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A quiet session to round out a solid week for the ASX (+0.8%) as we await more news from China around fiscal policy, to complement the monetary policy support already in play. The stage has been set for tomorrow morning, and whatever happens, it will have a bearing on how markets and some sectors in particular trade into year end. Over to you, My Fo’an!

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Alerts

Macquarie Quants Calls for the Cup!

Each year, Macquarie's Quant team puts out their picks for the cup, and we've included the key points for Market Matters Members. Thanks to Macquarie for sharing the insights, and as always, punt with your head, not over it!

Morning report

What Matters Today: Stock market complacency is dangerous; look at luxury retail!

The ASX200 enjoyed a solid start to the Presidential election week, closing up +0.6%. The financials dragged the index higher throughout the session, contributing ~50% to the market's advance. Westpac (WBC) reversed an early intra-day ~2.5% loss to finish up +0.9% as investors digested its FY report.

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Morning report

Macro Monday: Have we seen the best of the “Magnificent Seven”?

The “Magnificent Seven” goliath tech stocks have come off the boil over recent months, illustrated by the NASDAQ failing to break above its July peak, whereas the Broad-based S&P500, Dow Jones and Russell 30 have all posted new milestones in recent weeks. The markets are becoming more discerning towards high-valuation growth stocks, demanding increasingly strong results to maintain their bullish advance.

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Weekend report

Weekend Q&A: Markets focus on Trump and ignore a weak employment picture

The ASX200 struggled last week, ending its worst week in 3-months, down 1.1% on broad-based losses as the market jumped from one hurdle to another. The US election is one variable that is now just a few days away—we’re sure everybody will be glad when that particular circus has left town.

Morning report

What Matters Today: Can the ASX banks keep pace with their global peers?

The ASX200 slipped 0.25% as we waved goodbye to October; the infamous month finished down 0.6%, but volatility was significantly higher on the stock/sector level as we rolled through AGM season. The financials remained the backbone of the market, advancing 4.5% ahead of key earnings and dividends for 3 of the “Big Four” plus Macquarie Group (MQG).

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Morning report

What Matters Today: Are coal stocks the best way to play AI’s initial huge energy demand?

Thursday saw the Annual headline inflation rate fall to 2.8% in the three months to September from 3.8% in the June quarter, slightly better than the forecasted 2.9%, but it wasn’t enough to move bond markets or the Aussie Dollar. The numbers were broadly in line with the RBA’s inflation outlook; remember last week, Michele Bullock said it would take another “year or two” before consumer prices are sustainably in their 2-3% target band, i.e. rates will remain higher for longer.

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