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What Mattered Today

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A weak open this morning saw the ASX down over 50pts at the low, though a consistent recovery for the remainder of the day saw the market only mildly down by the close,  an eclectic mix of stocks scattering the leaderboard. What has been consistent is the underperformance of some commodities, going against the improving trends that played out last week, though Gold remains the exception.

  • The ASX 200 dipped -12pts/0.16% closing at 7816.
  • Communications (+1.44%), Staples (+0.25%) and Financials (+0.21%) rounded out the top performers.
  • Materials (-1.2%), Utilities(-1.17%) and Energy (-0.64%) underperformed.
  • New Zealand’s central bank kept interest rates unchanged for an eighth straight meeting but toned down its hawkish rhetoric, suggesting it could ease monetary policy sooner than previously signaled.
  • Macquarie have made a shift around their suggested positioning, turning more negative on economic growth, implying the RBA will keep rates on hold so not to put further upward pressure on the AUD.
  • MQG flagged real estate stocks as a beneficiary of this view, one that goes against UBS as we covered this morning (here) with their forecasts for 2 more rate hikes.  MQG maintains the rage on Goodman (GMG) vs UBS who cut to sell, while they both agree that Mirvac (MGR) was a buy.
  • Key miners were lower as Iron Ore struggled, down 1.6% today;  BHP Group (BHP) -1.3%, Fortescue Metals (FMG) -1.24%, Rio Tinto (RIO) -1.02% & South32 (S32) -2.15%
  • ANZ Bank (ANZ)+1.4% was the best of the banks, the others dipped with Commonwealth Bank (CBA) –0.12%, National Bank (NAB) -0.06% & Westpac (WBC) -0.58%.
  • Telstra (TLS)+2.19% rallied for a 2nd straight session as Macquarie upgraded to buy equivalent and $4.40 price target.  TLS closed today at $3.82
  • Insignia (IFL) -7.2% fell as they denied reports that Brookfield was looking at a takeover. They had put on 13% yesterday.
  • Bell Financial Group (BFG) +3.3% rallied after guiding to a strong 1H profit result.
  • Iron Ore dipped -1.6% in Asia, now trading $US108/mt
  • Gold was up US$6, settled $US2370/oz at our close.
  • Stocks in Hong Kong were down -0.22%, while the Nikkei in Japan rallied +0.61%.
  • US Futures are largely flat
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ASX 200 Index
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