10/11 sectors made gains today with 70% of the main board closing higher, though once again, we’re seeing a narrow band of winners that are driving the index with the ASX200 now only 100pts below its all-time high.
Another mixed but ultimately positive session for the ASX, with IT, Financials & Consumer Discretionary leading the way thanks to new all-time highs for Xero (XRO) $172.94, Comm Bank (CBA) $152.84 & JB Hi-Fi (JBH) $88.37 as valuations get stretched ever higher, while the resources remain holed up in the naughty corner.
A good fight back from the ASX today and it was a deviation from recent trends with the majority of resources stocks finding some interest into the morning lows, the market down ~100pts at it’s worst before recouping 40% of the decline.
A weak open to trade this morning, though the index clawed back the majority of losses to finish only mildly lower, though, it was another day where being in the wrong stocks hurt, headlined by Paladin Energy (PDN) down 28% while gold stocks were also on the nose. Resources are certainly a tough place to be at the moment.
A soft start to the week as the ASX was dragged lower by sharp moves in commodities and energy. We were given clarity on the size and scope of the China stimulus package but there was limited (positive) surprise, leaving markets wanting more.
A strong start for the ASX, buoyed by a solid run in Commodity markets overnight saw the market up over 90pts early on before tapering off somewhat as the day progressed.
An intriguing session today with our first crack at digesting what a Trump Presidency could mean locally. The overwhelming takeaway being higher interest rates are a negative for property & infrastructure, a stronger $US will hinder Gold & related equities which were hit , US earners should benefit and found some love, industrial commodities were okay given a better global growth outlook partially offsetting the headwind of a stronger greenback while the “drill baby drill” beneficiaries in mining services also found support.
US equity futures rallied, bonds yields traded materially higher (US 10’s +18bps), the $US Dollar Index up +1.4%, the AUD down the same amount & Bitcoin +8% all indicate that Trump is now a very short Favourite to win a 2nd term in office.
November is underway, with the US Presidential election (circus) just a few days away. As we start the weekend, markets are factoring in a Trump victory, but more “surprises" wouldn’t surprise.
Another mixed but ultimately positive session for the ASX, with IT, Financials & Consumer Discretionary leading the way thanks to new all-time highs for Xero (XRO) $172.94, Comm Bank (CBA) $152.84 & JB Hi-Fi (JBH) $88.37 as valuations get stretched ever higher, while the resources remain holed up in the naughty corner.
A good fight back from the ASX today and it was a deviation from recent trends with the majority of resources stocks finding some interest into the morning lows, the market down ~100pts at it’s worst before recouping 40% of the decline.
A weak open to trade this morning, though the index clawed back the majority of losses to finish only mildly lower, though, it was another day where being in the wrong stocks hurt, headlined by Paladin Energy (PDN) down 28% while gold stocks were also on the nose. Resources are certainly a tough place to be at the moment.
A soft start to the week as the ASX was dragged lower by sharp moves in commodities and energy. We were given clarity on the size and scope of the China stimulus package but there was limited (positive) surprise, leaving markets wanting more.
A strong start for the ASX, buoyed by a solid run in Commodity markets overnight saw the market up over 90pts early on before tapering off somewhat as the day progressed.
An intriguing session today with our first crack at digesting what a Trump Presidency could mean locally. The overwhelming takeaway being higher interest rates are a negative for property & infrastructure, a stronger $US will hinder Gold & related equities which were hit , US earners should benefit and found some love, industrial commodities were okay given a better global growth outlook partially offsetting the headwind of a stronger greenback while the “drill baby drill” beneficiaries in mining services also found support.
US equity futures rallied, bonds yields traded materially higher (US 10’s +18bps), the $US Dollar Index up +1.4%, the AUD down the same amount & Bitcoin +8% all indicate that Trump is now a very short Favourite to win a 2nd term in office.
November is underway, with the US Presidential election (circus) just a few days away. As we start the weekend, markets are factoring in a Trump victory, but more “surprises" wouldn’t surprise.
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