Another quiet end to the week with the market closing marginally higher. China data was the main focus of the day with GDP missing estimates at18.3% vs 18.5% expected YoY.
Buyers were out in force today helping the local index recover an early dip before pushing on to a new 12 month high. Energy was clearly the standout with a number of market commentators talking up the demand piece overnight.
A flat session from an overall index perspective today as the ASX200 consolidates above last week’s breakout level – this is ultimately a fairly constructive trading pattern if it continues. Data from China was strong today in an absolute sense, although export data was weaker than expected. This grew 30.6% YoY (from a low base) showing that the global economy is back buying Chinese stuff, although the market was looking for +38% growth. On the flipside, Imports were well ahead of expectations coming in at 27.7% versus the 17.6% growth expected, this is a positive read through for Australia.
Low volumes seen across the market today with fundies seemingly focused on quarterly company updates that are starting to come through to get a read around where to next.
A very quiet end to a strong week for stocks with the market oscillating in a very tight ~30pt trading range. Information Technology stocks finished the week as they started, top of the leader board, while Woolies & Metcash dragged the Staples sector lower as Coles brings back the red finger….prices down down down signifies an escalation in the competitive landscape as they look to claw back lost market share. Not a lot else to get excited about today.
A choppy session for the ASX today with a fairly deep sell-off into a lunchtime low before the market moved higher throughout the afternoon, closing at new post COVID highs. Ultimately the market looks primed to breakout on the upside with the ASX 200 now only ~1% below the 7000 milestone.
The ASX 200 saw the best of the days gains in the morning with a high of 6915, the highest level in six weeks however sellers emerged and we ended around 30points below the session high.
Buyers were out in force today helping the local index recover an early dip before pushing on to a new 12 month high. Energy was clearly the standout with a number of market commentators talking up the demand piece overnight.
A flat session from an overall index perspective today as the ASX200 consolidates above last week’s breakout level – this is ultimately a fairly constructive trading pattern if it continues. Data from China was strong today in an absolute sense, although export data was weaker than expected. This grew 30.6% YoY (from a low base) showing that the global economy is back buying Chinese stuff, although the market was looking for +38% growth. On the flipside, Imports were well ahead of expectations coming in at 27.7% versus the 17.6% growth expected, this is a positive read through for Australia.
Low volumes seen across the market today with fundies seemingly focused on quarterly company updates that are starting to come through to get a read around where to next.
A very quiet end to a strong week for stocks with the market oscillating in a very tight ~30pt trading range. Information Technology stocks finished the week as they started, top of the leader board, while Woolies & Metcash dragged the Staples sector lower as Coles brings back the red finger….prices down down down signifies an escalation in the competitive landscape as they look to claw back lost market share. Not a lot else to get excited about today.
A choppy session for the ASX today with a fairly deep sell-off into a lunchtime low before the market moved higher throughout the afternoon, closing at new post COVID highs. Ultimately the market looks primed to breakout on the upside with the ASX 200 now only ~1% below the 7000 milestone.
The ASX 200 saw the best of the days gains in the morning with a high of 6915, the highest level in six weeks however sellers emerged and we ended around 30points below the session high.
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