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The ASX 200 closed up +0.6% on Thursday, a further 0.6% gain today, and it will post a fresh intra-day high. The rotation on the stock/sector level is currently chaotic, with yesterday’s moves largely a reversal of Wednesday’s, although the recovery by lithium names continues to gather bullish momentum.
Between copper, pharmaceutical and country-specific tariffs sprayed across the globe by U.S President Donald Trump overnight, there was plenty on the macro front for the local bourse to digest today.
The ASX200 fell 0.6% on Wednesday, its largest decline in two months, as the market spent its 26th day rotating in a relatively tight 200-point range. However, while the index has been very calm for almost six weeks on the stock level, it’s been a very different story with the return of tariff uncertainty and the ever-changing perceptions around the future path for interest rates, spiking volatility across stocks – it’s just been a case of rotation between sectors instead of between stocks and cash.
A weaker session today as Copper tariff news created some volatility amongst the resources, gold stocks were weak, while rate sensitive areas like property felt the pinch from the RBA reticence to cut rates yesterday.
The ASX200 had plenty of reasons to fall on Monday, but again, come 4 p.m., the bears were left disappointed: Trump is throwing around tariffs again like confetti, the Dow dropped over 400 points, and the almost guaranteed RBA rate cut failed to materialise.
We are making two changes to the Active Growth Portfolio today, trimming an existing position and adding a new stock.
The ASX200 closed down 0.2% on Monday, largely shrugging off weakness across US futures markets as Trump’s tariff deadline moved ever closer. Over 40% of the main board managed to close higher, with most of the major movers on the day being news-led.
No trade in the US on Friday night (Independence Day), so a quiet session to kick things off locally ahead of some key data points this week. The RBA should cut rates tomorrow which would be their first back-to-back move in 6-years, while we await the tariff deadline in the U.S on Wednesday night.
Donald Trump’s second presidency has been volatile, and it’s still less than six months since his inauguration. When Congress approved Trump’s budget mega bill on Thursday, it was the latest of the milestones for the president as he follows through on his unconventional election promises.
