While the short odds favourite failed to get up in the cup today, the decision by the RBA at 2.30pm this afternoon to scrap yield targets and remove guidance for 2024 rate hikes was expected and that saw both bond yields and the AUD tick lower post the announcement.
The ASX was soft during early trade today, it bounced as the RBA took some uncertainty away but that didn’t last long and we sold off into the close, the material stocks providing the biggest drag as China facing commodities took a beating, Iron Ore limit down and Coal prices continued to slide. Don’t fight the PBOC the clear message at the moment!
The market got off to a very indecisive start today, giving up early gains to trade just marginally higher by 10.30am before buyers step up to the plate & carried the index higher. The financials sector was weighed by a poor FY21 report from Westpac (WBC), however it was the only sector to close lower on the day
The ASX 200 finished up 47pts/+0.64% today at 7470
Financials were the only sector to finish lower (-0.48%) on the back of weakness in Westpac (WBC) while the telco’s were supported by a strong move by Telstra (TLS)
A very weak session to end the month with all sectors on the ASX finishing weaker, the Real-Estate stocks hit hardest on the expectation of rising interest rates curtailing asset prices while Healthcare stocks proved defensive down by just 0.10%. For the month of October, the market still managed a gain of 1.92% with 5 sectors outperforming the broader market led by the Financials & IT sectors up +3.66% & +3.18% respectively, while...
While the market was lower overall today, there was some big moves in individual stocks and unfortunately we were on the wrong side of a few – more on that below. At the sector level, financials grinded higher following FY results from ANZ that showed a 72% rise in profit while the energy sector was the biggest drag, hit by weakness overnight in Oil + China’s move this morning to cap thermal coal prices.
A lot happening on the corporate front today as AGMs and trading updates dominated news flow, while we also saw higher than expected local inflation data push bond yields higher and knock equities lower, although stocks staged a recovery in the afternoon.
The ASX opened higher this morning however the best of it was seen early and the market tracked lower throughout the day. Positive trends in the tech pace overnight flowed through into our market today with the tech stocks +1.34% while the utilities sector was the biggest drag. Overall, a weak session and the market does look tired in the short term as we approach the end of October.
A choppy but positive session overall to kick off the trading week with the Energy sector returning to the winners circle and rallying 2.6% while the IT sector was the biggest detractor.
The market limped into the weekend with a distinct lack of conviction, Energy and Materials were weak today, Energy was actually down ~4% on the week after a strong period of outperformance however as China ratchets up the rhetoric around high prices, some have been shaken out of a trade that MM believes has further legs.
A lot going on from a corporate perspective today with a bunch of AGM’s & trading updates which seemed to attract most off the attention. Property stocks best on ground while Energy fell again, however at the index level it was very quiet indeed. From a seasonal perspective, the end of October, November and the start of December are generally flat at best before the Christmas rally kicks into gear towards the end of December. While there’s no guarantee that will play out, we do take seasonal influences into account.
The ASX rallied today although it did finish ~35pts below the morning high and there was a big market on close (MOC) order that sent the index ~15 points lower in the match, still the market continues to climb the wall of worry no doubt frustrating the bears in the process. IT stocks led the line again today up more than 1% while Energy stocks fell by a similar margin.
The market got off to a very indecisive start today, giving up early gains to trade just marginally higher by 10.30am before buyers step up to the plate & carried the index higher. The financials sector was weighed by a poor FY21 report from Westpac (WBC), however it was the only sector to close lower on the day
The ASX 200 finished up 47pts/+0.64% today at 7470
Financials were the only sector to finish lower (-0.48%) on the back of weakness in Westpac (WBC) while the telco’s were supported by a strong move by Telstra (TLS)
A very weak session to end the month with all sectors on the ASX finishing weaker, the Real-Estate stocks hit hardest on the expectation of rising interest rates curtailing asset prices while Healthcare stocks proved defensive down by just 0.10%. For the month of October, the market still managed a gain of 1.92% with 5 sectors outperforming the broader market led by the Financials & IT sectors up +3.66% & +3.18% respectively, while...
While the market was lower overall today, there was some big moves in individual stocks and unfortunately we were on the wrong side of a few – more on that below. At the sector level, financials grinded higher following FY results from ANZ that showed a 72% rise in profit while the energy sector was the biggest drag, hit by weakness overnight in Oil + China’s move this morning to cap thermal coal prices.
A lot happening on the corporate front today as AGMs and trading updates dominated news flow, while we also saw higher than expected local inflation data push bond yields higher and knock equities lower, although stocks staged a recovery in the afternoon.
The ASX opened higher this morning however the best of it was seen early and the market tracked lower throughout the day. Positive trends in the tech pace overnight flowed through into our market today with the tech stocks +1.34% while the utilities sector was the biggest drag. Overall, a weak session and the market does look tired in the short term as we approach the end of October.
A choppy but positive session overall to kick off the trading week with the Energy sector returning to the winners circle and rallying 2.6% while the IT sector was the biggest detractor.
The market limped into the weekend with a distinct lack of conviction, Energy and Materials were weak today, Energy was actually down ~4% on the week after a strong period of outperformance however as China ratchets up the rhetoric around high prices, some have been shaken out of a trade that MM believes has further legs.
A lot going on from a corporate perspective today with a bunch of AGM’s & trading updates which seemed to attract most off the attention. Property stocks best on ground while Energy fell again, however at the index level it was very quiet indeed. From a seasonal perspective, the end of October, November and the start of December are generally flat at best before the Christmas rally kicks into gear towards the end of December. While there’s no guarantee that will play out, we do take seasonal influences into account.
The ASX rallied today although it did finish ~35pts below the morning high and there was a big market on close (MOC) order that sent the index ~15 points lower in the match, still the market continues to climb the wall of worry no doubt frustrating the bears in the process. IT stocks led the line again today up more than 1% while Energy stocks fell by a similar margin.
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