The ASX held up well today despite a savage sell off in the mega cap tech stocks over night in the U.S. The index traded in a tight range relative to other markets, down 30 points in the morning, bouncing to close flat; the resilience driven by a lack of exposure to tech as we saw some flight to safety in banks.
A decent session in Oz today with the retailers generally doing well pushing the consumer discretionary sector up more than 2% - a few stock specific influences at play. A positive week overall for markets, the final one with a partial holiday vibe, with those stragglers taking extended holidays back on deck post the Australia Day holiday on Monday.
A solid session overnight in the U.S didn’t translate to the ASX today – the differentials in sector composition on full display. Resources were hit hard as lower commodity prices weighed, with the local bourse lacking a real tech sector to offset that weakness.
Another choppy session with the best of it seen early, the ASX hitting a 8455 high before tapering off in the afternoon session, though we still closed higher. Asian markets were softer despite Trump commenting about a 10% tariff on China, a far cry from the 60% suggested during the election, but that failed to have any impact on the Material sector, with a bunch of production updates the greater influence.
Volatility is back as Trump gets his feet under the desk in the Oval Office; the ASX 200 trading in a broad ~100pt trading range today finishing around the mid-point as he pushed through ~100 executive orders that ranged from curtailing hiring of federal employees, freezing regulations, withdrawing the U.S. from a climate treaty to fight global warming, promoting development of domestic energy production, and taking action to reduce consumer costs, among others.
Positive sentiment spilled over from the U.S in anticipation of Donald Trump’s inauguration tonight and the rumoured ~100 executive orders due to come along with it; the actions expected to address tariffs, immigration and the energy sector straight off the bat.
A fairly flat end to what has been a positive year for Markets, albeit with one trading day to go (27th December). The ASX 200 is up ~8%, a solid outcome, though when we compare it to US markets it’s certainly underwhelming against the S&P500 up ~25%. Having international exposure during 2024 has certainly driven better performance.
The ASX recouped all on Friday’s losses and some as low volumes (Sydney CBD was a ghost town today) colluded with a more favourable read on US inflation on Friday night to propel stocks higher. Personal Consumption Expenditures (PCE), the Feds preferred measure came in softer than expected which cast a shadow on Jerome Powells turn of phrase/view on rates earlier last week.
The ASX sold off early, down ~100 points and coasting sideways for the remainder of the session with investors squaring away positions and locking in profits as the final full trading week for 2024 came to an end.
The magnitude of the selloff in the U.S last night didn’t quite translate to the ASX today – a case of the bigger they are, the harder they fall. The ASX was hit hard early, down ~180pts at the 11am low before recovering 20% of the decline to finish off ~140pts.
A decent session in Oz today with the retailers generally doing well pushing the consumer discretionary sector up more than 2% - a few stock specific influences at play. A positive week overall for markets, the final one with a partial holiday vibe, with those stragglers taking extended holidays back on deck post the Australia Day holiday on Monday.
A solid session overnight in the U.S didn’t translate to the ASX today – the differentials in sector composition on full display. Resources were hit hard as lower commodity prices weighed, with the local bourse lacking a real tech sector to offset that weakness.
Another choppy session with the best of it seen early, the ASX hitting a 8455 high before tapering off in the afternoon session, though we still closed higher. Asian markets were softer despite Trump commenting about a 10% tariff on China, a far cry from the 60% suggested during the election, but that failed to have any impact on the Material sector, with a bunch of production updates the greater influence.
Volatility is back as Trump gets his feet under the desk in the Oval Office; the ASX 200 trading in a broad ~100pt trading range today finishing around the mid-point as he pushed through ~100 executive orders that ranged from curtailing hiring of federal employees, freezing regulations, withdrawing the U.S. from a climate treaty to fight global warming, promoting development of domestic energy production, and taking action to reduce consumer costs, among others.
Positive sentiment spilled over from the U.S in anticipation of Donald Trump’s inauguration tonight and the rumoured ~100 executive orders due to come along with it; the actions expected to address tariffs, immigration and the energy sector straight off the bat.
A fairly flat end to what has been a positive year for Markets, albeit with one trading day to go (27th December). The ASX 200 is up ~8%, a solid outcome, though when we compare it to US markets it’s certainly underwhelming against the S&P500 up ~25%. Having international exposure during 2024 has certainly driven better performance.
The ASX recouped all on Friday’s losses and some as low volumes (Sydney CBD was a ghost town today) colluded with a more favourable read on US inflation on Friday night to propel stocks higher. Personal Consumption Expenditures (PCE), the Feds preferred measure came in softer than expected which cast a shadow on Jerome Powells turn of phrase/view on rates earlier last week.
The ASX sold off early, down ~100 points and coasting sideways for the remainder of the session with investors squaring away positions and locking in profits as the final full trading week for 2024 came to an end.
The magnitude of the selloff in the U.S last night didn’t quite translate to the ASX today – a case of the bigger they are, the harder they fall. The ASX was hit hard early, down ~180pts at the 11am low before recovering 20% of the decline to finish off ~140pts.
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