Stocks were under pressure from the outset today, and a hotter-than-expected monthly inflation read didn’t help, with the ASX taking another leg lower after the data dropped at 11.30am. As has been customary in recent sessions, selling ticked up into the close with stocks ending near the session low, a sign of a tired market.
The Aussie market struggled without a lead today – US & UK markets closed overnight - so we chopped around in a tight trading range on low volumes, failing to embrace the positive move from US Futures.
Shares mirrored Friday night’s move in the US, starting the week on the front foot, turning around the bulk of the weakness seen on the local market last week. The rally was fairly broad-based with 75% of the index closing higher and Energy the only detractor from a sector point of view. There was little else to watch today given both US and UK markets are closed tonight.
A soft session for the ASX to round off a volatile week for equities, a mixture of macro uncertainty around interest rates and a pullback in commodity prices, coupled with a bunch of results/trading updates that were a mixed bag at best.
A big pullback in commodities overnight cast a shadow over the ASX early – the market off ~84pts at its low, however, some aggressive buying of the dip more than cut that loss in half, the index only mildly lower by the close.
It was a flat session for the ASX today, although a lot was happening under the hood with a bunch of trading updates causing some big moves on both sides of the ledger. Early strength was sold into as equities shied away from a crack at all-time highs today.
A lacklustre session at the index level today, although a few bits of corporate news created some interest, mostly on the downside with slightly softer guidance a common trait.
Another strong session for the ASX underpinned by good buying amongst the Energy, Materials & IT sectors that all rallied more than 1%. China has pulled more stimulus levers over the last few days, and although they are targeted, as was previously flagged by Beijing, it does feel like Xi Jinping has drawn a line in the sand. That, coupled with the prospect of lower interest rates/bond yields, equities are running, and for now, we’ll enjoy the upside.
The ASX pulled back from recent highs today on some profit-taking after a solid week. Better news on the inflation and interest rate front propelled equities to all-time highs in the US & UK, and a whisker below all-time highs locally, as the narrative around a soft landing, or no landing at all, continues to gain traction. Interest rate sensitive sectors have had a great week, and fading the moves that played out in April has certainly been the trade to back, while it looks like BHO may walk away from a deal to buy Anglo at this point, underpinning a relief rally in our biggest local index weight. All in all, investors made money this week, we’ll take it, and as always, concentrate on what could come next! Manly vs Broncos tonight – Go the Mighty Sea Eagles!
A very bullish session for the ASX today, pushing the market to within 10 points of its all-time high. A more benign inflation read in the US overnight, with CPI printing lower month-on-month had the bulls up and about early, before softer employment data locally saw interest rate traders ramp up their bets for an RBA rate cut this side of Christmas – all in all, a great day for risk assets.
The Aussie market struggled without a lead today – US & UK markets closed overnight - so we chopped around in a tight trading range on low volumes, failing to embrace the positive move from US Futures.
Shares mirrored Friday night’s move in the US, starting the week on the front foot, turning around the bulk of the weakness seen on the local market last week. The rally was fairly broad-based with 75% of the index closing higher and Energy the only detractor from a sector point of view. There was little else to watch today given both US and UK markets are closed tonight.
A soft session for the ASX to round off a volatile week for equities, a mixture of macro uncertainty around interest rates and a pullback in commodity prices, coupled with a bunch of results/trading updates that were a mixed bag at best.
A big pullback in commodities overnight cast a shadow over the ASX early – the market off ~84pts at its low, however, some aggressive buying of the dip more than cut that loss in half, the index only mildly lower by the close.
It was a flat session for the ASX today, although a lot was happening under the hood with a bunch of trading updates causing some big moves on both sides of the ledger. Early strength was sold into as equities shied away from a crack at all-time highs today.
A lacklustre session at the index level today, although a few bits of corporate news created some interest, mostly on the downside with slightly softer guidance a common trait.
Another strong session for the ASX underpinned by good buying amongst the Energy, Materials & IT sectors that all rallied more than 1%. China has pulled more stimulus levers over the last few days, and although they are targeted, as was previously flagged by Beijing, it does feel like Xi Jinping has drawn a line in the sand. That, coupled with the prospect of lower interest rates/bond yields, equities are running, and for now, we’ll enjoy the upside.
The ASX pulled back from recent highs today on some profit-taking after a solid week. Better news on the inflation and interest rate front propelled equities to all-time highs in the US & UK, and a whisker below all-time highs locally, as the narrative around a soft landing, or no landing at all, continues to gain traction. Interest rate sensitive sectors have had a great week, and fading the moves that played out in April has certainly been the trade to back, while it looks like BHO may walk away from a deal to buy Anglo at this point, underpinning a relief rally in our biggest local index weight. All in all, investors made money this week, we’ll take it, and as always, concentrate on what could come next! Manly vs Broncos tonight – Go the Mighty Sea Eagles!
A very bullish session for the ASX today, pushing the market to within 10 points of its all-time high. A more benign inflation read in the US overnight, with CPI printing lower month-on-month had the bulls up and about early, before softer employment data locally saw interest rate traders ramp up their bets for an RBA rate cut this side of Christmas – all in all, a great day for risk assets.
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