The local market is now on a 4-day losing streak – its worst run since January (5 sessions) – with today being the worst of the batch. As we said this morning, US stocks are leading the weakness, having fallen for six consecutive days; their worst losing streak since June. Equities were on the back foot early following a soft session overnight, stemming from strong-than-expected retail sales numbers, which put pressure on rate cut expectations. Early buyers were hurt today with the market not “feeling right all day”, come the close, 92% of the ASX200 finished down, and not surprisingly, all sectors finished lower today, though there was some relief late in the session as the index closed 27pts / 0.35% off the lows.
An escalation of aggression in the Middle East over the weekend was the main cause for concern today, weighing on the local market from the get-go. The weakness didn’t cause any contagion though, equities seemed pretty well supported after hitting a low just before midday, i.e. panic didn’t set in and traders are still using dips to edge into the ASX. Energy was the main winner today, that was despite Oil markets giving back some of the gains seen on Friday night. Materials were also surprisingly well-supported thanks to US imposing further sanctions on Russian commodities, a trade we are well-positioned for.
A choppy, range bound session on the ASX today with little conviction in either direction as we head into the weekend, and the start of School Holidays in NSW which leads to weaker volumes across the market.
Stocks were hit early on the back of the hotter inflation print in the US overnight, the ASX down ~100pts at its worst, before a spirited/impressive recovery played out, underpinned by the resources & energy sectors while the Staples also played their part. This sort of market action is indicative of a strong market, where negative news gets a short sharp reaction, but ultimately the weight of money remains on the buy side.
A reasonable session for the ASX today, underpinned again by a recovery amongst the miners, Coal stocks the standout following multiple broker upgrades. In the past month, the materials sector is +2.4% vs IT which is down -3.98% showing how sectors are coming in and out of favour, a market for active investing. Eyes will be on the US CPI tonight with the latest set of numbers expected to fall to 0.3% from 0.4%.
A good session from commodity stocks underpinned a positive day for the ASX. Iron Ore held onto recent strength, while Citi was out with a bullish note on Copper saying…we believe copper’s second secular bull market this century is taking hold, 20 years after China urbanization and industrialization-led secular bull market. They think recent strength has further to run in the short & longer term and they revised up their price assumptions across the board. A very bullish note on Copper that is aligned with MM’s view.
A positive session to kick off the new trading week and while the index was fairly subdued, a lot was happening under the hood as we edge towards US quarterly results that kick into gear on Friday.
A soggy day in Sydney and the market was very similar, weakness from the get-go saw all sectors finish lower. Some pockets of strength in Gold, Energy was solid and a few Healthcare stocks held up okay, but other than that, it was a fairly bleak Friday across the board.
The ASX recovered 1/3rd of yesterdays sell-off with a broad based rebound playing out – all sectors higher, led by the interest rates sensitive names that were hardest hit yesterday.
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.
An escalation of aggression in the Middle East over the weekend was the main cause for concern today, weighing on the local market from the get-go. The weakness didn’t cause any contagion though, equities seemed pretty well supported after hitting a low just before midday, i.e. panic didn’t set in and traders are still using dips to edge into the ASX. Energy was the main winner today, that was despite Oil markets giving back some of the gains seen on Friday night. Materials were also surprisingly well-supported thanks to US imposing further sanctions on Russian commodities, a trade we are well-positioned for.
A choppy, range bound session on the ASX today with little conviction in either direction as we head into the weekend, and the start of School Holidays in NSW which leads to weaker volumes across the market.
Stocks were hit early on the back of the hotter inflation print in the US overnight, the ASX down ~100pts at its worst, before a spirited/impressive recovery played out, underpinned by the resources & energy sectors while the Staples also played their part. This sort of market action is indicative of a strong market, where negative news gets a short sharp reaction, but ultimately the weight of money remains on the buy side.
A reasonable session for the ASX today, underpinned again by a recovery amongst the miners, Coal stocks the standout following multiple broker upgrades. In the past month, the materials sector is +2.4% vs IT which is down -3.98% showing how sectors are coming in and out of favour, a market for active investing. Eyes will be on the US CPI tonight with the latest set of numbers expected to fall to 0.3% from 0.4%.
A good session from commodity stocks underpinned a positive day for the ASX. Iron Ore held onto recent strength, while Citi was out with a bullish note on Copper saying…we believe copper’s second secular bull market this century is taking hold, 20 years after China urbanization and industrialization-led secular bull market. They think recent strength has further to run in the short & longer term and they revised up their price assumptions across the board. A very bullish note on Copper that is aligned with MM’s view.
A positive session to kick off the new trading week and while the index was fairly subdued, a lot was happening under the hood as we edge towards US quarterly results that kick into gear on Friday.
A soggy day in Sydney and the market was very similar, weakness from the get-go saw all sectors finish lower. Some pockets of strength in Gold, Energy was solid and a few Healthcare stocks held up okay, but other than that, it was a fairly bleak Friday across the board.
The ASX recovered 1/3rd of yesterdays sell-off with a broad based rebound playing out – all sectors higher, led by the interest rates sensitive names that were hardest hit yesterday.
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.
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