Month: March 2014
The ASX 200 was sold off aggressively, closing -50 points as expected, predominantly led by the commodities sector with BHP Billiton (BHP) -4.1%, RIO Tinto (RIO) -5.8% & Sandfire Resources (SFR) -8.5%. See morning comments on Copper & The Hickman Report.
On Friday night, the copper price fell by 3.6%, the most in over 2 years, as investors’ concerns increase about the slowing growth in China. On the weekend, China announced inflation figures which added to fears that their economy is losing steam; this is obviously inevitable at some point in time. Also, on Friday night, the iron ore price fell over 2% and overseas mining stocks were hit hard e.g. Vale, the world’s largest iron ore stock fell 5%.
The ASX 200 had a quiet day as expected, closing up 16 points today, with Commonwealth Bank (CBA) +45c, but Westpac (WBC) -44c as relative performance came into play within the banks.
After a surprisingly positive Retail Sales Figure yesterday, today I focus on the Retail Sector
The ASX 200 had a quiet day, closing unchanged with much of its weakness seen in the resources sector.
Really bullish, there's more to go in the reflation rally
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