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.
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 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.
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.
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