A lackluster session for the ASX today, initially up but that didn’t last long although the sell-off was hardly aggressive. Healthcare bounced and so too did the supermarkets highlighting the risk off sort of session.
A softer start to the week although the market did fight back well from early morning lows to close down only ~20pts. US Futures were sold off around our open today and that dragged the ASX down ~70pts, however 11am saw the worst of it and we grinded +50pts higher for the remainder of the day. Energy the main winner again however Iron Ore was up ~5% in Asia and that supported the material sector.
A positive way to end the week for Aussie shares, supported by the US agreeing to extend the debt ceiling + China coming back online after a week long holiday and equities actually moving higher despite the barrage of negative rhetoric that’s been dribbling out of the Middle Kingdom of late. The Shanghai market up ~1% while Iron Ore rallied ~5% and other commodities did well, the bulk miners in Australia enjoying the change of trend.
A fairly lacklustre morning gave way to a bullish afternoon for stocks with the IT sector surging back into vogue at the expense of Energy, the first day of red in many thanks a ~2% pullback in Crude Oil overnight. Overall, good session for Aussie stocks.
The ASX was looking promising this morning with futures implying a start to trade up +40 points however that quickly evaporated as the more influential sectors of financials & resources came under pressure which accounts for ~40% of the ASX 200. The move from our counterparts over the ditch to raise interest rates and imply more was to come prompted selling around midday while the move to increase serviceability buffers...
The ASX opened better than the overnight market was implying this morning before a sell-off in US Futures saw the index drop around ~60pts between 11am – midday before an RBA inspired recovery played out into the afternoon – a choppy session! Higher interest rates globally has been putting downward pressure on Tech stocks and that was the obvious theme again in Australia today – IT down ~3% versus Energy which was up another ~2.4%.
The ASX suffered a brutal session following US Indices lower to start the 2nd quarter of FY22. Infighting in the Democrats appear to threaten both infrastructure spending and an increase to the Government borrowing cap. We have seen all of this before, it’s political posturing that generally gets resolved however the infrastructure package is very important which is the curve ball in these negotiations.
The market ended a soft month of September with a bang today rallying ~1.9% with broad based buying right across the board and a very bullish close to finish on the daily and weekly highs, smashing back up through 7300 in the process.
Another weak session today saw the ASX end down more than 1% - the same culprits dragging the ASX lower, IT & Healthcare however Energy was also on the wrong side of the ledger today after a very strong run of late. As we discussed this morning, bond yields trading at 3 month highs is starting to unnerve investors while J Powell’s commentary around higher inflation further fueled that view.
Well, it seems there’s very little middle ground in the market at the moment with another ~100pt selloff coming on the back a few strong sessions – the 3 steps forward 2 back mentality we’ve been writing about in recent notes seems on point. Today it was weakness in the high value names, the growth areas of IT & Healthcare which really weighed the broader index which is a function of rising bond yields globally.
A softer start to the week although the market did fight back well from early morning lows to close down only ~20pts. US Futures were sold off around our open today and that dragged the ASX down ~70pts, however 11am saw the worst of it and we grinded +50pts higher for the remainder of the day. Energy the main winner again however Iron Ore was up ~5% in Asia and that supported the material sector.
A positive way to end the week for Aussie shares, supported by the US agreeing to extend the debt ceiling + China coming back online after a week long holiday and equities actually moving higher despite the barrage of negative rhetoric that’s been dribbling out of the Middle Kingdom of late. The Shanghai market up ~1% while Iron Ore rallied ~5% and other commodities did well, the bulk miners in Australia enjoying the change of trend.
A fairly lacklustre morning gave way to a bullish afternoon for stocks with the IT sector surging back into vogue at the expense of Energy, the first day of red in many thanks a ~2% pullback in Crude Oil overnight. Overall, good session for Aussie stocks.
The ASX was looking promising this morning with futures implying a start to trade up +40 points however that quickly evaporated as the more influential sectors of financials & resources came under pressure which accounts for ~40% of the ASX 200. The move from our counterparts over the ditch to raise interest rates and imply more was to come prompted selling around midday while the move to increase serviceability buffers...
The ASX opened better than the overnight market was implying this morning before a sell-off in US Futures saw the index drop around ~60pts between 11am – midday before an RBA inspired recovery played out into the afternoon – a choppy session! Higher interest rates globally has been putting downward pressure on Tech stocks and that was the obvious theme again in Australia today – IT down ~3% versus Energy which was up another ~2.4%.
The ASX suffered a brutal session following US Indices lower to start the 2nd quarter of FY22. Infighting in the Democrats appear to threaten both infrastructure spending and an increase to the Government borrowing cap. We have seen all of this before, it’s political posturing that generally gets resolved however the infrastructure package is very important which is the curve ball in these negotiations.
The market ended a soft month of September with a bang today rallying ~1.9% with broad based buying right across the board and a very bullish close to finish on the daily and weekly highs, smashing back up through 7300 in the process.
Another weak session today saw the ASX end down more than 1% - the same culprits dragging the ASX lower, IT & Healthcare however Energy was also on the wrong side of the ledger today after a very strong run of late. As we discussed this morning, bond yields trading at 3 month highs is starting to unnerve investors while J Powell’s commentary around higher inflation further fueled that view.
Well, it seems there’s very little middle ground in the market at the moment with another ~100pt selloff coming on the back a few strong sessions – the 3 steps forward 2 back mentality we’ve been writing about in recent notes seems on point. Today it was weakness in the high value names, the growth areas of IT & Healthcare which really weighed the broader index which is a function of rising bond yields globally.
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