28/08/2024 09:34

Global Markets

US equities had a quiet day at the office ahead of Nvidia’s result tomorrow morning. After Wednesday's closing bell, US time, investors will be focused on the most noteworthy and key artificial intelligence beneficiary. Nvidia has become the key bellwether for the “AI trade,” and its second-quarter results will be important.

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23/07/2024 09:31

Global Markets

US equities enjoyed a strong bounce overnight as the Joe Biden uncertainty was finally removed. Trump should still win in theory, but Harris will be a far more challenging opponent and there is still a long way to go in this battle. The S&P500 notched its best day since early June as tech shares bounced on the heels of the worst weekly loss for the index since April.

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25/06/2024 09:17

Global Markets

US equities experienced a mixed session overnight with the  banks strong, Goldman Sachs (GS US) closed up over 2% while the Energy Sector was best on ground with Chevron (CVX  US) also advancing over 2%.

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19/06/2024 09:16

Global Markets

US equities closed at all-time highs last night, and it feels like we’re typing this almost daily as the bull market remains firmly in control. Rate-sensitive stocks enjoyed a bid from declining bond yields on the heels of weaker-than-expected retail sales data, which lifted hopes of a Fed rate cut. The US futures market is leaning towards two cuts into Christmas with zero talk of potential hikes – it's not surprising the $A rallied above 66.5c overnight. A number of semiconductor stocks followed Nvidia (NVDA US) higher, with Micron Technology (MU US) also advancing well over 3%, while Qualcomm (QCOM US) and Taiwan Semiconductor (TSM US) finished up 2.2% and 1.4%, respectively.

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17/06/2024 08:45

Equity Indices

The ASX200 market slipped lower throughout the shortened week, finally closing down -2%, with a very heavy Resources Sector dragging the index lower. The EOFY is only a fortnight away, with volatility likely to lift on the stock level, and history tells us that’s not great for the underperformers. Year to date, the Materials Sector is down -11.7%, making it a prime target for some tax loss selling.

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12/06/2024 09:16

Global Markets

US equities closed at all-time highs last night, taking no notice of the negative leads from Europe and China, although a more than 7% pop by Apple Inc (AAPL US) certainly helped the bulls. The S&P500 and NASDAQ both trading at highs is a positive backdrop considering the overall market has prepared itself for a little bit of a hawkish message from the Fed — not necessarily that they’re going to raise rates, but just that it’ll take longer to bring rates down, i.e. back to higher for longer.

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11/06/2024 08:51

Equity Indices

The ASX200 has to digest two overnight sessions this morning: Friday's choppy affair after the US's strong employment data, followed by last night’s recovery with the S&P500 closing up +0.2%, plus last night's weak session in Europe following Macron's Surprise call for a “snap election.” On Friday, the local market rallied strongly to close on its daily and weekly highs. We think it’s likely to regain its mojo this morning after a shaky start courtesy of two “wobbly”  overseas sessions.

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06/06/2024 09:18

Global Markets

US stocks pushed to fresh all-time highs overnight, taking them within 3% of our target – MM has been bullish since late 2023, and although we have now transitioned to a neutral stance from a risk/reward perspective, it's definitely not a sell stance. Overnight, private payroll data from ADP showed hiring slowed to 152,000 jobs last month, far below the 175,000 economists expected. The data is the latest sign of weakness in the labour market that investors hope will give the Federal Reserve enough evidence to cut interest rates.

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05/06/2024 09:22

Global Markets

US equities were again quiet overnight, with most indices managing to eke out small gains. Bond yields edged lower but not enough to dispel jitters ahead of Friday as the market continues to walk along the gymnast's bar: Too strong, we won't get rate cuts, and too weak, we could see increased concerns that the economy will slip into a recession—the fun job of Jerome Powell and all at the Fed.

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04/06/2024 09:09

Global Markets

US equities were quiet overnight with no standout leads; tech managed to offset a drop in the energy names, and a +0.1% gain by the S&P says it all. As we alluded to on Monday, with no meaningful lead until Friday, it could be a quiet week for the broader market. Manufacturing data came in weaker than expected, which sent bonds higher and yields lower, but it wasn’t enough to excite stocks ahead of Friday.

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