While the market was down today, it traded a long way up from the session lows as ‘buy the dip’ played out fairly aggressively. SPI Futures ended the day +70pts above their 7am lows supported by company results that were better than expected/feared in most cases, and importantly, the market is prepared to reward the beats.
Volatility is picking up as reporting season builds steam, with some outsized moves permeating through some household names today, more misses than beats which reversed the recent trend.
A softer start to the week with the ASX dipping 0.4%, however, it was very stock specific with CSL down ~5% which accounted for 21pts of the ASX 200’s 30pt loss, while Materials & Energy were also on the nose.
Not a lot to invigorate markets today as the index chopped in and out of positive territory. The Uranium stocks saw the most activity following Cameco’s (CCJ US) quarterly result overnight, a topic we’ll cover below. Elsewhere, IT was as strong as Energy was weak and on a market that did little, it was not surprising that winners and losers were split evenly.
Another small gain for the market today took the ASX200 to around 1% below the all-time highs set last week. The banks did the heavy lifting, the Big 4 accounting for around half of the gain by the index, joined by strength in Tech, Utilities and Real Estate.
With the RBA call now out of the way, the market focused on stimulus in China and some better-than-expected earnings reports, lifting the index after two weak sessions. Beaten-down resources stocks bounced aggressively, but Utilities & Real Estate was the winner today. Some M&A news caused Energy to underperform, while the consumer-facing sectors also lagged.
A choppy session with the ASX down ~80 points early and in quick succession too before recovering ~50% of the morning declines. Reporting starting to kick into gear while the RBA took centre stage this afternoon in a new format meeting + a press conference to boot!
A soggy start to the week for the ASX as weakness in the resources sector weighed heavily on the broader market, although banks traded well up from their session lows and healthcare stocks showed some backbone.
The ASX has now put on ~950pts/14% over the course of the last 4 months to hit a new all-time high today at 7703. This week, more benign inflation, relief on interest rates and an economy that looks and feels like it will navigate a goldilocks-style economic (soft) landing has underpinned a resurgent ASX + other global equity markets, and in the process, rewarding equity investors for staying the course & burying all the negative rhetoric that percolates through the media.
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.
Volatility is picking up as reporting season builds steam, with some outsized moves permeating through some household names today, more misses than beats which reversed the recent trend.
A softer start to the week with the ASX dipping 0.4%, however, it was very stock specific with CSL down ~5% which accounted for 21pts of the ASX 200’s 30pt loss, while Materials & Energy were also on the nose.
Not a lot to invigorate markets today as the index chopped in and out of positive territory. The Uranium stocks saw the most activity following Cameco’s (CCJ US) quarterly result overnight, a topic we’ll cover below. Elsewhere, IT was as strong as Energy was weak and on a market that did little, it was not surprising that winners and losers were split evenly.
Another small gain for the market today took the ASX200 to around 1% below the all-time highs set last week. The banks did the heavy lifting, the Big 4 accounting for around half of the gain by the index, joined by strength in Tech, Utilities and Real Estate.
With the RBA call now out of the way, the market focused on stimulus in China and some better-than-expected earnings reports, lifting the index after two weak sessions. Beaten-down resources stocks bounced aggressively, but Utilities & Real Estate was the winner today. Some M&A news caused Energy to underperform, while the consumer-facing sectors also lagged.
A choppy session with the ASX down ~80 points early and in quick succession too before recovering ~50% of the morning declines. Reporting starting to kick into gear while the RBA took centre stage this afternoon in a new format meeting + a press conference to boot!
A soggy start to the week for the ASX as weakness in the resources sector weighed heavily on the broader market, although banks traded well up from their session lows and healthcare stocks showed some backbone.
The ASX has now put on ~950pts/14% over the course of the last 4 months to hit a new all-time high today at 7703. This week, more benign inflation, relief on interest rates and an economy that looks and feels like it will navigate a goldilocks-style economic (soft) landing has underpinned a resurgent ASX + other global equity markets, and in the process, rewarding equity investors for staying the course & burying all the negative rhetoric that percolates through the media.
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.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
Verication email sent.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
!
Invalid One Time Password
Please check you entered the correct info, please also note there is a 10minute time limit on the One Time Passcode
To reset your password, enter your email address
A link to create a new password will be sent to the email address you have registered to your account.
Market Matters members receive daily market reports, real-time trade alerts, full access to 5 portfolios and dynamic company data.
Choose how you'd like to proceed:
We have a range of membership options to suit your needs and budget, why not join today and get unlimited access to the premium Market Matters service.
