It was a mixed day on the ASX today with half the main board higher/lower with the banks and materials sectors doing some damage early but the buy the dip mentality well and truly in play as we saw a significant grind higher through the session amounting to a +43pt move from the low of the day to the close.
Another resilient session for the ASX, at the index level at least, with large cap, index heavy names continuing to find flows, though there was plenty of weakness across certain sectors, resources being an area that remained under pressure.
The ASX bounced between positive and negative territory today amid a sharp sell-off in materials after iron ore hit a 9-month low but ultimately closed toward its lows of the days narrow ~30pt trading range.
The ASX came off the boil as the day progressed, tracking lower into the close, ending ~30pts below the daily high. Not an aggressive move in any stretch and we’re clearly not seeing a lot of panic, however, when we stand back and look at stocks only a few percent below all-time highs and overlay that with Trumps call to evacuate Tehran, pushing up Oil prices, our bias is to err on the side of selectively reducing market exposure in the short term – the risk/reward has become less appealing, we think.
A very interesting session today for the ASX despite a small move at the index level. Escalation in the Israel/Iran conflict underpinned a str0ng move higher for energy stocks, with a bid for Santos (STO) thrown in the mix for good measure.
The local market was lined up for a positive and potentially quiet session with a lack of earnings or corporate news on the docket and positive sentiment from U.S markets overnight with ASX futures pointing up +46pts at 8am - it was anything but, as news broke shortly after the market opened that airstrikes were carried out by Israel on Iranian nuclear missile sites.
Despite a U.S-China trade deal now all but done, global markets overnight and the local index today are apprehensive to move higher - the ASX tried its best to break out but ran out of steam without the specifics of the deal and both sides yet to officially sign off.
Today marked another intra-day record for the ASX 200, though this time it couldn’t hold with the market closing -47pts off the morning high. It had a feeling of buy the rumour sell the fact as Chinese and U.S trade officials walked away from two days of negotiations having agreed on a preliminary plan to ease trade tensions, emphasising resolving issues around rare earths minerals and magnets shipping, with the U.S expecting to lift export restrictions in a ‘balanced way’.
A softer session played out on the ASX today opening ~10pts up though never looked like moving higher with sellers chipping away as the index drifted down steadily through the day, closing at its lows ahead of key employment data in the U.S tonight.
Another resilient session for the ASX, at the index level at least, with large cap, index heavy names continuing to find flows, though there was plenty of weakness across certain sectors, resources being an area that remained under pressure.
The ASX bounced between positive and negative territory today amid a sharp sell-off in materials after iron ore hit a 9-month low but ultimately closed toward its lows of the days narrow ~30pt trading range.
The ASX came off the boil as the day progressed, tracking lower into the close, ending ~30pts below the daily high. Not an aggressive move in any stretch and we’re clearly not seeing a lot of panic, however, when we stand back and look at stocks only a few percent below all-time highs and overlay that with Trumps call to evacuate Tehran, pushing up Oil prices, our bias is to err on the side of selectively reducing market exposure in the short term – the risk/reward has become less appealing, we think.
A very interesting session today for the ASX despite a small move at the index level. Escalation in the Israel/Iran conflict underpinned a str0ng move higher for energy stocks, with a bid for Santos (STO) thrown in the mix for good measure.
The local market was lined up for a positive and potentially quiet session with a lack of earnings or corporate news on the docket and positive sentiment from U.S markets overnight with ASX futures pointing up +46pts at 8am - it was anything but, as news broke shortly after the market opened that airstrikes were carried out by Israel on Iranian nuclear missile sites.
Despite a U.S-China trade deal now all but done, global markets overnight and the local index today are apprehensive to move higher - the ASX tried its best to break out but ran out of steam without the specifics of the deal and both sides yet to officially sign off.
Today marked another intra-day record for the ASX 200, though this time it couldn’t hold with the market closing -47pts off the morning high. It had a feeling of buy the rumour sell the fact as Chinese and U.S trade officials walked away from two days of negotiations having agreed on a preliminary plan to ease trade tensions, emphasising resolving issues around rare earths minerals and magnets shipping, with the U.S expecting to lift export restrictions in a ‘balanced way’.
A softer session played out on the ASX today opening ~10pts up though never looked like moving higher with sellers chipping away as the index drifted down steadily through the day, closing at its lows ahead of key employment data in the U.S tonight.
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