The dominant forces were geopolitical and monetary policy related. The escalating Iran conflict drove oil above $US101/barrel, stoking inflation concerns and cementing market expectations of an RBA rate hike at Tuesday's meeting - markets are pricing an 80% probability by close. That rate repricing drove a sharp rotation: banks were again the standout beneficiaries, with NAB leading at +1.5%, while gold miners came under significant pressure.
The ASX 200 was hit today inline with a sell-off in US Futures during our time zone as a sudden escalation in the Middle East sent oil prices back above $US100 following attacks on two oil tankers in Iraqi waters, combined with Oman clearing all vessels from its Mina Al Fahal export terminal. Iraq suspended operations at all its oil ports, and this overshadowed the overnight announcement by the IEA around a record release of strategic reserves.
The ASX pushed higher on Wednesday, closing up 0.6% as miners and banks did the heavy lifting in a session defined almost entirely by a hawkish pivot from the RBA. It wasn't a broad rally — only four of eleven sectors finished in the green — but the heavyweights were enough to keep the index comfortably in positive territory. Overnight US futures are pointing to a modestly positive Wall Street open.
The ASX clawed back from Monday’s shellacking, closing up over 1% as Trump’s “pretty much complete” comments on the Iran conflict sent oil tumbling, giving markets room to breathe. It wasn’t a clean recovery. US futures are pointing modestly lower into the close and energy stocks copped heavy profit-taking as the oil tailwind reversed, but the bears didn’t get the follow-through they were looking for, and bargain hunters were active early.
Friday delivered more of the same, with the ASX unable to hold Thursday's recovery as a fresh wave of selling hit the materials sector. The culprit this time wasn't just the Middle East - China's state-backed iron ore buyer CMRG effectively banned traders from purchasing new BHP cargoes, sending the Big Australian down sharply and dragging the broader resources complex with it. It was a messy session to end a soft week, though there were some genuine bright spots. Tech continued its strong bounce and MFG added further gains as the Lowy Family's cornerstone stake gave the Barrenjoey merger story more legs.
The ASX bounced back from Wednesday's shellacking, with bargain hunters returning early as strong US economic data overnight kept rate cut hopes alive and reports - later denied - that Iran had approached the US to resolve the conflict briefly lifted sentiment. The index traded as high as 8964 this morning before fading into the close, with BHP and Woodside both trading ex-dividend adding some mechanical drag. All things considered, a solid recovery given the noise still swirling around the Middle East - the bears didn't get the follow-through they were looking for today.
The ASX was sharply lower today with the two heavy weight sectors in Resources & Banks copping most selling which created a big impact on the index. BHP alone took ~30 pts from the ASX 200 and the big 4 banks accounted for another ~40pts. It wasn’t all bad news though, Energy did okay and some tech names had a better session as it looks like some selling pressure is drying up, perhaps a rotation from resources back into tech on global growth fears…
The ASX was hit today, unwinding yesterday’s strong recovery from the lows, with commentary from RBA Chair Michelle Bullock at an AFR event dovetailing into higher oil prices driving a sharp increase in local bond yields on firming rate hike expectations at the next meeting.
The ASX was hit early on the Iran conflict, down ~1% before recovering as the day progressed to finish a couple of points higher – not a great day for the bears who sold early. US Futures were trading down 1% at the outset, and while they recovered ~0.20% throughout the session, the resilience by the ASX was impressive, underpinned by Gold, Energy & defensives.
The ASX 200 was hit today inline with a sell-off in US Futures during our time zone as a sudden escalation in the Middle East sent oil prices back above $US100 following attacks on two oil tankers in Iraqi waters, combined with Oman clearing all vessels from its Mina Al Fahal export terminal. Iraq suspended operations at all its oil ports, and this overshadowed the overnight announcement by the IEA around a record release of strategic reserves.
The ASX pushed higher on Wednesday, closing up 0.6% as miners and banks did the heavy lifting in a session defined almost entirely by a hawkish pivot from the RBA. It wasn't a broad rally — only four of eleven sectors finished in the green — but the heavyweights were enough to keep the index comfortably in positive territory. Overnight US futures are pointing to a modestly positive Wall Street open.
The ASX clawed back from Monday’s shellacking, closing up over 1% as Trump’s “pretty much complete” comments on the Iran conflict sent oil tumbling, giving markets room to breathe. It wasn’t a clean recovery. US futures are pointing modestly lower into the close and energy stocks copped heavy profit-taking as the oil tailwind reversed, but the bears didn’t get the follow-through they were looking for, and bargain hunters were active early.
Friday delivered more of the same, with the ASX unable to hold Thursday's recovery as a fresh wave of selling hit the materials sector. The culprit this time wasn't just the Middle East - China's state-backed iron ore buyer CMRG effectively banned traders from purchasing new BHP cargoes, sending the Big Australian down sharply and dragging the broader resources complex with it. It was a messy session to end a soft week, though there were some genuine bright spots. Tech continued its strong bounce and MFG added further gains as the Lowy Family's cornerstone stake gave the Barrenjoey merger story more legs.
The ASX bounced back from Wednesday's shellacking, with bargain hunters returning early as strong US economic data overnight kept rate cut hopes alive and reports - later denied - that Iran had approached the US to resolve the conflict briefly lifted sentiment. The index traded as high as 8964 this morning before fading into the close, with BHP and Woodside both trading ex-dividend adding some mechanical drag. All things considered, a solid recovery given the noise still swirling around the Middle East - the bears didn't get the follow-through they were looking for today.
The ASX was sharply lower today with the two heavy weight sectors in Resources & Banks copping most selling which created a big impact on the index. BHP alone took ~30 pts from the ASX 200 and the big 4 banks accounted for another ~40pts. It wasn’t all bad news though, Energy did okay and some tech names had a better session as it looks like some selling pressure is drying up, perhaps a rotation from resources back into tech on global growth fears…
The ASX was hit today, unwinding yesterday’s strong recovery from the lows, with commentary from RBA Chair Michelle Bullock at an AFR event dovetailing into higher oil prices driving a sharp increase in local bond yields on firming rate hike expectations at the next meeting.
The ASX was hit early on the Iran conflict, down ~1% before recovering as the day progressed to finish a couple of points higher – not a great day for the bears who sold early. US Futures were trading down 1% at the outset, and while they recovered ~0.20% throughout the session, the resilience by the ASX was impressive, underpinned by Gold, Energy & defensives.
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