The ASX clawed back early losses this afternoon, closing marginally higher as a sharp rally in energy stocks offset weakness across technology and resources. Gold stocks bounced back after yesterday’s aggressive sell-off, even as spot gold traded mildly lower.
Stocks slipped back from record highs today as the spectacular rally in precious metals came unstuck, sending gold tumbling by the most in more than a decade. Rare Earth stocks also pulled back after a strong period- profit taking swept across the sector, while Uranium stocks and broader commodities were also knocked lower.
The ASX set new intraday and closing all-time highs for the second time in less than a week today powered by surging miners and renewed enthusiasm for the critical minerals sector following a landmark Australia–US funding deal.
The ASX looked tired at the end of last week, with rising volatility across asset classes, and some reasonable selling of previously hot stocks & sectors – but despite opening lower, the bulls quickly regained control, inline with a positive move across US Futures, sending the index +68pts up from the early lows, led by the financials.
The ASX fell away into the weekend trading steadily lower throughout the day to close near its intra-day lows. Weakness in US futures and European futures and Asian indices didn't help sentiment where "risk off" was the theme of the day. Only the safe haven of gold seemed to hold any meaningful attraction to investors.
Fireworks on the ASX today with choppy trade early before softer than expected employment data lit the fuse and fuelled expectations of an RBA rate cut next month, propelling the index to an intraday high of 9109 and finishing firmly above the previous high close of 9019 set back in August.
The ASX rallied to finish near the 9000 level and within reach of all-time highs - the majority of gains driven by the major banks and miners as upbeat sentiment from a strong start to the U.S. earnings season spilled over into the local market. The Big Four led the charge on renewed optimism around credit growth, while gold miners benefited from another surge in bullion prices.
The ASX flipped between gains and losses through Tuesday and sat mildly higher near 8900 at the close. Risk appetite improved on signs Washington and Beijing will keep talking, a cooler Middle East backdrop and a flow on more positive updates from Aussie corporates, with several positive, growth orientated deals announced.
The ASX tracked weakness in overseas markets, though we started the day better off, with US Futures recovering from the get-go, finding solace from DJT’s more conciliatory comments towards China.
The ASX closed lower for the week, with today’s session capped by a risk-off tone as peace headlines out of Gaza knocked the shine off oil and gold, while iron ore heavyweights fell on renewed pricing tensions with China.
Stocks slipped back from record highs today as the spectacular rally in precious metals came unstuck, sending gold tumbling by the most in more than a decade. Rare Earth stocks also pulled back after a strong period- profit taking swept across the sector, while Uranium stocks and broader commodities were also knocked lower.
The ASX set new intraday and closing all-time highs for the second time in less than a week today powered by surging miners and renewed enthusiasm for the critical minerals sector following a landmark Australia–US funding deal.
The ASX looked tired at the end of last week, with rising volatility across asset classes, and some reasonable selling of previously hot stocks & sectors – but despite opening lower, the bulls quickly regained control, inline with a positive move across US Futures, sending the index +68pts up from the early lows, led by the financials.
The ASX fell away into the weekend trading steadily lower throughout the day to close near its intra-day lows. Weakness in US futures and European futures and Asian indices didn't help sentiment where "risk off" was the theme of the day. Only the safe haven of gold seemed to hold any meaningful attraction to investors.
Fireworks on the ASX today with choppy trade early before softer than expected employment data lit the fuse and fuelled expectations of an RBA rate cut next month, propelling the index to an intraday high of 9109 and finishing firmly above the previous high close of 9019 set back in August.
The ASX rallied to finish near the 9000 level and within reach of all-time highs - the majority of gains driven by the major banks and miners as upbeat sentiment from a strong start to the U.S. earnings season spilled over into the local market. The Big Four led the charge on renewed optimism around credit growth, while gold miners benefited from another surge in bullion prices.
The ASX flipped between gains and losses through Tuesday and sat mildly higher near 8900 at the close. Risk appetite improved on signs Washington and Beijing will keep talking, a cooler Middle East backdrop and a flow on more positive updates from Aussie corporates, with several positive, growth orientated deals announced.
The ASX tracked weakness in overseas markets, though we started the day better off, with US Futures recovering from the get-go, finding solace from DJT’s more conciliatory comments towards China.
The ASX closed lower for the week, with today’s session capped by a risk-off tone as peace headlines out of Gaza knocked the shine off oil and gold, while iron ore heavyweights fell on renewed pricing tensions with China.
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