A soft session to start a pivotal week in markets, though the XX% decline by the ASX was reasonable given a 2% drop on Wall Street + another –0.7% decline by S&P Futures during our time zone today. Tomorrow the RBA decide on interest rates, no change expected this time around though comments in the statement and press conference with Governor Michelle Bullock will certainly be important, with the market pricing in a 75% probability of a cut in May.
Aussie shares were a mixed bag today, with futures indicating –29pts and the market opening down after more tariff uncertainty overnight, a sharp +60pt reversal mid-morning put the index back in positive territory for the rest of the day. Tech stocks took a hit, though it wasn’t enough to keep the market down; an early rally led by iron ore and gold stocks kicked things off as the precious metal soared to fresh all-time-highs, with a rotation into defensives and energy providing a second wind.
The ASX opened sharply lower following the U.S tech and auto selloff overnight after President Trump once again threw markets into a spin, re-introducing tariffs on automaker parts and vehicles.
The Budget released overnight had a typical pre-election vibe with higher spending and higher deficits underpinning front loaded initiatives to win votes. No signs of longer-term structural reforms around productivity nor any progress on reducing Government spending, with gross debt expected to continue to increase sharply ahead, from $940bn (or 33.7% of GDP) in 24/25; to $1,022bn (or 35.5% of GDP) in 25/26.
In line with President Trump announcing a potential relaxing of tariff policies, we might have expected China-exposed stocks to move up today. Instead, the ASX followed the tech-focused rally in the U.S overnight.
The market opened down ~20pts before U.S futures kicked in mid-morning spurring a small rally to ~7935 before sitting in a 10-point trading range for the remainder of the day. A negative reaction to the blockbuster acquisition by James Hardie (JHX) highlighted a continued aversion to the U.S early on, though our market was quickly buoyed by a flight to financials, with banks enjoying a good start to the week.
Fridays have generally been weak on the ASX with traders showing little appetite to hold stocks over the weekend given Trump’s propensity to make headlines, however, this week was characterized by fewer headlines from the Whitehouse and stocks bounced back as a result, with the main board up 1.8% over the 5 sessions with all sectors finishing in the green.
A very solid bounce back on the ASX today with ~85% of the main board finishing higher. Risk was back on with technology + market linked stocks leading the way, though resources lagged.
The worst of the session was seen early with the market attracting some bargain hunters as the day progressed despite a mixed bag in term of corporate updates. WiseTech (WTC) and Mineral Resources (MIN) in focus for the wrong reasons, while Myer (MYR) was also volatile after they released 1H25 results.
A solid start to trade this morning with the main board rallying back above 7900, however, sellers kicked into gear from just before midday with the index finishing ~60pts below the morning highs.
Aussie shares were a mixed bag today, with futures indicating –29pts and the market opening down after more tariff uncertainty overnight, a sharp +60pt reversal mid-morning put the index back in positive territory for the rest of the day. Tech stocks took a hit, though it wasn’t enough to keep the market down; an early rally led by iron ore and gold stocks kicked things off as the precious metal soared to fresh all-time-highs, with a rotation into defensives and energy providing a second wind.
The ASX opened sharply lower following the U.S tech and auto selloff overnight after President Trump once again threw markets into a spin, re-introducing tariffs on automaker parts and vehicles.
The Budget released overnight had a typical pre-election vibe with higher spending and higher deficits underpinning front loaded initiatives to win votes. No signs of longer-term structural reforms around productivity nor any progress on reducing Government spending, with gross debt expected to continue to increase sharply ahead, from $940bn (or 33.7% of GDP) in 24/25; to $1,022bn (or 35.5% of GDP) in 25/26.
In line with President Trump announcing a potential relaxing of tariff policies, we might have expected China-exposed stocks to move up today. Instead, the ASX followed the tech-focused rally in the U.S overnight.
The market opened down ~20pts before U.S futures kicked in mid-morning spurring a small rally to ~7935 before sitting in a 10-point trading range for the remainder of the day. A negative reaction to the blockbuster acquisition by James Hardie (JHX) highlighted a continued aversion to the U.S early on, though our market was quickly buoyed by a flight to financials, with banks enjoying a good start to the week.
Fridays have generally been weak on the ASX with traders showing little appetite to hold stocks over the weekend given Trump’s propensity to make headlines, however, this week was characterized by fewer headlines from the Whitehouse and stocks bounced back as a result, with the main board up 1.8% over the 5 sessions with all sectors finishing in the green.
A very solid bounce back on the ASX today with ~85% of the main board finishing higher. Risk was back on with technology + market linked stocks leading the way, though resources lagged.
The worst of the session was seen early with the market attracting some bargain hunters as the day progressed despite a mixed bag in term of corporate updates. WiseTech (WTC) and Mineral Resources (MIN) in focus for the wrong reasons, while Myer (MYR) was also volatile after they released 1H25 results.
A solid start to trade this morning with the main board rallying back above 7900, however, sellers kicked into gear from just before midday with the index finishing ~60pts below the morning highs.
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