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A soft open following a 1% decline in the US overnight, however, traders stepped up to the plate in a big way pushing the ASX 200 +50 pts above the session lows. The IT and Financial stocks led the charge to end what can only be called a flat month for the ASX overall, the index fell just -0.09% for August which covers up some big moves under the hood.
Over the last 2-weeks on Ausbiz our Research Lead Shawn has mentioned how cryptos and especially Bitcoin can be a leading indicator for stocks, the chart below illustrates perfectly how in November 2021 Bitcoin topped out about 2-weeks earlier than the US Tech Sector, they subsequently rolled lower in tandem as “risk off” has become the new norm, the current read through for liquidity and risk assets is one of clear short-term caution:
The ASX bounced back today following a 2% sell-off yesterday with the IT & Energy stocks leading the charge as we trickle towards the end of a hectic reporting period.
A few words from Jerome Powell was enough to whack the ASX200 yesterday with only 2% of stocks managing to close up on Monday but the -1.95% sell-off still felt restrained compared to US indices – although we did post fresh 4-week lows on the day. There was no particular surprise with yesterday’s reaction to Jerome Powell’s comments from Jackson Hole and subsequent aggressive sell-off across US stocks, the interest rates sensitive local Tech Sector fell -4.4% to be worst on ground although there was nowhere…
A sea of red for a Monday with the ASX pulling back ~2% following a more hawkish Federal Reserve on Friday night. While indications point to peak inflation having passed, the rhetoric from the Jerome Powell strongly implies that we’re not yet peak rates which is obviously a negative for equities, however when we stand back and look at bond yields which edged higher but not by a lot, the volatility index which settled around 25 (which is low), we’re not…
Jerome Powell delivered almost the exact speech most stock market investors/traders were dreading from Jackson Hole on Friday however if you’re relatively cashed up like MM its not all bad news, although it’s unlikely our portfolios will be unscathed this morning even while we hold our highest cash levels in months. This is actually an opportune time to make mention of how important we believe psychology is for successful investing, to MM it ranks equally alongside the other 2 largely more recognised building blocks on which successful market players focus their efforts/attention:
The ASX200 experienced a very choppy week as is common through reporting season with 8 stocks in the ASX 200finishing the week up by more than 10% while 7 companies disappointed investors by similarly registering double digit losses. It felt like a volatile week due to the significant swings on the stock level but the index itself only closed down just 10-points following Fridays solid session as we saw a very impressive period for the resources companies offset by weakness in the consumer staples & discretionary, communication and financial stocks – we remain in a market that feels comfortable to aggressively rotate between stocks & sectors but it has no interest increasing or decreasing its overall exposure to equities.
A strong end to what turned out to be a flat week for stocks, although a very busy one from a reporting standpoint. Energy the standout up 6% while the Staples sector fell by the same degree, around 10% of the ASX 200 moved by 10% or more showing the influence of results, the best of them coming from one of our holdings in Altium (ALU) while City Chic (CCX) took the gong on the other side, losing a quarter of its value.
MM are amending our Flagship Growth Portfolio
The ASX200 rallied strongly on Thursday helped by a bounce in US stocks, a couple of strong company reports and further corporate activity as Perpetual (PPT) and Pendal Group (PDL) look to have finally tied the knot – M&A was added to overnight as the next stage of the KKR v Ramsay Healthcare (RHC) saga was released, more on this later. Market sentiment was also helped by Japan looking to restart nuclear power as the idealistic alternatives fail to match the country’s energy demands – it’s been well over a decade since the 2011 Fukushima disaster hammered consumer confidence in nuclear power but time can heal many wounds.
