The excuse for Friday’s sell-off was about a poor labour market print, however, non-farms barely missed the mark, consistent with cooling and normalisation as opposed to an economy on the cusp of recession, which is how the market seemed to interpret it. In any case, we continue to expect heightened volatility through September as the market lurches from data point to data point.
Just one those weeks! Glad to see the back of it where our portfolio positioning in our Growth Portfolio was put under pressure. Too heavy in resources at a time of global growth worries, too slow to dial it back and now we need to take a deep breath because selling/reducing exposure after the horse has bolted is a rarely a good move. As we wrote during the week, if we didn’t have the positions we do, we’d be stepping up to the plate, however, prudent portfolio management means we can only go so far.
A reasonable session today, after an aggressive sell-off yesterday swept through the ASX, and while IT topped the boards, Real-Estate stocks caught our eye with brokers starting to turn more positive on the sector, arguably a bit late, but we agree with the view
A tough day for Aussie stocks, resources and energy companies in particular as global growth fears resurfaced overnight on the back of a softer-than-expected manufacturing read in the US. Worth bearing in mind that markets had pushed up hard into the end of August so some unwind of the month-end window dressing no doubt played a part, however, with 91% of ASX 200 stocks finishing in the red, there were not many places to hide.
Another session that looked calm on the surface, though under the hood there was a lot playing out, resources weighed as selling targeted Lithium, Iron Ore & Uranium stocks, while Woolies & Coles traded ex-dividend weighing on the Staples - the ASX 200 finished just 11 points below its all-time closing high.
A more bullish session than many thought would transpire today (MM included) ahead of a public holiday in the US tonight, with the banks underpinning the majority of the advance, CBA hitting a new all-time closing high ($141.77) even though it’s trading ex-dividend.
We wrapped up a huge FY24 reporting period today, and while the market finished the month up just ~0.3% inclusive of dividends, there were some incredible moves under the hood, as outlined in the tables below. For now, we must respect the trend, and if we do get a scenario of lower interest rates, yet economies hold up, equities should do very well – a glass-half-full view to end a huge month for markets and MM content!
A softer session for the ASX today, though once again, strong buying of the dip played out with the index finishing ~30 points up from the lows, moving inline with US Futures that tracked higher during our time zone after initial weakness prompted by an afterhours sell-off in Nvidia.
The ASX opened firmly on the backfoot and selling intensified post a hotter than expected monthly inflation read at 11.30am, down ~60pts at the lows before a consistent/impressive grind back up to par by the close – the buy the dip mentality remains in play!
A big day of reporting across Market Matters Portfolios with some hits and a few misses, particularly amongst the smaller companies. Overall, it felt like the market lost some steam after a squeeze higher in early trade. While calling tops is fraught with danger, we wouldn’t be surprised to see some consolidation from here.
Just one those weeks! Glad to see the back of it where our portfolio positioning in our Growth Portfolio was put under pressure. Too heavy in resources at a time of global growth worries, too slow to dial it back and now we need to take a deep breath because selling/reducing exposure after the horse has bolted is a rarely a good move. As we wrote during the week, if we didn’t have the positions we do, we’d be stepping up to the plate, however, prudent portfolio management means we can only go so far.
A reasonable session today, after an aggressive sell-off yesterday swept through the ASX, and while IT topped the boards, Real-Estate stocks caught our eye with brokers starting to turn more positive on the sector, arguably a bit late, but we agree with the view
A tough day for Aussie stocks, resources and energy companies in particular as global growth fears resurfaced overnight on the back of a softer-than-expected manufacturing read in the US. Worth bearing in mind that markets had pushed up hard into the end of August so some unwind of the month-end window dressing no doubt played a part, however, with 91% of ASX 200 stocks finishing in the red, there were not many places to hide.
Another session that looked calm on the surface, though under the hood there was a lot playing out, resources weighed as selling targeted Lithium, Iron Ore & Uranium stocks, while Woolies & Coles traded ex-dividend weighing on the Staples - the ASX 200 finished just 11 points below its all-time closing high.
A more bullish session than many thought would transpire today (MM included) ahead of a public holiday in the US tonight, with the banks underpinning the majority of the advance, CBA hitting a new all-time closing high ($141.77) even though it’s trading ex-dividend.
We wrapped up a huge FY24 reporting period today, and while the market finished the month up just ~0.3% inclusive of dividends, there were some incredible moves under the hood, as outlined in the tables below. For now, we must respect the trend, and if we do get a scenario of lower interest rates, yet economies hold up, equities should do very well – a glass-half-full view to end a huge month for markets and MM content!
A softer session for the ASX today, though once again, strong buying of the dip played out with the index finishing ~30 points up from the lows, moving inline with US Futures that tracked higher during our time zone after initial weakness prompted by an afterhours sell-off in Nvidia.
The ASX opened firmly on the backfoot and selling intensified post a hotter than expected monthly inflation read at 11.30am, down ~60pts at the lows before a consistent/impressive grind back up to par by the close – the buy the dip mentality remains in play!
A big day of reporting across Market Matters Portfolios with some hits and a few misses, particularly amongst the smaller companies. Overall, it felt like the market lost some steam after a squeeze higher in early trade. While calling tops is fraught with danger, we wouldn’t be surprised to see some consolidation from here.
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