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 lacklustre session at the index level today, although a few bits of corporate news created some interest, mostly on the downside with slightly softer guidance a common trait.
Another strong session for the ASX underpinned by good buying amongst the Energy, Materials & IT sectors that all rallied more than 1%. China has pulled more stimulus levers over the last few days, and although they are targeted, as was previously flagged by Beijing, it does feel like Xi Jinping has drawn a line in the sand. That, coupled with the prospect of lower interest rates/bond yields, equities are running, and for now, we’ll enjoy the upside.
The ASX pulled back from recent highs today on some profit-taking after a solid week. Better news on the inflation and interest rate front propelled equities to all-time highs in the US & UK, and a whisker below all-time highs locally, as the narrative around a soft landing, or no landing at all, continues to gain traction. Interest rate sensitive sectors have had a great week, and fading the moves that played out in April has certainly been the trade to back, while it looks like BHO may walk away from a deal to buy Anglo at this point, underpinning a relief rally in our biggest local index weight. All in all, investors made money this week, we’ll take it, and as always, concentrate on what could come next! Manly vs Broncos tonight – Go the Mighty Sea Eagles!
A very bullish session for the ASX today, pushing the market to within 10 points of its all-time high. A more benign inflation read in the US overnight, with CPI printing lower month-on-month had the bulls up and about early, before softer employment data locally saw interest rate traders ramp up their bets for an RBA rate cut this side of Christmas – all in all, a great day for risk assets.
The ASX was on the front foot early today before paring gains as the session wore on in the post-budget trade. UBS thinks the budget is ultimately good for stocks given its pro-growth even though that could mean interest rates remain higher for longer. The ASX200 finished up 26pts, though this was ~30pts from the intraday high, still only 2% from the all-time high.
The ASX drifted back today ahead of the Federal Budget due for release tonight, some headlines already coming through suggesting a ~$9b surplus will be announced alongside some support for critical minerals including nickel and copper. We suspect some of the weakness today was a risk-off move ahead of US inflation data on Wednesday though stocks in Asia were fairly quiet while US Futures were unchanged during our time zone.
A quiet start to a busy week from a data perspective, the Australian Budget is out tomorrow (not usually market moving), ahead of the US Inflation Data on Wednesday (which is usually market moving). Today, stocks moved in a tight ~20-point range with little conviction in either direction, before a spurt in the last hour pushed the index into positive territory (just).
Todays afternoon note will not be available from Market Matters. We'll provide an overview of the week in tomorrow's Q&A Report. Apologies for the inconvenience.
The Market Matters Team
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 lacklustre session at the index level today, although a few bits of corporate news created some interest, mostly on the downside with slightly softer guidance a common trait.
Another strong session for the ASX underpinned by good buying amongst the Energy, Materials & IT sectors that all rallied more than 1%. China has pulled more stimulus levers over the last few days, and although they are targeted, as was previously flagged by Beijing, it does feel like Xi Jinping has drawn a line in the sand. That, coupled with the prospect of lower interest rates/bond yields, equities are running, and for now, we’ll enjoy the upside.
The ASX pulled back from recent highs today on some profit-taking after a solid week. Better news on the inflation and interest rate front propelled equities to all-time highs in the US & UK, and a whisker below all-time highs locally, as the narrative around a soft landing, or no landing at all, continues to gain traction. Interest rate sensitive sectors have had a great week, and fading the moves that played out in April has certainly been the trade to back, while it looks like BHO may walk away from a deal to buy Anglo at this point, underpinning a relief rally in our biggest local index weight. All in all, investors made money this week, we’ll take it, and as always, concentrate on what could come next! Manly vs Broncos tonight – Go the Mighty Sea Eagles!
A very bullish session for the ASX today, pushing the market to within 10 points of its all-time high. A more benign inflation read in the US overnight, with CPI printing lower month-on-month had the bulls up and about early, before softer employment data locally saw interest rate traders ramp up their bets for an RBA rate cut this side of Christmas – all in all, a great day for risk assets.
The ASX was on the front foot early today before paring gains as the session wore on in the post-budget trade. UBS thinks the budget is ultimately good for stocks given its pro-growth even though that could mean interest rates remain higher for longer. The ASX200 finished up 26pts, though this was ~30pts from the intraday high, still only 2% from the all-time high.
The ASX drifted back today ahead of the Federal Budget due for release tonight, some headlines already coming through suggesting a ~$9b surplus will be announced alongside some support for critical minerals including nickel and copper. We suspect some of the weakness today was a risk-off move ahead of US inflation data on Wednesday though stocks in Asia were fairly quiet while US Futures were unchanged during our time zone.
A quiet start to a busy week from a data perspective, the Australian Budget is out tomorrow (not usually market moving), ahead of the US Inflation Data on Wednesday (which is usually market moving). Today, stocks moved in a tight ~20-point range with little conviction in either direction, before a spurt in the last hour pushed the index into positive territory (just).
Todays afternoon note will not be available from Market Matters. We'll provide an overview of the week in tomorrow's Q&A Report. Apologies for the inconvenience.
The Market Matters Team
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