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The ASX 200 rallied 155 points (+1.85%) on Wednesday, its strongest session in two months, driven by an improving tone in the Middle East conflict and a softer-than-expected CPI print. The Middle East remains the key driver, but better than feared economic data always helps.
The ASX enjoyed a strong rebound today, bouncing sharply as investors latched onto two positives at once. Brent crude rolled over in Asian trade after the US President purportedly presented Iran with a 15-point plan to end the conflict, helping to calm nerves. At the same time, the February CPI print came in a touch softer than feared, giving the market some confidence that domestic inflation pressures are easing.
The ASX200 managed to close up +0.2% on Tuesday, but it wasn’t pretty with the index ending the session more than 100 points below its early morning high. The issue was the credibility of President Trump’s claims that talks are underway to end the conflict with Iran, where reports of such talks were called “Fake News.” The attacks continue, although Trump has postponed strikes on Iran’s energy infrastructure, citing “productive conversations” with Tehran.
The ASX finished modestly higher but well off its intraday highs after an early relief rally faded as the geopolitical backdrop in the Middle East remained fluid. The index surged more than +130pts at the open, briefly pushing 8500, before momentum cooled as US futures slipped gradually through the day.
We are making several changes to the International Equities Portfolio
We are making several changes across portfolios
The ASX200 ended a volatile session more than 100 points off its early morning low, down only 0.7%. Selling was fairly brutal on open, as was expected, but investors steadily bought the dip through the day, with over 40% of the main board managing to close positive.
The ASX finished lower, though it was much worse early on in the session. The war in the Middle East continues to dominate sentiment, with the market now down ~9% from the start of March, flirting with technical ‘correction’ territory.
We are making three changes to the Growth Portfolio today.
Global equities finished lower on Friday, pressured by escalating Middle East tensions, surging oil prices, and a renewed shift higher in rate expectations. For the week, the ASX200 fell 2.2%, the S&P 500 lost 1.9%, and the UK FTSE 3.3%.
