A positive yet unconvincing session locally with the ASX easing off throughout the day, with weakness in Energy & Materials partially offsetting strength in IT, Healthcare & Property.
Another session where commodities weighed on the ASX, although some tentative buying in some parts of the market had the index finish ~20 points above session lows. US inflation data is due out tonight, expecting +3.4% YoY followed closely by the Federal Reserve’s decision on interest rates (no change tipped) – we should hopefully get some clearer air to end the week.
Equities were put under significant pressure with the market suffering its worst day since April as political risks and higher bond yields following the strong US Jobs data last week weighed on risk assets. The Materials sector was the main culprit of the weakness, gold stocks, in particular, taking a beating on the back of the tumble seen by the precious metal on Friday night.
A long weekend and some important data in the US tonight could have prompted caution today, however, that wasn’t the case with the ASX rallying into the close, finishing on its highs, and booking a 2% gain for the week – not a bad effort at all!
Broad-based buying across the ASX today with all sectors up on the session. The impressive run in financials continued – banks all well supported, while Tech followed their overseas counterparts higher. When the ASX peaked in May at 7900, Aussie 3-year bond yields were at 3.84% before running up to 4.1% as expectations changed around interest rates, prompting a ~3% correction in equities. 3’s are now at 3.91% and equities have bounced.
A solid session for stocks that recouped yesterday's decline, although there was significant divergence from a sector and stock perspective, with commodities on the nose while the more defensive Telcos, Healthcare & Staples attracted buying.
After a reasonable open, the ASX lost its way in a quiet session tracking a similar trend in the US overnight as we await more data around US employment later in the week. Not a lot to latch onto today, other than weakness in Oil thanks to OPEC+, a rise in Gold on $US weakness and a mixed bag from a sector perspective locally.
A positive session to kick off the last month of FY24, with broad-based support across the market, led by Real-Estate & Financials. So far in FY24, the ASX (inclusive of dividends) is up 13%, coming off the back of a 17% gain in FY23, so we’re still in a good patch despite all the negative rhetoric that consistently permeates around markets. While the timing of rate cuts is still up in the air, earnings by in large are holding up nicely and there have been plenty of opportunities to make money from equities over the past few years, which is what we’re all about at Market Matters!
A last-ditch rally for the market heading into the weekend helped save the month of May. The local market started well before sellers tried to dampen the mood today. The mood picked up late in the day though with a surge into the close which helped bank a +0.5% gain for the month, the ASX200 up +37pts for May.
The ASX was sold off again today as concerns around persistent inflation pushed bond yields higher, making stocks relatively less attractive. While bond yields are an influence, markets are a jigsaw so we shouldn’t get too focussed on one particular piece, even though it is an influential one.
Another session where commodities weighed on the ASX, although some tentative buying in some parts of the market had the index finish ~20 points above session lows. US inflation data is due out tonight, expecting +3.4% YoY followed closely by the Federal Reserve’s decision on interest rates (no change tipped) – we should hopefully get some clearer air to end the week.
Equities were put under significant pressure with the market suffering its worst day since April as political risks and higher bond yields following the strong US Jobs data last week weighed on risk assets. The Materials sector was the main culprit of the weakness, gold stocks, in particular, taking a beating on the back of the tumble seen by the precious metal on Friday night.
A long weekend and some important data in the US tonight could have prompted caution today, however, that wasn’t the case with the ASX rallying into the close, finishing on its highs, and booking a 2% gain for the week – not a bad effort at all!
Broad-based buying across the ASX today with all sectors up on the session. The impressive run in financials continued – banks all well supported, while Tech followed their overseas counterparts higher. When the ASX peaked in May at 7900, Aussie 3-year bond yields were at 3.84% before running up to 4.1% as expectations changed around interest rates, prompting a ~3% correction in equities. 3’s are now at 3.91% and equities have bounced.
A solid session for stocks that recouped yesterday's decline, although there was significant divergence from a sector and stock perspective, with commodities on the nose while the more defensive Telcos, Healthcare & Staples attracted buying.
After a reasonable open, the ASX lost its way in a quiet session tracking a similar trend in the US overnight as we await more data around US employment later in the week. Not a lot to latch onto today, other than weakness in Oil thanks to OPEC+, a rise in Gold on $US weakness and a mixed bag from a sector perspective locally.
A positive session to kick off the last month of FY24, with broad-based support across the market, led by Real-Estate & Financials. So far in FY24, the ASX (inclusive of dividends) is up 13%, coming off the back of a 17% gain in FY23, so we’re still in a good patch despite all the negative rhetoric that consistently permeates around markets. While the timing of rate cuts is still up in the air, earnings by in large are holding up nicely and there have been plenty of opportunities to make money from equities over the past few years, which is what we’re all about at Market Matters!
A last-ditch rally for the market heading into the weekend helped save the month of May. The local market started well before sellers tried to dampen the mood today. The mood picked up late in the day though with a surge into the close which helped bank a +0.5% gain for the month, the ASX200 up +37pts for May.
The ASX was sold off again today as concerns around persistent inflation pushed bond yields higher, making stocks relatively less attractive. While bond yields are an influence, markets are a jigsaw so we shouldn’t get too focussed on one particular piece, even though it is an influential one.
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