The ASX had a solid end to the week, with a broad-based rally following on from Wall Street’s record-setting session overnight. Expectations that the Fed will move on rate cuts as soon as next week helped fuel gains in financials and miners, while gold continued its charge toward fresh highs, offsetting weakness across the energy names.
The market gave back some ground today on weakness in banks and healthcare, despite strength across gold and stabilisation for lithium stocks that took a bath yesterday. There was also a host of defense wins across various companies, driving gains in most.
The ASX edged higher into the afternoon session, though the overall tone remained mixed as gains in the financials were offset by heavy selling across the resource complex, particularly the Lithium stocks as a Chinese mine restart is now set to happen sooner than expected.
Weakness in the banking sector weighed on the local market today, overriding optimism from Wall Street that the Fed is poised to cut rates next week. Gold remained hot with bullion hitting new all-time highs again overnight while there were some select pockets of strength elsewhere, largely amid tech and defensives.
The ASX drifted lower on Monday despite a strong showing from technology, with ex-dividend names and weakness in banks and energy offsetting gains. There was a defensive undertone to the session – aside from strength in tech and lithium it wasn’t enough to outweigh pressure in banks and energy. Gold remains the standout macro theme into September with ETF flows at records, though local gold equities continue to lag – a trend we’ve written about in recent notes. The market more broadly continues to oscillate around the 8850 level, with breadth softening.
The ASX moved higher on Friday though it was one of quietest sessions in recent memory trading in a narrow ~15pt range beyond the open, with next to no news flow to drive individual share prices in the wake of the blockbuster reporting season just gone.
The ASX rebounded strongly today, recovering some of the ground lost in its sharpest one-day fall since April yesterday. A softish open relative to the finish, the index opened +40pts higher but rallied through the day, with some profit taking around midday before another surge in the second half of the session, closing within 5pts of its high.
A poor session for local stocks as stronger-than-expected GDP numbers dimmed hopes of another near-term RBA rate cut. Gold extended its record-breaking run, but tech weakness and pressure on the big banks dragged the index lower.
A second session where stocks drifted lower on very little news flow, with the US market closed overnight for Labor Day and economic + company data thin on the ground.
Weakness crept into the ASX today as we start the most challenging month of the year, where the ASX has fallen on average 2% for the past 10 years. Dividends play a role here, however we’ve seen declines 70% of the time, and with markets at/near all-time highs, it’s easy to see why some profit taking may creep into the market ahead of the seasonally strong December quarter. Defensives and Gold outperformed while Tech was the obvious pocket of weakness.
The market gave back some ground today on weakness in banks and healthcare, despite strength across gold and stabilisation for lithium stocks that took a bath yesterday. There was also a host of defense wins across various companies, driving gains in most.
The ASX edged higher into the afternoon session, though the overall tone remained mixed as gains in the financials were offset by heavy selling across the resource complex, particularly the Lithium stocks as a Chinese mine restart is now set to happen sooner than expected.
Weakness in the banking sector weighed on the local market today, overriding optimism from Wall Street that the Fed is poised to cut rates next week. Gold remained hot with bullion hitting new all-time highs again overnight while there were some select pockets of strength elsewhere, largely amid tech and defensives.
The ASX drifted lower on Monday despite a strong showing from technology, with ex-dividend names and weakness in banks and energy offsetting gains. There was a defensive undertone to the session – aside from strength in tech and lithium it wasn’t enough to outweigh pressure in banks and energy. Gold remains the standout macro theme into September with ETF flows at records, though local gold equities continue to lag – a trend we’ve written about in recent notes. The market more broadly continues to oscillate around the 8850 level, with breadth softening.
The ASX moved higher on Friday though it was one of quietest sessions in recent memory trading in a narrow ~15pt range beyond the open, with next to no news flow to drive individual share prices in the wake of the blockbuster reporting season just gone.
The ASX rebounded strongly today, recovering some of the ground lost in its sharpest one-day fall since April yesterday. A softish open relative to the finish, the index opened +40pts higher but rallied through the day, with some profit taking around midday before another surge in the second half of the session, closing within 5pts of its high.
A poor session for local stocks as stronger-than-expected GDP numbers dimmed hopes of another near-term RBA rate cut. Gold extended its record-breaking run, but tech weakness and pressure on the big banks dragged the index lower.
A second session where stocks drifted lower on very little news flow, with the US market closed overnight for Labor Day and economic + company data thin on the ground.
Weakness crept into the ASX today as we start the most challenging month of the year, where the ASX has fallen on average 2% for the past 10 years. Dividends play a role here, however we’ve seen declines 70% of the time, and with markets at/near all-time highs, it’s easy to see why some profit taking may creep into the market ahead of the seasonally strong December quarter. Defensives and Gold outperformed while Tech was the obvious pocket of weakness.
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