A weak session to end what has been a positive week overall for equities as the market edged tentatively towards the view that interest rates have peaked. However, as was rumoured overnight, the Bank of Japan (BOJ) today loosened its signature yield curve control measure (artificially suppressing bond yields) which means there is likely more to come.
The bulls were on the front foot today as the prospect of peak rates permeated through the market, interest rate-sensitive sectors saw the most love led by the depressed property sector.
The ASX hit a 5-month high today thanks largely to inflation that again went in the right direction, while strength across the commodity stocks continued on the expectation of Chinese stimulus. There was a slew of company news to keep markets on their toes as well, less than a week out from the start of reporting season.
Resources stocks led the charge today as signs that China is edging towards more widespread stimulus underpinned the commodity trade, while Energy also enjoyed the move. While the market was up, it wasn’t broad-based with more stocks ending the session lower. Notably, the index still managed a reasonable gain despite the highly important Financials sector down more than half a percent.
A lacklustre way to start the week with the market chopping around in a tight 27pt trading range as strength in Energy & Property was offset by weakness amongst the Resources, particular the Lithium stocks that got the jitters after a new Chinese Lithium Futures product was met by a barrage of selling…
Local shares tracked US markets lower today as we head into the weekend, though there clearly remains some bullish interest with plenty of support for equities throughout the afternoon. Higher bond yields continued to weigh on the Tech sector which was also dragged down by softness being seen in US reporting on Thursday night. Index heavyweight Financials gave back some of the recent outperformance with banks consolidating recent gains and despite the weakness today Financials was still the best performing sector this week.
A day of could’ve and should’ve with the ASX200 giving up all of the early gains to finish flat on the session. The index climbed as high as 7383, up +60pts before the first hour was up, hitting the highest level since April but the good times ended there and the index was marginally lower by ~1 pm. Part of the reason for the failed rally was employment which came in stronger than expected pushing the chance of an August rate hike up.
A good day across the market with the banks keying off better than feared updates from Bank of America & Morgan Staley overnight to rally for a 2nd straight session, the “Big 4” accounting for over 50% of the day’s gains as the index pushed higher into the close, thanks in part to better inflation data from the UK that was released at 4pm our time.
A steady flow of corporate news across the ticker today to keep things interesting while the RBA minutes released at 11.30 am prompted a sharp sell-off before a grinding recovery ensued – the index closing only marginally lower.
A tentative start to the trading week from an index perspective, although there were a few landmines at the stock level, signs of what could be ahead as we approach FY23 results season perhaps.
The bulls were on the front foot today as the prospect of peak rates permeated through the market, interest rate-sensitive sectors saw the most love led by the depressed property sector.
The ASX hit a 5-month high today thanks largely to inflation that again went in the right direction, while strength across the commodity stocks continued on the expectation of Chinese stimulus. There was a slew of company news to keep markets on their toes as well, less than a week out from the start of reporting season.
Resources stocks led the charge today as signs that China is edging towards more widespread stimulus underpinned the commodity trade, while Energy also enjoyed the move. While the market was up, it wasn’t broad-based with more stocks ending the session lower. Notably, the index still managed a reasonable gain despite the highly important Financials sector down more than half a percent.
A lacklustre way to start the week with the market chopping around in a tight 27pt trading range as strength in Energy & Property was offset by weakness amongst the Resources, particular the Lithium stocks that got the jitters after a new Chinese Lithium Futures product was met by a barrage of selling…
Local shares tracked US markets lower today as we head into the weekend, though there clearly remains some bullish interest with plenty of support for equities throughout the afternoon. Higher bond yields continued to weigh on the Tech sector which was also dragged down by softness being seen in US reporting on Thursday night. Index heavyweight Financials gave back some of the recent outperformance with banks consolidating recent gains and despite the weakness today Financials was still the best performing sector this week.
A day of could’ve and should’ve with the ASX200 giving up all of the early gains to finish flat on the session. The index climbed as high as 7383, up +60pts before the first hour was up, hitting the highest level since April but the good times ended there and the index was marginally lower by ~1 pm. Part of the reason for the failed rally was employment which came in stronger than expected pushing the chance of an August rate hike up.
A good day across the market with the banks keying off better than feared updates from Bank of America & Morgan Staley overnight to rally for a 2nd straight session, the “Big 4” accounting for over 50% of the day’s gains as the index pushed higher into the close, thanks in part to better inflation data from the UK that was released at 4pm our time.
A steady flow of corporate news across the ticker today to keep things interesting while the RBA minutes released at 11.30 am prompted a sharp sell-off before a grinding recovery ensued – the index closing only marginally lower.
A tentative start to the trading week from an index perspective, although there were a few landmines at the stock level, signs of what could be ahead as we approach FY23 results season perhaps.
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