The local market was lined up for a positive and potentially quiet session with a lack of earnings or corporate news on the docket and positive sentiment from U.S markets overnight with ASX futures pointing up +46pts at 8am - it was anything but, as news broke shortly after the market opened that airstrikes were carried out by Israel on Iranian nuclear missile sites.
Despite a U.S-China trade deal now all but done, global markets overnight and the local index today are apprehensive to move higher - the ASX tried its best to break out but ran out of steam without the specifics of the deal and both sides yet to officially sign off.
Today marked another intra-day record for the ASX 200, though this time it couldn’t hold with the market closing -47pts off the morning high. It had a feeling of buy the rumour sell the fact as Chinese and U.S trade officials walked away from two days of negotiations having agreed on a preliminary plan to ease trade tensions, emphasising resolving issues around rare earths minerals and magnets shipping, with the U.S expecting to lift export restrictions in a ‘balanced way’.
A softer session played out on the ASX today opening ~10pts up though never looked like moving higher with sellers chipping away as the index drifted down steadily through the day, closing at its lows ahead of key employment data in the U.S tonight.
A quiet day at the index level with the market closing flat, early strength was sold into, however, there was some reasonable moves in some stocks particularly in the resources space headlined by Lithium.
The bulls came to play today with the ASX having a great session, but more interestingly, the higher beta parts of the market like BNPL, Uranium , Lithium all attracted solid buying, but it wasn't at the expense of the much loved ‘certainty’ trade which remained well bid, implying new money is starting to gravitate back into the market. Weak GDP data released at 11.30am should underpin a more aggressive stance towards rate cuts from the RBA, and as a long as things cool rather than crater, lower rates should see stocks trade higher.
A solid day for the ASX hitting new 3-month highs buoyed by strength across the financial sector with an average gain across the big 4 banks of 1%, while gold stocks rallied as bullion tested ~$US3400/oz overnight
Someone seems to have told Trump about the TACO term (Trump Always Chickens Out) which has gotten him firing again with higher tariffs on Steel imports and accusations that China is not holding up its end of the bargain, reducing tariffs while negotiations take place.
The final trading day of the month carried the ASX to a 3.8% gain over the period and now within ~200pts of all-time highs with investors brushing off tariff risk and shifting focus back to fundamentals.
Despite a U.S-China trade deal now all but done, global markets overnight and the local index today are apprehensive to move higher - the ASX tried its best to break out but ran out of steam without the specifics of the deal and both sides yet to officially sign off.
Today marked another intra-day record for the ASX 200, though this time it couldn’t hold with the market closing -47pts off the morning high. It had a feeling of buy the rumour sell the fact as Chinese and U.S trade officials walked away from two days of negotiations having agreed on a preliminary plan to ease trade tensions, emphasising resolving issues around rare earths minerals and magnets shipping, with the U.S expecting to lift export restrictions in a ‘balanced way’.
A softer session played out on the ASX today opening ~10pts up though never looked like moving higher with sellers chipping away as the index drifted down steadily through the day, closing at its lows ahead of key employment data in the U.S tonight.
A quiet day at the index level with the market closing flat, early strength was sold into, however, there was some reasonable moves in some stocks particularly in the resources space headlined by Lithium.
The bulls came to play today with the ASX having a great session, but more interestingly, the higher beta parts of the market like BNPL, Uranium , Lithium all attracted solid buying, but it wasn't at the expense of the much loved ‘certainty’ trade which remained well bid, implying new money is starting to gravitate back into the market. Weak GDP data released at 11.30am should underpin a more aggressive stance towards rate cuts from the RBA, and as a long as things cool rather than crater, lower rates should see stocks trade higher.
A solid day for the ASX hitting new 3-month highs buoyed by strength across the financial sector with an average gain across the big 4 banks of 1%, while gold stocks rallied as bullion tested ~$US3400/oz overnight
Someone seems to have told Trump about the TACO term (Trump Always Chickens Out) which has gotten him firing again with higher tariffs on Steel imports and accusations that China is not holding up its end of the bargain, reducing tariffs while negotiations take place.
The final trading day of the month carried the ASX to a 3.8% gain over the period and now within ~200pts of all-time highs with investors brushing off tariff risk and shifting focus back to fundamentals.
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