Jerome Powell and the Fed put a swift end to the local equity rally that had taken the ASX200 to all-time highs yesterday, as they left rates unchanged overnight as expected, however, the press conference had a few more fireworks as the Chair poured cold water on any imminent rate cut expectations.
The ASX200 hit a new all-time high today closing at 7680 supported by a more benign read on inflation released at 11.30am that underpins the chorus for rate cuts, sooner rather than later it would seem. Bond yields fell, the Aussie 3 years down 14bps to 3.57% with the first rate cut now priced in by June.
The ASX traded to within 2-points of an all-time high this morning hitting 7630 just before a materially softer-than-expected retail sales number printed, which got the sellers off the sidelines, the ASX 200 finishing ~30 points off the morning highs ahead of a very big weak of data and company results, particularly in the US, but also a bunch locally headlined by local inflation data tomorrow.
The market continued to push higher as sector rotation rather than any sign of liquidation/cashing up continued, although, to MM, it does seem the market is slowly losing some momentum after a strong run and ahead of local reporting season– the Market Matters Reporting Calendar linked below.
Materials & Energy stocks underpinned the fifth straight session of gains for the ASX heading into the Australia Day long weekend, while our IT sector is failing to mirror strength overseas and Real-Estate was under the pump as Barrenjoey pushed through a bunch of downgrades.
Materials & Energy stocks underpinned the fifth straight session of gains for the ASX heading into the Australia Day long weekend, while our IT sector is failing to mirror strength overseas and Real-Estate was under the pump as Barrenjoey pushed through a bunch of downgrades.
A choppy session played out locally with the market hot early only to give back the morning gains by the close, a ~60-point trading range and a fair dose of volatility at the stock level thanks to a flurry of company updates, particularly in the mining sector.
The market was more bullish today than futures were implying this morning with strength across the resources overlapping bank buying, which is an influential partnership at the index level. Clearly, the market is retaining its bullish bias as more fundies get back to their desks with the least resistance still on the upside – a trend we need to respect for now.
A good session today unless you hold Lithium stocks, with the ASX kicking off the shortened trading week on the front foot. Banks offered support at the index level with the Big 4 breaking out of their recent trading ranges and looking strong, while the supermarkets finally found some love and rallied from recent lows – the risk/reward now looking good in that sector.
Local equities snapped a 5-session losing streak today, rounding out a soft few days to bounce into the weekend. Supported by strength overnight, the ASX200 hit a high of 7446 early, up +100pts on the session but the move tempered into the afternoon. Still, the 74pt gain today was the best session for the index in more than a month, led by Tech and Healthcare. Utilities were the only sector to finish the session lower. The ASX200 fell -1% this week, a soft Materials sector being the main drag.
The ASX200 hit a new all-time high today closing at 7680 supported by a more benign read on inflation released at 11.30am that underpins the chorus for rate cuts, sooner rather than later it would seem. Bond yields fell, the Aussie 3 years down 14bps to 3.57% with the first rate cut now priced in by June.
The ASX traded to within 2-points of an all-time high this morning hitting 7630 just before a materially softer-than-expected retail sales number printed, which got the sellers off the sidelines, the ASX 200 finishing ~30 points off the morning highs ahead of a very big weak of data and company results, particularly in the US, but also a bunch locally headlined by local inflation data tomorrow.
The market continued to push higher as sector rotation rather than any sign of liquidation/cashing up continued, although, to MM, it does seem the market is slowly losing some momentum after a strong run and ahead of local reporting season– the Market Matters Reporting Calendar linked below.
Materials & Energy stocks underpinned the fifth straight session of gains for the ASX heading into the Australia Day long weekend, while our IT sector is failing to mirror strength overseas and Real-Estate was under the pump as Barrenjoey pushed through a bunch of downgrades.
Materials & Energy stocks underpinned the fifth straight session of gains for the ASX heading into the Australia Day long weekend, while our IT sector is failing to mirror strength overseas and Real-Estate was under the pump as Barrenjoey pushed through a bunch of downgrades.
A choppy session played out locally with the market hot early only to give back the morning gains by the close, a ~60-point trading range and a fair dose of volatility at the stock level thanks to a flurry of company updates, particularly in the mining sector.
The market was more bullish today than futures were implying this morning with strength across the resources overlapping bank buying, which is an influential partnership at the index level. Clearly, the market is retaining its bullish bias as more fundies get back to their desks with the least resistance still on the upside – a trend we need to respect for now.
A good session today unless you hold Lithium stocks, with the ASX kicking off the shortened trading week on the front foot. Banks offered support at the index level with the Big 4 breaking out of their recent trading ranges and looking strong, while the supermarkets finally found some love and rallied from recent lows – the risk/reward now looking good in that sector.
Local equities snapped a 5-session losing streak today, rounding out a soft few days to bounce into the weekend. Supported by strength overnight, the ASX200 hit a high of 7446 early, up +100pts on the session but the move tempered into the afternoon. Still, the 74pt gain today was the best session for the index in more than a month, led by Tech and Healthcare. Utilities were the only sector to finish the session lower. The ASX200 fell -1% this week, a soft Materials sector being the main drag.
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