The ASX opened the week on the back foot giving back around 30% of last week’s gains, weighed by the retailers, supermarkets in particular as the ACCC sets their sights on misleading conduct.
The ASX saw the best of it early, before tapering off into the close as China failed to cut rates. Still, a new all-time high today for stocks, the ASX 200 above 8200 while Gold also notched up a milestone trading at $US2600/oz. A good week for equities, the market up 1.4% with strong performances by some interest rate sensitive stocks.
A volatile open this morning with the SPI Futures squeezing into the September index expiry – up ~70pts into blue sky territory, before pulling all the way back to par by lunch time. US Futures found some form and the ASX followed suit, rallying throughout the afternoon session to ultimately end up 50pts, chalking up a new all-time high for the ASX at 8200, driven by a big turnaround in the resources sector; the interpretation for now at least being that lower rates will be supportive of global growth and therefore demand for raw materials – though that could simply be back-filling a reason!
Not a lot to hang ones hat on today, the index trading around in a tight range before ultimately ending flat ahead of the US Federal Reserve’s decision on interest rates tonight. They’re going to cut, the only question is by how much with traders erring on the side of a bigger 0.5% reduction to kick off an easing cycle that markets think will last until the end of 2025
The ASX jumped out of the blocks this morning and made a new all-time high at 8148.8, though it was the magnitude of a beez……foot, just 1/10th of 1 pt above the previous all-time, intra-day high set on the 1st August at 8148.7. Stocks ultimately drifted lower through the session with some interesting corporate news flow hitting the tape, but little that turned the dial at the index level
A lacklustre start to a week dominated by central bank calls on interest rates, headlined by the US Fed on Thursday night as weakness in China continues; data over the weekend showing China’s new home prices fell at their fastest pace in more than nine years in August, putting pressure back on the mining stocks today.
A solid end to a good week for Australian shares, the ASX200 up 1.5% inclusive of dividends, with the Material sector driving the gains – the first time for a while – with the financials the only sector to lose ground.
A solid session today with broad-based buying and importantly, both index heavyweights (Banks & Miners) made strong headway. The bid is coming back into the resources and if banks can just hold it together, the index should finally breakout to be highs, now less than 100pts away.
Yesterday the market was weak on open and rallied, today the opposite played out, strong on open before tapering off throughout the day implying indecision remains. Banks hit their highs in the morning, Resources were mixed, though Energy, led by Uranium stocks fired up after a tough period.
The ASX saw the best of it early, before tapering off into the close as China failed to cut rates. Still, a new all-time high today for stocks, the ASX 200 above 8200 while Gold also notched up a milestone trading at $US2600/oz. A good week for equities, the market up 1.4% with strong performances by some interest rate sensitive stocks.
A volatile open this morning with the SPI Futures squeezing into the September index expiry – up ~70pts into blue sky territory, before pulling all the way back to par by lunch time. US Futures found some form and the ASX followed suit, rallying throughout the afternoon session to ultimately end up 50pts, chalking up a new all-time high for the ASX at 8200, driven by a big turnaround in the resources sector; the interpretation for now at least being that lower rates will be supportive of global growth and therefore demand for raw materials – though that could simply be back-filling a reason!
Not a lot to hang ones hat on today, the index trading around in a tight range before ultimately ending flat ahead of the US Federal Reserve’s decision on interest rates tonight. They’re going to cut, the only question is by how much with traders erring on the side of a bigger 0.5% reduction to kick off an easing cycle that markets think will last until the end of 2025
The ASX jumped out of the blocks this morning and made a new all-time high at 8148.8, though it was the magnitude of a beez……foot, just 1/10th of 1 pt above the previous all-time, intra-day high set on the 1st August at 8148.7. Stocks ultimately drifted lower through the session with some interesting corporate news flow hitting the tape, but little that turned the dial at the index level
A lacklustre start to a week dominated by central bank calls on interest rates, headlined by the US Fed on Thursday night as weakness in China continues; data over the weekend showing China’s new home prices fell at their fastest pace in more than nine years in August, putting pressure back on the mining stocks today.
A solid end to a good week for Australian shares, the ASX200 up 1.5% inclusive of dividends, with the Material sector driving the gains – the first time for a while – with the financials the only sector to lose ground.
A solid session today with broad-based buying and importantly, both index heavyweights (Banks & Miners) made strong headway. The bid is coming back into the resources and if banks can just hold it together, the index should finally breakout to be highs, now less than 100pts away.
Yesterday the market was weak on open and rallied, today the opposite played out, strong on open before tapering off throughout the day implying indecision remains. Banks hit their highs in the morning, Resources were mixed, though Energy, led by Uranium stocks fired up after a tough period.
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