A tough day for Aussie stocks with the ASX getting aggressively sold off throughout the session, the recent winners in Tech and Property were front and centre of the sell-off while the Resources were relative performers. We wrote this morning that we continue to expect “3-steps forward, 2-steps back” price action in the new quarter, but another 200-point pullback wouldn’t surprise us as the index rubs up against the overhead trendline that’s contained it through 2024, although we didn’t expect half of the move to come today. It seems there are often market peaks that correlate with the end of reporting periods i.e. each quarter, a trend we will do some more work around and update you on in coming notes.
A choppy session to kick off the new month and quarter for the ASX, coming off the back of a very strong period for markets. We provide a broad look at various asset class performance below, while we’ll cover the performance for the suite of Market Matters published (website) portfolio’s in tomorrow mornings portfolio positioning report, headlined by the Active Growth Portfolio that returned 5.82% for March, ~2% ahead of the market.
A bullish session to end a positive quarter for equities with the market rallying ~3% in the last month, propelling the ASX200 to fresh all-time highs. Have a wonderful Easter break with family and friends.
The market opened on the back foot this morning before buyers stepped in, aided by softer-than-expected monthly inflation data that underpinned a good turnaround in stocks, particularly from the more defensive areas while IT took a breather.
The market is losing some steam, or at least consolidating recent gains as we head into the Easter break. Monthly inflation data for Australia out tomorrow (3.5% exp) ahead of Retail Sales (0.4% exp) on Thursday while Good Friday sees key US personal consumption data that feeds into the all-important inflation picture, alongside a speech by Fed Treasurer Jerome Powell, both while markets are closed. It’s therefore easy to comprehend a lack of conviction on the buy side as stocks flirt with all-time highs.
A solid session to kick off the shortened trading week ahead of the Easter long weekend, with Property & Energy stocks underpinning the strength throughout the day, with the ASX 200 closing back above 7800, once again, knocking on the door of new highs. It’s hard to argue with the prevailing strength, and while some are now highlighting overvaluation at the index level, we don’t think that’s the right call given the soft landing that’s playing out from an economic perspective. With the ASX 200 on 16.8x Est earnings that are growing ~5%, it’s certainly not cheap but equally, it’s not overly stretched when we consider that analysts have underappreciated the recovery in earnings that is underway, both here and in the US.
Today saw a softer end to a positive week for equities, a typical sort of Friday following a good run in the market; US stocks made new highs overnight while the ASX threatened our own milestone, in a week heavy with Central Bank rhetoric. Wednesday also saw the 4th anniversary of the COVID low in markets, the ASX 200 hitting 4402 on a Friday morning that we still remember vividly, and while we’re all still feeling some impact, the ASX is now up an impressive 75% in that time
A volatile session for the ASX today, however, the bullish vibe overcame better-than-expected employment data and a slight rejig to expectations around rate cuts to push stocks sharply higher, only one good day away from following US stocks to new highs.
The best of it was seen early on today with a bullish start tapering off throughout the session ahead of the US Federal Reserve’s decision on Interest rates tomorrow morning our time. The index fell 45pts from high to low, largely tracking US Futures which were sold off throughout the session. Energy was one of the few highlights, alongside Telcos which have been choppy of late. Tech was the main drag.
While they’re still saying otherwise, the RBA is looking increasingly poised to cut rates in the coming months as inflation comes back into range and labour market pressures ease. Markets are pre-empting the move, the Aussie Dollar down (65.31c), bond yields down, and equities up as we edge closer to D-Day for Michelle Bullock et al. However, at a sector level today, Materials & Energy stocks bounced nicely and Iron Ore rallied ~5% in Asia, implying some improving confidence around the outlook for the Middle Kingdom, we’re certainly positioned for it!
A choppy session to kick off the new month and quarter for the ASX, coming off the back of a very strong period for markets. We provide a broad look at various asset class performance below, while we’ll cover the performance for the suite of Market Matters published (website) portfolio’s in tomorrow mornings portfolio positioning report, headlined by the Active Growth Portfolio that returned 5.82% for March, ~2% ahead of the market.
A bullish session to end a positive quarter for equities with the market rallying ~3% in the last month, propelling the ASX200 to fresh all-time highs. Have a wonderful Easter break with family and friends.
The market opened on the back foot this morning before buyers stepped in, aided by softer-than-expected monthly inflation data that underpinned a good turnaround in stocks, particularly from the more defensive areas while IT took a breather.
The market is losing some steam, or at least consolidating recent gains as we head into the Easter break. Monthly inflation data for Australia out tomorrow (3.5% exp) ahead of Retail Sales (0.4% exp) on Thursday while Good Friday sees key US personal consumption data that feeds into the all-important inflation picture, alongside a speech by Fed Treasurer Jerome Powell, both while markets are closed. It’s therefore easy to comprehend a lack of conviction on the buy side as stocks flirt with all-time highs.
A solid session to kick off the shortened trading week ahead of the Easter long weekend, with Property & Energy stocks underpinning the strength throughout the day, with the ASX 200 closing back above 7800, once again, knocking on the door of new highs. It’s hard to argue with the prevailing strength, and while some are now highlighting overvaluation at the index level, we don’t think that’s the right call given the soft landing that’s playing out from an economic perspective. With the ASX 200 on 16.8x Est earnings that are growing ~5%, it’s certainly not cheap but equally, it’s not overly stretched when we consider that analysts have underappreciated the recovery in earnings that is underway, both here and in the US.
Today saw a softer end to a positive week for equities, a typical sort of Friday following a good run in the market; US stocks made new highs overnight while the ASX threatened our own milestone, in a week heavy with Central Bank rhetoric. Wednesday also saw the 4th anniversary of the COVID low in markets, the ASX 200 hitting 4402 on a Friday morning that we still remember vividly, and while we’re all still feeling some impact, the ASX is now up an impressive 75% in that time
A volatile session for the ASX today, however, the bullish vibe overcame better-than-expected employment data and a slight rejig to expectations around rate cuts to push stocks sharply higher, only one good day away from following US stocks to new highs.
The best of it was seen early on today with a bullish start tapering off throughout the session ahead of the US Federal Reserve’s decision on Interest rates tomorrow morning our time. The index fell 45pts from high to low, largely tracking US Futures which were sold off throughout the session. Energy was one of the few highlights, alongside Telcos which have been choppy of late. Tech was the main drag.
While they’re still saying otherwise, the RBA is looking increasingly poised to cut rates in the coming months as inflation comes back into range and labour market pressures ease. Markets are pre-empting the move, the Aussie Dollar down (65.31c), bond yields down, and equities up as we edge closer to D-Day for Michelle Bullock et al. However, at a sector level today, Materials & Energy stocks bounced nicely and Iron Ore rallied ~5% in Asia, implying some improving confidence around the outlook for the Middle Kingdom, we’re certainly positioned for it!
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