The ASX edged higher today, extending yesterday's move, following the Federal Reserve’s move to push the cash rate higher overnight. The Fed delivered the 25bp hike as expected, though commentary pointed to further tightening as Chair Kevin Warsh reiterated a firm stance on inflation. That initially pushed global markets lower, although bond yields subsequently eased and provided some relief for equities.
The ASX finished modestly higher today in a mixed session with energy the clear standout as elevated oil prices continued to support the sector, while parts of the broader resources complex attempted to stabilise after recent heavy selling.
The ASX continued its slide today, falling to a fresh three-month low as banks and miners came under renewed pressure, extending the broader market weakness. The index is now down around 6.5% from its 6 August record high. Macro continues to drive the sell-off; news flow around individual companies is almost non-existent, with oil, bond yields, and expectations for further central bank tightening later this week dominating sentiment.
The ASX broke a four-day losing streak today, but only just, finishing essentially flat after an early gain of around ~0.3% faded through the afternoon.
The ASX was looking for a floor today, and found something resembling one through midday. After four straight days of selling, the market opened under heavy pressure again, before buyers emerged through the afternoon to claw back some of the damage.
The ASX took a punch today, but importantly, it got back off the canvas. The index was down as much as 1.8% around midday, its worst intraday fall since March, before buyers finally emerged and trimmed almost half of the session’s worst losses. It was still a third consecutive decline and all 11 sectors finished lower, but the late recovery was the first sign in a few sessions that the market is prepared to lean into weakness (at the right price).
The ASX went on a round trip today, rising early, giving it all back and trading lower through to midday before popping in the afternoon, closing almost flat for the session. The headline index masked another fairly weak session underneath, with the banks and Healthcare under pressure while Energy and Materials did most of the heavy lifting with the Big Australian and Rio keeping the index afloat accounting for +30pts of gain between the two heavyweights.
The ASX had a rough one today, falling to its lowest close in six weeks in what was the index's biggest daily fall since June. The sell-off was broad as rising oil prices, weak consumer sentiment and increasingly hawkish RBA expectations weighed on sentiment. There was no lead from Wall St overnight which was closed, and the lull in company-specific news flow continued post reporting season. The rate story was the key drag — RBA assistant governor Sarah Hunter flagged the Board may need to lift rates again if inflation proves stronger than forecast, pushing the market-implied chance of a September hike to around 69%, while November is now fully priced while Westpac joined the other big four banks in calling for another hike.
The ASX 200 started the week slowly, with the U.S session on Friday night largely in the rearview mirror, and closed for tonight, there was little in the tank to drive a move either way as strength across Energy, Materials and the banks was cancelled out by weakness in Technology. The market remains firmly in post-reporting-season mode, with attention shifting back to oil, bond yields and central-bank policy to determine the next move.
The ASX 200 struggled to hold onto a positive start on Friday, giving back an early ~0.6% gain to trade slightly lower into the afternoon. The reversal was largely a resources story, with the heavyweight names dragging on the index, while Energy also weighed despite Brent.
The ASX finished modestly higher today in a mixed session with energy the clear standout as elevated oil prices continued to support the sector, while parts of the broader resources complex attempted to stabilise after recent heavy selling.
The ASX continued its slide today, falling to a fresh three-month low as banks and miners came under renewed pressure, extending the broader market weakness. The index is now down around 6.5% from its 6 August record high. Macro continues to drive the sell-off; news flow around individual companies is almost non-existent, with oil, bond yields, and expectations for further central bank tightening later this week dominating sentiment.
The ASX broke a four-day losing streak today, but only just, finishing essentially flat after an early gain of around ~0.3% faded through the afternoon.
The ASX was looking for a floor today, and found something resembling one through midday. After four straight days of selling, the market opened under heavy pressure again, before buyers emerged through the afternoon to claw back some of the damage.
The ASX took a punch today, but importantly, it got back off the canvas. The index was down as much as 1.8% around midday, its worst intraday fall since March, before buyers finally emerged and trimmed almost half of the session’s worst losses. It was still a third consecutive decline and all 11 sectors finished lower, but the late recovery was the first sign in a few sessions that the market is prepared to lean into weakness (at the right price).
The ASX went on a round trip today, rising early, giving it all back and trading lower through to midday before popping in the afternoon, closing almost flat for the session. The headline index masked another fairly weak session underneath, with the banks and Healthcare under pressure while Energy and Materials did most of the heavy lifting with the Big Australian and Rio keeping the index afloat accounting for +30pts of gain between the two heavyweights.
The ASX had a rough one today, falling to its lowest close in six weeks in what was the index's biggest daily fall since June. The sell-off was broad as rising oil prices, weak consumer sentiment and increasingly hawkish RBA expectations weighed on sentiment. There was no lead from Wall St overnight which was closed, and the lull in company-specific news flow continued post reporting season. The rate story was the key drag — RBA assistant governor Sarah Hunter flagged the Board may need to lift rates again if inflation proves stronger than forecast, pushing the market-implied chance of a September hike to around 69%, while November is now fully priced while Westpac joined the other big four banks in calling for another hike.
The ASX 200 started the week slowly, with the U.S session on Friday night largely in the rearview mirror, and closed for tonight, there was little in the tank to drive a move either way as strength across Energy, Materials and the banks was cancelled out by weakness in Technology. The market remains firmly in post-reporting-season mode, with attention shifting back to oil, bond yields and central-bank policy to determine the next move.
The ASX 200 struggled to hold onto a positive start on Friday, giving back an early ~0.6% gain to trade slightly lower into the afternoon. The reversal was largely a resources story, with the heavyweight names dragging on the index, while Energy also weighed despite Brent.
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