The ASX200 fell away -0.4% following yesterday’s comments from Philip Lowe although we still saw ~35% of the market close in positive territory. The Energy Sector continued to support the ASX with the lithium and tech stocks playing supporting roles from a points perspective if not from an overall performance perspective where they dominated the winner’s enclosure. With the Fed & RBA’s current hawkish stances now on the table, we are likely to see some trends emerge on the stock/sector level although for now, it’s a general choppy mess with a downside bias.
US stocks closed lower overnight although the S&P500 did manage to recover some losses late in the day after surging bond yields weighed on risk assets – US 10-years are starting to test levels not witnessed since June. Although US stocks managed to erase around half of their losses the SPI Futures are pointing to a drop of around 40-points by the local market this morning taking it well under 6800 in the process.
MM is neutral to slightly bearish the ASX200 in the 6800 area
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