With futures pointing down -12pts prior to the session following weak US markets, it looked all but certain we were in for another negative day but fresh all-time highs for gold and a bounce in iron ore overnight provided a much needed boost to the miners.
The market was higher this morning coming off a positive overnight session in the States, though, US Futures tracked lower during our time zone weighing on our market as the day progressed. The last three Friday’s have also been particularly weak so understandable that traders are nervous making any big bets on the penultimate day of the week, the index currently down ~2.5% since Monday.
Another tough session today sees the ASX200 trade to the lowest level since August 24, officially entering correction mode off 882pts/10.2% from the high set on the 14th of February.
A tail of two sessions today with extreme weakness this morning pushing the ASX200 down ~150pts early before a spirited come back saw the market finish ~100pts up from its nadir – buy the dip was alive and well underpinned by a recovery in US Futures which were down 1.6% before trading higher by our close.
SPI Futures were pricing a good bounce this morning up ~70pts, however, that didn’t materialise as investors seemed to focus on the growing prospect of a US recession amid ongoing trade frictions.
A soft end to a tough week in markets with the ASX now off ~8% from the high set on Valentine’s Day (8615), closing sub 8000 at 7948, a 6-month low. Over 80% of the market fell, with very few places to hide. The selling was Aussie centric, obviously, weakness overnight played into it and being a Friday creates a void of buyers, but we were not being pressured further from weakness overseas during our session.
All signs pointed to the ASX following U.S markets higher pre-session but it was the weaker energy space and a few big hitting ex-divi names that dragged the index lower – BHP’s dividend accounted for 12 index points by itself with Woodside, Rio Tinto and Commonwealth Bank among the heavyweights entitling shareholders to dividends today and seeing cash flow out of the market.
The ASX fell again today, though the decline was more lethargic than aggressive as Trump delivered the longest joint address to Congress in the last 60 years (~90 mins long) while China confirmed an about 5% growth target and an expansion of the deficit to 4%.
The market gave back two thirds of yesterday's gains today as tariffs came in effect on Canada, China & Mexico and Trump took aim at Ukraine following the heated exchange with President Zelensky in the White House. 75% of the main board finished lower, with small caps underperforming large by around 1% i.e. clearly a risk off session.
A change of fortunes for the ASX today with a positive start to the week; the recently soft sectors saw some strong buying, particularly areas exposed to China while the momentum stocks that struggled through reporting have attracted some money into the dip.
The market was higher this morning coming off a positive overnight session in the States, though, US Futures tracked lower during our time zone weighing on our market as the day progressed. The last three Friday’s have also been particularly weak so understandable that traders are nervous making any big bets on the penultimate day of the week, the index currently down ~2.5% since Monday.
Another tough session today sees the ASX200 trade to the lowest level since August 24, officially entering correction mode off 882pts/10.2% from the high set on the 14th of February.
A tail of two sessions today with extreme weakness this morning pushing the ASX200 down ~150pts early before a spirited come back saw the market finish ~100pts up from its nadir – buy the dip was alive and well underpinned by a recovery in US Futures which were down 1.6% before trading higher by our close.
SPI Futures were pricing a good bounce this morning up ~70pts, however, that didn’t materialise as investors seemed to focus on the growing prospect of a US recession amid ongoing trade frictions.
A soft end to a tough week in markets with the ASX now off ~8% from the high set on Valentine’s Day (8615), closing sub 8000 at 7948, a 6-month low. Over 80% of the market fell, with very few places to hide. The selling was Aussie centric, obviously, weakness overnight played into it and being a Friday creates a void of buyers, but we were not being pressured further from weakness overseas during our session.
All signs pointed to the ASX following U.S markets higher pre-session but it was the weaker energy space and a few big hitting ex-divi names that dragged the index lower – BHP’s dividend accounted for 12 index points by itself with Woodside, Rio Tinto and Commonwealth Bank among the heavyweights entitling shareholders to dividends today and seeing cash flow out of the market.
The ASX fell again today, though the decline was more lethargic than aggressive as Trump delivered the longest joint address to Congress in the last 60 years (~90 mins long) while China confirmed an about 5% growth target and an expansion of the deficit to 4%.
The market gave back two thirds of yesterday's gains today as tariffs came in effect on Canada, China & Mexico and Trump took aim at Ukraine following the heated exchange with President Zelensky in the White House. 75% of the main board finished lower, with small caps underperforming large by around 1% i.e. clearly a risk off session.
A change of fortunes for the ASX today with a positive start to the week; the recently soft sectors saw some strong buying, particularly areas exposed to China while the momentum stocks that struggled through reporting have attracted some money into the dip.
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