SPI Futures were uber bullish overnight up nearly 100pts, outpacing gains in other markets and that drove a bump on open for stocks, however, it didn’t last with the main board giving back the lion’s share of gains as the day progressed, ultimately trading more than 50pts off the early highs – a sign of exhaustion in the short term after a great rally in stocks.
The market had a few reasons to decline today following a quiet night overseas, further weakness in US Futures during our time zone, Asian markets that tracked lower and strong employment data out at 11.30am reducing rate cut expectations, however stocks looked through the negative vibe and edged higher- in other words, they simply look like they want to go up!
The market chopped around par for much of the session before pushing mildly higher into the close underpinned by strength in the Energy and IT sectors, while the influential banks and miners also player their part.
The ASX rallied today, keying off a good session in the U.S predicated on positive tariff developments, though the move was somewhat disappointing/unconvincing. Stocks saw the best of it early, with a clear rotation out of defensives into cyclicals, and while some held their gains for the full session, others experienced profit taking, pushing the index ~45pts off it’s highs.
Poised for a relatively uneventful session after a soft US market on Friday night, trade talks between the White House and China over the weekend set off US futures this morning, lighting a spark for the Australian market early.
Technology stocks led the way today as the market opened a soft +10pts higher but quickly gained momentum following a positive session in the US overnight where risk-on sentiment fueled small caps higher after framework around trade policy between the White House and the UK firmed – a 10% base, though potential rollback of certain tariffs remains in play.
A fairly quiet day across the board, though, it was positive with 75% of the main board finishing in the green as Trump talks up trade deals…"Big News Conference tomorrow morning at 10:00 A.M.," he wrote on his Truth Social platform.
It was a mixed session for the local bourse as China’s long-awaited rate cuts came into play, lifting commodities and energy stocks higher. A solid result from NAB provided the bedrock for a decent rally through the middle of the day, with US futures giving an extra kick amid expectations Treasury Secretary Scott Bessent is due to meet senior Chinese officials in Switzerland on Thursday.
A second day of declines for the ASX, though it was hardly aggressive, and more stocks actually rose than fell, as banks and healthcare names weighed at the index level. The Macquarie conference kicked off this morning and we’ve seen a bunch of companies recut guidance, more on the downside than upside which is customary but it wasn’t all bad news with several re-affirming prior numbers.
Red returned to the screen today with broad based weakness across the ASX. The banks came under pressure after Westpac’s 1H25 numbers mildly underwhelmed while a sharp pullback in Oil prices put the Kibosh on the energy stocks. It’s been a very good run in the market from the 7th April low of 7169, with the ASX 200 up ~1000pts / 15%, some consolidation of the move now likely in our view.
The market had a few reasons to decline today following a quiet night overseas, further weakness in US Futures during our time zone, Asian markets that tracked lower and strong employment data out at 11.30am reducing rate cut expectations, however stocks looked through the negative vibe and edged higher- in other words, they simply look like they want to go up!
The market chopped around par for much of the session before pushing mildly higher into the close underpinned by strength in the Energy and IT sectors, while the influential banks and miners also player their part.
The ASX rallied today, keying off a good session in the U.S predicated on positive tariff developments, though the move was somewhat disappointing/unconvincing. Stocks saw the best of it early, with a clear rotation out of defensives into cyclicals, and while some held their gains for the full session, others experienced profit taking, pushing the index ~45pts off it’s highs.
Poised for a relatively uneventful session after a soft US market on Friday night, trade talks between the White House and China over the weekend set off US futures this morning, lighting a spark for the Australian market early.
Technology stocks led the way today as the market opened a soft +10pts higher but quickly gained momentum following a positive session in the US overnight where risk-on sentiment fueled small caps higher after framework around trade policy between the White House and the UK firmed – a 10% base, though potential rollback of certain tariffs remains in play.
A fairly quiet day across the board, though, it was positive with 75% of the main board finishing in the green as Trump talks up trade deals…"Big News Conference tomorrow morning at 10:00 A.M.," he wrote on his Truth Social platform.
It was a mixed session for the local bourse as China’s long-awaited rate cuts came into play, lifting commodities and energy stocks higher. A solid result from NAB provided the bedrock for a decent rally through the middle of the day, with US futures giving an extra kick amid expectations Treasury Secretary Scott Bessent is due to meet senior Chinese officials in Switzerland on Thursday.
A second day of declines for the ASX, though it was hardly aggressive, and more stocks actually rose than fell, as banks and healthcare names weighed at the index level. The Macquarie conference kicked off this morning and we’ve seen a bunch of companies recut guidance, more on the downside than upside which is customary but it wasn’t all bad news with several re-affirming prior numbers.
Red returned to the screen today with broad based weakness across the ASX. The banks came under pressure after Westpac’s 1H25 numbers mildly underwhelmed while a sharp pullback in Oil prices put the Kibosh on the energy stocks. It’s been a very good run in the market from the 7th April low of 7169, with the ASX 200 up ~1000pts / 15%, some consolidation of the move now likely in our view.
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