A mildly positive session to start the week, though the gains at the index level were all down to the banks following a positive quarterly update from Westpac, which offset weakness elsewhere; ~55% of the main board ended lower despite a positive session overall.
It was a very strong end to the week, with the local market spending most of the session showing triple-digit gains before ending the day 105 points, or +1.3%. The impressive session in the US, following strong economic data, provided the initial bullish catalyst for the ASX, and selling was noticeably absent throughout the day as broad-based buying saw almost 85% of the index close higher.
It was a reasonable day for the ASX, which rewarded investors with five consecutive positive sessions; the mood was buoyed by relative calm in Asia. The Nikkei in Japan was up 0.8% while US Futures also improved during our time zone to be ~0.2% higher around our close. Buying was tentative, with only 63% of the main board closing higher, led by the companies which have reported well over the last 48-hours, conversely, the losers enclosure was dominated by stocks that disappointed investors today, e.g. Nufarm (NUF) -9.8% and Origin (ORG) -9.4%.
Another positive session for the ASX as we continue to gradually recover from last week’s aggressive sell-off, though, the best of it was seen early and the index finished ~60 points below the morning highs, which isn’t a great look having hit resistance at the mid-point of the trading range – see chart below. The Iron Ore miners were the catalyst with weakness in Iron Ore Futures coming out of Singapore, while ANZ and NAB saw reasonable selling after the market digested the quality of CBA’s result, and what it meant for peers – NAB out tomorrow with a trading update.
A mildly positive session at the index level, with solid banks offset by weakness in CSL that detracted over 20 index points from the main board alone. Elsewhere, some hits and misses as reporting season ramps up.
An okay session for the ASX today, though it traded a long way below the session highs as sellers came in throughout the day. Results from JB Hi-Fi (JBH) and CAR Group (CAR) both solid, underpinning good rallies from both. We’re not getting too optimistic on the broader market though, and wouldn’t be surprised to see more volatility/downside play out from here i.e. we’re sticking with our more cautious short term stance.
A good way to end a very volatile week for equities with the ASX rallying nicely in a broad based move, 90% of the ASX 200 finishing up on the day. For the week, the ASX lost 2.1%, not too bad considering, with Utilities being the lone sector to end the 5-days in the green.
Further consolidation at the index level today, though there was some big moves in stocks and some clear divergence across sectors, unfortunately, we were end of a downgrade from Mirvac (MGR) while weakness amongst resources and energy stocks worked against us.
A reasonable day for the ASX buoyed by relative calm in Asia, the Nikkei in Japan up ~1% while US Futures also improved during our time zone. Buying was tentative, but broad-based, with 9/11 sectors trading higher. We get the sense that volatility is not over, more likely to be a pause, the carry trade in Japan still has some way to play out, and given we don’t get any data of substance in the US for the remainder of the week to throw markets much in either direction, a period of consolidation in the very short term seems the most likely scenario.
No change as expected today from the RBA with rates staying at 4.35%. They talked to the pace of disinflation slowing, while they maintained its previous guidance that it was not “ruling anything in or out” when it came to interest rates, the board said policy would need to be “sufficiently restrictive” until the board was confident inflation was “moving sustainably towards the target range”. This view is at odds with the market, Interest rate futures fully pricing in a cut before Christmas as the table below shows (29bps priced in), and an interest rate of ~3.5% by the end of FY25. The new press conference format provided a bit more meat on the bones of this view, and the Governor even had a crack at explaining volatility in equities over the past 48 hours, saying that one employment print in the US shouldn’t have us running for the hills…not bad advice from Governor Bullock!
It was a very strong end to the week, with the local market spending most of the session showing triple-digit gains before ending the day 105 points, or +1.3%. The impressive session in the US, following strong economic data, provided the initial bullish catalyst for the ASX, and selling was noticeably absent throughout the day as broad-based buying saw almost 85% of the index close higher.
It was a reasonable day for the ASX, which rewarded investors with five consecutive positive sessions; the mood was buoyed by relative calm in Asia. The Nikkei in Japan was up 0.8% while US Futures also improved during our time zone to be ~0.2% higher around our close. Buying was tentative, with only 63% of the main board closing higher, led by the companies which have reported well over the last 48-hours, conversely, the losers enclosure was dominated by stocks that disappointed investors today, e.g. Nufarm (NUF) -9.8% and Origin (ORG) -9.4%.
Another positive session for the ASX as we continue to gradually recover from last week’s aggressive sell-off, though, the best of it was seen early and the index finished ~60 points below the morning highs, which isn’t a great look having hit resistance at the mid-point of the trading range – see chart below. The Iron Ore miners were the catalyst with weakness in Iron Ore Futures coming out of Singapore, while ANZ and NAB saw reasonable selling after the market digested the quality of CBA’s result, and what it meant for peers – NAB out tomorrow with a trading update.
A mildly positive session at the index level, with solid banks offset by weakness in CSL that detracted over 20 index points from the main board alone. Elsewhere, some hits and misses as reporting season ramps up.
An okay session for the ASX today, though it traded a long way below the session highs as sellers came in throughout the day. Results from JB Hi-Fi (JBH) and CAR Group (CAR) both solid, underpinning good rallies from both. We’re not getting too optimistic on the broader market though, and wouldn’t be surprised to see more volatility/downside play out from here i.e. we’re sticking with our more cautious short term stance.
A good way to end a very volatile week for equities with the ASX rallying nicely in a broad based move, 90% of the ASX 200 finishing up on the day. For the week, the ASX lost 2.1%, not too bad considering, with Utilities being the lone sector to end the 5-days in the green.
Further consolidation at the index level today, though there was some big moves in stocks and some clear divergence across sectors, unfortunately, we were end of a downgrade from Mirvac (MGR) while weakness amongst resources and energy stocks worked against us.
A reasonable day for the ASX buoyed by relative calm in Asia, the Nikkei in Japan up ~1% while US Futures also improved during our time zone. Buying was tentative, but broad-based, with 9/11 sectors trading higher. We get the sense that volatility is not over, more likely to be a pause, the carry trade in Japan still has some way to play out, and given we don’t get any data of substance in the US for the remainder of the week to throw markets much in either direction, a period of consolidation in the very short term seems the most likely scenario.
No change as expected today from the RBA with rates staying at 4.35%. They talked to the pace of disinflation slowing, while they maintained its previous guidance that it was not “ruling anything in or out” when it came to interest rates, the board said policy would need to be “sufficiently restrictive” until the board was confident inflation was “moving sustainably towards the target range”. This view is at odds with the market, Interest rate futures fully pricing in a cut before Christmas as the table below shows (29bps priced in), and an interest rate of ~3.5% by the end of FY25. The new press conference format provided a bit more meat on the bones of this view, and the Governor even had a crack at explaining volatility in equities over the past 48 hours, saying that one employment print in the US shouldn’t have us running for the hills…not bad advice from Governor Bullock!
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