HomeReportsThe Match Out: ASX bails out of a crack at new highs,…
It was a flat session for the ASX today, although a lot was happening under the hood with a bunch of trading updates causing some big moves on both sides of the ledger. Early strength was sold into as equities shied away from a crack at all-time highs today.
The ASX finished modestly higher as a rare day of strength for the IT stocks and continued support for the gold miners offset broader caution across banks and consumer shares. While the headlines have cooled through the week, geopolitical tension and rake hike expectations continue to reinforce nervous sentiment, as the market positions for what will likely be a volatile reporting season ahead – both here and in the US.
The ASX 200 bounced +0.8% on Thursday, driven higher by a robust banking sector - the financials contributed 80% of the index's 66-point gain. The gold sector dominated the losers' enclosure as the precious metal lost its shine following Trump's more balanced speech from Davos, which notably stated that the US wouldn’t invade Greenland or impose tariffs on European nations in February.
The ASX proved resilient today, shaking off a stronger-than-expected jobs report that lifted rate-hike expectations for the February RBA meeting. Tariff fears eased as President Trump softened his stance on Europe and Greenland underpinning sentiment, with strength across the banks and energy sector more than offsetting weakness in gold, allowing the market to hold solid gains into the close.
The ASX 200 slipped another 0.4% on Wednesday, its third consecutive decline, which was not enough to take the index into negative territory for the year, but it's trying hard. After a brief attempt to bounce on Tuesday, the growth stocks returned to the losers enclosure while the resources delivered another standout performance to mitigate the day's decline.
The ASX fell for a third consecutive session, although strength in some pockets (resources) was enough to only see modest declines at the index level. Tech and banks the major drags, while Gold rallied another $US100/oz to hit yet another record high at $US4871/oz - so much for it being a crowded trade!
The ASX200 retreated another -0.7% on Tuesday, leaving the index up only +1.2% for 2026 - not too bad considering the current geopolitical tensions unsettling markets. Selling wasn’t particularly broad-based in yesterday’s session, with over 40% of the main board closing higher, but when the “Big Four” banks and BHP Group (BHP) find themselves in the naughty corner, the local bourse is always going to struggle.
The ASX traded lower for a second consecutive session as renewed trade tensions rattled global risk appetite, following President Trump’s threat to impose fresh tariffs on European nations over Greenland.
Monday saw the ASX 200 open softly and drift lower to close down -0.3% following President Trump's threats to impose levies on countries opposing his plans to take control of Greenland. Conversely, safe-haven demand pushed gold to fresh all-time highs near $US4,700, while silver surged more than 4%, also notching new record highs. Not surprisingly, gold stocks followed suit, but if MM is correct, it’s time to consider taking some money off the table in precious metals.
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