The ASX broke a four-day losing streak today, but only just, finishing essentially flat after an early gain of around ~0.3% faded through the afternoon.
The ASX was looking for a floor today, and found something resembling one through midday. After four straight days of selling, the market opened under heavy pressure again, before buyers emerged through the afternoon to claw back some of the damage.
The ASX took a punch today, but importantly, it got back off the canvas. The index was down as much as 1.8% around midday, its worst intraday fall since March, before buyers finally emerged and trimmed almost half of the session’s worst losses. It was still a third consecutive decline and all 11 sectors finished lower, but the late recovery was the first sign in a few sessions that the market is prepared to lean into weakness (at the right price).
The ASX went on a round trip today, rising early, giving it all back and trading lower through to midday before popping in the afternoon, closing almost flat for the session. The headline index masked another fairly weak session underneath, with the banks and Healthcare under pressure while Energy and Materials did most of the heavy lifting with the Big Australian and Rio keeping the index afloat accounting for +30pts of gain between the two heavyweights.
The ASX had a rough one today, falling to its lowest close in six weeks in what was the index's biggest daily fall since June. The sell-off was broad as rising oil prices, weak consumer sentiment and increasingly hawkish RBA expectations weighed on sentiment. There was no lead from Wall St overnight which was closed, and the lull in company-specific news flow continued post reporting season. The rate story was the key drag — RBA assistant governor Sarah Hunter flagged the Board may need to lift rates again if inflation proves stronger than forecast, pushing the market-implied chance of a September hike to around 69%, while November is now fully priced while Westpac joined the other big four banks in calling for another hike.
The ASX 200 started the week slowly, with the U.S session on Friday night largely in the rearview mirror, and closed for tonight, there was little in the tank to drive a move either way as strength across Energy, Materials and the banks was cancelled out by weakness in Technology. The market remains firmly in post-reporting-season mode, with attention shifting back to oil, bond yields and central-bank policy to determine the next move.
The ASX 200 struggled to hold onto a positive start on Friday, giving back an early ~0.6% gain to trade slightly lower into the afternoon. The reversal was largely a resources story, with the heavyweight names dragging on the index, while Energy also weighed despite Brent.
The local market found some support today, snapping a three-day losing streak as banks and miners led a modest rebound. The move was helped by some relief in bond markets, with the Australian 10-year yield easing from multi-year highs to around 5.16%.
The ASX came under pressure today as another surge in oil and global bond yields weighed on risk appetite. Crude oil pushed higher as tensions between the US and Iran escalated, adding to inflation concerns at a time when global central banks are already leaning increasingly hawkish.
The ASX 200 slipped every so slightly, though certainly performed better than feared given escalation in the Middle East and rate hike expectations jumping over the past few days. A renewed spike in oil prices and global bond yields was largely shrugged off at the index level, though did put pressure on rate-sensitive parts of the market as consumer names took a hit. The move was reasonably broad with 7 of 11 sectors modestly lower, though strength across Energy and parts of Resources kept the index-level decline modest.
The ASX was looking for a floor today, and found something resembling one through midday. After four straight days of selling, the market opened under heavy pressure again, before buyers emerged through the afternoon to claw back some of the damage.
The ASX took a punch today, but importantly, it got back off the canvas. The index was down as much as 1.8% around midday, its worst intraday fall since March, before buyers finally emerged and trimmed almost half of the session’s worst losses. It was still a third consecutive decline and all 11 sectors finished lower, but the late recovery was the first sign in a few sessions that the market is prepared to lean into weakness (at the right price).
The ASX went on a round trip today, rising early, giving it all back and trading lower through to midday before popping in the afternoon, closing almost flat for the session. The headline index masked another fairly weak session underneath, with the banks and Healthcare under pressure while Energy and Materials did most of the heavy lifting with the Big Australian and Rio keeping the index afloat accounting for +30pts of gain between the two heavyweights.
The ASX had a rough one today, falling to its lowest close in six weeks in what was the index's biggest daily fall since June. The sell-off was broad as rising oil prices, weak consumer sentiment and increasingly hawkish RBA expectations weighed on sentiment. There was no lead from Wall St overnight which was closed, and the lull in company-specific news flow continued post reporting season. The rate story was the key drag — RBA assistant governor Sarah Hunter flagged the Board may need to lift rates again if inflation proves stronger than forecast, pushing the market-implied chance of a September hike to around 69%, while November is now fully priced while Westpac joined the other big four banks in calling for another hike.
The ASX 200 started the week slowly, with the U.S session on Friday night largely in the rearview mirror, and closed for tonight, there was little in the tank to drive a move either way as strength across Energy, Materials and the banks was cancelled out by weakness in Technology. The market remains firmly in post-reporting-season mode, with attention shifting back to oil, bond yields and central-bank policy to determine the next move.
The ASX 200 struggled to hold onto a positive start on Friday, giving back an early ~0.6% gain to trade slightly lower into the afternoon. The reversal was largely a resources story, with the heavyweight names dragging on the index, while Energy also weighed despite Brent.
The local market found some support today, snapping a three-day losing streak as banks and miners led a modest rebound. The move was helped by some relief in bond markets, with the Australian 10-year yield easing from multi-year highs to around 5.16%.
The ASX came under pressure today as another surge in oil and global bond yields weighed on risk appetite. Crude oil pushed higher as tensions between the US and Iran escalated, adding to inflation concerns at a time when global central banks are already leaning increasingly hawkish.
The ASX 200 slipped every so slightly, though certainly performed better than feared given escalation in the Middle East and rate hike expectations jumping over the past few days. A renewed spike in oil prices and global bond yields was largely shrugged off at the index level, though did put pressure on rate-sensitive parts of the market as consumer names took a hit. The move was reasonably broad with 7 of 11 sectors modestly lower, though strength across Energy and parts of Resources kept the index-level decline modest.
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