Donald starts to push for easing of lockdown
WHAT MATTERED TODAY
The local market kicked higher today after Trump began to outline the plan to reopen the US economy before equities opened this morning. The President’s push for states to lift stay at home orders comes despite seeing a day of record corona virus deaths in the country but the equity market didn’t seem to mind the somewhat premature pressure from the top. Still the best was seen early on, as the market rallied strongly into lunch before giving back around half of the gain into the close. Midday came with Chinese data for the first quarter – GDP was down -6.8% year on year, but some good news out of March’s Industrial Production which printed just 1.1% below the same month last year. This was far better than expected and further proof that the Chinese economy is picking up despite retail sales remaining subdued.
Today’s rally capped off a solid week of gains which took the index to a one month high. Industrials and REITs carried the market while staples were the only sector to close lower on the day.
Overall, the ASX 200 closed up +71pts or +1.31% today to 5487. Dow Futures are trading up +774pts/+3.31%.
ASX 200 Chart
ASX 200 Chart
CATCHING MY EYE:
Sectors this week:
Stocks this week:
BROKER MOVES;
· Whitehaven Cut to Underperform at Macquarie; PT A$1.80
· QBE Insurance Raised to Buy at Goldman; PT A$11.27
· Transurban Raised to Add at Morgans Financial Limited
· Resolute Mining Cut to Neutral at Macquarie; PT A$1
OUR CALLS
No changes to the portfolios today.
Major Movers Today
Have a great Weekend all
James, Harry & the Market Matters Team
Disclosure
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