The ASX couldn’t hold early gains, with weakness in the oil names overpowering a solid tech-led rally. By the close, the ASX 200 was up just +10pts, despite nine sectors trading higher.
A hotter-than-expected inflation print has poured some cold water on what was shaping up as a very strong rebound for the ASX today. The market opened firmly, riding a strong lead from Wall Street and growing conviction around a December cut from the US Fed — but local data somewhat changed the tone.
The ASX ended the session broadly unchanged, with gains in miners, gold stocks and select tech names offset by heavy selling across the major banks. There was limited activity at the index level ahead of tomorrow’s first full monthly CPI release, expected to show a lift in inflation. Tech names benefited from renewed optimism around potential US rate cuts, though the weight of financials capped any meaningful momentum into the close.
The ASX found its footing today, snapping back from a six-month low as investors embraced a more dovish tone from the US Federal Reserve. After nearly $40bn was wiped off the local market late last week, today’s relief rally felt well-timed and broad-based. Rate-sensitives led the bounce, but we also saw solid rotation across industrials, healthcare and selected pockets of materials.
The ASX limped into the weekend, chalking up its fourth straight weekly loss. That’s a tough run by any measure, putting November’s losses at ~5% so far — the worst monthly showing since September 2022. Ongoing uncertainty around US interest rates after a slightly stronger-than-expected US labour report showed 119k jobs added vs. 50k expected, while risk off flows have knocked the likes of Bitcoin, now trading $US86k down from $US125k high.
The ASX bounced from six-month lows yesterday, staging a strong move as investors piled back into stocks after Nvidia delivered blockbuster earnings that blew past expectations. The update reignited confidence in the AI thematic, helping the local market snap out of its recent slump - lifting nine of eleven sectors into the green. Unsurprisingly, tech was strong, supported by a rally in US futures, although good moves across the resources saw the material sector claim top stop – only just!
The local market spent the morning stabilising after yesterday’s selloff, with Nvidia’s earnings result tomorrow morning remaining in the focus. Strength across energy, gold and defensive names helped the market keep its head above water for most of the morning, until softness prevailed into the close as investors took risk off the table with a volatile session likely in store for tomorrow.
The ASX200 copped a heavy bout of selling today, sliding to a five-month low of 8444 as the market buckled under the weight of RBA inflation commentary this morning, and a thumping sell-off in tech as traders trimmed positions ahead of Nvidia’s make-or-break earnings after-market Thursday morning our time.
The local market looked set for another down day and its fifth straight in the red, before a strong midday rally turned sentiment around. After a ~200-point rout over the past week, the buy-the-dip mentality finally re-emerged as US futures rose, driving the index back into positive territory – albeit, only just.
The Australian market copped another heavy bout of selling today, with sentiment rattled by growing fears that interest rates in both the US and Australia aren’t coming down any time soon. The move follows Wall Street’s largest one-day fall in a month and caps the ASX’s worst week since March.
A hotter-than-expected inflation print has poured some cold water on what was shaping up as a very strong rebound for the ASX today. The market opened firmly, riding a strong lead from Wall Street and growing conviction around a December cut from the US Fed — but local data somewhat changed the tone.
The ASX ended the session broadly unchanged, with gains in miners, gold stocks and select tech names offset by heavy selling across the major banks. There was limited activity at the index level ahead of tomorrow’s first full monthly CPI release, expected to show a lift in inflation. Tech names benefited from renewed optimism around potential US rate cuts, though the weight of financials capped any meaningful momentum into the close.
The ASX found its footing today, snapping back from a six-month low as investors embraced a more dovish tone from the US Federal Reserve. After nearly $40bn was wiped off the local market late last week, today’s relief rally felt well-timed and broad-based. Rate-sensitives led the bounce, but we also saw solid rotation across industrials, healthcare and selected pockets of materials.
The ASX limped into the weekend, chalking up its fourth straight weekly loss. That’s a tough run by any measure, putting November’s losses at ~5% so far — the worst monthly showing since September 2022. Ongoing uncertainty around US interest rates after a slightly stronger-than-expected US labour report showed 119k jobs added vs. 50k expected, while risk off flows have knocked the likes of Bitcoin, now trading $US86k down from $US125k high.
The ASX bounced from six-month lows yesterday, staging a strong move as investors piled back into stocks after Nvidia delivered blockbuster earnings that blew past expectations. The update reignited confidence in the AI thematic, helping the local market snap out of its recent slump - lifting nine of eleven sectors into the green. Unsurprisingly, tech was strong, supported by a rally in US futures, although good moves across the resources saw the material sector claim top stop – only just!
The local market spent the morning stabilising after yesterday’s selloff, with Nvidia’s earnings result tomorrow morning remaining in the focus. Strength across energy, gold and defensive names helped the market keep its head above water for most of the morning, until softness prevailed into the close as investors took risk off the table with a volatile session likely in store for tomorrow.
The ASX200 copped a heavy bout of selling today, sliding to a five-month low of 8444 as the market buckled under the weight of RBA inflation commentary this morning, and a thumping sell-off in tech as traders trimmed positions ahead of Nvidia’s make-or-break earnings after-market Thursday morning our time.
The local market looked set for another down day and its fifth straight in the red, before a strong midday rally turned sentiment around. After a ~200-point rout over the past week, the buy-the-dip mentality finally re-emerged as US futures rose, driving the index back into positive territory – albeit, only just.
The Australian market copped another heavy bout of selling today, with sentiment rattled by growing fears that interest rates in both the US and Australia aren’t coming down any time soon. The move follows Wall Street’s largest one-day fall in a month and caps the ASX’s worst week since March.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
Verication email sent.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
!
Invalid One Time Password
Please check you entered the correct info, please also note there is a 10minute time limit on the One Time Passcode
To reset your password, enter your email address
A link to create a new password will be sent to the email address you have registered to your account.
Market Matters members receive daily market reports, real-time trade alerts, full access to 5 portfolios and dynamic company data.
Choose how you'd like to proceed:
We have a range of membership options to suit your needs and budget, why not join today and get unlimited access to the premium Market Matters service.
