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Tuesday saw the ASX200 get savaged following a poor night on Wall Street and nerves ahead of the Feds pending interest rate decision, not to mention the market being closed for Australia Day creating the perfect storm for traders to have zero risk appetite. Its old news as we brace for this morning’s trade but less than 5% of the market managed to advance in the last session as we witnessed unrelenting broad-based selling wash through stocks, firstly lets quickly just evaluate what happened:
A tough day for the ASX with a negative lead from the futures market putting pressure on stocks early before a hotter than expected inflation read at 11.30am saw bond yields up, the Aussie Dollar up just after the release (although it tapered off later on) and stocks down on the expectation of tighter monetary policy from the RBA. Throw in a public holiday tomorrow, weakness again in US futures during our time zone after what was a very…
Many investors watched yesterday’s market with a large degree of trepidation and while the ASX200 bounced from its early morning lows it was definitely not a convincing recovery with the index still closing down 0.5%, making new 8-months lows and with only 32% of stocks managing to close in positive territory. While the aggressive selling witnessed on Friday wasn’t evident the underlying “risk off” theme continued as quality and defensive names were in demand across many sectors:
The ASX opened on the backfoot this morning hitting a low of 7086 / down -89 points on the ASX 200 shortly after open following weakness in the US on Friday, however the buy the dip mentality emerged and we saw the market bounce +53points to end the session down -0.50%. US Futures helped the move with the S&P eminis up +0.80% during our time zone. At the sector level it was classic risk off with the defensives doing well, Real-Estate the main support followed by the supermarkets while IT stocks…
MM had been anticipating a very volatile 2022 for financial markets but its arrived faster than we expected, we’re only 3-weeks into January and the markets have already delivered some major swings:
Friday saw the ASX200 unceremoniously smacked to the bottom of the last 6-months trading range as the fallout from rising inflation / bond yields continued to gather momentum. Only 6% of the ASX200 managed to close up on the day as the unrelenting selling washed through all 11-sectors, the best group on ground still fell by over 1% illustrating the broad based nature of the market capitulation. Aside from the sheer weight of selling a couple things did catch our attention:
Local equities traded to their lowest intraday level since the 29th of September during today’s broad-based selling. Following the overnight moves and compounded by further weakness in US futures today, Aussie equities finished the week with a straight sets smacking. Energy & materials felt the worst of it but all sectors were weaker on the day. Inflation concerns was the main issue on traders’ minds today, a flight to cash ahead of the weekend was on the agenda for most.
The ASX200 put in a solid result yesterday managing to close slightly higher even after a torrid session on Wall Street, only 30% of the index closed positive but the gains in the resources names were enough to tip the balance. Gold stocks were the undoubted standouts across the board with even the relatively conservative play Newcrest Mining (NCM) managing to surge over 6.5% while our other specific exposure to the sector in MM’s Growth Portfolio, Northern Star Resources (NST), was the main boards top…
A fairly lacklustre session at the index level today with the market only marginally higher, however there were some big moves at the stock level. Gold the standout with a number of names up more than 10% as the precious metal traded up to US$1840, some IT stocks bounced well while there was also some strong moves in the broader resources & energy sectors, Copper & Iron Ore particularly upbeat while Crude Oil also traded higher. Today certainly…
Yesterday felt like “15-love” to bond yields as the ASX200 was clobbered 76-points following a bad session on Wall Street which was then compounded by further weakness in the S&P500 futures during our day session. However 25% of stocks did still manage to close up on Wednesday with the gains feeling far more stock specific as opposed to…
