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The ASX snapped a 4 session losing streak today and although the market lost momentum through the middle of the session, buyers gradually re-emerged into the close with the index finishing modestly higher.
The ASX 200 retreated for its fourth consecutive day on Wednesday, ending the post-budget session down 0.5%, courtesy of a -10.4% plunge by Commonwealth Bank (ASX: CBA), which took almost 100-points off an index that only closed down 40-points.
The ASX slipped for a fourth straight session today as a sharp selloff in CBA following a softer quarterly weighed heavily on the broader market, with the market also digesting the implications of last night’s Federal Budget and its proposed changes to negative gearing and capital gains tax concessions.
The ASX 200 retreated 0.4% on Tuesday, ahead of the Albanese – Chalmers budget which had mostly been leaked. On the stock/sector level the story pretty much remained the same, with over 65% of the main board retreating and the miners unable to support the fragile ASX.
The ASX was weaker today, with the market unable to follow a stronger offshore lead as investors turned more cautious ahead of tonight’s Federal Budget. Lots of leaks in recent days and suffice to say, this will be one of the more important budgets in recent memory with the ALP fiddling with capital gains tax.
The ASX 200 delivered another disappointing performance on Monday falling 0.5%, failing to embrace another record breaking session by US equities on Friday night. The day was dominated by another painful downgrade by CSL Ltd (ASX: CSL) which saw the biotech hit 16%, its largest ever 1-day fall, contributing over 70% of the days decline – such was its dramatic fall that it overtook talk of tonight’s budget on many trading desks.
The ASX started the week on the back foot today on renewed concerns around the Middle East conflict after President Trump rejected Iran’s latest peace proposal over the weekend sending oil prices higher again.
Outside of the post-COVID rebound, corporate America has just delivered one of its strongest earnings seasons in more than a decade. Approximately 85% of S&P 500 companies beat expectations, with the Magnificent Seven posting profit growth well in excess of 50%, providing the engine room for the broader rally.
The ASX200 experienced a choppy week, ultimately closing up +0.2% following Fridays triple-digit loss as tensions between the US and Iran took a turn for the worse. The local index was threatening to break out toward fresh highs on Thursday before yesterday’s -1.5% sell-off, leaving the market stuck in the 8600-9000 trading range where it’s now looked comfortable for more than a month. The rate-sensitive stocks continue to weigh on the ASX with retail and real estate continuing to drag the local index back despite the best efforts of the miners which saw the materials sector gain +4.3% through the week, with more set to come on Monday.
A tough day on the ASX today, with geopolitical risk firmly back in the driver’s seat. Fresh US-Iran clashes in the Strait of Hormuz sent oil prices higher and unwound the peace trade that had supported market over the last few days.
