0.8% on pallet hoarding and rising costs of timber. Banks eased as bond yields steady at 2.23%, the Big Bank Basket fell to $ 171.72 (-1.5%). MFG revealed another blow to FUM and fell 10.1%, MQG bounced slightly up 1.5% and insurers flat. Miners were easier, BHP down 0.2% and RIO down 0.7%. FMG bucked the downdraft rising 0.3%. Gold miners and energy stocks fell away as the spike in underlying assets pulled back. Lithium stocks better, AKE up 5.2% and PLS up 4.6% with LYC reporting record numbers rising 6.9%. Healthcare eased with CSL down 1.3%.
- In company news, ALG rallied 17.2% on its results, CCX saw a 12.9% bounce after a shocker yesterday on numbers, BWX fell 26.4% as it swung to a loss and KGN suffered a similar sell-off on its numbers, down 6.2%. PNV reported and dropped 3.3% with TNT up 15.4% on an investor update.
- Nothing on the economic front. Asian markets were slightly better. Dow futures eased sapping some early strength.
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- ASX 200 SPI up 85
- Biden speech helps calm nerves. Sanction but no intervention.
- Dow stages huge rebound closimng ip 92 after being down 900 points.
- Nasdaq rallies 3.3% after a 3.3% loss early.
- Base metals firm. Oil hits $100 then backs off. Gold up 0.8% then falls back.
- Cybersecurity and tech surge.
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- The ASX 200 fell 215 points to 6991 (3.0%). It was all about results and Russia. Mainly Russia today as the drums of war beat loud and Putin sent troops into Ukraine. The index opened badly with BHP ex-dividend accounting for ~40 points alone and as the day wore on it became a rerun of the Red Wedding from Game of Thrones. Broad-based losses with technology and high PE stocks hit for six. This is not a GFC event based on a collapse in financial confidence but a sentiment event. But it is still painful. For a market already rattled by the Fed and inflation, this has just kicked it down to risk-off at any cost. Banks fell hard with the Big Bank Basket hitting $173.90 down 2.3%. NAB off 2.5%, CBA down 2.1% and MQG falling 4.9%. Insurers too were whacked QBE down 3.6% and SUN down 2.1%. MFG fell 3.3% and NWL down 4.14%. Healthcare suffered too with CSL down 1.5% and RHC holding up on results.
- Industrials kicked lower, TLS down 1.7%, WES down 2.2% and TCL off 1.2%. Miners were weaker except in gold, BHP fell 6.9% ex-dividend and RIO dropped 3.8% on results last night. FMG down 4.2% and lithium shares depressed, PLS down 8.1% and MIN off 6.4%. Oil stocks were also weaker perversely, STO off 0.4% and WPL down 2.7% (ex-dividend). Gold was a bright spot but only just, NCM up 4.0% and NST up 5.9%. Tech stocks were decimated. SQ2 down 12.9%, XRO off 5.5%, WTC down 7.5% and CPU down 4.0%. Second liners were bashed lower, CCX lost 30.9% on results, 360 became 240 down 28.8% and APX crashed 28.7% on its results. The All-Tech Index was down 5.3%.
- In corporate news, QAN fell 5.1% on its numbers and delays to reopening WA took their toll. CIM saw its majority holder finally put other shareholders out of their misery with a bid at $22. LOV rallied 11.8% on its numbers, impressive given the backdrop and FLT landed badly down 10.1% on its numbers. Nothing on the economic front. Nothing to worry about anyway. Asian Markets fall but outperform local markets. 10-year yields dropped to 2.17%.
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- The ASX 200 rallied to a 44-point rise to 7206 (0.6%) as some confidence returned. Closing on highs. Iron ore prices in Asia pushed higher helping BHP up 0.6% and RIO up 1.2 %. BHP is ex dividend tomorrow and its 210c fall will equate to 30 odd points in the index. Base metals and lithium stocks found friends, S32 up 3.4% and PLS up 2.2% after its results. AKE rallied 6.8% with MIN a winner on two fronts up 2.5%.
- Energy stocks were mixed despite crude rises, KAR up 3.2% on results, WPL slid 1.3% ahead of its dividend tomorrow and STO up 0.6%. Gold miners paused and slipped slightly. NCM down 2.1% and EVN off 3.5%. In the banks and financials, a mixed session with the Big Bank Basket at $178.14 (0.2%). MQG slipped again but insurers were firmer led by QBE up 1.7% and SUN up 2.0%. MFG ex dividend. Healthcare better with COH gaining positive broker chatter up 5.1%, CSL up 0.7% and RMD up 2.8%. Industrials firm with results dominating, WOW up 1.4% on better results, TLS up 2.3% finding some friends, Travel stocks better too, QAN up 3.9% and FLT up 3.2%. Tech better led by results from WTC up 4.2% and a bounce in oversold BNPL stocks ahead of Z1P numbers tomorrow, 8.4%. The All-Tech Index rose 2.2%.
- In corporate news, results dropping thick and fast. PXA did well up 13.9% on numbers, CXL rallying off lows up 11.0% as it presented to shareholders. DMP fell 14.0% on a fall in same store sales but looks overdone. SCG fell 4.4% disappointing numbers and executive changes. On the economic front, Wage price index (WPI) was up 2.3%. NZ raised rates to 1%. 10-year yields popped up to 2.25%. Asian markets better. Japan closed for a holiday. China up 0.6%, HK up 0.7%
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The Dow fell 483 points (-1.4%) overnight, finishing off lows but never touching positive territory. Biden has announced sanctions for Russia in response to the invasion of Ukraine. Australian markets look set for a mild day of trade with SPI Futures down six points this morning as the results keep coming. Catch up on the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 6.
- Dow rallies off lows on Biden and sanctions but still down 1.4%.
- Nasdaq down 1.2%
- Base metals slightly better. Oil rises 1.5% on invasion.
- Gold unchanged.
- Results in focus again.
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- The ASX 200 drops 72 points to 7161 (1.0%) as Russian moves on Ukraine once again spook the market. Off lows at close. Broad base losses with only gold and oil escaping from the carnage. Results once again in focus with some good numbers from some and impressive moves higher against the trend. Banks fell hard with the Big Bank Basket down to $177.76 (1.7%). MQG slid another 1.8% with NWL off another 2.6%.
- Healthcare proved resilient, CSL up 1.3% and COH rallied 9.0% on its results. SHL continued to slip by another 2.1%. Industrials soggy, WES down 3.7%, TLS down 1.0% and travel stocks flopping post the reopening of tourism. QAN down 3.0%, WEB off 6.1% and FLT down 5.4%. Tech stocks were mauled, XRO down 3.1%, WTC off 4.0% and SQ2 collapsing another 4.3%. Z1P sold off heavily down 9.7% as were SZL as a capital raising looms. In the miners, Iron ore stocks fell BHP off 0.9% and FMG down 1.5%, base metals fell, and lithium depressed again, PLS down 4.8% and MIN off 3.8%. Gold was a safe haven as NCM rose 2.3% and NST up 4.6%. Oils also in demand as crude prices picked up on Ukraine issues. WPL up 3.8% and STO up 3.2%.
- In corporate news, COL followed the EDV results with gains today on better than expected numbers. COH rallied 9.0%, CGC did well as international business was firm rising 8.7%. HUB bucked the recent trend in platform stocks rising 4.8% on its numbers and SLC, NAN and UWL all fell hard on the numbers. On the economic front, ANZ consumer confidence slipped 1.4% as higher petrol prices took their toll. Asian markets were soggy on macro issues and a further Chinese clamp down on Tech. 10-year yields steady at 2.20%
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US markets were closed overnight for Presidents Day. Europe will lead the direction for the market today. The Pan-European STOXX 600 fell 1.3% as political tensions continue to dominate headlines. SPI Futures pointing to another tough day down 70 points (-0.98%) as we gear up for another busy day of results continuing into the thick of results season. Get up to speed on the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 70
- US Markets closed.
- Putin recognises Ukrainian separatists republics.
- Metals mixed. Gold up 0.9%
- Oil rises nearly 2% on increased tensions.
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- The ASX 200 closed up 12 points at 7243 (+0.16%), bouncing off 7200.The market rallied from opening losses on reports that Biden and Putin would meet for a summit. Banks and iron ore miners bounced hard on the news from Ukraine; the Big Bank Basket rose to $180.86 (+0.5%). WBC up 1.4% and NAB up 0.6%. QBE rallied 4.8% on broker comments, ASX had a good day up 1.9%, and NWL recovered from recent losses up 3.3%. MFG dropped 1.2%, giving back some gains from Friday as shorts relaxed slightly. Healthcare under pressure, CSL down 0.8%, SHL off 3.6% on disappointing numbers, industrials firmed on geopolitical news, TLS rose 1.5% after a deal with TPG up 3.1%.
- Consumer stocks were buoyed by EDV rising 10.3% on results, COL up 1.1% and WES up 0.3%. Travel stocks were modestly firm as Australia opened its border today. WEB up 0.7% and FLT up 0.3% with CTD better by 0.3%. Tech remained on the nose with SQ2 down heavily 6.8% and fintechs generally under pressure. TYR tapped out on results, falling 25.9%, XRO falling 1.3% and WTC off 1.9%. All Tech Index down again by 1.7%. Miners were better, BHP up 0.6%, RIO up 0.8% though FMG missed out, falling 1.2%. IGO fell 6.4% as it responded to media speculation that it was looking to buy CSA Copper mine from Glencore. Lithium stocks flat, uninspiring today, energy stocks under a little pressure as oil drifted lower on Iran and Ukraine developments.
- In corporate news, AGL rose 10.6% on a bid from Cannon-Brookes and Brookfield, A2M up 11.1% on better numbers and outlook, EDV rose 10.3% as profits beat estimates. TYR was the biggest loser as results disappointed again. Z1P off 7.8%, remains in talks to take over SZL, both suffering. Nothing on the economic front.10-year yields steady at 2.20%.
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- ASX 200 SPI Futures down 51
- Dow falls 233 (0.7%) Nasdaq down 169 (1.2%)
- Commodities mixed. Oil down slightly.
- Gold eases back by 0.6$ IO up 2.2%
- Results in focus
- AGL receives bid from Brookfield and Mike Cannon-Brookes
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- The ASX 200 fell 75 points ahead of the weekend closing at 7222 (-1.0%). The market staged a pm recovery only to have it snuffed out at the close. Some solid results helping sentiment and an attempted bounce in iron ore miners was wound back following a couple of dismal days as Chinese authorities try once again to get the price back. BHP unchanged but FMG down 3.2% and S32 still attracting buyers up 1.6%. Gold miners were better as war talk bubbles away, NCM up 2.1% and NST up 1.5%. Must be time for the calls for US$2000 bullion.
- Lithium stocks shrugged off Albemarle’s disappointment and pushed back up, PLS rose 1.7% and LTR rallied 0.3% as Bell Potter upgraded lithium assumptions. Banks were a little sloppy after days of gains with the Big Bank Basket down to $180.01 (0.8%). Elsewhere in financials, NWL rallied 5.7%, MFG delivered a horror day for the shorts rallying 18.5% after results and dividend announcement coupled with a possible buy back and a good show from Chris Mackay. Hamish who? Insurers though slid as QBE did what it does best. Disappointed. Down 8.7%. Healthcare eased led by CSL down 4.1% as some gains given back and tech under pressure as usual. SQ2 down 3.7% and the All-Tech Index down 1.9%.
- In corporate news, SIQ rose 11.7% on a good set of numbers, ORG fell 8.3% after selling APLNG stake, IPL suffered a hydrogen emission event in US down 6.1% and ING fell %, no love ‘em at all. Asian markets weaker and 10-year yields up to 2.22%
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A tough session for US markets falling from the start as renewed fear surrounding the Russia/Ukraine conflict weighed. The Dow Jones finished down 622 points (-1.78%) in the worst session for 2022. SPI Futures pointing towards a soft open down 82 (-1.14%) as results slow into the weekend. Listen in to Henry’s Breakfast Briefing for all the latest news.
- ASX 200 SPI Futures down 82
- Dow down 622 - 1.78% Nasdaq down 407 -2.9%
- Gold up 1.6% Oil down 1.9%
- Metals stronger Iron Ore down 6.9%
- Results in focus.
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The ASX 200 rose 11 points to 7296 (0.2%) as results dominated on Super Thursday. US futures soft at close on Ukraine rumours see afternoon selling. Bank once again feeling the love with the Big Bank Basket rising to $181.37 (0.4%) with CBA up 0.2% and WBC doing well up 0.9%. Other financials flat with CGF a winner post results rising 6.7%. Healthcare saw a bump as brokers warmed to CSL with another 5.1% rise.
Industrials were mixed, WES down on results, TCL better on traffic outlook. TAH doing well with a 4.1% rise on its numbers and TLS easing 4.2% on numbers. Miners were slightly better with iron ore stocks leading the way, BHP rose 1.4%, RIO up 1.2% and S32 beating expectations and up 1.1%. Energy mixed, WPL up 4.1% on its numbers but STO falling 1.7%. BPT rallied 1.7% after a down day yesterday. Lithium stocks a little depressed as Tesla effect wears off, PLS down 5.5% and LTR falling 5.2%. Gold miners better in spots, NCM up 1.5% and NST up 4.4% on numbers. Tech on the nose again, SQ2 down 6.4%, XRO off 3.0% and WTC falling 3.70%. The All-Tech Index dropped 2.3%.
In corporate news, plenty around with CUP falling 15.3% on a sudden loss of CEO/MD. On the economic front, better jobs numbers but still with a 4 in front with the headline rate at 4.2%. Asian market slightly firmer. 10-year yields ease to 2.19%.
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The Dow Jones fell sharply at the open before rallying into the close to finish down 55 points (-0.16%). Fed meeting minutes and geopolitical tensions were the talking points for the night. SPI Futures are pointing to a slightly positive open for Australian markets, up three points (+0.04%). Catch up on the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 3.
- Dow down 0.16% in rally post Fed Minutes.
- Nasdaq down 0.11%. No move from Putin.
- Commodities higher. Oil up 1.6% Iron bouncing back 3%.
- Gold up 0.8%.
- Results in focus. TLS, WES, SGR
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- The ASX 200 rallied 78 points to 7285 (+1.1%) on better sentiment from the US. It was once again all about results, as CSL and TWE set the scene as good numbers dropped with beats to guidance, CSL up 8.5% and TWE up 11.7% and talking raising prices for premium brands. Iron ore stocks continued to be in the doghouse as Dalian futures remained weak ahead of a crucial meeting tomorrow between authorities and the iron ore players in China. BHP fell 1.8% and FMG with results today fell 2.0% on a cut to dividends. RIO steady. Lithium had a revival after LTR announced a deal with Tesla rising 18.0% and a good lead-in from Albemarle. PLS up 3.7% and MIN bouncing back 1.8%. Gold miners slipped slightly with EVN numbers out today, rising 1.8%.
- Energy stocks under a smidge of pressure after oil falls, STO fell 2.8% on full-year results, WPL down 0.4%. In the banks, another positive day with CBA ex-dividend today accounting for 9 points. NAB up 0.7% and ANZ bouncing 1.1%. MQG rallying 1.6% with wealth platforms being whacked hard, NWL down 9.8% and PPS down 11.1%. Industrials firmed ALL up 2.1% and BXB eased on denial of rumours of barbarians at the gate. Healthcare was better led by CSL with COH up 2.3%, RMD up 2.2% bouncing back.
- In corporate news, plenty around NEA rising 8.6% on good numbers. SGF up 14.1% on a record number, AVZ up 10.3% on a US$240m investment with CATH. GMA rose 6.4% as Ares Management took a near 15% stake. Nothing on the economic front with Chinese PPI easing the highlight. Asian markets firm with Japan up 1.7% and China up 0.7%.
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The Dow Jones was up 423 points (+1.22%) overnight as signs of easing tensions between Russia and Ukraine saw US markets rally. US inflation was back in the spotlight with PPI numbers overnight. SPI Futures are pointing towards a firm open, up 71 points (+1%) this morning. Results dominating headlines for Australian markets again, with CSL and FMG some of the names to look out for. Get up to speed on the all the latest with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 71 points.
- Dow rallies 1.2% Nasdaq up 2.55%.
- Oil slides 3.3%. Gold off 0.7%.
- Iron ore falls 8.8% in Asia yesterday. Base metals better.
- CSL, TWE results.
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- The ASX 200 closed down 37 points at 7207 (0.5%) as banks and miners sagged. Iron ore futures in Asia under pressure, BHP reports record numbers but falls 0.3%, FMG down 5.1% and RIO off 2.3%. Lithium miners remain depressed, PLS down 2.0% and MIN off 5.3%. Gold miners holding firm after big run yesterday. NCM down 0.3% and EVN off 0.5%. Base metals also under pressure with energy stocks running out of gas, WPL down 2.5% and STO down 4.2%. BPT reversed all engines after good gains yesterday falling 10.5%. Banks were weaker with the Big Bank Basket at $180.78. WBC fell 3.4% giving up the gains from yesterday and ANZ down 1.4% but NAB holding steady.
- Industrials were better, BXB jumped 6.2% on takeover rumours, COL up 1.4% and WOW better by 1.1%. Healthcare still in ICU with CSL at two-year lows down another 0.2%. RMD taking a hit down 4.6%. Tech flat but SQ2 up 4.2% on Block moves in US.
- In corporate news, results, results, results dominated. SGM was a standout rising 13.7% on dividends and buy back, SEK did well on its numbers, up 6.1%, SWM slipped despite decent numbers.
- On the economic front RBA minutes out and backed up the patience on rates mantra. We do not have 7.5% inflation that the US has, and Lowe is in no hurry. Consumer confidence bounces back. Asian markets mixed, HK down 0.7%, Japan down 0.6% and China up 0.9%. 10-year yields pushing higher again to 2.18%
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Tech lead the way in the US while bond curves flattened. A tough session for the Dow Jones down 171 (-0.49%) barely touching positive territory but finishing well off lows. SPI Futures are pointing to a soft open down 64 (-0.9%) this morning, but the big focus for Australian markets today are results to come from BHP. Get up to speed on all the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 64. Russia and inflation dominate.
- Dow down 0.49% off lows. Nasdaq unchanged.
- Oil up another 2.2% Gold up 1.5%
- Base metals slightly higher.
- BHP beats forecasts and US$150 div. Results focus.
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- The ASX 200 closed up 27 points at 7244 (0.4). Good result considering US moves on Friday. Gold was the place to be today as the bullion price broke higher on Ukraine concerns. EVN rose 7.9%, NCM up 4.3% and NST up 5.9%. Lithium stocks tumbled as the white powder is losing its allure for now. PLS down 5.6% and MIN off 3.8%. Iron ore stocks also easier with BHP down 1.1% with results due tomorrow. Dalian futures slid hurting the sector. Energy stocks also in demand as oil pushing towards US$100. STO up 4.0%, WPL up 3.6% and BPT up 9.4% on results. Banks were the other winners today as CBA rose 1.5% and WBC the star up 4.8%. The Big Bank Basket rose to $182.55 (2%). Healthcare in ICU as CSL fell 2.0% on US collection issues. FPH down 3.3% and COH down 0.7%.
- Industrials firm but unspectacular, TLS up 1.0%, WES up 2.0% with COL up 1.1%. Tech mixed, WTC up 1.2% and XRO down 1.5%.
- In corporate news, plenty of results, JBH up 5.4% on good online sales, CAR flat on its results and CWN up 2.0% as the board agrees to Blackstone bid. Nothing on the economic front today. Big week of results beckon. Asian markets ease on HK woes. Japan down 2.2%, China down 0.7% and HK off 1.3%.
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Happy Valentines Day!
The Russia/Ukraine situation will be headlining the coming week with the potential to derail markets on the back of the hot US CPI. This morning SPI Futures are down 33 points (-0.46%) with results from Carsales.com, JB Hi-Fi, and Bendigo Bank kicking off the week. Catch up on all the latest over the weekend and for the day ahead.
- ASX 200 SPI Futures down 33 points.
- Dow falls 1.4% Nasdaq down 2.8% on Ukraine uncertainty.
- Base metals fall with copper down 3.%
- Oil up 3.3%. Gold firms.
- Iron ore down 2.3%.
- Results in focus - BEN GPT CSL SPP results.
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The ASX 200 finishes the week down 71 points at 7217 (1.0%). Sloppy start and no real bounce on US falls after CPI. Finished weak too. Banks were mixed with CBA sagging slightly down 2.2% and the Big Bank Basket flat at $178.99. NAB getting more good press. MQG tried valiantly and failed to bounce after some days of losses as MFG fell 4.9% on a $5.5bn drop in FUM post Hamish stepping down. Insurers better with IAG results helping. Healthcare soggy with CSL still struggling down 2.1%, FPH down 4.1% and SHL off 1.8%. REITS also under pressure as 10-year yields once again pushed higher and higher. GMG fell 3.9%. Supply chain issues.
Industrials weaker across the board with a special mention to Tech which suffered from Nadsaq woes. SQ2 fell 6.7%, WTC off 3.4% and XRO heading south by 4.5%. The All-Tech Index dropped 3.0%. Iron ore miners though doing well as Asian futures up around 3% plus. BHP rose 1.2%, RIO up 2.9% and FMG doing well up 2.7%. MGX joining in the fun rising 10.3%. Elsewhere in the miners, things not quite so strong, PLS down 4.2%, MIN down 2.6% again and IGO off 1.9%. Oil stocks were firm but uninspiring.
In corporate news, a big surprise from BOC up 122.5% after a report the Panguna mine could be reopened after a landowners meeting. WES down 1.1% despite ACCC approval to go into the chemist business. Asian markets were surprisingly better, Japan up 0.4%, China up 0.3% and HK unchanged despite a big rise in CV19 cases.
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US stocks slipped overnight with inflation hitting 7.5%, traders now leaning toward 50bps Fed hike. US 10-year bond yields rose to their highest levels since August 2019. SPI Futures pointing to a tough day down 55 points (-0.77%) this morning. Catch up on all the latest news with Henry's Breakfast Briefing.
- ASX 200 SPI Futures down 55
- Dow falls 1.5% Nasdaq off 2.1%
- US inflation hits 7.5% highest since 1982
- Commodities firm.
- Oil eases. Gold slightly higher
- Iron ore up 4.8%
- Results the focus.
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- The ASX 200 closes up 20 points to 7289 (0.3%). Strong start on NAB results evaporates as US CPI in focus. NAB results positive firing up the sector again with the Big Bank Basket up to $180.78 (1.7%). NAB rose 4.5%. MQG still under some pressure post result down 2.2%. MFG rallying a little despite platform woes. Insurers under pressure with QBE down 1.0% and SUN off 1.9%. Industrials flat with COL down 1.4% and WOW off 0.7%. Travel stocks mixed, QAN down 2.4% more flights more expensive fuel perhaps? WEB and FLT mixed. Tech stocks doing ok with SQ2 the stand-out up 9.7% as Block rallied in US. The All-Tech Index up 1.0%.
- Miners were mixed BHP down 0.1% and FMG rising 4.0%. Lithium stocks firmed with PLS up 1.2% and MIN bouncing back 3.6%. Gold miners going nowhere and energy stocks losing some oomph with STO down 0.9% and WPL off 1.0%.
- In corporate news, NAB was the stand-out with better than expected results. CIM dropped 7.1% on plenty of work but not plenty of profit. ASX lost 3.8% and a CEO for no reason. NST down 0.5% on its results. Not much on the economic front with US CPI tonight. Asian stocks Japan up 0.3% and China down 0.5%. 10-year yields steady at 2.09%
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The US stock rally gains steam with the Nasdaq up 296 points (+2.1%) overnight. SPI Futures are pointing towards another positive day for the ASX, up 41 points (+0.57%), but it’s all about results again today, so tune in to Henry’s Breakfast Briefing to catch up on the latest news.
- ASX 200 SPI Futures up 41.
- US markets rally. Dow up 0.9%
- Nasdaq up 2.1%.
- Oil firms. Gold rallies. Iron ore falls slightly.
- Base metals ease.
- NAB and many more results.
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- The ASX 200 was buoyant today up 81 points to 7268 (1.1%). CBA results set the scene. $2bn buyback, $4.7bn cash profit and dividend 175c. Not bad, Stock up 5.6% dragging the other four banks higher. CBA was 26 index points alone. The Big Bank Basket rose to $177.75 (4.0%). Insurers rose but MQG gave back some gains falling 1.9% as brokers knocked the tallest poppy.
- Industrials back in fashion as tech roared back. WTC up 4.8% CPU smashing it up 11.2% and XRO up 3.5%. The All-Tech Index climbed 3.8%. SQ2 missed out a little up only 1.4%. REA and SEK bounced back, WES better by 1.8%, GMG up 1.2%, TCL up 2.4% and SYD finished up today. It is no more. Healthcare mixed, CSL down 0.9% with other better, SHL up 2.2%, FPH up 2.4%. Mining stocks under pressure. Iron ore stocks feeling unloved as Chinese authorities talk down iron ore prices and speculation. BHP lost 1.7% and FMG down 3.6%. MIN tumbled on very disappointing results, other lithium stocks mixed, AKE up 2.8%, PLS up 1.8% and IGO up 1.7%. Energy stocks fell as oil came off the boil. WPL down0.9 % and STO off 1.3%.
- In corporate news, BAP fell 7.9% after results and denied media speculation of a takeover approach, TPW started the year well and results cheered with the stock up 9.7%. DGL also doing well on results up 10.0% as were CPU and DDR. PPH updated the market on an insider trading investigation falling 3.4% and IEL fell 3.1% after results. Nothing on the economic front as we await US CPI. Asian markets better. 10-year yields steady around 2.09%.
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US stocks resumed their rally overnight the Dow Jones finishing up 372 points (+1.06%). SPI Futures are pointing to a positive open up 18 points (+0.25%). CBA numbers this morning beat estimates while consumer dictionaries struggled with results season in full swing. Tune in to Henry's Breakfast Briefing to get up to speed on the latest news for the day.
- ASX 200 SPI Futures up 18
- CBA results beat estimates $2bn buyback.
- Dow rises 372 points (1.1%) Nasdaq up 179 Points (1.3%).
- Oil eases. Gold better.
- Iron ore pushing close to US$150.
- Commodities mixed.
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- The ASX 200 rallied hard today from the word go. The ASX 200 up 76 points to 7187 (1.1%). BHP was the stand-out up 3.7% as iron ore futures pushed higher on China stimulus hopes. BHP was 26 index points alone. FMG up 3.3% and RIO doing well up 2.2%. Other miners also recovering nicely, S32 up 1.0% and AWC up 1.5%. Oil and gas stocks modestly higher with WPL up 1.0%. Banks were the other big winners taking their cue from MQG up 3.9% on its record quarter and SUN up 5.5% on better numbers. ANZ saw some broker upgrades rising 1.5% and the Big Bank Basket up to $170.84. CSL bouncing 0.9% post the SPP finishing and dragging FPH higher and COH up 1.0%. Industrials a little more wishy washy with staples weaker, WOW off 1.6% and WES down 1.0%. TCL did well up 0.9% and REITS also better driven by positive results as GMG up 0.1% and SCP up 3.2% on good numbers. Tech under pressure as SQ2 fell 6.3% on the Block fall in the US, CPU also under pressure down 2.4%. The All-Tech Index fell 0.9%.
- In corporate news, MQG breaking records, SUN cut dividend but beat estimates, NAN rejigged its GE deal and fell 4.8% and PBH had their first punter in Pennsylvania, falling 4.2%. Must have lost.
- In economic news, business confidence fell slightly, and consumer confidence dropped below 100. 10-year yields smash through 2% to 2.09% as two-year yields rally hard too. Asian markets mixed, China down 2.1%, Japan up 0.3% and HK off 1.6%.
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A choppy session for the US saw the Dow finish almost unchanged up one point. SPI Futures are down 11 points (-0.16%) this morning, but results from MQG today might help push the market into positive territory. Catch up on everything you need to know this morning with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 11 MQG record quarter. SUN cuts dividend.
- Dow up 1 as late sell off hits. Nasdaq falls 82 points (0.6%) as Meta falls again.
- Commodities slightly better. Iron ore up 1.9%.
- Gold up 0.8%. Oil eases back 0.6%
- Results will dominate today.
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- 1.7The ASX 200 fought back from over 60 down to close down only 9 points at 7111 (0.13%). Miners were the star attraction as China returned from LNY. BHP rose 1.2% with FMG also doing well up 0.9% and base metal stocks pushing higher, ILU up 4.5% and S32 rallying 1.0%. Gold miners not doing much with energy better STO up 1.6% and WPL up 1.9%. Coal stocks also doing well with CRN up 7.6% with PDN up 1.4%. Banks were weaker after ANZ Q1 results, WBC up 0.2% building on last weeks update. CBA flat and NAB down 1.2%. The Big Bank Basket flat at $169.70 (0.5%). Healthcare under pressure as CSL pricing period coming to an end. The stock finishing down 1.6%, FPH off 1.7% and SHL falling 1.1%.
- Industrials mixed with staples slipping but travel stocks doing well as we finally allow double vaccinated visitors into Australia from Feb 21st. Tech stocks were mixed following Nasdaq gains, XRO up 0.5% and SQ2 up 3.1%. The All-Tech Index fell 0.2%.
- In corporate news, ANZ Q1 disappointed with the stock falling % on NIM pressures, GNC knocked the lights out with bumper crop talk rising 12.3% and CTT rose 21.8% as it signed a deal with JD.Com. MFG fell 11.2% after Hamish stepped down for personal reasons, Chris Mackay taking the reins. JHX showed us the strength of the US market with results rising 2.0%. In economic news, retail sales out today up 4.4% but job ads ease. Asian market back on stream after LNY with China up 1.7% and HK down 0.3%. Japan down 0.8%. 10-year yields close to 2%.
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The ASX 200 is set to open lower with the SPI Futures down 41 points this morning. US jobs numbers dominated the weekend news with better-than-expected non-farm payrolls for January. Results will headline Australian markets this week with ANZ, JHX, CPU and SCP reporting today.
- ASX 200 SPI Futures down 41.
- Dow falls 21 (o.06%) Nasdaq up 219 (1.6%)
- Oil up 2.4% Gold slightly higher.
- Commodities firm.
- US jobs data beats expectation by a mile. Increased pressure on the Fed.
- ANZ Q1 and JHX ups guidance. GNC looking good on bumper crop.
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- The ASX 200 shrugged off the latest tech wreck from Meta and focused on Amazon and the better futures finishing up 42 points to 7120 (0.6%). A relatively quiet day until a massive late surge on the match out as we await the US jobs number and start to digest the results in more detail. Banks were mixed with WBC up on broker comments and the big bank basket kicked higher to $170.62 (0.7%). MQG bounced 1.5% ahead of numbers next week though limited recovery in the wealth managers. JHG numbers not moving he dial much, falling 0.8%. Miners were mixed as BHP fell 0.5% and FMG rose 1.0% with lithium stocks turning positive late. S32 up 3.3% the stand-out. Energy doing ok on oil prices but muted, STO up 1.0% and WPL up1.1 %.
- Industrials were flat and CSL finishing the SPP pricing period rising 0.5%. Last day Monday and then it closes. ALL rose 0.8% as the Playtech deal came up lemons, SEK down 3.8% and QAN rising 4.9% as Joyce talked WA closures.
- In corporate news, NWS shot the lights out with good results up 5.7% and REA delivered but fell slightly down 0.4%. BLD fell 2.1% after the price was adjusted for the capital return. The RBA releases the SoMP today, the statement of monetary policy and was greeted with a bit a bounce in 10-year yields up to 1.96%.
- Asian market starting to come back online with HK the standout. Winter Olympics opens tonight. 150k jobs in January the US number to watch 3.9% the headline rate.
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US markets stumbled overnight on the back of Meta's 25% fall. SPI Futures are down 78 points (-1.12%) this morning, but some good results for Amazon, Pinterest and Snap might steady the market. Catch up on today's news with Henry's Breakfast Briefing.
- ASX 200 SPI futures down 78 points.
- Dow falls 1.45%. Nasdaq down 3.7%. Meta down 26%
- Amazon up strongly after hours on results.
- Commodities steady. Oil better up 1.8%
- Gold eases and iron ore slightly higher
- BoE raise rates. ECB says risks to the upside on inflation.
- NWS results.
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- The ASX 200 down modestly by 10 points to 7072 (-0.14%). Tech stocks got pummelled following the Facebook fiasco. Should never have changed its name. Meta got thumped after hours and the US tech sector futures led ours lower. SQ2 flopped 9.8%, WTC down 8.0% and XRO off 5.0%. The All Tech Index dropped 4.3%. Heavy losses across the sector. Industrials went nowhere, CSL gave back some strength falling 1.9% as the VWAP pricing period enters the final days.
- Banks were mixed after WBC Q1 update, the surprise was no surprises. NIM under pressure but some restructuring and soothing words on cost-cutting was enough to satisfy the bulls. The stock rallied 2.3% as CBA came under a little pressure falling 1.4% ahead of its results. MQG dropped 1.5% with insurers doing ok. Some fund managers doing it tough today, MFG dropped 7.5% as Hamish fronted a conference wearing his hair shirt. The falling Meta not helping his cause as MFG are big holders. AEF also on the nose falling another 7.5% and HUB down 7.8%. Miners supplied some strength as iron ore plays continued to find buyers, BHP up 3.1% and RIO rallying 2.4%, FMG up 3.3%. Lithium stocks eased back again as risk appetite waned. Energy mixed.
- In corporate news, NCK rose 1.0% on a business update, CTT crashed 21.2% on a dip into the red on increased sales of $1000 shirts. NUF showed strength in the Ag space rising 1.0% on an update and OPH 3.8% higher on an investor update. SYD say yes to takeover. On the economic front, Building approvals for December rose 8.2% well ahead of forecasts of a 1% fall.
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US stocks were up overnight, with early weakness overcome in a late rally into the close. SPI Futures are up seven points (+0.10%). US results season is in full swing, with some mixed results coming through for big US tech companies. Catch up on the latest news with Henry's Breakfast Briefing.
- ASX 200 SPI Futures up 7 points.
- Dow up 224 (0.6%) NASDAQ up 72 (0.5%).
- US futures
- Meta craters 21% after hours.
- Spotify down heavily after hours.
- PayPal hammered 24.6%
- Commodities slightly firmer. Oil up 0.3% Gold up 0.5%
- WBC numbers out early. Look ok.
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- The ASX 200 jumped out of the blocks and held up 82 points to 7088 (+1.2%). The US results helping sentiment after hours. RBA takes rate rise off the table and Lowe knows how much a litre of milk costs. The two driving sectors today were the banks with the Big Bank Basket up to $170.10 (0.95%) ahead of WBC update tomorrow. CBA up 0.9% and MQG doing well up 2.0%. Insurers also in favour with QBE up 3.1% and money managers doing well. MFG up 2.5% and PDL rising 0.6%. The other big winners were the iron ore miners as Port Hedland gets an upgrade with no price action in Asia, BHP rose 1.6% and RIO up 2.3% despite recent culture report. FMG rose 2.5% and base metals and energy chipped in too. PLS up 4.6%, MIN up 2.2% and STO rising 2.9%.
- Industrials were firm although pockets of red. SQ2 fell 5.6% despite Block pushing higher in normal trade before falling after hours in sympathy with PayPal. The All-Tech Index rose slightly up 0.7%. CPU is now the biggest holding at 10% in the index. CPU up 4.6%.
- In corporate news, AMC first big cab off the rank. Struggled as cost pressures highlighted down 3.5% on results. BET had a great rebound on news of how the Tom Waterhouse collaboration is going, closing up 14.8%. BRN rallied another 6.3% on a US patent and GMA did well on an update up 4.0%. On the economic front, Phil Lowe was talking rates and rises at the Press Club. No surprises. Patience is the mantra. US futures doing better on after hour tech results. 10-year yield steady at 1.90% AUD steady at 71.33c on Lowe.
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The ASX 200 is set for another positive open, with SPI Futures up 55 points. US stocks continued to rally overnight as some big company results begin to filter through in the US results season. Get up to speed on the latest news with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures up 55.
- Dow up 273 (0.8%) Nasdaq up 0.8%. Results after hours positive.
- Alphabet stock split and beats forecasts. Up 7.8%
- PayPal falls 17% on results. Block down 5% after hours.
- Commodities better. Oil steady ahead of OPEC.
- Gold up 0.3% AUD 71.30c as USD falls.
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- The ASX 200 rallied up 34 points to 7006 (0.5%) post RBA announcement as it seems the central bank is in no hurry to raise rates. QE is dead. The meeting saw inflation revised higher but still too early to conclude whether it is nothing more than short term supply chain issues. The board is prepared to be patient. Enough to bring the buyers back. Although enthusiasm faded at close. Banks found support with the Big Bank Basket rising to $168.50. MQG also doing well and insurers enjoying a good day out at the beach. QBE up 2.3% and SUN up 1.6%. Money managers were also in demand, GQG rose 4.4% and MFG up 4.6%. Industrials firm but unspectacular, CSL up 0.5% RMD rising 2.3% and ALL up 1.4%. Consumer stocks modestly higher with tech the standout as SQ2 went hard up 6.1 as Block rallied in US. Z1P tried hard to hold double digit gains but succumbed eventually rising %. XRO up % and the All-Tech Index up 2.2%. Miners were in the doldrums as index rebalancing continued and BHP sagged 3.1% after holding up so well in the rout, money is now moving out of havens into growth tech. RIO down 2.4% and FMG off 0.7%. Lithium stocks stirring but need a push, PLS up 1.9% and MIN up 3.6%. Energy stocks better but still a little unloved all thing considered. Gold miners mixed.
- In corporate news, Kerry Stokes will be happy at BLD will be paying a large $3bn distribution from its ill-fated US adventure. The market seems happy with its failure and sale of assets. ABB warned on rising costs but appears to have convinced the market that all is still well only off 1.4%.
- Plenty happening on the economic front. RBA is playing a long game and doesn’t want to spook the horses, PM is talking LNP achievements in short speech and house prices continue to rise but peak looks in for the moment. 10-year yields down to 1.89%.
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The ASX is poised for a positive open, SPI Futures are up 42 (+0.61%). US markets rallied overnight, the DOW Jones up 406 (+1.17%), S&P 500 up 84 (+1.89%) and the NASDAQ up 469 (+3.41%). RBA interest rate decision later, expecting an end of quantitative easing. Get up to speed on all the latest news with Henry's Breakfast Briefing.
- ASX 200 SPI Futures up 42 points.
- Dow up 1.17%. Nasdaq booms back up 3.4%. VIX drops 9.7%.
- Tech in focus. Block up 10.8%
- Oil climbs 1.3%. Commodities mixed.
- RBA meeting beckons at 2.30pm.
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- The ASX 200 had a volatile session closing down 17 points to 6972 after erasing early falls but nervous ahead of RBA meeting tomorrow. Last day for quarterlies saw analysts busy, ANN earnings warning on cost pressures and margin contraction. The stock tumbled 14.3% but off early lows. Banks were soggy falling to $167.70 (2.2%) in the Big Bank Basket. MQG suffering falling 1.8% and REITs finding favour with GMG rising 1.1%. Tech was also in demand as SQ2 rose 8.1% on a good move in Block in US. XRO recovered 2.8% after being oversold. WTC also in demand up 4.9% and the All-Tech Index up 3.0%. Healthcare better with CSL rising 1.1%, RMD up 2.1% on broker upgrades. Industrials mostly positive, ALL up 1.5%, REH up 3.8% and DMP rose 3.9%.
- Miners mixed though despite iron ore gains, BHP lost 1.2% and RIO off 1.9%. FMG bucked the trend rising 2.2%. Gold miners mixed but energy stocks doing very well, STO up 1.6% and WPL up 0.9%.
- In corporate news, it was ANN that dominated with a warning for the sector perhaps, ARB gave a positive update rising 7.9% and today is the last day of the BHP DLC. RBA tomorrow. Asian markets closed for Lunar New Year. 10-year yields ease to 1.91%
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SPI Futures down 16 (-0.23%) this morning as the RBA is set to scrap quantitative easing and revise inflation in tomorrow's interest rate decision. US markets saw a bump on Friday night the S&P 500 up 105 (+2.43). Catch up on all the latest with Henry's Breakfast Briefing.
- ASX 200 down 16 points.
- US market finish week in another volatile session.
- Dow up 565 points (1.65%) Nasdaq up 3.13%
- Iron ore up 6.6% Gold down 0.47% Oil up 0.77%
- VGI to merge with RF1.
- RBA meeting tomorrow.
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- The ASX 200 closed up 150 points (2.2%) after a strong start and then a flop before gathering and pushing up to 6988 as bargain hunters emerged with book squaring too. We finished the week down 2.6%. Across the board gains with iron ore miners the standout. BHP up 2.7%, RIO up 4.1% and GRR up 4.0%. CIA had a good day rising 8.8% on broker upgrades. Resources back in favour in lithium stocks too as bargain hunters scooped up stocks ahead of the weekend. PLS up 2.0%, VUL up 4.4% and MCR doing well up 0.9% on a broker piece. Energy stock managed to eke out a rise too given oil was slightly weaker, gold miners sloppy, in AUD terms gold was unchanged but damage done yesterday. RSG rose 7.3%, NCM slid 6.4% on its quarterly production issues.
- Industrials firmed led by CSL up 3.2% in the healthcare sector. RMD flat after some positive numbers for Q4 today. SHL and RHC up with industrials like TLS and SEK doing well. Consumer stocks saw gains, WOW up 3.5% and COL rising 5.0%. Banks too in demand with the Big Bank Basket at $171.42 (1.9%). MQG gained 4.0% and ASX is relishing the extra volatility and volumes for equities and derivatives. The stock up 2.9%. Tech rose although SQ2 fell into a hole of 1.0% as Apple iPhones look set to double as merchant payment platforms. Is there anything that an iPhone cannot do. The All-Tech Index rose 2.4%. In company news today, more quarterlies, block trade in MYR thought to be Solly buying more and NCM having some production issues.
- In economic news, PPI rose 1.3%, to be up 3.7% over the year. Asian markets slightly better with Japan up 2.0%, China flat and HK down 0.8% and 10-year yields slip to 1.95%.
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A tech stock sell-off in the US as the Dow closes down seven points. SPI Futures pointing towards a positive open up 101 points. Catch up on the latest news with Henry's Breakfast Briefing.
- ASX 200 SPI Futures up 101.
- US markets volatile again. Dow closes down 0.02%
- Nasdaq down 1.4%. Apple beats forecasts after hours.
- Oil down 0.7%. Gold off 2% as USD rises.
- Commodities slightly weaker. RMD results Q4.
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- The ASX 200 fell 123 points to 6838 (-1.8%) as the correction becomes official. After a promising start the market got whacked from the twin forces of rising 10-year yields above 2% and the US futures turning down on the Fed press conference fall out. The taper tantrum is alive and well. From a 60 rally to a 160 fall today, it was once again vicious as sellers ambushed the market with the Big Bank Basket falling modestly to $168.26 (-0.9%) and other financials also under pressure. MQG off 3.1% and NWL down 4.2%. Healthcare was put into ICU today as CSL tumbled 3.5%. The SPP closes 7th February and has a discount to VWAP option which is now looking interesting. SHL fell 2.1% and RMD off 3.9%.
- Industrials across the board felt the brunt of the selling, WES down 3.7%, TCL down 4.0% as bond yields rose above 2%, TLS down 1.3% and REITs in a hole, GMG off 3.7%. Even boring consumer staples struggled, COL down 3.1% and WOW falling 2.1%. Tech under serious pressure as WTC fell 9.9% and SQ2 continued to fall down another 5.4% with the Index down 5.1%. In resources, iron ore majors held up, BHP up 1.4% and RIO up 2.1% but gold miners not so lucky getting smashed with EVN down 11.3% and NST off 8.2%. Looks a little overdone considering the bullion move. It is sell first ask questions later. Quarterlies didn’t help matters. Lithium stocks remain depressed, PLS down 2.8% and MIN off 5.6%.
- Energy stocks a rare patch of green with STO up 3.6% and WPL better by 2.5% despite a Myanmar withdrawal and a $300m write off.
- In corporate news, PMV updated the market on its success in ‘Smiggling’ the world up 2.1% and KGN revealed it was having a tough time making money. Again down 12.3%. GMA got a boost from renewing its CBA contract for mortgage insurance, rising 13.8%. That might come in handy if rates rise. HPG became LoPages after a quarterly update sent the shares down 16.0% and PLT lived up to its name on a positive quarterly up 8.3%. On the economic front, NZ inflation growing at fastest rates in 31 years. Asian markets down heavily. 10 year yields up to 2.02%
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ASX SPI Futures down 26.
US markets volatile on FOMC meeting and Powell press conference.
Dow down 0.4% Nasdaq unchanged.
Commodities gain. Oil hits US$90.
Gold eases back 1.2%. Iron ore up 0.2%
Quarterlies and updates dominate.
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- The ASX 200 crumbled 178 points to 6962 ahead of the Australia Day holiday and anticipating more volatility in US markets as FOMC kicks off. CPI kicked higher on fuel and housing and left a giant hole in market sentiment. Banks were hit hard with the Big Bank Basket melting to $169.78 (-2.5%) and other financials also in the doghouse. QBE down 4.5%, IAG off 2.5% and MQG down 2.3%. Platform stocks also under pressure with NWL down 2.8% and HUB off 2.0%. Healthcare too was under pressure led lower by CSL down 1.6% and SHL falling 2.5%.
- Industrials sold off heavily across the board, TCL down 1.6%, REA down 2.6%, XRO kicked 3.5% lower and WOW off 1.7%. REITs also under some pressure, GMG falling 2.4% and CHC whacked 6.2%. Tech stocks inevitably hit with SQ2 down 4.2% and XRO heading down 3.5%. In miners, it was once again the lithium players that were depressed. It has been a huge run and inevitable some of the more leverage punters would be forced to liquidate whatever they had. PLS down 6.3% AKE off 7.7% and MIN falling 7.5% all stand outs for the wrong reasons. Iron ore miners held up a little better but BHP still down 1.3% and RIO down 0.8% despite a win with the Oyu Tolgoi project in Mongolia. Energy stocks eased with STO down 4.8% and WPL dropping heavily off 4.0%.
- In company news, CDA surprised the market with a very positive update rising 16.9%, FMG production report showed a bigger discount to 62% fines and the stock fell 5.0%. A2M saw a 7.1% rise after some takeover rumours swirled and WAF dropped 16.9% on Burkina Faso updates following a military coup.
- On the economic front it was all about the CPI and fuel and housing price rises. With the headline at 3.5% the RBA will be challenged on the pace of rate normalisation here. Market very skittish on this. The AUD slipping to 71.42c. Asian markets weak as Lunar New Year beckons, Japan down 2.0%, HK off 1.2% and China down 0.8%. 10-year yields up to 1.95%.
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US markets staged an emphatic recovery overnight, with the Dow down more than 1100 points at one stage, only to close 99 points higher. Didn’t help the SPI Futures all that much however, down 92 points heading into today’s session. Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI Futures down 92 points.
- Dow stages 1200 point rally off lows closing up 99 points.
- Nasdaq up 86 points. VIX up 4.1%
- Commodities ease back. Nickel down 6.8%
- Gold up 0.5% Oil off 1.8% IO down 2.7%
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- The ASX down 36 points to 7140 (0.5%). The market went into pause mode today after initial drops as we await the FOMC this week. Slightly complicated by Australia Day holidays. Mining stocks were on the nose as iron ore stocks fell, BHP down 0.2%, FMG fell 2.0% after a UK takeover and RIO down 0.7%.
- Lithium stocks were once again depressed, PLS off 2.5%, MIN down 3.5% and IGO falling 1.0% but second liners under more pressure with LTR falling 6.8%. Gold miners fell in sympathy as bullion remains firm in AUD terms, RRL dived 14.3% on an incident with the mine and a lowering of production guidance. Energy stocks waned too STO down 0.1% and WPL down 0.2%. CVN fell another 8.8% after Buffalo -10 was a duster. Industrials were mixed as some defensives managed to eke out some gains, GMG up 3.5%, COL better by 1.2% and DMP up 2.5%. Healthcare flopped CSL down 0.7% and Banks and financials eased back with the Big Bank Basket down to $174.18 (0.3%). MQG down 0.4% and insurers eased back. Tech once again weaker as SQ2 fell 3.6% and CPU down 2.4%.
- In company news, ADH plunged 21.5% on an earnings update, UWL rose 9.3% on potential acquirers coming forward, ASM up 2.1% as a Korean consortium completes its DD. On the economic front, Australia’s private sector shrank for the first time in four months, Asian markets were mixed and holding with the 10-year yields up to 1.93%.
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US markets gave up solid early gains overnight, diving sharply into the close. The Dow was up more than 460 points but closed down 313, whilst the range was more than 800 points - not signs of a healthy market. No need to panic though, with Henry in your corner with his Breakfast Briefing.
- ASX SPI Futures down 49 points.
- US markets fall hard again.
- Dow down 450 points (1.3%) Nasdaq down 2.7%
- Oil slips slightly. Gold off $10. Commodities hold up relatively well.
- Iron ore up 2.8% FOMC this week.
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- The ASX 200 collapsed today as both resources and banks suffered heavy losses. The ASX 200 fell 167 points to 7176 (2.3%) below support and the bottom of the recent trading channel. Largest loss in a year. Banks were struck down hard with the Big Bank Basket down to $174.78 (-1.3%) led by CBA off 1.3%, WBC down 0.6% and MQG down 3.8%. Insurers whacked with QBE down 2.2% and SUN off 1.9%. Big falls too in wealth managers and platforms, MFG down 3.9% and NWL falling 6.0%. Healthcare also on the nose as nowhere to hide, CSL down 2.5% and now well and truly under water, SHL down 3.1% and RMD falling 1.7%.
- Industrials were walloped, WES down 2.3%, TLS down 1.5% and REA hit 3.6%. REITs fell too despite 10-year yields down at 1.90%. Tech smashed with CPU down 2.3%, BRN off 11.6% and MP1 down 4.4%. SQ2 fell 2.3% with the All-Tech Index down 3.0%. Resources though which have held up for so long capitulated after the BHP vote with the stock falling 4.8%, RIO saw Novax retribution and fell 4.1%, FMG down 2.1% and lithium shares depressed. PLS off 6.1% and MIN off 3.1%. Rare earths also in trouble, LYC down 7.5% and base metals off to despite price rises on the LME. Oil was weaker in Asian trade dragging down WPL by2.4 % and STO by 2.6%.
- In company news, WHC warned of the effects on production of La Nina falling 6.10%, NXL disappointed yet again, when will investors learn, and dropped 22.8%. In economic news, ANZ jumped on the RBA ‘will shake things up’ band wagon after such good unemployment numbers yesterday. Nothing on the economic front, Asian markets flop Japan down 1.9%, HK down 0.8% and China off a similar amount. 10-year yields fall to 1.9%
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- ASX 200 SPI Futures down 66 points.
- US markets gave up good gains as tech sell continues.
- Dow down 0.9%. Nasdaq down 1.3%.
- Netflix falls 18% after hours on results.
- Peloton down 24%.
- Commodities firm. Oil steady. Gold steady.
- Iron ore up 2.7% BHP vote says yes.
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- The ASX rose 10 points to 7342 (0.14%) as resources rallied hard and banks and industrials flopped. Good recovery BHP vote tonight. The Big Bank Basket fell again to $177.00 (1%) with NAB down 1.3%, CBA off 0.7% and MQG also under pressure down 0.6%. MFG managed some gains but was a rare patch of green. Insurers fell with MPL down 3.2%, SUN off 1.5% and ASX falling 2.0%.
- Industrials slid slightly with bond proxies under some pressure, GMG down 0.3%, SCG off 1.3%. TLS fell 1.0%, other defensives slid with WOW down 0.9%, ALL off 0.9% and TCL falling 0.8%. In the best of times, miners leapt, BHP up 3.1% ahead of the vote tonight, FMG up 4.7% and lithium and gold miners rallied hard. NST up 11.2% on production report, PLS up 2.2%, MIN up 2.8% and IGO doing well up 4.1%. Energy stocks were also hot to trot on continued oil price rises despite Joe Biden trying valiantly to talk oil prices down. WPL up 1.5% and STO up 0.8% on production numbers. Junior gold explorers also in the buyer’s sights, CMM up 6.3%, RMS up 5.8% and DEG up 7.5%. Tech stocks under a little pressure, SQ2 made its debut today falling 0.4%, WTC down 0.1% and XRO sliding 0.3%. The All-Tech Index down 0.9%.
- In corporate news, VRT got a new bid up 7.6%, production reports a plenty. GPT saw some leadership changes down 1.5%.
- On the economic front, unemployment fell again making life a little more uncomfortable for the RBA next month. 4.2% unemployment is the equal fourth lowest since 1978. And we have emergency rate settings. That will change. In Asia, China pledged more stimulus for the economy, Japan up 1.3%, HK up 2.3% and China up 1.1%
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- ASX 200 SPI Futures up 10 points.
- US markets volatily. Dow down 1% Nasdaq down 1.15% now in correction officially.
- Commodities very firm. Oil up 1%. Gold up 1.7%. IO up 2.3%.
- Base metals better. Nickel the stand out up 4.9%.
- SQ2 begin trade today. APT no more. BHP Vote.
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- ASX 200 SPI Futures down 66
- Dow falls 1.5% Nasdaq sold off heavily down 2.6%
- Goldman Sachs drops 7% on a profit miss and rising costs.
- US 10-year yields rise again.
- MS buys Activision for $69bn.
- Oil at seven year highs. Iron ore up 2.7%.
- Gold down slightly. Base metals mixed.
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The ASX fell 76 points to close at 7333 (1.0%) after trying valiantly to rally at lunch, giving up the ghost as the US futures markets turned south. Banks weighed heavily with CBA down 1.5% NAB off 1.2% and MQG falling 3.7% in sympathy with Goldman Sachs. The Big Bank Basket fell to $178.20. Insurers were relatively unchanged despite 10-year yields hitting 2%. Fund managers also on the nose with MFG down 0.9%, PNI down 4.1% and ASX off 2.1%. Healthcare in casualty as CSL fell below the SPP price down 1.2%, RHC down 1.8%, RMD off 4.4% and FPH down 3.1%.
Industrials also falling although less aggressively. WES fell 1.0%, TLS down 1.6%, TCL off 1.5% and RWC down 4.0%. Tech falling again as Nasdaq fell hard, APT down 2.2%, XRO down 2.4% and the All-Tech Index off 1.7%. MP1 was a casualty today of a business update crashing 16.2%. Miners staggered as lithium ran out of puff, PLS down 3.9%, AKE down 6.9% on a broker, iron ore miners were off with FMG falling 1.5% and BHP hanging in ahead of the crucial vote. Energy stocks rallying hard as the oil price continues to hold firm. STO up 1.8% and WPL up 0.9%.
In corporate news, BRN announced a US patent rising 14.5%, HUB up 2.1% on a FUM update. In economic news, the Westpac-Melbourne Institute Index of Consumer Sentiment fell by 2.0% to 102.2 in January from 104.3 in December. Asian markets weaker with Japan down 2.4%, HK managed to stay flat and China off 0.6%.
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- The ASX fell 9 points to 7409 (0.1%) in cautious trade, flip flopping around from positive to negative as banks fell in the PM session. The Big Bank Basket fell to $180.36 (0.2%) with CBA leading the falls as a broker downgrade, the stock off 0.4% with NAB also down 0.1%. MQG joined in the slight sell off falling 0.4% and insurers also slid, MPL down 2.3% and IAG down 1.6%. Healthcare too under a little pressure as CSL slipped 1.6% towards the SPP price, COH down 1.6% and FPH off 1.3%.
- Industrials mixed, WES down 0.4%, ALL down 1.1% and TLS better by 0.2% with REITs unchanged. Tech was slightly better despite APT falling 0.7%. The All-Tech Index up 0.6%. In the miners, BHP rose 1.2% ahead of the crucial vote, whilst energy and base metal stock went sideways. Lithium remained in demand following a quarterly report from AKE and RIO had their quarterly today.
- In other corporate news, JBH showed its category killing power with a decent trading update moving 6.9% higher and DTL also doing well up 14.5% on a strong 1HFY22. The RBL burst today after a nasty business update with margins under pressure and sales of masks down, the stock tumbled 22.4% and IKE rallied 17.7% on its trading update although as usual volume was light.
- On the economic front, consumer confidence not unexpectedly fell hard on omicron woes in early January and international arrivals and departures rose to levels not seen since March 2020. In Asia, Japan down 0.1%, Hong Kong down 0.1% and China up 1.1%. 10-year yields at 1.95%.
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ASX 200 SPI Futures up 22 points.
European markets firm.
US markets closed for MLK Day.
Nickel up 3.3%. Oil up 0.5%.
Gold slightly higher. Iron ore down 2.2%
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- The ASX 200 kicked 23 points higher in an afternoon rally closing at 7417 (0.3%). US markets closed tonight for Martin Luther King Day. Banks rose led by CBA up 0.3% and the Big Bank Basket up to $180.80. MQG strong again and fund managers doing well with MFG up 4.2%, PDL bouncing back 7.8% and PPS up 4.2%. Healthcare better with CSL up 0.8% and COH up 1.5%. Industrials too in demand after WES guidance in line with market forecasts, WES rose 2.6% and ALL up 2.5% with TLS pushing ahead again up 0.7%. Miners were slightly on the nose despite Chinese GDP coming in better than expected at 4% in the last quarter. BHP down 1.1% and FMG off 2.8%.
- Lithium stocks look to be topping out with PLS up 1.1% and MIN down 1.0 % with energy stocks in demand, STO up 1.0% and WPL up 1.7%. Gold miners slipped slightly with NCM off 1.2% and NST falling 2.2%. Tech better but about time, the All-Tech Index up 0.7%.
- In corporate news, WES talked the impacts of omicron on staffing and foot traffic PDL revealed a new chair, AEF updated FUM with a small rise and PGL quarterly report helped it move 13.8% higher. In economic news, dwelling approvals rose 3.6%. Asian markets better in the main. 10-year bonds on the move again with a 6bps rise to 1.91%. US markets closed for Martin Luther King Day tonight.
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US markets finished weaker on Friday night and SPI Futures were down 28 points at the Saturday morning close. Get up to speed with Henry's Breakfast Briefing.
ASX 200 SPI Futures up 28.
Dow falls 202 (0.6%) Nasdaq up (0.6%).
US Reporting season continues.
Oil sprints 2.9% ahead. Gold flat.
Base metals mixed. Iron ore down.
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- The ASX 200 stumbled 81 points lower to 7394 (1.1%) on weak overseas leads and tech under pressure here. Banks took flight with the Big Bank Basket down to $180.07 (1%) led lower by CBA down 1.2%, NAB down 0.6% and MQG down 1.0%. Insurers also eased with QBE down 1.0% and PDL down heavily on disappointing FUM numbers falling 15.8%. Healthcare slipped as CSL fell 2.0% SHL down 1.2% though RMD rose strongly up 3.6%. Industrials were weak across the board. WES fell 2.1%, GMG down 1.9%, WOW down 2.9% and REH off 2.5%.
- Tech in trouble, APT in allsorts as Block fell in the US, APT down 9.2% and XRO down 5.1%. The All-Tech Index fell 2.6%. Not a fun place to be. Meanwhile in resources, a breather today in lithium stocks and iron ore, BHP down 0.4%, RIO off 1.0% and PLS down 0.3%. Gold miners in demand NST up 1.1% and EVN up 0.3%. Energy stocks fell, STO down 1.4% and WPL off 0.3%.
- In corporate news, BRN had another good day following an announcement on funding from its put arrangements, well off highs though up 7.1%. In economic news, new job ads fell 3.2% on SEEK. Asian markets were weaker and 10-year yields were steady at 1.85%.
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- ASX 200 SPI Futures down 38 points.
- US markets under pressure. Dow down 0.5% Nasdaq down 2.5%
- Commodities mixed. Iron ore off 2.8%
- Gold down 0.6% Oil down 1%
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- The ASX 200 moved up 36 points to 7474 vas enthusiasm waned slightly. Resources were once again the place to be as iron ore hit a 3-month high and lithium stocks surged yet further ahead. BHP moved 3.8% ahead of the crucial vote next week, RIO up 4.1% and FMG up 2.5%. In the white powder stocks, PLS rose 4.2%, MIN up 3.0% as a double whammy winner and IGO rose 3.8%. Base metal stocks also in demand and energy stocks better with WPL up 2.3% and STO moving 1.6% higher.
- Gold miners were slightly weaker as NST fell 0.7% and NCM down 0.2%. Elsewhere the banks were firm but uninspiring as CBA rose 0.5% ahead of US bank reports. ANZ up 1.3% and the Big Bank Basket up to $181.82 (0.7%). Healthcare under the pump with CSL down 0.5% and SHL slipping 5.6%, industrials mixed, WES down 2.8% and TLS up 1.0%. Tech off led by APT down 1.3% and XRO off 1.7% as Nasdaq futures turned slightly lower.
- In corporate news, BWX fell hard down 15.1% on management changes, AXE pushed ahead 32.0% on some positive wafer news, CWN was the big story as Blackstone upped its bid to 1310c and the stock rose 8.8% although still trading below the bid.
- Nothing on the economic front today although more evidence of inflation as cattle slaughters significantly down on last season’s numbers. 10-year yields steady around 1.84%. In Asia, major markets lipped as Japan fell 0.9% and China off 0.6%.
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- ASX 200 SPI Futures down 3.
- US markets unphased by CPI at 7%.
- Dow up 0.1% Nasdaq up 0.2%.
- Commodities kick again. Copper and nickel stand outs.
- Iron ore above US$130 up 2.3%. Oil better by 1.1%.
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- The ASX rose 49 points to 7439 (0.7%). Some caution crept in ahead of US data. Banks were flat with the Big Bank Basket at $180.52. MQG bounced back from recent losses up 1.6%, ASX rose 1.9% though MFG eased 1.9%. Healthcare was mixed, CSL rose 1.9% but SHL down 0.9%.
- Industrials slightly better with WES up 0.6%, TLS up 2.0% and TPG up strongly by 5.0% on a broker upgrade. Tech slightly firmer led by APT up 4.8% as Block cheered on Spanish clearance.
- Resources were again the focal point. Iron ore miners firmed again as Asian iron ore prices rose, BHP up 1.1% with the vote on the DLC next week and possible radical index changes concentrated in one day. FMG slipped 1.1% on a broker downgrade, RIO rose 0.9% and lithium stocks were again in heaven, PLS up 1.7% and AKE up 4.2%. CXO has another good day up 13.7%. Even NMT went hard up 13.8%. Energy stocks also in demand as oil heads higher, KAR up 3.5% and STO up 3.6%.
- Gold miners also doing well, DEG up 3.6% and NCM rose 2.3%.
- In corporate news, LTR rose 5.2% after an offtake agreement with LG. Job vacancies rose again and Chinese CPI came in below estimates. 10-year yields eased again to 1.85%.
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- ASX 200 SPI Futures up 63.
- US markets rally hard on Fed chief comments on interest rates.
- Dow up 183 Nasdaq up 211.
- Oil up 3.5%. Nickel at 7 year high.
- Iron ore up 2.5% Gold up 1.3%
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- The ASX 200 slips 57 points to 7390(0.8%) as banks stumble lower. The Big Bank Basket fell to $180.67 down 1.2%. CBA led the rout with a loss of 1.5%. WBC fell 0.7% and MQG dropped 1.4%. MFG bucked the trend with a small gain of 2.7%. Insurers dropped with QBE down 1.3% as 10-year yields eased back to 1.89%. Healthcare also fell led lower by CSL down 0.7% and SHL off 0.6%.
- Industrials too succumbed to the selling pressure, COL down 2.5%, WOW down 2.1% and WES off 1.4%. TLS fell 1.0% and REITS on the nose despite some relief on yields. Tech held firm just but sense that the selling will kick back in, APT up 1.7% though XRO fell 1.0% and WTC falling 0.7%. The All-Tech Index down 0.7%. Mining stocks still the place to be. FMG up 2.3% and RIO doing better with gold miners slightly firmer, NCM up 0.8% and NST rallying 1.8%.
- Lithium stocks came off the boil with the exception of CXO which powered ahead 8.6%. In corporate news, PNV rose 25.2% after good US sales but patchy sales elsewhere. PBH rose 3.5% after news of NY operations, ING fell 6.0% after warning of the impact from omicron.
- Plenty of economic news around, retail sales soared in November but have probably crashed since, a fourth straight decline in the trade balance and consumer confidence fell 2.2%. Bond yields eased back, and Asian markets mixed. HK better but elsewhere Japan and China eased.
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- ASX 200 SPI Futures down 41 points.
- US markets stage a big turnaround with Nasdaq closing up after 2.7% falls.
- Gold slightly better. Oil off 1%.
- Iron ore down 1.5%. Base metals mixed.
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- The ASX clawed its way back to finish down 6 at 7447. After a negative start on tech woes, resources kept the index close to flat on thin holiday volumes. Iron ore miners led the gains with BHP up 2.4% and FMG rallying 1.3%. Lithium stocks were back in vogue as PLS piled on the points up 2%, MIN made minor gains up 2.7% and AKE up 0.8%. Energy stocks also in demand with WPL up 2.3%, STO up 0.7% and WHC rallying hard up 5.1%. Even AGL was stirring, up 8.6%.
- Industrials flat across the board with tech taking a hit. XRO down 2.8%, WTC down 2.7% and APT continued lower by 2.3%.
- Consumer stocks on the nose, WOW down 0.7%, DMP off 2.3% and WES off 2.3%. Healthcare under pressure again with CSL down 0.9% and RMD off 2.6%. Banks were mixed as CBA rose 0.7% and the Big Bank Basket up slightly to $182.91. MQG suffered after recent gains down 1.8% and MFG bucking up 6.7%. In corporate news, VGI rose 11.1% on takeover rumours.
- In economic news, building approvals up 3.6% slightly underwhelming against forecasts of 5%. 10-year yield up to 1.91%. Asian markets slightly higher.
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ASX 200 SPI Futures up 2 points.
US markets weaker. Nasdaq down 0.96%.
Oil slips, gold better and iron ore off 0.7%
Resource stocks in focus. Lithium especially.
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- The ASX 200 pushes 23 points higher to 7388 (0.3%) in thin listless trade as Xmas approaches. Banks led the market higher as the Big Bank Basket rose to $177.40 (0.44%) with CBA up 0.3% and NAB gaining 0.6%. MQG rose 0.6% and insurers also did well as bonds rose slightly. MFG saw a 5.2% rise after CIO goes on the charm offensive. Healthcare also doing well as CV19 cases soar in NSW and testing increases. CSL up 0.4%, SHL doing very well and RMD up 0.8%. Industrials were firm with WES up 0.5%, REH up 1.5% and TCL rising 0.6%. REITs firmed on defensive moves.
- Tech came under a little pressure as APT fell 2.4% and WTC dropped 2.6% on a sell down by the founder. The All-Tech Index fell 0.4%. Iron ore miners are a little out of favour as prices fell, BHP down 0.3% and FMG off 1.4%. Lithium stocks were again in demand as mergers overseas and broker upgrades helping sentiment. SYR knocked the ball out of the park with a 23.0% rise after an offtake agreement with Tesla and LYC firmed 1.8% on Chinese merger moves. Gold miners also in demand as bullion rose on a lower USD. NCM up 1.0% and NST gaining 0.2%.
- In corporate news, BET rose 7.0% after a deal for a partnership in Nevada. MFG released a video update from the CIO and BGA dropped 10.3% on supply chain issues in an update. Nothing on the economic front. NSW moves on masks and QR codes and some restrictions.
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US markets extend gains, putting the S&P 500 within shouting distance of its all-time high. SPI Futures are up 39 points and perhaps, just perhaps, the Santa Claus rally is on the way. At the very least, he seems to have taken over today’s Breakfast Briefing.
- ASX SPI 200 Futures up 39 points.
- Dow Jones up 261 (0.74%) Nasdaq up 181 (1.18%)
- Commodities better. Gold up 0.9%
- Iron ore down slightly. Oil up 1.7%
- Good US economic data helping a bounce back.
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- The ASX 200 meanders to 10 points gain to close at 7365 (0.13%). Volumes are drying up as we head into Xmas. Banks under a little pressure with the Big Bank Basket unchanged at $176.62. MFG still under pressure, down 3.1% but volatility diminishes. CHC has taken out 50% of Paradice making valuations interesting. CHC down 7.5% on the news. REITS slipped lower as GPT down 1.3% and MGR down 0.7%. Healthcare mixed, CSL, a standout again, up 1.2% and EBO up 4.2% and RMD up 1.4%.
- Industrials mixed, WOW and COL eased around 0.7%, ALL rose 1.1%, DMP steadied, and travel stocks pushed higher FLT up 2.1% on Omicron news. Tech stocks better led by APT up 5.4% and XRO rallying 2% with the All-Tech Index up 2%.
- Big iron ore miners pulled back, RIO down 2.0% after a South American lithium acquisition, BHP off 0.8% and FMG falling 1.8%. Gold miners fell and lithium stocks saw gains after a broker upgrade on commodity prices.
- In corporate news, LNK had a bid at 550c rising 15.0%, CHC bought 50% of Paradise, no paving and STP fell 34.9 % on a trading downdate. PPS rose 2.1% after selling its troubled international assets to Morningstar. Nothing on the economic front. Asia markets modestly weaker and 10-year yields back up to 1.60%
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US markets bounced overnight; Dow up 560 points, NASDAQ up 2.4%, oil up 3.7%. SPI Futures up 11 points, looking to build on yesterday’s 63-point gain. Get up to speed with Henry’s Breakfast Briefing.
- ASX SPI Futures up 11.
- US Markets bounce hard on renewed optimism on Biden's stimulus bill.
- Dow up 561 points (1.6%) Nasdaq up 360 (2.4%)
- Iron continues to rally. Commodities stronger.
- Oil up 3.7%.
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- The ASX 200 shrugs off negative start to push 63 points higher to 7355 (0.9%) in thin trade. The holy trinity of banks, healthcare and big miners driving the index higher. The Big Bank Basket rallied to $176.68 (0.4%) with MFG finding some support in very volatile trade, closing up 4.4%. MQG bounced slightly but insurers mixed, SUN down 1.4% and QBE off another 0.6%. Big iron ore miners were back in demand as iron ore prices rose again in Asia, BHP up 1.5%, FMG better by 1.7% and RIO rallying 3.2%. EV and lithium stocks eased back on the news that Manchin blocked the Biden Build Back Better Bill. News from PLS didn’t help on a production downgrade given staffing issues in WA, falling 9.1%. Some disappointment across the sector as VUL down 3.8% and IGO off 0.7%, with LTR also down 4.2%. Energy stocks gained on a bounce in energy prices, STO up 0.8% and WPL up 1.1%.
- Industrials firm but idle, TCL up 0.7% and WOW up 0.4%. Healthcare in demand as tests for Omicron soar, CSL bounces 4.9% with RHC up 3.1% and SHL better by 2.4%. CSL accounted for 20 points of the rise as sellers retreat. Tech stocks were mixed, APT down 1.1% and XRO up 2.6%, the All-Tech Index up 0.7%.
- In corporate news, ACL seems to a winner from CV testing up 12.2% on an update, FFX released some good results up 7.4% and MMM rose 20.9% after buying a Ready-to Heat company Chefgood. On the economic front, the RBA has released its minutes showing rates will not be going up before wages go up. Market liked that.10-year yields rise to 1.60% helping banks.
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US markets lost ground again overnight, with the S&P 500 suffering its worst three-session slide since September. It’s not all bad news though; SPI Futures are up six points, iron ore jumped 4%, and Henry is here to keep you entertained and informed with his Breakfast Briefing.
Dow down 433 points (-1.23%) although it closed near the session high; at worst down 700, at best down 143. S&P 500 -1.14% - third consecutive decline and biggest three-session selloff since September. NASDAQ -1.24%.
Renewed concerns about the spread of Omicron and the potential impacts on the global economy were the catalysts for the selloff. Lockdowns in Europe weighed, amid the reality that restrictions/lockdowns may become more widespread.
- ASX SPI Futures up 6 points.
- US markets fall again but off lows.
- Dow down 433 Nasdaq down 189 points.
- Commodities ease - oil down 2.7%
- Iron ore up 4.2%
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- The ASX 200 fell 12 points today to 7292 (0.2%) in listless trade. Better than the rest of Asia though. Plenty of risk coming off the Xmas table. Banks were softer after some recent gains, the Big Bank Basket eased to $175.99 (-0.4%) with MFG hurting the sector falling 33.0% after it confirmed that it had lost a substantial mandate. MQG also slipped slightly down 1.4%, and insurers mixed. Big miners and energy stocks were mixed too with STO off 4.8% and WPL down 2.9%, under pressure, but FMG rose 2.5% and S32 up 1.0%. Gold miners were positive in the main, SBM are trying to acquire BDC, SBM fell 6.5% whilst BDC rose 14.6%. NCM rose 1.7% but NST fell 1.4%. Healthcare had a good day as CSL rallied 0.6% after last week’s indigestion. FPH and RMD rose on potential CV19 wins, RHC better by 1.8% and HLS doing well as tests ramp up, rising 3.3%.
- Industrials generally were firm, TCL rose 0.7%, ALL up 0.7% and TLS firming 0.5%. Consumer stocks were in demand, COL up 1.8% and WOW up 1.0%. Tech was once again on the nose although APT rose 1.5%. The All -Tech Index down 0.3%.
- In corporate news, CIM fell 13.4% before an ASX query on a media article on issues in the Middle east. VEA rose 3.72% on a business update, money managers slid a little as MFG fell 33.0%, TLX fell 6.2% after FDA approvals for its prostate drug Illuccix. Nothing on the economic front. 10-year yields 1.53% off slightly.
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US markets closed lower on Friday night and SPI Futures were down 30 points at the Saturday morning close. Get caught up with Henry’s Breakfast Briefing.
- ASX SPI 200 Futures down 30
- US markets volatile and heavy volume. Nasdaq down 0.07% Dow down 1.48%
- Iron ore higher. Oil lower.
- Commodities mixed.
- Omicron cases steady close to records in NSW.
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- The ASX 200 rose just 8 points to 7304 as enthusiasm waned into the weekend, big sell off in the last hour or so. Banks and miners driving the gains as tech crumbled. The Big Bank Basket rose to $176.11 (1.5%) with CBA up 2.4% and ANZ rallying 0.7%. Insurers were better with QBE seeing some bargain hunting up 0.2% and IAG better by 0.9%.
- Miners saw good solid gains after a rise in commodity prices. Gold miners were in demand with NCM up 3.7% DEG up 5.1% and NST rallying 5.6%. Iron ore giants BHP rose 1.8% and FMG up 1.0% with base metals also better, IGO up 1.2% and NIC up 2.3%. Energy stocks also finished a lacklustre week on a higher note, WPL up 0.6% and STO rising 0.6%. Tech stocks and high PE wannabes were mauled by a Nasdaq bear following large falls on Wall Street and a probe launched in the US into the BNPL sector. APT fell 7.6% and Z1P down 6.1%. XRO also under pressure down 4.7% as darlings like CXL fell hard by 5.6%.
- Healthcare stocks fell led by CSL down 0.3% and below issue price.
- The All-Tech Index was 3.4% lower. Nasty. In the industrials we saw some book squaring in the consumer staples like WOW up 0.7% and COL up 0.3%.
- In corporate news, TCL fell 1.0% after settling for a $2bn hit on its tunnel dispute. BNPL stocks whacked on US probe. Nothing on the economic front. 10-year yield rises to 1.60%.
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US markets pulled back overnight, with tech stocks on the nose, in a delayed reaction to the Fed and as the BoE surprised by hiking rates. Get up to speed with Henry's Breakfast Briefing.
- ASX 200 SPI Futures up 10.
- US markets mixed. Nasdaq drops 2.5%. BNPL stocks under pressure.
- Big tech hit hard. Commodities better.
- Gold up 1.9% Oil up 1.5%
- Iron ore up 4.6%
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- The ASX 200 fell 31 points 'CSL adjusted' today to 7296 (0.4%). CSL accounted for 34 negative points after falling 8.2% to issue price as huge capital raising weighs. SPI expiry bumps volume. Over $1bn worth of trade in CSL. Suspect instos selling to retail. Banks fell with the Big Bank Basket down to $193.93 (0.01%), QBE continues to fall down 2.3% with MFG finding some support in fund managers. Healthcare was weighed down by the CSL drop. FPH dropped 2.7%, RMD down 1.2% and RHC dropping 0.8%.
- Industrials mixed but uninspiring. ALL up 0.5% and REITs finding support again, GMG up 1.6%. Tech stocks better following Nasdaq higher, WTC up 6.9% and APT finally finding some building blocks of support up 1.7%. The All-Tech Index up 1.6%. Miners enjoyed some gains, BHP fell 1.0% but FMG rose 0.9%, Gold miners were mixed NCM up 0.3% and NST up 0.8%. Energy stocks unloved, WPL down 1.3% and STO falling 1.5%. WSA now has cash on the table, IGO rose 1.4% in response with PAN doing well up 8.2%.
- In more corporate news, MSB had some good news from US up 10.9%, IDT tumbled 39.6% after missing out on government mRNA to Moderna.
- Plenty of economic news, the MYEFO out and a trillion-dollar debt looms, Frydenberg bullish on jobs, unemployment shot the lights out with a huge 366,000 jobs added and a headline rate of 4.6%. Philip Lowe was also talking in Wagga too talking taper finishing in May next year. 10 -year yields picking up to 1.58%.
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Dow up 383, rallying post the Fed announcement. Whilst the central bank announced an even faster taper than the market expected, and that it will raise rates more aggressively, the market took it in its stride. Get up to speed with Henry's Breakfast Briefing.
- ASX SPI Futures up 37 Expiry Day today.
- US markets rally as Powell lays out three rate rises in 2022. Tapering to finish sooner.
- Nasdaq bounces hard.
- Commodities sold off but Fed may change that.
- Oil up slightly. Gold down slightly.
- UK cases hit 78k.
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- The ASX 200 fell 51 points to 7327 (0.7%) after negative leads from overseas, FOMC caution and local CV19 cases started to increase. Mammoth CSL capital raising probably not helping either as other healthcare stocks came under pressure. RHC down 1.5%, RMD off 2.7% and COH down 1.6%.
- Industrials eased back with tech hard hit again. The All-Tech Index down 2.8% led lower by WTC off 0.7% and APT down 3.1% as once again Block US price gave no reasons to be cheerful. TLS fell 0.2% and REA down 3.7% and SEK 3.4% lower, REITs slipped with GMG down 2.2% and SGP. In miners iron ore miners were weaker as BHP fell 0.5%, gold miners eased NCM down 2.2% and energy stocks off as STO fell 0.8% and WPL dropped 0.7%. Banks were mixed as WBC received a first strike with NAB 0.5% better and the Big Bank Basket down modestly to $174.10.
- In corporate news, WES look to have blocked WOW from the API ambitions. CTD are acquiring the Australian and NZ business of HLO for $100m in cash and $75m in shares. On the economic front consumer confidence slipped slightly by 1 point.
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US markets lost ground overnight, commodities were weaker, and SPI Futures are pointing to a soft start. The silver lining? Henry's Breakfast Briefing.
- ASX SPI Futures down 29 points.
- US markets fall but off lows. Tech stocks suffer as Nasdaq falls 1.14%
- Commodities ease. Oil down 0.9% Gold down 0.9%.
- Iron ore off 1.8%
- CSL placement and acquisition in focus.
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- The ASX 200 claws its way back into positive territory briefly but closed down 1 point to 7378. Early broad -based losses not helped by negative US leads and compounded by WOW news. Both WOW and COL down substantially with 14 index points knocked off on these two alone. WOW dropped 7.7%, COL down 2.7% as Covid came to town. WES fell in sympathy dropping 2.3% but MTS shrugged off pressures up 0.7%, EDV down 3.4%.
- Industrials were mixed, CSL in a trading halt as it firms up a huge $5.6bn capital raise and acquisition. Instos digging deep to fund this international expansion. Tech patchy, APT dropped 4.1% as Block dropped in US, WTC perked up 3.6% and the All-Tech Index fell slightly. Banks and financials were better. The Big Bank Basket fell to $174.41 with CBA weighing, Insurers picked up as bond yields dropped (go figure) and MQG up 0.8% with MFG finding some buyers up 1.4%. Bond proxy stocks rallied hard TCL up 0.8% and REITs doing well. GMG up another 2.0%. Meanwhile iron ore miners pushed ahead with BHP up 0.6% and FMG up 1.3% with gold miners steady and energy stocks down slightly, WPL down 0.2% and STO off 1.1%. Lithium stocks continue to rally with PLS up 1.9% and AKE up 1.1%.
- In corporate news, BGH bid 710c for VRT with the stock up 34.6%. MSB disappointed as per SOP with Novartis pulling the plug falling 17.4%. WOW down 7.7% on its CV19 issues, PNV rallied 15.4% on better US sales. Bond yields tumbled to 1.53%, so much for worries on interest rates and inflation. Safe heaven sucking in money.
- Late breaking CSL announce huge deal to buy Vifor Pharma for consideration of US$12.3bn / A$17.2bn funded via US$4.5bn / A$6.3bn underwritten Placement US$6.0bn / A$8.4bn new debt and existing cash / undrawn facilities.
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US markets pulled back overnight amid monetary policy and Omicron worries. Dow down 320. SPI Futures down 41 points. The silver lining was iron ore, jumping more than 7%. Get up to speed with Henry’s Breakfast Briefing.
- ASX SPI Futures down 41 points.
- US markets fall on caution ahead of Fed meeting.
- Dow down 0.89% Nasdaq off 1.39%.
- Gold rises slightly. Iron ore up 7.6%
- Commodities slightly weaker.
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The ASX 200 rallies another 26 points to 7379 in a solid if cautious start to the week. Well one highs into the close. Fed meeting beckons and some nerves ahead. Resources punching ahead as iron ore miners in focus, BHP up 2.7% and FMG up 2.0%. Gold miners slightly better and lithium wannabes doing well, AVZ up 17.8% and INR up 17.8% the stand outs. Banks mixed as the Big Bank Basket mildly positive at $174.71 (0.1%). Insurers though took a tumble with a IAG downgrade, down 3.6%, QBE off 3.3% and SUN down 1.1%. Industrials were generally positive, REITs in demand led by GMG up 1.2%and GPT up 2.9%. Healthcare mixed with CSL down 0.4% on acquisition issues and potential capital raising. Tech stocks mixed with APT down 1.3% and WTC at polar opposites up 1.8%, NXL dropped 4.0%. In corporate news, it looks like BHP is being beaten to Noront, STO listed on the PNGX and OSH is no longer. THC down 0.9% after a UK acquisition and CHC up 5.3% after a earnings upgrade and FUM update. Nothing on the economic front.
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US markets closed higher on Friday night, whilst SPI Futures were up 13 points at the Saturday morning close. Get up to speed with Henry’s morning update.
- ASX SPI Futures up 13 points.
- US markets shrug off higher CPI look forward to Fed meeting this week.
- Nasdaq up 0.7% S&P500 0.95%
- Oil up. Gold up.
- Iron ore down and commodities mixed.
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- The ASX 200 fell 31 points to 7354 (0.4%) as some caution set in ahead of the US CPI number tonight and tech sell off in the US. Across the board losses but tech under some pressure, APT dropped 4.4% as a Block proxy pushing the All-Tech Index down 0.4%. Z1P dropped 2.4% in sympathy for the devil. WTC jumped in a flash rising 2.9% and other large tech stocks also held firm. TLS up 0.3% and SEK giving shelter up 0.3%. The banks fell with the Big Bank Basket having no expectations falling to $174.55 (0.5%). CBA down 0.3% and NAB down 0.2%. MFG found some support up 0.9% but insurers weakened. CSL in the sick bay dear doctor down 2.1%, SHL off 1.6% and RMD found no satisfaction down 2.7%.
- Industrials saw modest losses, you can’t always get what you want, ALL down 0.5% and TAH off 1.2%. Miners let it bleed as BHP dropped 0.6%, FMG was waiting on a new friend after Elizabeth Gaines announced she was out of time. FMG fell 0.8% with gold stocks needing an emotional rescue as NCM fell 1.7% and NST off 1.4%.
- No satisfaction on the corporate front, news thin on the ground. Wild horses couldn’t stir anything on the economic front. US CPI tonight. Asian market torn and frayed but no 19th nervous breakdown on Evergrande news. Tumbling dice saw 10-year yields slip back to 1.63%
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US markets all finished lower overnight, despite US initial jobless claims falling to a 52-year low in yet another sign of the strength of the US economy. Elsewhere, Fitch downgraded some Chinese property developers – better late than never. SPI Futures down 10 points. Get up to speed with Henry’s Breakfast Briefing.
- ASX SPI Futures down 10.
- US markets see late sell off. Biden talks inflation.
- Caution ahead of US CPI Friday.
- Nasdaq slips 1.7%. Commodities ease.
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- The ASX 200 see sawed from loss to gain today after two solid days. The index finished down 21 to 7384 (0.3%) in a late sell off with banks holding firm. The Big Bank Basket rose to $175.48 flat on the day CBA up 0.2% and NAB up 0.2% the stars. Another heartbreaking day for Hamish as MFG dropped again by another 4.9% to a two -year low. Insurers mixed with a mixed platter in industrials, WES down 1.0%, DMP down 3.0%, TCL off 2.0% and BXB rising 1.5%. Tech was mixed, APT up 0.5% and XRO down 3.2%. The All-Tech Index down 0.6%. Miners were mixed, BHP lost 1.2% but FMG gained 1.5%. IGO had a good day up 1.7% and LYC fell 0.3% despite Macquarie research initiation. Energy stocks eased back.
- In corporate news, SYD takeover received ACCC approval as did SWM/PRT. OZL rallied 0.6% after offloading some JV stakes. ACCC greenlights CWY deal to buy Suez. In economic news, payroll jobs growth slowed to 0.2%. 10-year yields firmed to 1.67%
MAJOR MOVERS:
· Winners: VUL, IMU, IHL, NVX, AD8, RED, TLX, AGL.
· Losers: RBL, CCX, SZL, BTH, TPW, MFG, Z1P.
· Positive sectors: Healthcare.
· Negative sectors: Miners. Tech. Energy.
· Hi 7418 Lo 7378. Narrow range.
· Big Bank Basket: Up to $175.48 unchanged
· All-Tech index: Down 0.6%
· Gold: Weaker at $2488.
· Bitcoin: Slips to US$49848
· Aussie Dollar: Higher at 71.66c 10-YEAR YIELD: Firms to 1.67%.
· Asian Markets: Japan down 0.3% Hong Kong up 1% and China up 2.1%.
· US Futures: Dow futures down 63 NASDAQ futures down 30.
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After charging hard in the prior two session, the bulls in the US took a bit of a breather overnight. US markets still finished higher, but only marginally. Commodities were solid but not spectacular. SPI Futures down 27 points after a big local session yesterday. Get up to speed with Henry’s Breakfast Briefing.
- ASX SPI Futures down 27
- US markets firm. Nasdaq up 0.6%.
- Commodities firm again. Iron ore off slightly.
- ACCC approves SYD takeover.
- EBOS raising $742m and acquisition.
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- The ASX 200 powers up 92 points to 7405 (1.25%) as shorts rush to cover and the FOMO returns. Off its afternoon highs as US futures cool slightly. Few losers today as banks underperforming slightly though the Big Bank Basket up to $175.31 (0.5%) with CBA up 0.3% and NAB up 1.0%. MFG rose 4.3% after clarification of Hamish and his wife’s status. MQG rose 1.3% and the insurers also showed a clean pair of heels, QBE up 2.4% and IAG up 2.8%. Industrials firmed with ALL up 1.5% and WOW up 0.4% as REITS also did well, GMG resumed the position up 1.4%.
- Tech was a massive winner today as the Nasdaq charge spilled over into BNPL stocks and platform providers. Z1P rose another 10.9% making a20% gain in two days, APT up 4.2% on the Square price gain in the US. The All-Tech Index rose 2.8%. Healthcare also doing well. The Mexican blood issue a memory for CSL which was up 0.9%. Miners flew as iron ore prices continued higher, BHP up 1.9% and FMG up 3.3%. Gold miners left out slightly, but energy stocks pumped with WPL up 2.1% and STO up 2.3%.
- In corporate news, TGP sold a 50% interest in its digital arm. No much on the economic front today although Japanese GDP was weaker than expected. 10 -year yields 1.62% and the AUD at 71.36c
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US markets extended gains overnight, with the Dow up nearly 500 points and the Nasdaq jumping 3%. That’s not all, commodities rallied and iron ore jumped 8%. It’s fair to say, the bulls have awakened. Your guide through it all? Henry Jennings with his Breakfast Briefing.
- ASX 200 SPI Futures up 22
- US markets spurt ahead again. Nasdaq up 3%
- Iron ore rallies nearly 9% Oil up 3.3%
- Commodities firm.
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- The ASX 200 rose 69 points to 7314 (0.95%) after the RBA keeps rates unchanged and turns a little cautious dropping reference to a date for conditions to allow rate change. The market rallied strongly on the news. Banks kicked higher with the Big Bank Basket up to $174.38 (0.8%) with BOQ doing well post an update, up 4.2%. CBA up 0.4% and MQG kicking along up 0.2%.
- Industrials formed across the board. ALL up 1.9% , WES up 0.5% and BXB up 1.6%. Tech bounced back strongly in places, Z1P up 9.9% on a trading update, APT moved 1.8% higher and XRO better by 2.4%. The All-Tech Index up 1.5% Healthcare also looking rosy with CSL shrugging off Mexican issues and rising 1.9%. SHL and RHC also doing well. In the miners, gold was flat, iron ore stocks rose eventually with BHP up 0.9% and FMG up 1.5%.
- Energy stocks did well on the crude rally, STO/OSH look to have sealed the deal, both up strongly. WPL gained 2.0% too. Lithium stocks mixed with AKE down 0.1% and PLS rising 0.4%.
- In corporate news, MFG fell 6.4% after the CEO resigned, OSH/STO merger looks to gain approvals. IAG rose 1.4% after reaffirming guidance and BOQ up 4.2% after a business update. 10 -year yields rose to 1.64% and the AUD firmed on RBA and Chinese data.
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US markets surged overnight, as worries about the Omicron variant receded. Catch up on all the action with Henry's Breakfast Briefing.
- ASX 200 SPI Futures up 29.
- US market bounce back hard. Dow up 647 points.
- Nasdaq drags its heels.
- Commodities mixed. Gold slips. Oil firms 4.5%
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- The ASX 200 rose 4 points to 7245 (+0.05%) with banks holding up and resources and techs on the nose. The Big Bank Basket was better at $173.04 with CBA better, up 0.7%. Other financials mixed with MQG up 0.2% and MFG off 4.0% on latest FUM numbers. Insurers sank as QBE gave up 1.4% and IAG dropped 3.8% on lower interest rates. Industrials firmed in defensives with REH up 1.7%, BXB up 1.5% and TCL rising 1.6%. Consumer stocks better as COL and WOW rose 2.6%The tech sector was attacked with gusto, SEK fell 0.7%, REA off 1.2% and TLS down 0.3%. Sell now, buy later stocks collapsed today as APT fell 4.3% on Square falling in the US, SZL dropped 16.1% and ZIP down 10.1%.
- Other tech high-flyers also came under fire with 360 dropping 14.0% and lithium/ battery tech stocks suffering, NMT down 11.1 % and VUL down 8.4%. The All-Tech Index slid 2.2%. In resources, gold miners were enjoying higher bullion prices and a lower AUD, EVN up 3.7%, SLR up 4.6% and RRL rising 3.0%. Iron ore miners down led by BHP off 1.6% and lithium stocks also falling, AKE down 7.2% and PLS off 4.1%.
- In corporate news, MTS rose 7.3% after positive numbers and a 31% increase in dividends. BAP fell foul of investors as popular CEO got pushed early dropping 5.6%. BLD rose 1.6% after the US exit of its fly ash business, eviscerating the Mike Kane legacy. ANZ job ads were up 7.4% and the 10-year yield fell to 1.57%.
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US markets finished weaker on Friday night but SPI Futures were pointing to a modest gain at the Saturday morning close. Get up to speed with Henry's Breakfast Briefing.
- ASX 200 SPI up 11 points.
- US markets weaker. Nasdaq down 1.9%.
- US 10-Year yields back down to 1.34%
- Commodities drift off. Gold up 1.2%
- Bitcoin stumbles8% lower.
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US markets bounced back overnight, with the Dow up 618 points and SPI Futures pointing to a 52-point gain on the open. Get caught up with Chris' Breakfast Briefing.
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Big turnaround on US markets overnight, Dow up 521 at one point only to close down 462. SPI Futures down 79. Catch up on all the action with Chris' Breakfast Briefing.
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ASX SPI Futures up 4
US Markets closed for Thanksgiving.
European markets slightly positive.
Iron ore down around 3.2% Oil unchanged.
Quiet day in store. AMP Impairments again.
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ASX 200 SPI Futures up 1.
US markets mixed with Nasdaq recovering a little from a sell off.
10Y yields rise. Oil up as reserve release underwhelms.
Gold tumbles and Iron ore approaches US$100.
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- The ASX 200 rallies 58 points to 7411 (0.8%) as bond yields rise to 1.87% in the 10-years. Banks did well on the back of the rising yields with the Big Bank Basket bouncing back broadly to $174.37 up 1.1%. Insurers also rallied on higher rates with QBE up 1.2% and SUN rising 1.9%. Higher rates hurt tech stocks as APT led the rout following Square falling over 6% in the US. APT down 5.4% and the All Tech Index falling 3.1% with WTC and XRO both substantially weaker.
- Industrials firmed as TCL rose 2.3%, TLS up 0.3% after KKR bid for the Italian mob, REITS rallied led by SCG up 2.3%. But the real action was in iron ore stocks as China seems poised to stimulate and Dalian futures limit up, BHP rose 4.0% on the WPL merger news with the oil company up 3.5%, RIO up 3.6% but FMG the stand-out galloping 9.8% ahead. Clearly pays to be green and clean. Base metal stocks also bolted higher, PLS up 1.6%, MIN up 4.9% and OZL up 1.4%. Energy stocks in demand as OPEC plus fights back against the evil empire about to release the strategic reserves.
- In corporate news, 4DX rose 15.4% on its first commercial deal, MNS rallied 18.9% as it trades on US markets tonight and GMA launched a buy back. 360 in a trading halt as it raises money to buy a Tile. BAP dropped 9.6% as popular CEO/MD announced his retirement.
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US markets faded badly into the close, whilst the Nasdaq slumped as yields rose. Elsewhere, Biden gave Powell to the people. Catch up on all the action with Henry’s Breakfast Briefing.
- ASX SPI Futures down 12 points.
- US markets slightly mixed with late sel off. Nasdaq under pressure.
- Powell renominated as Fed Chair. Brainard Vice Chair.
- Commodities and iron ore firm.
- Gold down 2.4%.
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- The ASX 200 finished down 43 points to 7353 (0.6%) as banks and travel stocks weighed in the index. The Big Bank Basket fell to $172.47 (1.9%) as CBA dropped another 2.1% and NAB down 1.2%. MQG joined in the sell off falling 1.0% and insurers were flat to slightly soft. Travel stocks took a hit with FLT down to a 2-month low by 7.1% and WEB fell 3.7% as Europe and US see a rise in CV cases and increased restrictions. Seems winter is not good for CV19 cases.
- Industrials also drifted lower with WES down 0.6%, QAN off 4.0% and REA off 1.1%. Tech fell with APT driving the losses down 2.5% and the All-Tech Index down 1.5%. Miners were a bright spot as iron ore rose in Asian trade, BHP up 0.4%, FMG up 2.1% and S32 doing well too up 2.0%. Base metals also in demand led by POS up 17.0% with lithium stocks back on the march, PLS up 5.1%. Oil stocks fell as a coordinated strategic reserve release looks likely, WPL down 1.9% and STO off 2.1%. Gold miners eased with EVN falling 3.6%.
- In corporate news, BRN raced away up 20.4% on its first real commercial deal with Megachips and NIC rose 8.0% on a MOU in Indonesia. VUL signed an offtake agreement with Renault up 7.1% and CXL had a rocky day after a ASX speeding ticket, falling 7.5%. Nothing on the economic front. 10 year yields steady at 1.80%
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US markets were weaker on Friday night and SPI Futures are pointing to a 45-point drop on the open. Catch up on all the action with Henry's morning update.
- ASX SPI Futures down 45 points.
- US markets mixed.
- Commodities better. Oil eases.
- Iron ore up 4.7%.
- AUD under 72.50c.
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- The ASX 200 pushed 17 points higher to 7396 (0.2%) as the market meandered around with slight gains in banks and miners. The Big Bank Basket unchanged at $175.82 with CBA bouncing back 0.4%. MQG continued to push higher up 1.1% and QBE rose 1.7%. NAB and ANZ under pressure today as the laggards CBA and WBC were bought up and the others sold off.
- Industrials were mixed, TWE up 4.1% on its purchase of Franks Family, some tech improved, ALU up 5.2% and XRO doing well up 1.4% and the All-Tech Index down 0.2% with APT under pressure down 1.8%. Healthcare better led by CSL up 1.0% and SHL up 3.2%. Miners were better as BHP rose 1.1% and FMG up 0.9%. Gold miners were mixed with base metals and lithium stocks slightly better, IGO up 2.0% and MIN up 3.5%. Energy stocks sidelined but mildly positive.
- In corporate news, CWN saw Blackstone back as barbarians at the gate with 1250c for the troubled casino group. VNT started life with a spurt today with a 23.5% rise. AX1 up 4.3% after an update on lost business during lockdowns. NXT reported a strong start to FY22 rising 0.5%. 10-year yields fall to 1.81%.
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US markets mixed: Dow down on Cisco weakness, S&P 500 hits 66th record this year on big tech strength. SPI Futures up eight points. Catch up on all the action with Henry's Breakfast Briefing.
- ASX SPI Futures up 8 points.
- US markets hit highs. Dow Trails.
- Oil better. Gold weaker.
- Iron ore remains under some pressure.
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- The ASX 200 finished up 9 to 7379 in a topsy turvy day. Banks once again the swing vote with the Big Bank Basket down to $175.80 (-1.3%) as CBA fell another 1.6% and NAB down 0.7%. Insurers and financials bucked the downdraft with MQG up 1.1% and IAG putting in a strong day, up 3.4%. Elsewhere industrials fared better with TLS up 2.0% TCL up 0.7% and WOW rising 1.1%. Healthcare too taking its medicine and feeling better, CSL up 1.1% and SHL rising 3.0%.
- Tech mixed with the All Tech Index inching higher by 0.2% despite APT down 1.1%. REITs firmed led as usual by GMG up 1.8%. Miners were firm despite commodity prices with BHP up 0.2% and RIO putting on 0.7%. Gold miners were well sought as EVN bought out remaining Ernest Henry stake with brokers liking the deal and the stock up 9.7%. Energy stocks on the wane as oil prices slipped on a coordinated approach from US and China to release some of their strategic stockpiles.
- In corporate news, ALL down 3.6% on results and the extended timeline for the popular Playtech takeover. EVN helping the sector higher on its acquisition, a few AGMs around again with AAC easing back 7.0% after comments, MNS saw some board room reshuffling after ASIC inquiries, down 5.6%. TWE doubled down on the US with its $314m acquisition of Frank Family Wines, rising 2.6%. 10-year yields slid back slightly to 1.80% .
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- ASX SPI 200 down 2. Could be more today.
- US markets slip on inflation concerns. Dow down 0.6% Nasdaq down 0.3%
- Gold up 0.9%. Oil slips. Iron ore steady.
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- The ASX 200 dropped 51points to 7370 (-0.7%) after CBA results disappointed on margins and growth. CBA fell 8.1% accounting for 46 index points of the fall. The Big Bank Basket fell sharply on the CBA September update falling to $178.11 (-5. 3%). Other financials weathered the storm well, MQG down up 0.6% and MFG ahead by 1.6%. Insurers also rallied with QBE leading the charge up 1.7%. Industrials were mixed with healthcare finding some buyers, CSL up 0.5% and RMD snoring ahead by 2.6%. REITs better with GMG up another 0.7% and TPG rose 2.2%.
- Miners eased back as BHP lost 1.5% and FMG down 1.9%. Gold miners under pressure, NCM down 2.1% and high-flyers like CHN saw profit taking, off 4.6%. Energy stocks becalmed. In the tech space, good gains for APT up 2.1% as it put its merger case to shareholders and WTC rose 3.0% with the All Tech Index up 1.1%.
- In corporate news, UMG down 1.7%, full-year profit $34m vs guidance of $36.0-41m, NUF lost 8.6% after FY profits came in lower than expectations at $61.1m. UWL rose 8.3% on buy back, update and positive news flow. CCX seeing strong revenue growth up 5.6% and SEK upgraded expectation to the top of the range, falling 1.3% though. In economic news, Overall wages lifted 0.6% in the September quarter and 2.2% over the year. 10-year yields rose again to 1.84%
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- ASX 200 SPI Futures up 19
- US markets firm on economic data and Biden/Xi meeting optimism.
- USD stronger. Commodities weaker.
- Gold down 0.7%. Oil up 0.5%.
- Iron ore up 1.4%
- CBA September quarter results. Cash profit $2.2bn.
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The ASX 200 dropped 50 points to 7405 (0.7%) with selling across the board on RBA minutes and commodity weakness. Banks were soft as yields pushed a little higher. CBA down 0.3% and NAB off 0.6% with the Big Bank Basket under pressure at $188.08 down 0.3%. Other financials and resources also wavered with MQG off 0.3% and MFG falling another 3.0%. Healthcare in ICU today with RMD down 2.9% and CSL losing 0.8% and RHC off 0.6% on NHS issues with CV19 cases in UK hurting sentiment.
Industrials eased but no real damage WES fell 0.6% and ALL off 0.9% with REITS slipping slightly and Tech mixed. APT rose 1.7% following Square higher and XRO fell 0.2% and WTC off 0.4%, the All-Tech Index up 0.1%. Miners also under water led lower by BHP down 2.6% and RIO down 2.2% as iron ore slipped again in China. Gold miners came off the boil and base metal stocks like IGO and OZL slightly weaker.
In corporate news, TLS fell 1.3% after its investor day and plenty of AGMs around. CXL up 11.20% on CEO comments, IMU gained 3.5% on a clinical trial supply agreement and WPL dropped 0.8% as the CFO jumped ship to NCM. Sign of the time perhaps. The 10-year yield modestly higher at 1.82% on Governor Lowe’s comments on rate rises at a slow pace and certainly not next year.
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US markets were little changed overnight but SPI Futures are pointing to weakness for the ASX 200 on the open, down 36 points. Catch up on all the action with Henry's morning update.
- ASX SPI Futures down 36.
- US markets unchanged. Commodities slip.
- US Ten Year yields rise to 1.63%.
- RBA Minutes at 11.30am.
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- The ASX 200 pushed 27 points higher to 7470 (0.4%) on positive US leads and positive updates from ELD and IPL. Banks were mixed with the Big Bank Basket slightly higher at $188.71 as NAB went ex-dividend (8 index points) and CBA fell 0.1%. MQG rose 0.9% and other fund managers rose slightly as MFG put on 1.1%. Industrials firmed with ALL up 1.2% and TLS rising 0.8%, with REITS rallying in yields fell and TCL up 0.7%. Consumer stocks in demand with healthcare stocks also in the pink. RMD up 5.2% and FPH doing well too up 3.6%. Tech stocks mixed with APT down 0.9% and XRO up 2.5%.
- Miners were mixed, lithium stocks still in demand, FMG higher on the hydrogen story though both BHP and RIO eased on local iron ore weakness. Gold miners were slightly higher as NCM put on 0.7% and NST 0.3% better.
- In corporate news, ELD fell 0.7% despite positive FY21 results, IPL firmed 3.9% on its results and MSB had some good news for a change from the Phase III trials of Rexlemestrocel cardiac treatment, up 11.8%. LTR denied it was going to tap shareholders for fund rising 4.8% and BRN fell 9.1% on a new CEO. 10-year yields fell to 1.76% down 5 bps. Short-dated yields also eased back slightly.
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- ASX SPI falls 3
- US markets higher Dow up 179 points. Nasdaq up 157.
- Gold firm Oil slips and Iron ore down 4.5%.
- Quiet start. Ventia IPO gets repriced.
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- The ASX 200 pushed 61 points higher to 7443 (0.8%). A solid day of gains as both banks and miners did well. Banks were pushed higher as once again bond yields rose with the short end soared with 2 years up 11bps to 0.68%. Remember the RBA official rate is 0.1% and no increase as far as the eye can see. The Big Bank Basket rose to $188.94 with NAB up 0.7% and CBA up 0.9% leading the way. MQG rallied 1.4% and insurers slightly weaker with QBE unchanged and SUN down 0.7 %.
- Industrials were solid across the bourse, WOW up 0.7%, WES up 0.7% and TLS up 0.5%. REITS were firm and tech stocks rallied with APT up 2.0% and the All-Tech Index up 1.6%. Miners were a good place to be today, a rally in iron ore as debt holders sighed with relief as Nevergrande scrapped together around US$148m to pay the interest bill. RIO rallied 3.4% and FMG kicked again up 1.9%. Base metal stocks also did well IGO up 4.8% and lithium stocks in the green, PLS up 4.3%. Gold miners were a little underwhelming ahead of the weekend, maybe some caution still on whether it can last. NCM down 1.8% and NST off 0.2%. Energy stocks rose as STO put on 1.6% and WPL up 1.1%.
- In corporate news, CXL ran strongly, up 19.9%, on the back of a new patent for zero emissions technology in iron ore, BRN doing well on the Akida testing, up 23.5% and APM listed today with a slight discount of 6.2% as another billionaire minted.
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Dow down on Disney but broader markets better. SPI Futures up 32 points. Get up to speed with Henry's Breakfast Briefing.
- ASX SPI up 32 points.
- DOW falls 159 points as Disney drops 7% but Nasdaq and S&P up.
- Gold pushes higher again. Iron ore bounces.
- Resource stocks in focus.
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- The ASX 200 closed down 42 points to 7382 (0.6%) after US inflation hits 30-year highs and local jobs numbers disappoint. Short-dated bond yields gapped higher, and the AUD fell towards 73c. Banks were under pressure all day with NAB down 1.6% and CBA off 1.6%, with the Big Bank Basket down to $187.58 (0.9%). Other financials eased, MQG down 0.7% and ASX off 0.9%. Fund managers slid again, MFG down 0.9% and PTM plumbing the depths with another 1.4% wiped off.
- Industrials were hit across the board, healthcare fell led by CSL down 2.4% and SHL down 1.7%. WES fell 1.4%, TCL off 1.8% and REITs slid led by GMG down 0.6%. Tech in a hole as APT fell 2.4% and XRO disappointed falling 6.2% on a business update. The All-Tech Index fell 1.3%. Miners though were back in the green, FMG launched itself 8.2% higher as CEO Elizabeth Gaines pushed the hydrogen story and Twiggy took to Twitter on his Green gas credentials. Iron ore miners rallied hard with BHP up 2.6% and RIO up 1.9% on Dalian futures gains and Chinese property stocks rallying.
- Gold miners in demand as AUD gold soared. DEG up 7.8%, NST up 4.8% and EVN pushing 5.1% ahead. SBM up 2.8%. Energy stocks slipped as OSH/STO updated the market on the merger both easing over 1-2%. In corporate news, LTR dropped 12.1% on its long awaited DFS and downstream report, CHN though pushed up another 9.6% on broker upgrades. NEA fell 12.3% on its update and XRO off 6.2% as revenue rose but profits still seem elusive. RHC also disappointed with its update, down 4%. 10-year yields back up to 1.79% on the jobs data.
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US markets pulled back overnight amid a hotter than expected inflation read and a spike in bond yields. Catch up on all the action with Henry's Breakfast Briefing.
- ASX 200 SPI Futures down 9 points.
- US markets stumble on CPI at 6.2% highest in 30 years.
- Gold pushes ahead. Rivian surges on debut.
- Oil drops. Iron ore falls. Jobs number at 11.30am
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- The ASX slips 10 points to 7424 (0.14%) as Chinese PPI surges and iron ore falls on Dalian futures exchange. Miners were on the nose today with BHP down 2.7% and FMG off 2.1% as futures tumbled in Asia, S32 off 2.3% as base metals and lithium stocks also came under pressure, ORE down 4.7% and PLS off 3.8%. Even battery tech stocks slid with NVX down 14.1% and TLG off 8.6%. CHN kicked hard again up 4.9% as brokers upgraded targets. Gold miners held up better but were still a little troubled, NCM up 0.6% and DEG off 1.3%. Energy stocks failed to fire despite higher crude prices as mergers and corporate actions overshadow the sector.
- Banks saved blushed today as NAB had a great day bouncing hard on broker upgrades as it slipped into second spot on brokers league table, the stock closed up 4.4% and dragged up WBC by 0.8% and ANZ 0.8%. The Big Bank Basket closed higher at $189.89. Other financials slipped slightly, MFG down 2.8% and QBE off 1.5%. Industrials mixed but drifting lower for choice. REA down 2.2%, WOW off 0.6% and QAN falling 2.2% as travel stocks pulled back from recent optimism. Tech under pressure as APT followed Square lower by 2.2%. The All-Tech Index down 0.9%.
- In corporate news, PPH reported and needed more than a prayer to avoid a sharp sell off down by 13.4%. VUL down 6.7% on acquisition of a data set. The Noosa Mining conference kicked off today and some good moves in explorers but very stock specific. On the economic front, we had better consumer confidence and new home sales. The 10-year yield slipped slightly to 1.73% and Asian markets fell hard on Chinese property woes.
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- ASX SPI Futures up 20 points.
- US markets ease back from record run.
- Iron ore slips slightly.Oil up and gold modestly higher.
- Chinese CPI and PPI due today.
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- The ASX 200 finishes down 18 points to 7434 as a promising start came unstuck. Banks again in focus as NAB reported and although a beat on a number of metrics, NIM and costs were of concern. The Big Bank Basket fell to $188.13 (1.2%) with NAB down 0.8%. Other financials followed suit with MQG slipping 0.5% and QBE off 2.3%. Elsewhere, industrials were sloppy with WOW down 0.7%, WES off 0.3% and TLS falling 1.3%. REITS weakened and healthcare staged a partial recovery from Monday’s losses, CSL up 0.9% and FPH rising 2.0%. Mining stocks were in vogue with BHP up 1.0% and FMG rallying 1.8%.
- Gold miners too having a good day with NCM one of the few down on its latest Canadian acquisition. SBM look to be on the road to recovery up 3.0%. Energy stocks slid on the reports that LNG was dead, and hydrogen was the future. Could be a lot of venting from some customers. Tech stocks flat lined with APT up 2.4% and the All -Tech Index up 0.9%.
- In corporate news, CHN was the stand-out superstar stock with its Tier 1 maiden resource rising 28.51%. Recent high-flyer CAE cratered 42.1% after a drilling update and KMD rose 0.7% on a business update. 10-year yields steady at 1.77%.
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US markets hit fresh records again overnight and commodities all rallied. Catch up on all the action with Henry's Breakfast Briefing.
- ASX SPI up 9 points.
- US markets grind out more highs on infrastructure spending.
- Commodities higher. Gold up 0.6% Oil better by 0.8%
- NAB results beat expectations. 67c dividend.
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- The ASX 200 falls 5 points to 7452 (-0.1%) with ANZ and MQG ex dividend. Banks firm with three out of four not bad, Meatloaf would be happy. The Big Bank Basket rose to $190.43. Insurers better but other financials drift lower. Industrials were mixed, bond sensitive stocks pushed ahead with TCL up 0.7% and SCG rising 2.9%. TLS fell 0.3% and REA down 3.0% with healthcare in ICU as CSL fell 0.8% and SHL down 2.2%.
- Miners were better despite iron ore under pressure Friday, BHP rose 0.8% after its coal sale, FMG better by 0.4% and gold miners in focus as bullion bubbles away. SBM up 5.2% as a recovery play and EVN up 4.0%. Energy stocks were better on higher crude prices and battery stocks doing well, lithium though a little depressed, ORE down 3.6% and PLS off 3.0%. Tech stocks eased with APT down 0.6% and XRO falling 4.9%. The All-Tech Index down 1.6%.
- In corporate news, SYD rose 2.8% on the IFM bid firming up at 875c but many hurdles left to jump. SDR listed today with a staggering 38.5% gain. CUV dropped 8.3% as a board spill on the cards. BHP sold part of its coal business to SMR which celebrated in style rising 14.0%. ALL dropped 2.1% as Gopher Investments approach the target for certain due diligence information. 10-year yields 1.74%.
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US markets all hit fresh records on Friday night whilst over the weekend the US House of Reps passed a $1.2T infrastructure package which should provide a sentiment boost. Get up to speed with Henry’s Breakfast Briefing.
- ASX 200 SPI up 22 Points.
- US Records continue to fall.
- Jobs data better than expected.
- Oil and gold up. Iron ore down 6% plus on Friday.
- SYD news scheme today. Siteminder (SDR) lists.
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- The ASX 200 rises 29 points to 7457 in a solid across the board rally to end the week. US Jobs numbers beckon. 10-yields yield heading back down, now 1.77%. The rally was once again led by the banks with the Big Bank Basket up to $189.99 (0.4%) despite WBC going ex-dividend today too, down 2.8%. Other financials joined CBA in the winners’ circle with MQG up 0.2% and ASX up 2.4%.
- Industrials firm across the board, WOW up 1.4%, COL up 1.3% and TCL rising 0.4%. Healthcare also in favour, CSL up 0.8% and RHC up 1.5%. Miners were also in demand as the AUD fell, BHP up 0.2% and FMG rallying 0.6%. Gold miners rose too as bullion headed back to US$1800. NCM up3.5 % and EVN up 4.8%. Energy stocks were becalmed. Tech stocks were skewed by the falling APT as Square released results in the US and dropped 5.5%. APT down % and the All-Tech Index down 0.4%.
- In corporate news, NWS had a great result with the stock rising 6.9% REA also doing well up 5.6% on its quarterly results. LNK rose 8.6% on a takeover approach by Carlyle and PNV dropped after the MD resigned. In economic news, the RBA released its SOMP today, bond yields collapsed and Asian markets cautious ahead of US NFP.
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S&P up for a sixth session in a row and NASDAQ at another fresh record. SPI Futures up 20 points. Get up to speed with Henry's Breakfast Briefing.
- ASX SPI Futures up 20 points.
- US markets better with more records. BoE keeps rates on hold.
- LNK sees offer from Carlyle.
- Oil slips on OPEC Plus.
- Gold up 1.7%
- Square falls 5% after results.
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- The ASX 200 rose 35 points to 7428 (0.48%) as it digested the Fed taper lite with banks leading the market higher. The Big Bank Basket rose to $189.12 1%. WBC still down and out with MQG showing how it’s done rising 1.3%. Insurers rose slightly too with QBE up 1.3% and IAG up 2.5%.
- Industrials firm TLS up 0.8%, REA up 2.2% and WES up 0.7%. Miners were mixed, BHP up 0.3% but FMG down 1.4% and RIO dropping 1.5%. Energy shares weaker and gold miners eked out some gains. Lithium stocks seemed to take a breather today with the uranium stocks taking up the baton.
- The tech sector was better as APT rose 2.4% and XRO rose 0.4%. In corporate news, DMP were sliced and stuffed after its AGM meeting saw warnings of cost pressures and falling sales in Japan, Down 18.4%. PDN rose 12.6% after talking up the reopening of its Namibian uranium plans, others followed suit. DHG mostly unchanged after its update. NHF rose 5.8% on good sales numbers, APT rose after its Square deal jumped another hurdle. Plenty on the economic scorecard but not market moving, bond markets were becalmed as players licked their wounds, 10-year yields steady around 1.83%.
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The Fed played it straight overnight, announcing tapering but not doing anything to upset the apple cart. US markets rallied from weakness prior to the announcement to close higher for a fourth consecutive session. Get up to speed with Henry's morning update.
- ASX 200 SPI Futures up 37
- US markets records across the board.
- Fed starts taper but still dovish.
- Iron ore up 3.3% Coal heads higher in China
- Gold and oil fall.
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The ASX 200 rallies 68 points to 7393 although well off its highs as some caution creeps in ahead of the FOMC meeting. Banks bounced back with WBC rising 0.1% after a 10% fall, CBA up 1.2% and MQG rising 1.9%.
The Big Bank Basket rose to $187.20 or 1.5%. 10-year yields fell back post RBA attack to 1.82%, insurers were generally higher with QBE up 1.3%. Miners were good too led by BHP up 1.1% and FMG up 3.1%. The iron ore price stabilised in Asia giving bargain hunters a reason to be cheerful. Base metals were good too, IGO bounced 1.5% and LYC up 2.5%. Lithium stocks were still in favour as Glasglow continues to shine the light on EVs and renewables. ORE higher by 6.7%, PLS up 5.4% and MIN up 3.9%. Even VUL managed a gain today bouncing 6.5%. Healthcare stocks were better as CSL put on the ritz up 0.9% and FPH up 2.0%.
Industrials firmed but hardly runaways, WOW up 0.9% and COL up 1.7%. Tech slipped slightly led by a fall in APT by 0.1% and WTC off %. The All-Tech Index dropped 0.1%. In corporate news, AMP rose 9.3% after more asset sales, TYR dropped 15.0% on its AGM, PAR surged 22.8% on FDA approvals for its ongoing trials and PDI rose 8.1% on more promising drill results in Guinea. TLS unchanged on a defence contract renewal, not something that happens always.
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US markets hit fresh records overnight and the SPI is pointing to a 71-point pop on the open. Get up to speed with Henry's morning update.
- ASX SPI up 71 points.
- US markets hit records again on solid earnings reports.
- Iron ore sinks 6.6%. Oil unchanged.
- Gold down 0.4% and AUD up to 75.43c
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- The ASX 200 tried to rally off lows following RBA abandoning yield curve controls, but failed with the ASX 200 down 47 points to 7324 (0.6%). Banks were the soft point today after the very disappointing WBC results yesterday and broker downgrades. The stock fell another 2.7% bringing the two-day loss to 10%. The Big Bank Basket dropped to $184.93 down 1%. Other financials also under pressure as volatility continued in the bond market. IAG updated the market on perils on the sea and fell 7.0%. MQG down 1.5% and new kid on the block (NKOTB) GQG capped off a disappointing debut falling another 4.4%.
- Miners were the other weak points, coal stocks in a hole, WHC down 9.5% and CRN off 4.8%, iron ore miners also falling BHP down 2.3% and FMG down 2.6% after announcing plans to embrace a large hydrogen investment in South America. Energy stocks and gold miners drifted lower too.
- Industrials were relatively firm, GMG shooting the lights out with an upgrade rising 5.6%. ALL rose 1.6% after rights are no longer traded, IEL rose 3.0% as NSW hastened its reopening. In corporate news, NWL bid for PPS up 14.5%, TLX gained 8.1% on TGA approvals. In economic news, the RBA abandoned its yield curve controls as the financial equivalent of the Maginot Line. But stopped short of pulling the rug on stimulus. Full speed ahead and damn the torpedoes.
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ASX 200 SPI Futures up 13.
RBA meeting 2.30pm the focus.
US markets hit records. Commodities mixed.
Iron ore falls 3.2%. Oil up 1.1%
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- The ASX 200 closes up strongly by 47 points to 7371 (0.6%) after some stumbles due to WBC results. Banks were underwhelming as WBC disappointed on most numbers and buy back below forecast, the stock fell 7.6% to a six-month low as CBA stood loud and proud as the best. CBA rose 1.5% with the Big Bank Basket down to $186.67. 0.3 %. The bond market yields came off dramatically ahead of the RBA backflip, insurers better with QBE up 2.5% and IAG up 0.8%. MQG returned from its capital raising and rose modestly by 0.4%.
- Industrials and bond sensitive plays pushed ahead as the 10-year yield fell to 1.9% taking some of the sting out. TCL rose 1.6% as traffic returns REITS better as shoppers return and rates drop, GPT up 0.8%. Consumer stocks also back in favour led by WES +1.8% and DMP rising 3.5%. Tech mixed as APT fell 1.0% but others improved. The All-Tech Index rose 1.8%. Miners steadied despite falls in iron ore on Friday, BHP fell 0.5% FMG up 2.9% and RIO doing better up 0.8%.
- Energy stocks also in demand with STO up 1.7% and KAR up 1.9%. Gold miners eased but base metals better and lithium continues to trundle higher. All eyes on Glasgow helping in clean and green themes.
- In corporate news, AST agreed a bid from Brookfield, PRT agreed a bid from SWM and STP rose 79.8% in listing its comfy undies business and JDO joined the boards for the first bank in 30 years to join the ASX up 7.6%. On the economic front it is all about the RBA tomorrow.
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ASX SPI Futures up 68 Points
US markets finish week up 1.3%.
Iron ore and coal fall.
Oil mixed. Base metals mixed.
WBC results and $3.5bn off market buy back.
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- The ASX 200 took a tumble today as the bond market crumbled after the RBA went missing again and let rates soar.
- The ASX 200 fell 107 points to 7324 (1.4%) finishing the week down 2.1%. Short-dated yields hit 0.68% and 10-year yields went through 2% closing at 2.04%. Big moves and potential a big change. Tuesday will be interesting around the RBA board room table before the Bet with Mates session begins. The banks got whacked, MQG raising $1.5bn too not helping, the Big Bank Basket fell to $187.20 (2.1%) and the insurers dropped too led by QBE down 2.2% and IAG off 2.8%. REITS hit hard too, GMG off 2.0%, SCG down 3.2% and MGR down 3.8%.
- Industrials also under pressure with WOW down 1.8%, TCL off 1.8% and WES down 2.2%. Tech stocks falling too, APT down 0.4% dragging the All-Tech Index down 1.3%. Miners were surprisingly only modestly lower, BHP dropped 1.2% and FMG only 0.6% off. Gold miners eased back and energy stocks lower but lithium and battery tech still in demand ahead of COP26 and Biden’s environmental plans.
- In corporate news, MQG in a trading halt pending a $1.5bn capital raise to accompany strong results, too many opportunities it seems to pass up. HT1 rose 31.3% on ATO settlement, VUL returned after attack and dropped heavily by 16.5% and PBH continued to track lower by 4.4%. RMD produced some good results and innovative ways to beat supply chains issues and rose 4.2%. On the economic front, it was all about the RBA and the bond yields, retail sales came in better than expected but no one was watching. Asian markets mixed again.
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US markets stronger with the Dow up 240 and the S&P and NASDAQ both hitting record highs. It's not all good news however, with Apple and Amazon missing numbers and down sharply after the bell. SPI Futures up 18 points (+0.24%).
- ASX SPI Futures up 18.
- US markets higher ahead of Amazon and Apple. FB changes its name to Meta.
- Iron ore under pressure down 6%
- Other commodities rebound slightly.
- MQG results and raising $1.5bn.
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- The ASX 200 just flopped today on lower commodity prices falling 18 points to 7430. To be fair it could have been worse given moves in China on coal and iron ore. Seems most of the damage has been done already, BHP fell 1.7%, FMG up 0.1% on its production report, S32 fell 4.0% on a fall in base metals and ORE dropped 5.9% on its quarterly. Energy stocks predictably eased as crude came off the boil, STO down 1.9% and WPL off 2.5%. Gold miners rose slightly with NCM up 0.8% and EVN up 1.1%.
- Industrials slipped slightly but AGMs and business updates were the focus. WOW continued lower on broker comments down 1.0%, ALL fell 1.3% and REITs under pressure as bond yields continued to affect valuations. Meanwhile in the banks, solid as a rock. ANZ results beat forecasts and even with a sub -par mortgage business managed a 72c dividend and a 0.7% rise. Success was infectious and spread like the ‘rona, CBA up 0.7% and MQG down 0.7% ahead of numbers tomorrow.
- Healthcare mixed and tech biased with APT down 2.4%. In other corporate news, BLD rose 4.6% after its AGM comments on US business and capital management. Quarterlies fell thick and fast and nothing thicker than PBH which dropped 18.3% on its update showing gaining market share in the US is an expensive business. BBT rose 15.6% on its quarterly.
- On the economic front, the RBA declined to step into the short-dated bond market to keep a lid on prices, leading some speculation about the Melbourne Cup meeting next week.2-year and 5-year yields rocketed higher. The game is afoot.
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US markets pulled back overnight amid a slowdown in earnings momentum. SPI Futures down 40 points and commodities hammered – particularly base metals. Could be a tough day at the office but don’t panic, Henry has you covered with his Breakfast Briefing.
- ASX200 SPI falls 40 points
- US markets suffer late sell off - Dow off 266 Visa 100 points of that.
- Commodities hit hard. BHP down 2%
- Oil falls 2.4%
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- The ASX 200 flip flopped again closing up 5.3 at 7449 (0.07%) after CPI numbers sent 10-year yields higher still to 1.82%. Huge day in short dated bond yields as rate rise fears grow. Banks were winners on the back of this ahead of results season. The Big Bank Basket rose to $189.74 (1%). MQG up 0.6% with CBA the standout up 1.0%. Insurers also did well with other defensives in demand, healthcare up with CSL leading the charge up 1.0%% and RMD up 1.1%%.
- Consumer stocks eased after WOW warned of a change in spending habits falling 3.2% dragging down the sector, EDV off 1.8%, WES off 0.1% and CDA dropping hard in the industrials on its quarterly report falling 18.8%. Once again quarterlies and business update flew thick and fast, A2M were creamed falling 12.0% after its move into Chocolate. In the mining space it was all change, uranium on the nose, lithium came off the boil as JCap raised some question marks on VUL and its German Zero Carbon project and despite a record BMX Auction from PLS the stock dropped 2.2%.
- Iron ore miners on the red side of the ledger with BHP down 1.4% but some buyers appeared in the coal hole and magnesium stocks continued to explode higher. In economic news, WOW warned of food inflation, CPI came in as expected but short dated yields rallied as rates now look to be raised sooner rather than later.
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Dow up 16 points (+0.04%) to another fresh record, despite a late-session fade. SPI Futures up four points (+0.05%). Big night for earnings in the US with Alphabet, Microsoft, Twitter, Visa, all dropping numbers. Catch up on all the action with Henry’s morning update.
- ASX SPI Futures up 4
- US markets slightly positive- results focus.
- Big tech results after hours.
- Commodities ease. Oil firms and iron ore up.
- CPI 11.30am
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- The ASX 200 flops back to a 2-point gain after a strong early session, the index closing at 7443. No real reason for the sluggish performance. Eyes were fixed on AGMs, business updates and news from CWN which was found guilty but now needs to prove its innocence. CWN rallied 8.7% on the news from the latest RC on being able to keep its licence for now. Seems governments need the revenue post CV19.
- Banks were mixed with CBA down 0.3% and the basket slightly higher at $188.20.
- Industrials were mixed, WOW and COL dropped, WES rose but maybe that was the lithium talking, technology better but dominated by APT up 3.3% following a move higher by Square. In resources, early enthusiasm in the majors slid away with S32 down 2.1%, AWC off 2.3% and FMG down 1%. Gold miners eased and energy stocks ran out of fizz, little changed. Coal stocks waned on moves from China on prices.
- In corporate news, GQG joined the boards today as this years’ biggest float down 2.5%. DDR charged ahead with a splendid business update rising 14.1%. PLS announced a downstream JV with POSCO and MIN fell 7% on falling iron ore prices and serious discounting of its product.
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US markets hit record highs whilst Tesla surges. SPI Futures up 14 points (+0.19%) after the ASX 200 added 26 points yesterday. Get up to speed with Henry's Breakfast Briefing.
- ASX SPI Futures up 14
- US markets hit records as Tesla hits US$1 trillion valuation on Hertz deal.
- Commodities push ahead.
- BHP RIO up 1.3% in US.
- CWN D-Day in Victoria.
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- The ASX 200 rises 26 points to 7441 (0.3%) After slight wobble mid-morning. Mixed session with an upside bias as commodity stocks pushed higher and banks rallied slightly. The Big Bank Basket up to $188.34 (0.35%) with MQG up 0.7% over the $200 level. Insurers pushed higher, QBE up 0.9%. Industrials firmed with consumer stocks in focus, WOW up 1.5% WES up 0.8% and TWE up 1.7%.
- Technology mixed as APT followed Square lower by 2.8% though XRO rose 1.5% and WTC up 0.7% with the All-Tech Index down 0.6%. Resources firmed, BHP up 0.7%, FMG rising 1.0% and gold miners also doing well, NCM up 1.4% and DEG up 3.2%. Oil and gas took heart from rising oil prices and the ORG deal to sell 10% of its LNG business. WPL up 3.9% and STO up 3.8%.
- In corporate news, TLS pulled off a great deal buying Digicell with government money in the main. The stock rose 2.7% on the news, MIN resumed production at Wodgina rising 9.0% and lithium stocks generally were back in demand on stronger underlying commodity prices. ORG rose 3.9% after its LNG sale, PDN up 4.3% on positive commentary for uranium outlook. SIQ dropped 10.6% after private equity adjusted price down and board disengaged. 10-year yields unchanged at 1.78%
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Catch up on all the action from the weekend with Henry's morning update. The ASX 200 is expected to extend last week's 0.73% rise. US markets mixed on disappointing Q3 earnings. Fed's Powell says, time to taper bond purchases but not to raise rates.
- ASX 200 SPI up 30 points.
- US markets mixed Dow up 0.2% Nasdaq down 0.8%
- Gold up Oil Up Iron Ore up.
- Square falls 4.5%
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- The ASX 200 continued to flip flop closing unchanged at 7416 up 48 points for the week. Banks and miners sagged as the Big Bank Basket drifting to $187.69. Other financial managed to sway with MQG up 0.6% and MFG losing some steam but still the talk is bottoming? Insurers remained unchanged despite 10-yeild yields continuing to rise up to 1.81%. Resources stocks were torn and frayed, BHP down 2.2% with FMG slipping 0.7% and coal stocks proving you can’t always get what you want, falling hard again with CRN down 5.1% and WHC off 3.0%. Energy stocks were all down the line too, STO off 2.2% and WPL down 2.8%.
- Industrials were painting it black, WES rose 3.2%, WOW up 1.6% and TCL not fading away up 1.0% as traffic numbers and reopening boosted sentiment. Healthcare saw some defensive buying with CSL finding a connection up 0.4% and FPH moving 1.9% higher together with RMD up 1.2%. REITS doing well though tech remained undercover as APT down 0.3% and XRO down 0.3%.
- The All-Tech Index flat. In corporate news, QAN announced you would be able to take a trip to the moonlight mile up 0.2%, other travel stocks couldn’t get no satisfaction despite Victoria coming out of the longest lockdown ever. ABB replied to media speculation on an acquisition and CRW jumped 15.8% on ANZ buying the whole business. Wild horses couldn’t stop them. Nothing on the economic front but in Asia, Nevergrande scrapped in within the 30-day grace period to pay a $83.5m interest payment.
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Dow down six points, saved by a late rally. S&P +0.30%, extending its win streak to seven and closing at a fresh all-time high. NASDAQ +0.62%. SPI Futures up two points. Get in the know with Henry's Breakfast Briefing.
- ASX SPI up 2.
- Dow down 6. Nasdaq up 94 (0.6%) S&O 500 hits record.
- Oil and commodities stumble.
- Iron ore down 5.6%
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- The ASX 200 rose 2 points to 7415 in a muted session with one eye on Evergrande and the other on AGM and business updates. Most updates are positive, but sentiment is being held in check by a fall in Evergrande in China.
- Mixed across the board, banks slightly higher with the Big Bank Basket up to $187.92. WBC the standout today up 0.6%. MQG continue the march to $200 up 0.9% and fund managers fighting back with MFG up 2.3% on its AGM and PPT up 7.8% on FUM. Even AMP look to be turning a corner rising 4.0%.
- Industrials mixed with WOW off 0.9% and ALL rising 3.3% after its return to trade following the capital raise and acquisition. REITS firmed, tech slightly higher with APT up 0.1% and the All-Tech Index up 0.5%. In the resource space, BHP continue to find friends but down 0.2% at the close and RIO and FMG eased slightly.
- Energy stocks fell after production reports from both STO down 1.1% and WPL down 2.3%. In other corporate news, BRN released news that developers could now buy their chips to trail. One cost $5k the other $10k. HLS rose 4.40% after a positive update driven by CV19 testing. 29M fell 3.3% after its quarterly report.
- On the economic front, weekly payrolls and wages numbers out with a rise of 0.2% in the last two weeks up to 25th September. 10 -year yields fell 2bps to 1.79%.
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The S&P 500 kept chugging along overnight, up for a sixth consecutive session despite inflation and labor shortages being highlighted by the Fed's Beige Book. SPI Futures up 12 points. Get up to speed with Henry's Breakfast Briefing.
- ASX SPI Futures up 12.
- Commodities mixed.
- AUD stronger at 75.17c Gold up 0.8% Oil up 0.9%
- US markets at record highs again. Tesla results.
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- The ASX 200 closed up 39 points to 7414 (0.5%) in a solid but uninspiring day, limping into the close. Once again AGMs and business updates dominated the market and investors were happy to overlook the continued rise to 1.79% in 10-year yields. The AUD too doing well up to close to 75c. Tech stocks were in demand despite the rate rises, APT up 1.6% and XRO up 1.4%.
- The All-Tech Index up 1.3%. Banks as usual the biggest driver of the index with the Big Bank Basket up to $187.93. MQG doing well up 2.0% and insurers rallying on bond rates. Resources were generally positive despite coal and uranium on the nose, PDN down 1.6% and WHC off 7.9%. Energy also flat led lower by WPL down 1.8% and STO falling 1.4%. BHP rallied 0.5% on positive broker comments.
- Consumer stocks mixed on updates, SUL up 1.7%, KGN shooting the lights out as inventory issues seem to have been solved up 6.7%. In other corporate news, FLT dropped 4.8% on its trading update and TYR sagged 3.0% after it announced it would defend a class action. Nothing on the economic front today and Asian markets slightly positive, seems that Evergrande is paying some interest payments to locals just not international investors.
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- ASX Futures up 41 points. Commodities slip.
- Oil continues to rally.
- US markets firm on results.
- AGM and business updates to continue to dominate.
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- The ASX 200 closes down 6 points at 7375 in a see saw day.
- AGMs dominating the market. BHP production report knocks some optimism out of the big miners, BHP down 2.0% and FMG off 1.2%. Banks were solid if uninspiring with the Big Bank Basket down to $186.17 with CBA unchanged. MQG still powering ahead up 0.9%. REITS were slightly better as bond yields eased back slightly and tech was in the frame led by APT up 2.7% and Z1P up 5.2% on broker upgrades.
- The All -Tech Index rose 1.4%. Healthcare did well with CSL up 0.6% and FPH rising 2.7%.
- In corporate news, TAH revealed a 17% drop in wagering business and a 2022 demerger timetable. COH has stuck to profit guidance up 1.9% and BAP flagged a solid start to FY22, rising 2.0%.
- RBA minutes hardly raised the pulse and ANZ consumer confidence pushed higher for the sixth week. 10-year yields did ease a little but back up to 1.75% at the ASX close.
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The Dow posted a modest decline but the S&P 500 clinched its longest win streak in nearly two months as US markets shook off weak China data. SPI Futures down 20 points. Get up to speed with Henry’s Breakfast Briefing.
- ASX SPI FUTURES DOWN 20 points
- US Markets mixed - Dow down 36 Nasdaq up 124 points.
- Commodities mixed. Oil eases.
- RBA Minutes today.
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- The ASX 200 gave up early gains to close up 19 points at 7381. NZ CPI data saw 10-year yields spike higher and Chinese GDP miss both weighing on investors’ minds. Banks did well in this environment with CBA up 1.6% and the Big Bank Basket up to $186.55 %. MQG put on 0.5% after a broker upgrade and insurers also did ok, QBE up 1.0%. REITS though under pressure on the rate rise, SYD fell 0.4% on an update on bid and TCL flat on bond push. Healthcare stocks under pressure, CSL down 1.1% and RMD down 0.9%. Industrials under a little pressure, ALL suspended as it raises funds for a large UK acquisition.
- Resources were the place to be. BHP rose 0.9%, FMG up 1.0% but base metals doing very well, OZL up 4.6% and SFR rising 0.5% on higher commodity prices. Oil prices continue to head higher and a bid for SXY from POSCO saw some rerating in the sector. STO up 1.4%, WPL up 0.3%.
- Tech stocks under pressure on the yield increase, APT down 1.4% and Z1P updated the market falling 1.5%. The All-Tech Index dropped 1.4%. Travel stocks slightly positive as the economy remains on track to reopen despite high numbers still in Victoria.
- In corporate news, SLC rose 22.2% after the sale of some of its Singaporean assets, CL1 up 61.3% on a bid from HUB -0.9%. In economic news, NZ CPI hit 4.9% annually and Chinese GDP dropped to 4.9% too.
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US equities had their best week in nearly three months last week as a good start to Q3 earnings season and improving Covid trends helped overcome inflation and Fed tapering worries. SPI Futures up 31 points at the Saturday morning close. Get up to speed with Henry's Breakfast Briefing.
- ASX SPI Futures up 31 points.
- US market firm on better corporate and economic numbers.
- Gold falls 1.7% Oil up 1%.
- Resources in focus on commodity price rises.
- ALL launches $3.9bn UK bid and equity raising.
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- The ASX 200 moved 50 points higher to 7362 (0.7%) today as banks rallied after US results, and miners did well on higher commodity prices. The Big Bank Basket moved up slightly to $184.19%. MQG up 3.7% hitting an all time high, insurers though flat on news that ASIC would be pursuing IAG. Fund managers took a beating as Judith Neilson sold down her holding of PTM as the stock fell 6.9% and PDL down 11.5% on FUM.
- Miners were in demand, BHP up 2.8%, FMG up 2.0% though RIO fell 0.9% on production downgrades due to personnel issues. OZL also had a great day up 5.2% with gold miners mixed, NCM down 0.2% but CHN up 2.2%.
- In the industrials, travel stocks advanced as NSW abandoned quarantine for fully vaccinated travellers, QAN up 2.0% on some excess land sales too. WEB rose 4.0% and FLT up 3.8%. Healthcare better with CSL up 0.2% and RHC riding the reopening wave up 0.8%. Tech stocks better as bond yields steady at 1.63%, APT up 1.7% and XRO doing well up 0.9%. The All-Tech Index up 1.1%.
- In corporate news, TWE poured some sour grapes on the bulls at its AGM falling 5.4% and the Boom in a Room Conference produced some winners not least of which STM rose 22.9% on its show and tell.
- Nothing on the economic front. Goldman Sachs results tonight. European markets opening firm.
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US markets rallied overnight, with the S&P posting its biggest gain since March and Nasdaq since May. The S&P is now just ~2.3% off record level from early September. Get up to speed with Henry's Breakfast Briefing.
- ASX SPI 200 up 46 points.
- US markets rally hard. Dow now only 2% from all time highs.
- Commodities push higher. BHP rallies 3.8% in US.
- Oil up 1%.
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- The ASX 200 kicks 39 points higher to 7311 (0.5%) as resource stocks rally hard but a late sell off hurts. Good AGM and business updates fuel a rally. 10-year yields fall back to 1.63% and jobs number comes in as expected.
- The big miners were all the rage as BHP rallied 0.6% FMG up 2.3% and S32 bought a copper mine in Chile hitting highs up 4.9%. Base metals were also in demand but once again lithium was the highlight with LTR and CXO seriously higher on heavy buying. Gold miners also doing well as bullion rose overnight and held gains in Asia. Higher inflation and lower interest rates, a good combo for gold miners. NCM up 2.4% and NST up 3.3% with PRU up 9.4% on a Yaoure update.
- Industrials firmed with bond proxies in demand, TCL up 0.2% and REITs finding favour. Healthcare also in the rudest of health led by CSL up 1.0% and RHC rising 1.0%. Tech better, APT up 4.5% on Square dances and the All Tech Index rising 3.1%. Banks were weaker, the big bank basket down slightly to $183.34 %. Insurers and other financials missed out as it was all about risk and growth.
- In corporate news, NWL went substantially higher 15.6% on FUA rising $4bn in the last quarter, WHC disappointed slightly off 2.1% and led other coal stocks lower, RBL burst down 12.5% as mask sales collapsed.
- On the economic front, unemployment jumped to 4.6% from 4.5%. Better than expected and Fitch upgraded the local outlook to cloudy with meatballs. Or stable.
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Dow ends flat, S&P 500 and Nasdaq snap three-session losing streak after Fed minutes point to tapering plans. SPI Futures up 50. Get up to speed with Henry's Breakfast Briefing.
- ASX 200 SPI up 50 points.
- US markets mixed. Tech stock push higher as 10-year yeilds drop.
- Energy off slightly. Gold bounces 2% Iron ore falls 4%.
- Inflation and jobs number this morning .
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- The ASX 200 meanders around closing down 8points at 7273 (0.1%) as banks slip slightly and miners under some pressure.
- The Big Bank Basket took its cue from BOQ which fell 4.3% on its results, CBA held its AGM and talked up tough love on lending, falling 1.6% in the process. The Basket fell to $184.94 down 1%. Insurers firmed, MQG unchanged, MFG continued its descent into darkness, down another 1.8%. Industrials were mixed, tech better led by APT up 0.8% on Square dances in the US.
- The All-Tech Index was up 0.8% with XRO doing well. Resource stocks were mixed, uranium and lithium players were highly sought after with PDN up 18.4 % and CXO doing well up 13.1%. Gold miners had their moments, PDI recovered from the crash yesterday up 14.7%, NCM firmed 0.9% and DEG had some good drill results though rise petered out at close. Iron ore a little on the nose and coal off, BHP down 1.0% and FMG seeing traders take profits, down 5.3%. Oil and gas better with COE up 1.8% and WPL up 0.6%. Healthcare did ok, CSL the standout up 0.5%.
- In corporate news, SGR rose 6.5% after some more IR spin on money laundering issues, ADT in a trading halt, raising a truck load of money and SFR selling out completely. In economic news, IMF downgraded Australian GDP and Treasurer Frydenberg followed suit.
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The Dow clocked a third losing session in a row last night, although SPI Futures are pointing to a positive start. Get up to speed with Henry's Breakfast Briefing.
- ASX 200 SPI Futures up 14 points
- US markets drift lower on usual issues ahead of reporting season
- Iron ore down 6% in Asia yesterday
- Oil stays above US$80 for WTI
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- The ASX 200 falls 19 points to 7281 (0.3%) after banks ease and nerves continue over Chinese property companies. The Big Bank Basket slipped to $186.87 -0.2% after WBC fell 1.7% on a hit to its balance sheet. CBA AGM tomorrow. Insurers eased back to led by QBE, but MQG managed to stay positive. MFG continued to slip lower, down 1.1%. Industrials drifted lower too with bond proxy stocks slightly weaker, TCL down % and REA off %. In healthcare, CSL rose 1.8% after a positive outlook statement at the AGM, RMD continued lower down 0.9%, and ANN slid 4.6% on a broker downgrade.
- Miners tried to hold the line but gave up to register slight losses, BHP down 0.3%, FMG off 1.4% and coal stocks slipping back after good gains in recent days, despite coal futures heading higher again in China. Gold miners flat lined and oil and gas stocks sold down slightly on profit taking despite higher oil prices.
- Travel stocks eased back to with QAN down 1.1%, FLT off 1.3% and WEB falling 2.4%. Tech stocks eased as yields rose, APT down 2.7% and All Tech Index down 1.5%.
- In corporate news, DDH announced a takeover for SWK in an all-scrip affair, ERA updated the market on uranium production and fell 3.7%. PDI had a shocker today as it replied to some media speculation, not even out yet, on issues with its mining leases in Guinea. The stock fell hard down 27.7%.
- In economic news, business confidence rebounded sharply, and consumer confidence edged higher despite lockdowns. 10 -year yields continue to trundle higher and all eyes on the Chinese property companies still.
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US markets gave up early gains and dived into the close to finish on the session low. It's not all bad news, however, with commodity prices strong; WTI above US$80 a barrel, iron ore up nearly 10%, coal up 8%, aluminium at a 13-year high.
- ASX 200 SPI Futures down 27.
- Energy prices up as coal surges on Chinese floods.
- Focus on resource stocks as iron ore up 9.5%
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The ASX200 falls 156 points to 7248 (2.10%) as Evergrande woes boil over in Asia. Dow futures down 350 points. Singapore iron ore prices touched US$90 briefly with China closed today. The big miners under extreme pressure, BHP off 4.2%, FMG down 3.7% and RIO falling 3.6%. Other resources followed suit as BSL tumbled 5.0%, S32 down 2.1% and LYC down 11.8%. Uranium. Lithium and other hot pockets saw a big sell off as profit taking and nerves kicked in. PDN down 16.50% and BOE off 17.4%.
The Big Bank Basket was hit to $180.59 with MQG down 3.6% and QBE dipping 2.9%. Healthcare was a little more resilient with CSL down only 0.6% and RMD losing 2.6%. Industrials under pressure with SYD down 1.5% after traffic numbers, REH off 3.6% and TCL in a trading halt as the company looks to shore up capital raise to buy WestConnex.
Energy stocks fall and oil eases back in Asian trade. Tech under pressure too, APT down 2.2% and the All-Tech Index down 2.5%. In corporate news, Brookfield bid $9.6bn for AST with the stock rising 19.2%.
All eyes on Evergrande and central banks this week.
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The ASX 200 dropped 56 points to 7404 (0.8%) as iron ore falls below US$100 on Dalian Futures and brokers move to downgrade miners after the falls.
Iron ore miners stumbled yet again with FMG down 11.5% on huge volume. BHP off 3.7% and RIO down 4.7%. Second tier miners also in trouble, GRR down 5.6% and MGX off 10.5%. Gold miners too on the nose following bullion falls NCM down 3.1% and NST falling 2.8%. Base metals eased and uranium and lithium stocks lost their lustre as profit taking set in. Quadruple witching tonight in the US has made investors skittish. Couple that with the Evergrande issue in China and liquidity added by the PBoC, resources under pressure. The banks too suffered with the Big Bank Basket down to $184.35.
Insurers eased but MQG held relatively firm, up 0.2%. Tech better after APT followed Square higher by 3.9% and the All-Tech Index rose 1.7%.
Healthcare mixed, CSL up 0.3% but SHL fell 0.8%. Industrials eased but no real standouts. In corporate news, another PE bid has fallen over with EQT pulling the pin on the IRE deal. The stock dropped 10.7%. The AFR warning agriculture suppliers to China are at risk following Australia's nuclear sub deal. ELD down 0.6%.
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The ASX 200 closed up 43 points to 7460.
A solid day with banks powering ahead on jobs data showing the headline rate falling to 4.5% although participation the issue The Big Bank Basket rose to $184.92. MQG pushed 1.0% ahead with MFG rising 2.5% for a change. Healthcare back in the pink with CSL up 1.1% and RHC doing well.
Industrials were firm with TLS holding an investor day rising 0.5%, TCL up 1.2% and REITS pushing ahead again. GMG up 1.0%. Consumer stocks were firm, WOW up 0.6% and WES pushing 0.6% better. In resources, uranium stocks once again in focus with AGE and BOE leading the charge in smaller players as big ones took a break. Lithium stocks were a little depressed today after some spectacular gains in recent days, ORE dropped 4.1% and PLS off 4.9%.
Iron ore stocks rebounded slightly led by BHP up 1.0% as one of the few actual uranium producers in Australia. RIO on the nose, down 0.9% and FMG down 3.2% as the sell-off in ore continues. Energy stocks got a boost from crude prices, STO up 2.2%. In corporate news, WES bid 155c in cash for API and was greeted with the keys to the boardroom and MYR reported better numbers sending the stock up 16.7%. On the economic front, unemployment dropped to 4.5% as many gave up looking for work. No impact on AUD or 10-year yield at 1.25%. Australian buying US subs put French and Chinese offside. European Futures pointing to a slightly higher start.
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The ASX 200 closes down 20 at 7417 (0.3%) after early losses were recouped. Banks slid with the Big Bank Basket off to $182.95. Healthcare doing well, bouncing back from losses yesterday led by CSL up 1.4% and RMD up 1.8%.
Industrials too were firm with REITs and other interest rate sensitive stocks better. Even TCL rose 0.4% despite being pregnant with news. Resources and energy stocks weakened with the exception of ‘green resource’ stocks in uranium and lithium. Crazy times and moves in both sectors, LTR up 7.5%, PLS hitting records up 8.4% and PDN up 7.9%. In corporate news, CXL rewarded the true believers with its announcement today of a US investor taking 7% of LEILAC for $24.5m, the stock rose 39.7%, MYE fell 18.1% after an incident and UWL was quietly 0.5% better after the insider trading issues were clarified.
On the economic front, Westpac-Melbourne Institute Consumer Confidence Index for September rose 2% to 106.2. China’s retail sales grew 2.5% in August, far slower than 7% expected. Industrial production growth was also slightly below expectations, up 5.3% in August versus predictions of 5.8% growth.
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The ASX 200 closed up 12 points (+0.2%) to 7437. RBA governor comments on rates turn things around. BHP Group (BHP) and Rio Tinto (RIO) up around 0.6% a piece bucking the negative trend in iron ore, though FMG** is faring a little worse down 1.79%.
Banks joining in the bounce back today with the Big Bank Basket up to $183.24 as MQG rose 1.9% with CBA leading up 0.3%. Healthcare stocks in the casualty ward today with CSL off 0.7% and RMD falling 2.9% with FPH also lower by 3.6%. Tech stocks were weaker led by APT following Square lower down 1.4% and the All-Tech Index down 1%.
Industrials were mixed as TLS gained 1.3%, SCG up 3.2% and TCL up 0.1% ahead of a possible capital raise. Uranium stocks which ran hard yesterday saw some profit taking in places but buyers appearing at lower levels, ERA up 9.5% and CXO doing nicely putting on 27.1%. Lithium stocks remain in favour as do oil and gas stocks for a change. STO up 5.2% and WPL up 6.2%.
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ASX 200 rallies 19 points to close at 7425 a drifting day after gains early saw seller re -emerge before closing buys. Resources which had been the trailblazers gave up some gains in iron ore with BHP up 0.6% and RIO off 0.2% on US Oak Flat news, FMG managed a 0.8% gain. Uranium was the huge winner today, anything that glowed was red hot, PDN, BOE, BNM, ERA and AGE leading the charge. Base metal stocks firmed with lithium in focus too, PLS up 7.3% and LYC rallied 5.4%. Banks were flat with the Big Bank Basket down to $182.74. Insurers slipped, MFG fell another 2.5% and MAF dropped 4.9%. Industrials mixed with ALL up 2.9% and TCL down 1.3%. Tech stocks were flat as the All-Tech Index fell 0.1%. APT off 2.0% following the Square Dance down. In corporate news, SYD got another bid at 875c from IFM and agreed to DD, CDM updated the market on the recent SPC listing and NTA falling 9.9%. Sell the fact again in play. Nothing on the economic front today.
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ASX 200 up 37 points to 7407(0.5%). Miners and resources doing well as BHP rose 0.8% and FMG put on 2.6%. Base metals following the positive leads from LME prices overnight, AWC up 6.3% and MIN better by 5.6%. Coking coal hits a five-year record of US$300, WHC up 2.7%. Industrials mixed with CSL off 1.0% and gains in some tech stocks helping. XRO up 2.6% and WTC doing well up 2.6%. The All-Tech Index up 1.1%.
Banks stable with CBA the best of the bunch up 0.5%. The Big Bank Basket at $182.78. MQG giving back some of this weeks’ gains down 0.6%.
In corporate news, STO and OSH have agreed on the merger terms, but the PNG government is proving a hurdle. AMA has launched a $150m capital raising with an entitlement issue and IRE has extended the Due diligence period for EQT. Citi is a little bearish on Z1P up 2.7% after a US visit on the brand change and MFG falls 1.9% on a broker downgrade. No economic news.
European futures opening stronger. US PPI tonight.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 crashes 143 points to 7370 as pent up selling and growth pessimism takes hold. All sectors were hit with the banks under serious pressure and the Big Bank Basket down to $182.06 with MQG falling 2.1%. Insurers too under pressure, QBE down 1.7% and IAG falling 2.4%. Healthcare sold off except RMD which was one of the few spots of green on screens up 1.8%.
Industrials smacked, TLS down 1.5%, WES off 1.9%, WOW down 0.5% and SEK down 4.1%. Tech stocks under serious pressure with APT following the Square Dance down 3.1% and the All-Tech Index down 2.9%. Resources whacked too on iron ore falls, BHP off 1.7% and FMG down 0.6%, holding up quite well considering. Gold miners and oil and gas on the nose, WPL down 2.1% and STO off 2.6%. In corporate news, WBT rose 27.3% on its first commercial agreement with SkyWalker and NVA rose 3.9% on a confirmed gold discovery.
On the economic front, payroll jobs fell by 0.7% in the fortnight to August 14. Total wages paid decreased by 1.0% according to the ABS.
ECB news tonight.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 down 18 points in lacklustre trade closing at 7512 (-0.24%). Once again resource stocks weighed with BHP down 1.0% and RIO down 0.5%. Gold miners under pressure as bullion fell, NCM down 2.9% and NST off 5.3%. Banks were firm with MQG updating the market and pushing 4.7% higher.
Elsewhere insurers eased and other financials led down by a 2.1% fall in ASX. Healthcare stocks eased except CSL with RHC down 1.6%, COH deaf to the bulls down 1.8% and FPH falling 2.2%.
Industrials a little soggy and Tech off slightly with the All-Tech Index down 0.8% as APT fell 1.6%. In corporate news, plenty of begging bowls out for more cash, ABB returned after a $120m raised in a canter, rising 3.7%. Plenty of mining minnows also mopping up surplus shareholder funds.
European futures pointing to a weaker open.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up 2 to 7530 after RBA leaves rates unchanged. Early weakness sees buyers return grinding out a positive day on better Chinese data and RBA comments on rate rises. Banks were slightly lower with the Big Bank Basket down slightly to $184.92, NAB being the worst, performer off 0.7%. Insurers and other financial held fast, healthcare better with CSL up 1.5% and COH up 2.0%.
Resources and iron ore stocks under pressure still. FMG down 3.1%
Industrials mixed, Tech stable with the All-Tech Index up 0.5% and APT off 0.1%. Iron ore miners eased again, FMG continued to slide down another 3.1%, RIO off 1.8% and BHP down 0.4%. Base metal stocks eased too and oil and gas plays barely changed. Not much corporate action today although MMM failed to deliver falling 10.3% as WOW sold down its holding and MCR raised $65m returning to trade 8.3% lower.
European markets looking at a slightly weaker open.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 fights back from over 80 down to close up 6 points to 7529. FMG ex dividend is nearly 20 points negative alone. Across the board, bargain hunters stepped back in with the banks doing well up to $185.12 for the Big Bank Basket.
Industrials and healthcare also turned around as CSL rose 0.6%, GMG up 0.9% and TLS rebounded 1.3%. Iron ore stocks were a little on the nose, FMG fell % on its dividend. BHP and RIO drifted lower and losses in lithium stocks as PLS placement depressed prices. Oil and gas shares fell with STO down 1.8% and WPL off 1.7%. Tech stocks better with APT up 1.7% following Square higher and Z1P up 3.0%. In corporate news, ABB are pushing into key regional Victorian towns up 7.7%, BGH a private equity firm walked from its HSN takeover and it fell 9.2% and MIN sold out of PLS rocking it 5.3% lower.
US markets closed tonight.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCASTASX 200 rallied hard, but interest waned a little to close up 37 points at 7523 ahead of crucial jobs numbers tonight. Uranium stocks in focus and huge pops in some like PDN up 24.0% and VMY doing well up 23.1%.
Banks were firm with the Big Bank Basket up to $184.43. Iron ore stocks also recovering, BHP up 1.0% and RIO up 2.5%. Base metal stocks and lithium doing well, ORE up 7.0% and MIN up 2.7%. Healthcare better as CSL rose 0.1% and SHL up 1.2%. Industrials rose with consumer stocks firm though tech fell led by APT down 2.8% and the All-Tech Index down 0.4%.
On the economic front, retail trade for July fell 2.7% month-on-month, to be down 3.1% over the year. FCAI reports Australia August new vehicle sales of 81,199, +33.1% from a year ago.
Happy Father's Day
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ASX 200 dropped 41 points to 7486 rallying off its lows with half of the fall BHP going Ex- Dividend. This will be a feature of the market as company dividends drop creating a headline headwind. BHP fell 6.9% to be lower than its 2021 open though it has paid around $4 in dividends thus year.
Other resource stocks were in the doghouse, NCM down 1.5%, RIO off 0.7% and BSL easing 1.4%. Healthcare slipped with CSL down 1.8% and RMD off 1.7%. Banks were mixed with the Big Bank Basket steady at $183.80.
Industrials mixed too with tech better as APT rose 0.9% and TLS slipped 1.0%. Consumer staples lower as WES, WOW and COL all fell. Uranium stocks doing well with PDN, BMN and even ERA firming.
On the economic front, a record trade surplus of $12.1bn was recorded in July, beating market estimates of $10bn. Exports +5% vs estimates of 3% with imports +3%, beating estimates of 2%. China’s manufacturing PMIs slips in August. The surprise fall in the Caixin PMI into contraction territory was driven by both weaker production and demand.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCASTASX 200 closes down 8 after a solid recovery and GDP numbers cheered. Up 0.7% above forecasts. Banks better with Big Bank Basket up to $183.43 as leverage to GDP. Healthcare not so rosy led down by CSL off 0.9% and RMD down 1.3%. Industrials were mixed, DMP down 2.7%, WES off 3.3% as it traded ex dividend. EDV down 3.6% and REH slipping 4.4%. Big iron ore miners were easier after commodity falls, BHP down 1.3% and FMG dropping 3.2%. Gold miners lightly better and energy up ahead of OPEC plus. In corporate news, all was relatively quiet after reporting season, KNI rose another 18.8% on a CEO appointment. DDR rose 5.4% after the founder explained his fast car habit. IMU fell 3.6% on three new trials flagged.
On the economic front, the CoreLogic home value index rose by 1.5% in August to be up 18.4% over the year. The change marked the slowest monthly lift since January. PMI data for August eased but still signalled expansion activity in the Manufacturing sector.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCASTASX 200 put in an impressive day up 30 to 7535 as month end window dressing helped. Last day of reporting season with a collective sigh of relief all around. Industrials today were the stars as EDV rose 4.4%, WOW up 0.8%, WTC up 5.7% and REA doing well up 1.8%. Healthcare was a big source of points with CSL up 0.5% and RMD bouncing back 3.3%. Banks were a little overlooked as were iron ore plays, although base metals in fashion and uranium doing very well, SLX up 18.5% and BMN up 9.4%. Corporate results eased with HVN easing back 3.2% on it numbers, DUB doing well up 9.0% and DGL impressive results up 9.3%. On the downside MSB fell 15.9% on its results, more a money pit than results, AXE eased 7% after a ASX query too. Weekly consumer confidence was little changed last week, up 0.2% despite higher COVID-19 case numbers in NSW and Victoria. Vaccination momentum was labelled as one reason for the modest improvement.
European markets opening slightly firmer. UK back on line.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 flip flopped to close up 16 points at 7505 (0.2%) after a strong rally eased and turned negative on CV19 woes. Banks in trouble today as the Big Bank Basket dropped to $181.76, with CSL also falling 0.2% despite huge uptake of ‘RastaZeneca’. Resources stocks were the winners as the USD fell and iron ore regained its composure. FMG rewarded Twiggy with a $4bn dividend cheque and rose 6.6%, BHP up 2.5% and elsewhere base metal stocks recovered, S32 up 6.2% and PLS in the lithium space doing well up 6.3%. Gold miners also in demand following the rise in bullion, NCM up 1.6% and EVN rising 0.5%.
Industrials were mildly better with WOW up 1.2%, ALL up 1.2% and BXB rising 1.0%. Tech stocks were mixed, APT rallied 1.5%, ALU crashed 14.2% on its results and it’ inability to find an auditor. Results continued to dominate but we are nearing the end in a generally solid season of earnings although the outlook clouded by CV19 lockdowns.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 fights back from early losses to close down 3 points to 7488 ahead of Powell’s appearance on Zoom. Banks were slightly firmer with the Big Bank Basket up slightly to $183.49. CSL performed well with the rest of healthcare flat, Resources eased as BHP fell 0.6% and MIN slipped 1.4%.
Base metal and lithium stocks were depressed as ORE dropped 5.3% and PLS down 6.6%. Industrials were mixed as Tech slipped on APT falling 1.4% and two of the troubled stocks APX and A2M continued to sour.
Corporate news again dominated, WES slipped 2.8% despite a $2 special dividend and DDR fell 8.1% on a sale of stock from Mr Dicker. Travel stocks were mixed with QAN flying 2.2% on analyst comments, WEB down 2.0% and FLT modestly lower.
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ASX 200 finished down 41 at 7491 as CV19 cases and Jackson Hole event kept buyers cautious. Growth stocks under a little pressure with big miners slipping despite iron ore price rises and commodities picking up elsewhere. Banks held firm with the Big Bank Basket at $182.98.
Results though the main focus, travel stocks doing well after QAN results and Alan Joyce’s unbounded optimism on international re-openings. QAN rose 3.5%, WEB up 0.7% and FLT reported today rose 4.0%. In other corporate news, APX slumped 21.4% after their numbers and an acquisition, A2M soured 11.8% as it continues with a strategic review, LNK broke on its numbers down 12.6% and IFL slipped 10.4% perhaps treated a little harshly. In the green corner, FCL produced the goodies and rose 15.5% with AEF up 4.0% on its numbers at the top end of the guidance.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCASTASX 200 closes up 29 points to 7532 in what is becoming Groundhog Day. A strong start on the back of US markets then, Gladys steps up to the microphone to do her thing, and we are in dire straits. Once again though a narrow range of trade with resources the stand outs. BHP up 1.3% , FMG up 2.6% and RIO leading the charge. Base metal stocks also in demand, MIN up 3.5% and LYC up 5.7%. Defensives weakened as money sloshed to the growth stories. Bank held firm and healthcare slightly weaker. Results were again the feature as WTC went nuts up 28.5% LOV was a jewel in the crown up 17.6% and BVS slumped 16.0% on its results. APT and Z1P were both out together and were not as expected, Z1P fell 2.6% as it made a huge write down on its Quadpay acquisition and APT is really driven by Square now but slightly disappointing. NEC fell 9.7% on its results and BTH returned after a capital raise and an acquisition running 24.4%.
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ASX 200 once again higher with a 13-point gain to 7505 (0.2%). Miners and energy stocks driving the market higher as banks and industrial defensive saw profit taking. The Big Bank Basket unchanged with insurers and other financials holding firm. Big miners rose with BHP up 1.0%, FMG and RIO all in the green. Gold miners too doing well, Energy shares fueled up and off, STO up 3.2% and WPL up 3.2%. Healthcare soggy as RMD came under some pressure, down 3.0% and WES, WOW and COL all fell hard. Travel stocks doing well despite numbers tracking higher. Results again dominated with MND down 14.4% on staffing and cost issues, KGN smashed 15.8% on inventory issues, ANN fell foul, down 9.2% as CV19 bites and BLD canned its dividend and rocked 5.6% lower. On the positive side NAN had a good second half and rose 22.0%, UWL did well up 8.4% and HUB proved platform power rules, up 7.4%.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCASTASX 200 rallies 29 points to 7490 (0.3%) as a few bargain hunters appear despite NSW hitting high case numbers again. A bit of a mixed session with results and research in focus, NHF fell 11.0% after its CV19 affected results, GEM too in the doghouse on occupancy worries, down 5.7%, ALD bid for ZEL and dropped 4.8% whilst PGL rallied 14.6% on its numbers. Banks were better with the Big Bank Basket at $181.66 with iron ore miners continuing to see sellers, FMG down 4.3% and RIO off 0.5%. Base metal miners fared slightly better, S32 up 2.2% and PLS up 11.4% leading the lithium charge. Industrials were mixed with tech showing gains led by APT up 2.7%.
European Futures opening firmer. Dow futures up 150 points.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCASTASX 200 falls 4 points to 7461 as early gains evaporate in the face of increasing lock downs and CV19 cases. Resources tried hard to hold up despite iron ore falls but succumbed in the end with BHP falling 0.7% and MIN off 2.4%. Rare earths took a battering as LYC fell 6.9%, Malaysian political issues not helping, lithium stocks were depressed, PLS down 5.6%, ORE now merged dropped 5.7%. Energy stocks also on the nose. Banks turned slightly negative with the Big Bank Basket down to $180.75 and MQG off 0.9%. Healthcare and defensives were slightly better, WOW, COL and GMG standouts. Results and reactions again in focus, TWE did well following good broker commentary, good results from ING up 4.6% though COH fell 7.4% despite good numbers.
European markets opening flat.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCASTASX recovers to close only 38 points down at 7465. It was the best of time and the worst of times. Miners were savaged with the iron ore price adding to BHP woes and commodities generally under pressure. RIO dropped 5.7%, FMG down 6.2% and MIN falling 6.6%. The big Aussie may be regretting its transformation after falling another 6.3%. Industrials and results stole the show and tried valiantly to rescue the index but failed. BHP accounted for 28 index points alone. Banks held the line with the Big Bank Basket dropping to $180.91. CSL rose 3.2% after brokers pronounced judgement. Defensives rose led by WES up 1.7%, BXB up 1.4% and JHX gaining 2.0%. Reports dominated with RBL inflating by 19.0% after an early loss. WSA confirmed media reports that IGO were interested, running 13.0%.
European markets expected to open around 1% weaker.
ASX 200 put in a good day to day despite NSW CV19 cases, despite US weakness and BHP falls. The ASX 200 fell 9 points to 7502 (0.1). BHP alone accounted for 33 negative points. It was all about results. In general, they were positive. Brokers pronounced sentence on a few with 'ho humness' following yesterdays drop with BRG continuing lower, MFG also under pressure but DMP delivered up 7.1%, PGH rose 8.3%, PME another doing well up 15.7% and a delisting for RDC saw them soar 18.1%. The banks saved the day with CBA up 0.8% and WBC up 1.4%. MQG joined in the fun, buoyed by the BHP news, the big miner though fell 7.1% as the arbitrageurs were unleashed, and the PLC discount started to close. RIO fell 2.3% in sympathy, it too has a dual listed non fungible structure which may see some call for a change to the structure. Industrials also did well, TLS up 1.0%, WOW up 0.8% and ALL doing ‘nicely nicely’. CSL struggled on traffic and margin issues and some weaker guidance falling 1.5%.
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ASX 200 slides 72 points to 7511 (0.9%) as results drop thick and fast. Seems some disappointment emerging on outlook statements and cost pressures perhaps. The Big Bank Basket fell hard today as CBA went Ex-Dividend, the basket dropped to $180.32. Other financials also on the nose as MFG collapsed 10.2% on a lack of performance fees. Miners were also on the nose as BHP fell 1.4% ahead of its results after hours and more news on the potential WPL deal with the energy company dropping 2.1%. Healthcare better with CSL up 0.2% in a late flurry with the rest of the sector looking ok. Tech stocks weakened and high valuation stocks flew too close to the sun, and we saw some wax melting in the likes of AXE, crashing 21.7% and lithium stocks a little depressed. In corporate news, BRG boiled over falling 9.0%, LYC hit by Malaysian concerns, down 7.6% and GWA saw some downgrades falling 8.00%.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 starts a busy week falling 46 points to 7582. Narrow range again and the market holding up despite obvious CV19 headwinds. Company reports took centre stage. BEN falling 9.9% after results set the stage for the banks with the Big Bank Basket down to $184.78. Materials also in the sellers’ sights as iron ore eased back, BHP off 1.4%, FMG down 1.9% and RIO down 1.6%. Energy stocks under pressure as WPL and BHP revealed they were in talks and STO slipped 3.3% with BPT results once again disappointing. Industrials were mixed. In corporate news, JBH up 2.5% with both revenue and profit higher. BSL up 0.6%,triples its dividend and launches on-market buyback of $500m. GPT up 3.0%, profit jumps as asset values lift. SYD down 0.7%,rejects a revised 845c offer from Aviation Alliance consortium.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 finished the week off in style rising 41 to 7629 (0.5%) despite a rise to a new record in NSW and more areas under lockdown. For the week the index rose around 90 points. Banks continue to drive the market as investors switch from CBA to the other three. The Big Bank Basket closed down at $187.42 as CBA fell 1.8%. Insurers were mixed. MQG out in a good day up 0.8%. Healthcare better led by CSL up 2.4% and RMD up 1.0%. Tech too in demand as APT rose 0.4% and XRO up 0.9%. The All-Tech Index up 0.6%. Industrials solid, results beckon. BBN lost its rattle falling 4.5%. SGR rose 4.8% as a potential winner from CWN losing its crown.
Dow futures barely changed.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 rises 4 to 7588. Late rally saves another record day. Early surge and then enthusiasm lost as CV19 cases and lockdowns continue. All about results and reactions today. QBE surprised to the upside, TLS announced a buyback, AGL showed why the market hates them, NAB trading update ok, but showed issues and APT slips.
European markets opening cautiously. Asian Markets lower.
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ASX 200 closes at yet another record high of 7584 up 22 points. Banks the focus as CBA delivered and some. CBA rose 1.5% and the Big Bank Basket up to $190.39. Big miners were surprisingly strong despite iron ore falls. Must be the promise of dividends. Lithium stocks remain the flavour of the month with LTR up 8.8% and AXE up 15.8% on news of Chinese patents.
European markets opening cautious and unchanged. US CPI numbers tonight.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 hits another record high of 7563 up 24 points (0.3%) after once again shrugging off a soaring case number in Sydney. Banks eagerly awaiting the results kick off with CBA up 1.5% and the Big Bank Basket up to $187.99 Gold miners suffered the slings and arrows but lithium stocks were greeted by outrageous fortune on broker upgrades and some strategic corporate moves. PLS up 11.0% and NVX up 15.6% as Phillips 66 chips in. Industrials and tech firms with the All Tech Index (APT really) up 1.6%.
Softbank Q1 Earnings Pre Tax profit up 55%, beating expectations.
European market expected to open slightly down.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes unchanged after giving up earlier gains. Miners weak with iron ore and gold miners the focus. Banks and financials doing well today as SUN rose 7.8% following a positive set of numbers an increased dividend, a special and a buyback. Tech under a little pressure but so far results appear to be better than expected but very early days.
Dow futures down around 50 points and European markets expected to open slightly weaker.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up 27at 7538 in late surge. Range seems to be getting smaller and a break out is due. Results season beckon. Miners slip on commodity prices with BHP down 2.0% and FMG down 1.0%. Bank continue to attract buyers and industrials firm but unspectacular. APT up around 5.5% as Square rises in US.
US jobs number tonight. Manic Monday beckons. Will we see another big M&A deal? European markets opening unchanged.
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ASX 200 closes up only 8 points at 7511 in another record day. Quiet lacklustre trading though with the banking sector in focus . Industrials and healthcare also doing well but some cooling in the BNPL sector as APT fell 1.1% and Z1P down 2.1%. The All Tech Index closed unchanged. NCK doubled profit but warned of lockdown issues in July. NSW cases surge and further NSW restrictions and Melbourne joins the party with a snap lockdown.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX closes up 25 to 7503. Mixed session on low volumes and a narrow trading range. Big miners in the spotlight on capital management hopes and a bottom in iron ore, plus lithium stocks continuing to push higher. PLS up 4.6% and ORE up 0.7%. VUL a stand out up 15.9% after being assigned a zero carbon rating, in theory at least.
Asian market slightly positive and European markets set to follow US higher.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 takes a breather down 17 points at 7475. BNPL shine as miners and banks slip lower. The Big Bank Basket at $180.60. APT leads with a 11.4% gain. PBH ex rights today and down over 11% and below placement price. All Tech Index up another 2.9%.
European markets expected to open narrowly down. Dow futures up 102.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 rises 99 points to a new record close of 7491. A Manic Monday of M&A activity with APT bid for by US Square Inc in an all scrip deal valuing APT at $39bn. OSH and STO agree to tie teh know and iron ore enters a bear market with FMG off 2% one of the few losers. The Big Bank Basket rose to $181.45.
European market set to open firmer. Dow futures up around 150 points . Asian markets bounce.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 falls 25 points to finish the week unchanged at 7393. Banks held firm as NAB announced a $2.5bn buyback. FMG tumbled 5% plus and MMM led tech stocks down falling 21.5%. APT weak too on SZL up date falling 5.3% SZL down 11%. BHP a bright spot.
Asian markets resume sell off and US futures weaker with Dow Futures down 150.
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Welcome to the new MT Breakfast Briefing Podcast.
This is for those members that do not want to see a video but would rather have a podcast whilst driving perhaps.
Same content - different format.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 rises 38 points to 7417. Quiet trade and narrow range. Big miners in focus on production reports and RIO dividends. Banks unchanged. Quarterlies the focus. Bid for IRE up 13.9% and tech stock starring with the All Tech Index up 2.3% BNPL back in favour at least for now.
Shell announce US$2bn buyback. Europe showing small gains.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.
Welcome to the new MT Breakfast Briefing Podcast.
This is for those members that do not want to see a video but would rather have a podcast whilst driving perhaps.
Same content - different format.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 falls 52 points to 7379 as tech stocks smacked again with the All-Tech Index down 1.9%. APT the main culprit off 3.6%. Quarterlies continue and SKI gets a raised bid from KKR plus CPI comes in at highest level since 2008. 10 -year yields shaken but not stirred at 1.1%. RIO results after hours. Special dividend of US185c and ordinary of US376c.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.
Welcome to the new MT Breakfast Briefing Podcast.
This is for those members that do not want to see a video but would rather have a podcast whilst driving perhaps.
Same content - different format.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up 37 points to 7431 in another record breaking Gold medal performance. Banks and big miners leading the charge. Good results from TPW and BSL helped set the scene and once again NSW's record CV19 cases were shrugged off.
Dow futures down 76 points and European futures expected to open flat ahead of a big night of US earnings.
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Welcome to the new MT Breakfast Briefing Podcast.
This is for those members that do not want to see a video but would rather have a podcast whilst driving perhaps.
Same content - different format.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes unchanged. Big miners the winners, the banks flat line as healthcare stocks ease with BNPL back on the nose with APT falling 2.1% and LYC the best quarterly today with the stock rising 10.6%.
Chinese markets smashed as Ed Tech now in the spotlight and European markets expected to open easier ahead of big week in US.
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes remarkably higher with a 8 point rise to a new record close of 7394. Amazing given the 136 new cases of Cv19 in Sydney. Banks sagged with the Big Bank Basket falling to $177.56. Tech was better with a 1% gain and nickel stocks stonking higher led by POS up 18.2%. Iron ore falls had little impact and energy stocks sagged despite oil price rises.
Defensive healthcare rose and industrials did well too with WES rising 0.8% as Officeworks set to prosper again..
Dow Futures up 81 points and European markets opening around 0.3%.
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closed on its high up 78 points to 7386 (1.0%) with BHP the star on a Tesla deal for its nickel and the bank putting in a solid performance. Industrials firm but unspectacular and tech stocks under whelmed with a big hit to Z1P down 7.8% on a quarterly update. The All Tech Index up a miserly 0.4%. Lithium stcoks shrugged off any depression going skyward
with ORE and GXY up around 10% and rare earths companies also doing well with LYC up 9%.
European markets expected to open around 0.5% to 1% firmer ahead of ECB meeting.
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.The ASX 200 closes up 57 points at 7309. Well off highs but still happy to shrug off CV19 numbers in Sydney and Melbourne. Banks and big miners leading the charge higher with the Big Bank Basket at 176.57 and BHP up 1.3%. OSH a stand out on hopes that WPL would make an approach and tech stocks under pressure slightly with the All Tech Index down 0.27% and APT off 0.4%.
Ten year yields remain subdued at 1.17% and the AUD around 73c.
European markets expected to open slightly firmer.
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 fought back from a big early drop to close down 34 points to 7252. A long way from its 7205 low as bargain hunters stepped in. Dow Futures up 120 points. Banks flat after ANZ announced a $1.5bn buy back. STO and OSH appear to have had some merger talks with OSH rejected the approach and the stock rallying strongly as STO slipped away on oil price falls. BHP production report saw a 2.5% fall and Z1P had a good day on takeover speculation.
10-year bond yields under pressure again as was the AUD and Crypto.
European markets expected to open better after a drubbing yesterday.
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Dow futures down 15 and European futures showing a positive start to the day.
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European market expected to open slightly lower and Dow Futures down 58.
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European futures pointing to early losses and US results season the focus.
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 falls 1 point to 7332 as confidence hit by Sydney cases and a looming lockdown extension. Some promising corporate updates from ILU, NEA and M&A in ICQ and YFZ helping markets as banks slipped from early gains and miners were mixed. Industrials mixed too with TCL pushing ahead and Tech up slightly with the All Tech Index up 0.3%
European futures showing a cautious opening after solid gains yesterday.
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Welcome to the new MT Breakfast Briefing Podcast.
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up 60 points at 7333 (0.8%) unfazed by the rise in Sydney Cv19 case numbers it seems. Bank and miners led the rally with the Big Bank Basket rallying to $178.88 and BHP up 3.2% together with FMG up 3.3%. Tech stocks slightly firmer as APT rose 1% and the All Tech Index rose 0.7%. In corporate news, WES bid 138c in cash for API.
European markets expected to open flat except Italy which is still celebrating.
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes down 69 points to 7228 (1.6%) as Sydney CV19 numbers head higher. Late rally helping at match out. Alert and alarmed. Dow Futures up 6 points. Losses across the board. Banks copped it hard as business shut down in Sydney, the Big Bank Basket dropped to $177.89, MQG off 1.9%. Health care in casualty today led by CSL down 1.3% and COH falling on deaf ears down 1.3%, RHC down 1.7%. Industrials squashed, WOW off 1.2%, WES down 1.8%, ALL off 1.0% and TCL down 0.8%. TLS did manage to hold up, one of the few. Tech stocks also under pressure with BNPL stocks in the spotlight after recent strong runs. APT down 5.0% SZL off 8.5% and HUM down 3.0% on some historic issues coming to light. But not in a good way. The All-Tech Index dropped 2.4%. Miners were also in the spotlight, BHP down 0.4%, RIO down 0.6% but amazingly FMG rose 0.7%. In corporate news, PMV has asked for a meeting with MYR to rid the company of three directors. AD8 rose 6.7% after a business update and VEA up 5.1% on an operational update and guidance.
Have a great weekend.
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up 15 at 7341 (0.2%) after early gains evaporate as Sydney numbers climb. Banks turned negative with the Big BankBasket down to $179.17. MFG slipped 3.9% on a broker downgrade and Z1P rose 13.7% after media reports of a potential substantial shareholding of around 4% from rival Klarna. Tech stocks mixed as XRO fell 0.4% with APT up 3.0% with the All-Tech Index up 1.1%. Miners were a bright spot with BHP up 1.8%, FMG up 0.7% and gold miners sliding. In economic news, RBA governor Lowe has admitted in a speech that high immigration has hurt wage growth and highlighted the importance of achieving sustained full-employment “in the low 4s.” 10-year yields fell to 1.33%. Dow futures down 92.
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closed near session highs up 65 points at 7327 (0.9%). Banks firm as were industrials. CGF saw a near 9% bounce on news Apollo Management had taken a 18.8% stake. GRR soared as pellet prices rise and margins increase. Tech stock were in favour following a Nasdaq bounce with the All-Tech Index up 2.5% led by a 4.5% rise in APT. Healthcare also doing well on a lower dollar and 10-year yields dropped to 1.37%. Miners saw some gains with gold in focus as it popped above US$1800. Oil stocks eased as OPEC woes continue.
European futures opening slightly positive. Dow futures down 33 points.
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ASX 200 takes a post RBA meeting plunge falling 53 points to 7262 closing on its lows. Bond buying looks set to be pulled back slightly, 10-year yields rose to 1.47% and the AUD up to 75.68c.
Tech stocks under pressure with the All Tech Index down 1.6%. MYR rises 15% on Solly Lew increasing his stake. SYD slips 1% after bid yesterday and the Big Bank Basket slips to $178.19. TLS down 2.4% and CSL easing 1.7%. BHP a bright spot up 0.8% as oil hits three year high on no OPEC plus deal.
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ASX 200 closes up 6 points to 73015 as early optimism evaporates. SYD up 34% on a 825c cash offer from a consortium the highlight. The Big Bank Basket eases to $179.01 and the 10-year yield falls to 1.42%. Miners mixed and industrials ease with the All Tech Index down 1.1%. TAH now plans to demerge its lotto and Keno business into a new ASX listed company called Tatts perhaps.
European markets expected to open slightly easier and OPEC plus meeting continues to fracture with issues with UAE.
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ASX 200 closes up 43 to 7309 for a 1 point gain for the week. US jobs numbers tonight and RBA next week. banks picked up as CV19 cases in NSW seem to at least be under control. BHP rose 0.7% on oil prices, other miners slipped. STO and WPL had positive days, Industrials mixed as 10-year bond yields slipped to 1.47%. Tech stocks were flat with APT dropping 0.6% and the Index relatively unchanged. Travel stocks firmed on a government phased in plan to reopen borders even if it is a long, long way away. IEL the stand out up 20% on its acquisition in India.
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ASX 200 slides 47 points (0.65%) to close on its lows at 7266. Banks under pressure again with the Big Bank Basket falling to $178.42. Increase in CV19 cases in Sydney clearly sapping confidence. Travel stocks down only slightly though.
LLC had a profit warning with the kick off of the much anticipated PXA leading to a rare outage on debut for its platform and a fight back from early losses to close up 2c from listing at 1715c. Some of the tax loss victims bounced hard today with gold miners doing well, RRL up 8% and RSG up 7%. Tech flat and industrials under some pressure.
European markets expected to open firmer.
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 finishes with a whimper not a bang up 12 points to 7313 after good early gains evaporated. Miners doing well except gold as usual. ILU benefiting from RIO Richards Bay shut down, rising 11.7%. BHP up 1.1%. TLS sold 49% of its mobile towers business for $2.8bn. Stock up 4.4% on the news. NXL falling 13% on an insider trading scandal and KGN down 9.5% as profit taking kicks in. Travel stocks firm as CV19 appear under some control and AGL drops 10% on its plan to go green and brown.
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ASX rallies back to nearly square down only 6 points to 7301 in quiet EOFY trade. Banks show resilience as NSW numbers steady on CV19 front and state announces stimulus for business. GMA gets walloped 15.8% as CBA looks at current arrangement which expires at the end of 2022. Tech stocks little changed. Miners weaker on Perth and Darwin FIFO lockdowns and CSL rallies on vaccine news.
European markets set for a mildly weaker open.
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ASX 200 closes down 1 point to 7307 after case numbers slightly better than expected. Big winners from CV19 lockdowns back in the winners circle again, TPW up 10.2% , KGN up 6.6% and CTT up 14%. Losers were travel with QAN down 4.0% and FLT off 3.4%. APT took a 7.5% tumble after a stellar run last week dragging Z1P down 7% and the All Tech Index down 2.1%. Banks eked out a modest gain with CBA up 0.6% helping the Big Bank Basket up to $180. Miners were stronger with energy stocks slightly better though second line gold slipped badly. European markets opening flat.
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Welcome to the new MT Breakfast Briefing Podcast. (New name, thoughts?)
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 up 33 points to 7308 for a 0.8% fall on the week. Miners led the rally with BHP up 0.6% and banks joining in the fun with the Big Bank basket up $1 to $179.61. In corporate news, SVW raised its bid for BLD to 730c. Travel stocks shrugged off Sydney lockdown and tech stocks saw some profit taking after a solid week.
Dow futures up 120 points and European Futures pointing to a firmer open.
Welcome to the new MT Breakfast Briefing Podcast. (New name, thoughts?)
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European futures slightly firmer ahead of BoE meeting today.. Dow Futures up 75 points.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.Welcome to the new MT Pre Market Podcast. This is for those members that do not want to see a video but would rather have a podcast whilst driving perhaps. Same content - different format.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 down 44 to 7298 as Sydney restrictions increase and the banks take a hit. The Big Bank Basket falling to $179.92. Miners held up well but energy stocks fell again. BNPL winners in Z1P and APT on US Amazon prime Day perhaps. The All Tech Index up 0.65%.
European futures slightly firmer. Dow Futures up 90 points.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.Welcome to the new MT Pre Market Podcast. This is for those members that do not want to see a video but would rather have a podcast whilst driving perhaps. Same content - different format.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 bounces back 107 points as banks and miners lead the charge back. The Big Bank Basket rose to $182.25. BHP up 2.3%. MLT and SOL to merge and TNT shoots for $180m in revenue and explodes 27%. All Tech index up only 0.6%. REITS and Industrials firm. European markets expected to open slightly firmer. Dow futures up 68 points.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.Welcome to the new MT Pre Market Podcast. This is for those members that do not want to see a video but would rather have a podcast whilst driving perhaps. Same content - different format.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 falls 134 points to 7235. Banks bashed badly with Big Bank Basket falling to $178.71. CBA falls 5.5% on sale of general insurance business. BLD rises 1.3% after sale of US business. All Tech Index outperforms down only 0.5% as BNPL stocks rally. Miners under pressure with financials hit hard as bond yields fall. 10-year at 1.49% Tokyo down 3.3% European markets expected to open around 1% lower.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.Welcome to the new MT Pre Market Podcast. This is for those members that do not want to see a video but would rather have a podcast whilst driving perhaps. Same content - different format.
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ASX 200 closes up 10 as banks and miners sag with industrials doing well. The All Tech Index rose over 3% following the lead from Nasdaq with BHP down 2.4% and gold miners under pressure in places. BUB up nearly 30% on its move into US markets and BET on completion of its Sportech acquisition the stand outs. BET up 13%. European markets looking to open weaker. ASX 200 up 57 points for the week.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.Welcome to the new MT Pre Market Podcast. This is for those members that do not want to see a video but would rather have a podcast whilst driving perhaps. Same content - different format.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 falls 27 points to 7359. Jobs data far better than expected and bond yields rise as the headline number hits 5.1%. Banks the stars as the Big Bank Basket up to $189.09. Miners in the dog house with BHP down 1.4%. Gold miners hit again as industrials hold the line. All Tech Index flat up 0.13%
Dow futures down 160 points and European Futures down around 0.5%
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ASX 200 closes up 7 to 7386 after briefly touching 7400. Banks remain the driver with the Big Bank Basket up to $187.15. Miners the casualties with BHP down 1.7% and OZL off 6.7%. CSL putting on some gains with industrials also firm. Tech stocks flat and we wait for the Fed meeting results tonight. European markets opening relatively unchanged.
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ASX 200 spurts higher after the long weekend up 67 points to 7379. Off highs but solid banks and healthcare driving market higher. Dow futures slightly positive and European markets set for a positive opening.
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ASX 200 closes the day up 10 points to 7312 in a lacklustre week for a gain of just 17 points. Gold miners the superstars today with solid rises across the board, NCM up 3% and NST up 4.45%. Banks slightly on the nose as bond yields under pressure. The Big Bank Basket falling to $182.36. Tech had a good day as APT rallied another 3.7% and the All Tech Index up 1.1%. Iron ore miners solid following Macquarie upgrading iron ore price forecasts. European markets looking slightly firmer at the open. G7 meeting and friends this weekend.
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ASX 200 closes up 32 to 7302. Dow futures up slightly and European markets opening slightly higher. Banks once again solid with the Big Bank Basket up to $183.75. IRE saw strong buying following an AFR suggestion that a broker was in the market looking for stock. The stock closed up over 16%. Industrials firmed with CSL up 0.4%, GMG up 2.3% and XRO up 3% with the All Tech Index up nearly 2%. Miners flat with BHP down 0.8%.
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ASX 200 ends a sloppy day on lows down 22 points at 7270 after a positive start was ambushed by Chinese PPI and consumer sentiment. The Big Bank Basket slid back to $182.92 and industrials fell with BKW firing up and building a 11.3% gain on its local and US outlook. ALU slipped 7.5% on bid concerns and the All Tech Index fell 0.6%. Miners firm on coal and iron ore prices but gold miners off slightly.
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ASX 200 closes down 13 points to 7282 on a big day for corporate news. Two blockbuster bids for ALU up 39% and HSN up 22% kicked off some buying in other techs, APX up 6.1% and NXL up 6.2%. Elsewhere AUSTRAC launched a three pronged offensive on NAB, SGR and SKC on AML issues and governance. Miners better but banks slipped on NAB issues. Dow futures down 30 points. European markets opening flat.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes at yet another record up 35 points to 7295 (0.5%) Banks once again leading the charge with the Big Bank Basket up to $186.10. Miners under pressure as a higher USD took the gloss off commodity prices. Gold miners especially hard hit. Tech under pressure but industrials taking up the slack, even TLS rose 1.7%. Non-farm payrolls tonight. Forecast of 650,000 jobs added and headline rate of 5.9%. But could be anything after last month.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 hits another record close up 42 points to 7260. Banks leading the charge with the Big Bank Basket up to $183.60. Miners were mixed but out of the limelight. Industrials shone with WOW up 1.5% and tech stocks firmed with APT up 3.3%. Big gainer today was SZL on a three year deal with Target Corp and WES fell 2% as it held an investor day.
ASX 200 closed down 19 at 7143 in lacklustre trade. RBA kept rates on hold but pointed to more excitement next month perhaps. Banks sold off with the Big Bank Basket dropping $1 to $180.70. Chinese PMI data and iron ore prcies helped miners find buyers, BHP up 0.1% and FMG up 1.7%. Energy stocks firmed ahead of OPEC plus with WPL up 1.4% and STO up 2.1%. Tech flat but infant formula and baby related stocks did well as China went to a three child policy. Seems like Peter Costello was a man ahead of his time with his three child policy.
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes down 18 points at 7162 after touching 7200 briefly. Big falls in NXL on yet another downgrade falling 17.8% and BET down 13% as it struggles to sell its TAH wagering division bid. Big banks fell with the basket at $181.80 and BHP dropped 0.6% on driver shortage in Pilbara. Tech stocks mixed but All Tech Index down 0.8%.
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ASX 200 closes up only 2.4 points to 7094.9 on a soft match out. Dow Futures down 30 points. Banks slid with the Big Bank basket down to $180.11 and CBA dropping 0.6% on its investor day. Big Miners did ok with FMG up 4.9%. CGC got smashed down 24% on growth outlook disappointment and FPH came in below estimates falling 6%. AMP had a rare day up 8.5% and TPG also on the podium up 8.0%. Victorian lockdown weighs but travel stocks firm, WEB up 1.4%.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 falls 23 to 7092 (0.3%) in a late sell off. Big miners were under pressure from the off with BHP down 2.4% and FMG down 2.3%. Copper stocks took a beating today as OZL fell 5%. Banks flat as CBA hit $100 briefly for the first time in 109 years. Industrials mixed, ALQ up 12.8% on solid results, KGN sees selling again falling 5.7%. All Tech Index up 1.3% as APT rallies 0.9% and XRO up 1.5%. CSL slipped 1% and FPH continue to see selling down 2.7%. European markets opening firm. Dow futures up 80 points.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up a solid 69 points to 7115 as all-time high once again in sight. Big Banks up around 1% as CBA closes in on $100. TNE upgrades profit numbers rising 2.1%. Miners shrug off iron ore falls with BHP up 1.3% and FMG up 1.6%. KGN continues its rally up another 6.6% and CAR rallies over 5% as rights put on a 188% gain. Dow futures up 70 with European markets set to open positively.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up 16 to 7046 in convictionless trade. Big iron ore miners fell as China continues to talk down commodity prices, BHP off 1.8%, FMG down 4.2% with second line gold miners doing well today led by BGL up 7.4% and SLR up 5%. Banks continue to attract buyers with the Big Bank Basket up to $179.55. KGN bounced hard today up 14.7% and NXL rallied 3.1% on increased corporate governance. Nothing on the economic front. Dow futures up 133.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 finished 11 point to the good at 7030 (0.15%) in a volatile day. For the week, the index has gained 16 points (the hard way). Miners under pressure ,BHP down 1.1% RIO off 0.9%, FMG down 2.2% and MIN off 4.3%. Gold miners too saw some profit taking, NCM fell 1.8% and EVN down 1.3%. Oil and gas suffering from crude weakness, STO down 4.8% and WPL down 3.3%. Industrials were firmer, banks mixed with CBA off 0.4% and the Big Bank Basket unchanged. Tech stocks raced out of the blocks only to be ambushed, KGN did not help falling 14.3% on a guidance downgrade., In economic news, retail turnover rose 1.1% in April, ahead of estimates of 0.5%. The 10-year bond yield drops to 1.72%. Asian markets mixed with Japan up 0.8% and China off 0.8%. Dow futures up 49 points.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up 88 points to 7020 rebounding from yesterdays rout with CBA up a huge 3.2% after jobs numbers surprised with a drop to 5.5% unemployed but a reduction in jobs. Banks were teh stand out with APT having a sold bounce following a broker report with a PT of $120. QAN rose 3.5% after a business update on continued cost cutting and EML rose by 3,9% after the rout yesterday Well off the days high though. NXL back on the front page and slipping 6.8%. Asian markets modestly higher and Bitcoin remains volatile.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST. A nasty day today with few places to hide as the ASX 200 dropped 134 points or 1.9% to 6932. Banks were hit hard with the Big Bank Basket dropping $4 to 173.83. Big miners were hit too by news that China is looking to increase domestic supply and diversify its sources of iron Ore. BHP dropped 3.4% and FMG down 3.1% despite reaffirming guidance. Bargain hunetrs and a bounce no where to be seen.
The big loser of the day was EML crashing nearly 46% on news from the Irish Central Bank that it is looking at the company in regards to AML issues and corporate governance. Not great news.
Fed minutes tonight and maybe some stability tomorrow.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up 42 points at 7066, off highs but firm none the less. Resources led the charge with commodity price rises in base metals and gold dragging buyers in. OZL rose 6.4%, BHP up 1.8% and FMG up %. DEG rallied 4.6% with banks also doing well although CBA flat lined. The other three had 1.5% days whilst MQG recovered 2.3% as NXL reaffirmed guidance and rose 11.5%. SBM fell 9% on a production update and JHX lost 4.5% after warning of inflation pressures. RBA minutes failed to excite and once again reiterated inflation is transitory.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.The ASX 200 limped into the close up a mere 9 points at 7024 on its low for the day. MQG ex dividend hit by NXL issues too with NXL falling 9.5% on media articles. Our two refiners got a lift from government plans to put $2bn into the sector , ALD and VEA up around 6% or more.
CWN has asked for more details from SGR and knocked back BlackStone.
Gold miners were the stand outs today as iron ore rebounded slightly in Asia. NCM up 2.6% and DEG up nearly 9% with FMG up 1.4% the best of the miners. CBA saved the banks from blushes today at 1.2%
Champagne corks popping. ASX 200 closes at all-time high of 7173 up 92 as iron ore stocks go crazy. FMG up nearly 8%, BHP up 3.1% and RIO up 4.6%. 38 index points alone in three stocks. Big banks joined in with rises around 1.1% as ANZ slips on ex -dividend. In corporate news, CWN gets a merger proposal from SGR with both stocks posting solid near 8% gains and A2M downgrades once again losing 13%. Industrials solid, but Tech still underperforming with some big falls again in APX and NXL.
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CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up 19 points at 7081 for a 0.8% gain for the week. Bank and iron ore miners once again dominated. MQG slightly underwhelmed on results with no guidance given and a dividend below what some had hoped for. BHP led the mining sector higher up another 0.6% and gold miners shone today with NCM up 3.8%. Tech stock remains a weak sector with APT down over 4% but APX managed a decent rally today up 5.6%. Travel stocks also in demand as no new cases discovered in Sydney. WEB and FLT up around 7.3%. US NFP the big data point tonight. 1m jobs is the magic number. Have a great weekend. Happy Mother's Day.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 falls 34 to 7061 (0.48%) Iron ore miners save the day as tech gets hit again. BHP rose 2.1% whilst APT got smashed down nearly 7% but spare a thought for APX which fell 21% after a Macquarie Conference presentation. NEA too falling with a thud on litigation over IP down 23%. Plenty fo former high flyers crashing to earth as miners hold the line. Bank mixed but NAB disappoints and falls 3% on results. MQG tomorrow.
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ASX 200 closes off highs up 28 points to 7096 as miners and banks shine. ANZ disappointed on results falling over 3% but CBA and NAB put in a great performance with CSL another star on a presentation at the Macquarie Conference. APT though in the dog house following a presentation falling 3.5%. AMC updated with a positive outlook rising 2.7%
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 up 39 points to 7068 (o.6%) as miners rally hard and RBA keeps rates unchanged. Upgrades economic forecasts but record low rates continue for a while to come. BHP rose 2.5% with gold miners also doing well. Banks flat lined with CBA the winner as the other three sold down slightly. Plenty of conferences and business updates to keep investors on their toes. FLT fell 4.6% on its update and NCK to double profit but fell 2.6%
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 gives up gains to close up a mere 3 points to 7029 after a strong performance from the banks as WBC rose 5% on better cash earnings and a cost out program of $8bn cheered plus a all-important 58c dividend. Big miners in the red as Asia closes for May Holidays. BHP lost 1.4%. In economic news, house prices are cooling slightly and Job ads better again. RBA tomorrow.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 finishes the month in a sorry state closing down 56 points to 7026. Down 35 points for the week and up 3.5% for the month. ANZ slipped after a write down, BPT were dusted by a reserve downgrade falling 24% and Slattery's 3DP cratered by 19% as quarterlies and production reports weighed heavily today.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up 18 to 7082 in quiet narrow range trading. Mining stocks gained as production reports dropped and gold miners found some friends again. BHP rose 0.9% whilst FMG was relatively unchanged on production numbers showing on track for record shipments. Banks were a little nervous ahead of next week's results and APT jumped 3.5% on a NZ deal. The index is now up 3.7% for the month. President Biden's speech tickled US futures slightly higher and we followed with a muted response.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up 31 points to 7065 on very good CPI numbers below forecasts and giving the RBA plenty of room to breathe. Banks in focus with the CBA up 1% and plenty of business updates and quarterlies to keep investors on their toes. KGN rose 7% on a clarification of its update yesterday and ART beating prospectus also having a good day up 7.8% BNPL sidelined with All Tech up only 0.3%. FOMC and US results to continue.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 fell 12 to 7034 in narrow range trading. Once again quarterlies and M&A activity dominated. TAH saw another bid from Ladbrokes for its wagering business and BIN up 6% on a agreed scheme with Macquarie' MIRA. Banks flat with big iron ore miners continuing to bubble higher as tech stocks came under some pressure. BNPL especially soft as APT dropped 5.5% and Z1P down 6.3%. European futures pointing to a solid opening as HSBC, UBS and BP report better numbers.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes down 15 (-0.2%) in quiet directionless trade. Banks slipped on the close but iron ore hitting records in Asian and a upgrade from Bell Potter saw FMG rise 4.8% and BHP up only 0.6%. WBC announced a $282m write down closing down 0.2% and industrials drifting lower. NHF updated guidance and rose 10.2%. All eyes on Tesla numbers tonight after hours in US - 10-year bonds steady at 1.73%.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes up 5 to 7061 to finish the week down 2 whole points. Banks firm and CSL doing better. Market continues to drift and wobble but holding in. Plenty of corporate news, KGN down 14.3% on its business update and AMP to split with the stock cheering the news up 0.9%. Great drill results from DEG keeping things moving and some China facing consumer stocks remain under pressure A2M down 3.4% and BKL falling 6.3% 10-Year bond yields push back to 1.72%
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 building back better with a 58 point rise to 7055 (0.8%). Dow futures down 18. Across the board gains building throughout the day. Closing on its highs for a loss of a mere 8 points so far this week. Banks doing well again with the Big Bank Basket up to $169.22. AMP falls to new lows on AUM position. AGL CEO decides its all too hard to suddenly resigns. MP1 shoots the lights out and 3DP up 28% too. Drinks on Bevan tonight. BHP higher by 0.9% on broker upgrades and the All Tech Index up 1% today. 10-year yields down to 1.69%
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closes down a mere 20 points (0.29%) to 6997 after rallying hard off a low of 6905. A promising turnaround in resources on higher ore prices, BHP lost 0.% after its production report and FMG unchanged. Banks were lower but CBA bucked the trend rising 0.5%. Business updates and quarterly reports dominated, NXL had a shocker falling 15.5% after guiding to a prospectus miss and troubles as client switched to more SaaS based plans. Coal stocks suffered with CRN down 11.6% and WHC falling 5.9% In economic news, retail sales beat forecasts rising 1.4%. Eureopen futures opening flat and Dow futures down 60.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 drops 48 points to 7018. Dow futures up 66. AUD approaching 78c and 10-year yields rise to 1.77% hurting sentiment. Plenty of quarterly updates and production reports. CGF fell 15.8% as it guided to lower end of forecasts, LYC misses down 8.3% and CRN also in the dog house down 7.7%. Iron ore rises but RIO quarterly fails to inspire.
Market consolidates and searches for good news to hit highs.
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A quiet and uninspiring start to the week with the ASX 200 drifting off into the close up a mere 2 points to 7066. Banks and miners firmed as industrials drifted lower. ORE/GXY announced a merger and SGM rose nearly 9% on a business update. The Trans Tasman Bubble officially kicked off today with AIA rising 2.3% and SYD up 0.5%. Gold miners did well with NST up 2.3%. Dow futures off 85 points and a mildly positive opening expected for European markets.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.ASX 200 closed up 5 points in lacklustre quiet trading. Up 0.9% for the week to 7064. Banks a little soggy as bond yields fell to 1.72% on teh 10 years, materials better on iron ore and gold miners finding favour as yields fall. ORG falls 9% after a ruling on energy prices and MND settles with RIO taking some of the negatives away rising 5.9%. European markets expected to open slightly positive. Chinese data looks great but from a low base.
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Another positive day with the ASX 200 rising 35 points to 7058. Good turn around on the jobs number with the headline rate of 5.6% and banks turning positive after. Big miners leading the charge higher as the all-time high approaches. Tech stocks miss out as APT falls slightly and Z1P down 6.9% after convertible issue. Big miners solid with BHP up 2.9% and FMG up 3.5%.
US results again tonight. BOQ first cab falls 0.8% on results.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.A strong day with the ASX 200 up 46 points to 7023. Good economic data coupled with strong US leads and some M&A activity helping. CAA bid for by PE rising 20% and Z1P in a trading halt following yesterdays rise and a capital raise through a convertible. US Bank results beckon. Gold miners in demand with NST up 4.5% leading the pack.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.A small gain today for the ASX 200 rising 3 points to 6977 after another attempt at 7000 in quiet trade. The market is waiting for the US reporting season to kick off. Great result from Z1P up 17% on a business update the highlight today. BIN also up 10% as the pointy end of the bid process may be in sight. Macquarie updates the outlook for lithium also proving a catalyst for some in the sector. ORE up 6.6%. A2M up 4.8% on a broker upgrade finally.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST.A quiet start to the week with the ASX 200 falling 21 points to 6974 (0.3%). Modest losses across the board although banks and TLS slightly better. CSL rallied 0.8% after vaccine news and STO shackled the CEO with a $6m incentive as WPL circles. No significant economic or corporate news. US results beckon as market searches for next catalyst.
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The ASX 200 closed down 4 points at 6995 as it clawed its way back from a 30 point loss as enthusiasm waned on vaccine issues. Travel stocks weakened but banks were solid and industrials. CSL fell 1% on teh vaccine news and big miners flat. Gold stocks though saw some gains especially in the second tier with SLR up around 6%.
A good solid week for the market climbing 2.4% in a quiet melt up.
Catch up with all the action today from the Marcus Today Team. Another solid 42 point rise today although volume lacking and conviction waned at times. Banks showing strength again with gold and energy stocks also recovering. A acquisition in Europe by EML helped its share price and APT continued to push higher though its siblings struggled.
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Catch up with all the action today from the Marcus Today Team. A solid start to the shortened week as the ASX 200 rose 57 points to 6886. RBA unchanged with its rate policy but is watching housing with no change expected in headline rates until 2024. Tech stocks and BNPL in the shopping baskets today with APT up 10% on a MS upgrade. SGF returned to trade and market likes the acquisition, plus CWY buying Suez, Australia not the canal.
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Catch up with all the action today from the Marcus Today Team. A solid end to the month and quarter, with the ASX 200 up 52 points to 6791. It could have been so more but sellers ambushed the market in the final 30 minutes and the match out, knocking 50 points off the top. Bond yields continue to rise giving banks a boost and QLD were not enough to stop SYD and other travel related companies rallying. ASX 200 up 3.1% for the year so far and quarter.
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Catch up with all the action today from the Marcus Today Team. The ASX 200 fell 61 points today to 6738. 10-year bond yields rose to 1.77% hitting growth stocks again especially in second liners. Iron ore miners fell hard led by BHP and banks flat lined. Plenty of discussion about Archegos and the fall out which seems to be confined to two major banks for the time being. Plenty more to come on this.
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Catch up with all the action today from the Marcus Today Team. The ASX 200 fell 25 points today to 6799. The market was spooked after a strong opening by two issues, the three day lockdown of Brisbane and the growing story from the US of hedge funds, margin calls and investment bank exposure to huge margin call sell downs on Friday. So far Nomura and Credit Suisse have mafe announcements on expected losses from the hedge fund unwind. Locally MOC rallied 62% on a bid from REA and oil prices dip as Ever Given refloated.
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Catch up with all the action today from the Marcus Today Team. The ASX 200 rose 12 to 6791. A steady day somewhat uninspiring. Looks like the AMP CEO is leaving and BKW released strong results with a bid too for MCP in focus. ART saw a return from the stratosphere falling back 23% and Chi-X has been sold to Cboe Global.
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Catch up with all the action today from the Marcus Today Team. The ASX 200 rose 33 to 6779 Another positive day although off its highs as the AUD dipped below 76c. Airtasker (ART) the star of the show today with another huge run on its second day and healthcare and other USD earners in the spotlight today.
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Catch up with all the action today from the Marcus Today Team. The ASX 200 rose 44 to 6752.5. A solid day dominated by news of a bid for CWN, Insurers talking exposure to floods, TLS splitting into four divisions and the iron ore price under pressure. BHP falling 0.9%. FNP also returned to the ASX falling 82% in a wild ride with a range of 28c to 78c and 173m shares traded.
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Catch up with all the action today from the Marcus Today Team. The ASX 200 fell 38 points to 6708 to finish the week on a soggy note. Could have been worse but Dow futures up 100 helped. For the week the index lost 0.87% with bond yields continuing to rise and test the bulls. Miners slipped with banks mixed and energy shares running out of steam on crude falls. APT tested a four-month low before a bounce. The All Tech Index down 0.41%.
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Catch up with all the action today from the Marcus Today Team. The ASX 200 fell 49 points (0.7%) to 6746 after better than expected jobs data pushed bond yields back up to 1.79% Across the board losses as the SPI expired early and that sjobs number beat forecasts by a country mile. The one sector that did well today, gold miners and especially second tier miners.
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Catch up with all the action today from the Marcus Today Team. A quiet day slipping back 32 points to 6795 as we await the FOMC. Narrow trading range with some fund raising efforts around for PDN and VML. CTD CEO sells down and CBA enters the BNPL market. Market unperturbed.
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Catch up with all the action today from the Marcus Today Team. A solid 54 point gain today as buyers stepped in post RBA minutes and bank yields slipped back. Iron ore miners the only weak sector as banks, tech and especially healthcare put in a solid 0.8% GAIN.
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Catch up with all the action today from the Marcus Today Team. ASX 200 flip flopped around closing up 6 to 6773. Index changes taking centre stage as miners slipped and banks mixed. TLT gets a takeover bid and NST sells down its VRX holding.
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Catch up with all the action today from the Marcus Today Team. ASX 200 finished the week with a positive 53 gain to 6767. Quiet trade with little volatility to close the week out but resources firm with lithium stocks a feature.
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Catch up with all the action today from the Marcus Today Team. ASX 200 rose and fell and rose again to finish unchanged on the day as banks fell but bond yields fell hard causing some of that bank selling and bond proxy stock buying.
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Catch up with all the action today from the Marcus Today Team. ASX 200 up 32 points to 6771 after early gains evaporate on miners turning negative. Once again a tale of two markets with banks very strong whilst tech under pressure although off lows. APT fell below $100 before a strong rebound as Nasdaq futures showed gains.
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Catch up with all the action today from the Marcus Today Team. ASX 200 up a mere 29 points to 6740 after big early gains evaporate as US futures ease. Victorian holiday keeps things quieter. TWE up 6.4% on takeover speculation and ENN sells down its STO holding.
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Catch up with all the action today from the Marcus Today Team. ASX 200 down 50 today but off lows as banks remain the strength together with energy companies. Tech and mining under pressure as bond yields rise again. For the week the ASX 200 is up 38 points.
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Catch up with all the action today from the Marcus Today Team. Plenty of big companies going ex-dividend today taking some of the blame for the loss. Great closing rally helping save the ASX 200 finishing down only 57 points. Once again 10-year yields pushing higher and causing issues.
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Catch up with all the action today from the Marcus Today Team. A strong GDP number of 3.1% growth coupled with higher commodity prices helped ensure the strength stuck today with the ASX 200 closing up 56 points (0.8%). Bond yields steady but miners hitting multi year years with BHP up 3.5% and LYC putting on another 6%.
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Catch up with all the action today from the Marcus Today Team. A disappointing day after a strong start, buyers evaporated as miners came off the boil and BNPL once again under some pressure. RBA left rates on hold but the strength of the economic recovery is once again a factor as 10-year bond yields push back up to 1.72%
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Catch up with all the action today from the Marcus Today Team. A solid bounce today with a 116 point gain across the market as the new month kicks off with a great fight back.
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Catch up with all the action today from the Marcus Today Team. A nasty day all round for the ASX closing down 161 points or 2.35%. Rising bond yields hurting growth stocks and BNPL stocks under pressure as APT fall 11% on the capital raising. Last big day for results.
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Catch up with all the action today from the Marcus Today Team. Super Thursday with a deluge of results including QAN, FLT, Z1P and APT. A good day for the index with strong US markets and good results helping the market 56 points higher.
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Catch up with all the action today from the Marcus Today Team. More results but tech stock weakness continues with miners and banks succumbing to the pressure. HUM and APX big casualties today. SEK sell off continues on new CEO.
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Catch up with all the action today from the Marcus Today Team. A solid day driven by banks and miners plus some good results from ABC. BOQ returned to trade as part of the big boy club and SEK finds a new CEO. Bond yields slip and Facebook back on the friends list.
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Catch up with all the action today from the Marcus Today Team. A tepid start to the week with results continuing to draw the focus. Positive upgrade to MQG and great results from OML today. Plus QBE get a raft of upgrades.
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Catch up with all the action today from the Marcus Today Team. A sorry end to the week with the ASX 200 dropping 92 points to 6794. Down 13 points for the results filled week.
Good day for COH and LOV shareholders but resources and energy drop.
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Catch up with all the action today from the Marcus Today Team. Results continue with the ASX 200 flat at 6886 as corporate results flow thick and fast. Some big names today in CSL, WPL, WES and S32.
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Catch up with all the action today from the Marcus Today Team. Results continue with the ASX 200 falling 32 points to 6885 as corporate results flow thick and fast. Big profit taking day in some BNPL stocks after recent rises.
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Catch up with all the action today from the Marcus Today Team. Results continue with the ASX 200 pushing another 48 points ahead with Z1P and OPY on fire in the BNPL sector. Solid results from BHP and NAB adding to optimism.
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Catch up with all the action today from the Marcus Today Team. Results continue with the ASX 200 rebounding 62 points and BNPL sector on fire. First vaccine doses arrive in Australia adding to the optimism.
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Catch up with all the action today from the Marcus Today Team. Results continue but the ASX 200 slipping 0.6% as Victoria enters a snap 5 day lockdown sapping some strength. Down 0.48% for the week.
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Catch up with all the action today from the Marcus Today Team we have our first Super Thursday of results from AMP, TLS, NCM, DOW and TCL to name a few. Market flat lines but plenty going on.
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Catch up with all the action today from the Marcus Today Team as the market sees a 36 point gain as results drop thick and fast. CBA the big one today with a 150c dividend.
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Catch up with all the action today from the Marcus Today Team as the market sees a 59 point drop as 10-year bond yields hit 1.22% on a big first real day of company reports. CGF and BLD disappoint. MQG sticks to script.
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Catch up with all the action today from the Marcus Today Team as the market sees a 59 point drop as 10-year bond yields hit 1.22% and ORG and AGL warn market of earnings misses.
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Catch up with all the action today from the Marcus Today Team as the market hits an 11-month high as banks surge ahead again. AMC kicks off earnings season in fine style but miners missout as iron ore under pressure.
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Catch up with all the action today from the Marcus Today Team as the market has a big ton up day as banks, miners and tech stocks rally hard.
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Catch up with all the action today from the Marcus Today Team as the market makes a big reversal closing up 56 on strong volume after a stunning turnaround. Silver now in Reddits sights.
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Catch up with all the action today from the Marcus Today Team as the market makes a big reversal closing down 42 and 193 points for the week.
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Catch up with all the action today from the Marcus Today Team as US tech falls spread to ASX 200 falling 131 points or around 2%
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Catch up with all the action today from the Marcus Today Team as resources took a fall today on fears of a Chinese cut to steel production.
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Catch up with all the action today from the Marcus Today Team after a quieter day ahead of Australia Day Holiday tomorrow.
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Catch up with all the action today from the Marcus Today Team after another big day with a huge move in Z1P following the business update.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST
Catch up with all the action today from the Marcus Today Team after another big day with a huge move in Z1P following the business update.
CLICK HERE to sign up for a free trial of the Marcus Today newsletter including our daily STRATEGY PODCAST
Catch up with all the action from today's trade in our 10 minute EOD podcast presented by the team at Marcus Today
The Marcus Today End of Day Podcast
Keep up to date with all the action with a comprehensive round up of the day's trade.