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The market opened strongly this morning up +73 points reaching another intra-day all-time high of 8566 before the froth blew off and it settled up +38pts, still a new all-time closing high of 8532 – the first time the index has closed above 8500 after multiple failed attempts back in early December.
The ASX200 posted a new high on Thursday, albeit only by one point, before surrendering some of its early gains to finish up +0.55%, its highest close since December 3rd. Overall, this was a very encouraging result for the bulls as traders digested the Fed’s rhetoric suggesting a long pause on rates and earnings results from a trio of the “magnificent seven” tech giants.
The ASX hit a new all-time high around lunchtime, though only by a whisker, printing 8515, 1pt above its 6th of December milestone, but we’ll take it! Interest rate expectations are getting a lot of airtime with NAB the last of the big four to join the call for a Feb rate cut – the market is well and truly expecting the RBA to finally make a move, the first change since they raised rates in November of 2023.
The ASX200 rallied strongly on Wednesday, spurred on by a softer-than-expected inflation print at 11.30 a.m, the market-friendly read led to broad-based gains. The rate-sensitive Utilities and Real Estate sectors enjoyed strong moves, ably supported by a bounce by tech names following Tuesday’s DeepSeek-inspired panic sell-off.
It was a reversal of fortune for some of the AI-related companies today that suffered yesterday after a bounce in the U.S overnight fueled performance in tech, property and energy this morning. A softer than expected inflation print hit at 11.30am adding breadth to the move higher with the index up over 80pts at one point, before selling kicked in late to take some shine off the move.
The ASX200 slipped -0.1% on Tuesday, a solid performance considering the market turmoil created by DeepSeek’s dramatic emergence. The new Chinese AI player has challenged many people’s belief that the “Magnificent Seven” would dominate AI for years to come.
The ASX held up well today despite a savage sell off in the mega cap tech stocks over night in the U.S. The index traded in a tight range relative to other markets, down 30 points in the morning, bouncing to close flat; the resilience driven by a lack of exposure to tech as we saw some flight to safety in banks.
DeepSeek, a Chinese AI startup, has launched breakthrough AI models that offer comparable performance to the world’s best chatbots at a fraction of the cost. The Hangzhou-based company, which was only launched in 2023, created a free, open-source large-language model in late December, claiming it was developed in just two months at the cost of under $6 million.
The ASX200 ended the penultimate week of January up +1.2%; the market took its lead from US indices, with the tech and financial sectors both advancing over 3% while the energy and materials stocks surrendered some of their earlier monthly gains. Overall excitement toward Trump’s pro-business policies largely pushed risk assets higher this week as investors focused on his inauguration.
A decent session in Oz today with the retailers generally doing well pushing the consumer discretionary sector up more than 2% – a few stock specific influences at play. A positive week overall for markets, the final one with a partial holiday vibe, with those stragglers taking extended holidays back on deck post the Australia Day holiday on Monday.
