Local stocks rose for the second straight session, with banks up early and maintaining, after an impressive start to reporting season by their U.S counterparts. President Trump indicated a temporary reprieve from tariffs on imported vehicles and parts providing incremental hope that tariffs will be paused or adjusted in other areas.
The ASX shot out of the gates, far above the slated +18pt rise indicated by SPI futures pre-market, +60pts on the open and grinding another +40pts higher slowly but surely over the day, as 10 out of 11 sectors finished in positive territory. The market took U.S President Donald Trump’s move to exempt selected consumer electronics from tariffs as a signal of willingness to be somewhat flexible and practical with his policies and negotiations more broadly.
Risk-off sentiment spilled over from overseas markets as the ASX gapped down -180pts on the open despite SPI futures indicating a less severe -115pt drop. Investors flocked to safe haven gold as the precious metal hit yet another all-time high above $US3100, with heavy selling in the growthier end of the market kicking things off.
It was a historic day as the ASX notched its biggest gain in over 5 years dating back to the COVID-19 pandemic. President Donald Trump’s 90 day pause on tariffs ignited equity markets around the globe and the local market was no different as the index soared +468pts on the open, until the realisation set in that tariffs on Chinese goods remain in place and were increased to 125%.
The market showed surprising strength on no positive news to kick the session off, especially considering the weaker U.S session overnight, the ASX initially down -150pts on the open before rallying, clawing back +100pts through the morning.
The best days in the stock market often occur right after the worst days. 7 of the 10 best days in the market happened within two weeks of the 10 worst ones. Today was an example, as we chalked up the best day since 2022 with the ASX 200 up 2.3%, with all sectors finishing higher, led by the beaten-up technology stocks which have declined 25% since the start of February.
Markets chalked up their worst day since the depths of Covid a little over 5-years ago, though, it wasn't as bad as it could have been, with US Futures building on Fridays steep losses, trading down another 5% on our open with Asian markets also feeling the heat, Hong Kong shares down 12%, China & Japan off 8%.
Some significant moves playing out across equity markets today, with ~70 stocks in the ASX 200 down more than 5% led by the high beta names, Macquarie (MQG) -9% indicative of the weakness, falling the most since 2022.
The market opened down ~166pts this morning post the tariff news, weighted down by a sell-off in US Futures which fell 3.5% for the S&P and 4.5% for the Nasdaq. By the close of trade, we’d recovered ~100pts of the early decline with US Futures paring ~30% of their losses. Asian markets were down, but they improved from the initial knee-jerk lows with Hong Kong stocks giving the best indication of the reaction in Asia, the Hang Seng off –1.6% around our close.
The market opened nicely higher this morning, though nerves quickly set in ahead of a pivotal day in the U.S with President Trump scheduled to tell all on tariffs from the White House Rose Garden at 7am AEDT. The ASX 200 finished -44pts below session highs.
The ASX shot out of the gates, far above the slated +18pt rise indicated by SPI futures pre-market, +60pts on the open and grinding another +40pts higher slowly but surely over the day, as 10 out of 11 sectors finished in positive territory. The market took U.S President Donald Trump’s move to exempt selected consumer electronics from tariffs as a signal of willingness to be somewhat flexible and practical with his policies and negotiations more broadly.
Risk-off sentiment spilled over from overseas markets as the ASX gapped down -180pts on the open despite SPI futures indicating a less severe -115pt drop. Investors flocked to safe haven gold as the precious metal hit yet another all-time high above $US3100, with heavy selling in the growthier end of the market kicking things off.
It was a historic day as the ASX notched its biggest gain in over 5 years dating back to the COVID-19 pandemic. President Donald Trump’s 90 day pause on tariffs ignited equity markets around the globe and the local market was no different as the index soared +468pts on the open, until the realisation set in that tariffs on Chinese goods remain in place and were increased to 125%.
The market showed surprising strength on no positive news to kick the session off, especially considering the weaker U.S session overnight, the ASX initially down -150pts on the open before rallying, clawing back +100pts through the morning.
The best days in the stock market often occur right after the worst days. 7 of the 10 best days in the market happened within two weeks of the 10 worst ones. Today was an example, as we chalked up the best day since 2022 with the ASX 200 up 2.3%, with all sectors finishing higher, led by the beaten-up technology stocks which have declined 25% since the start of February.
Markets chalked up their worst day since the depths of Covid a little over 5-years ago, though, it wasn't as bad as it could have been, with US Futures building on Fridays steep losses, trading down another 5% on our open with Asian markets also feeling the heat, Hong Kong shares down 12%, China & Japan off 8%.
Some significant moves playing out across equity markets today, with ~70 stocks in the ASX 200 down more than 5% led by the high beta names, Macquarie (MQG) -9% indicative of the weakness, falling the most since 2022.
The market opened down ~166pts this morning post the tariff news, weighted down by a sell-off in US Futures which fell 3.5% for the S&P and 4.5% for the Nasdaq. By the close of trade, we’d recovered ~100pts of the early decline with US Futures paring ~30% of their losses. Asian markets were down, but they improved from the initial knee-jerk lows with Hong Kong stocks giving the best indication of the reaction in Asia, the Hang Seng off –1.6% around our close.
The market opened nicely higher this morning, though nerves quickly set in ahead of a pivotal day in the U.S with President Trump scheduled to tell all on tariffs from the White House Rose Garden at 7am AEDT. The ASX 200 finished -44pts below session highs.
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