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.
The ASX200 hit a new all-time high today closing at 7680 supported by a more benign read on inflation released at 11.30am that underpins the chorus for rate cuts, sooner rather than later it would seem. Bond yields fell, the Aussie 3 years down 14bps to 3.57% with the first rate cut now priced in by June.
The ASX traded to within 2-points of an all-time high this morning hitting 7630 just before a materially softer-than-expected retail sales number printed, which got the sellers off the sidelines, the ASX 200 finishing ~30 points off the morning highs ahead of a very big weak of data and company results, particularly in the US, but also a bunch locally headlined by local inflation data tomorrow.
The market continued to push higher as sector rotation rather than any sign of liquidation/cashing up continued, although, to MM, it does seem the market is slowly losing some momentum after a strong run and ahead of local reporting season– the Market Matters Reporting Calendar linked below.
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.
The ASX200 hit a new all-time high today closing at 7680 supported by a more benign read on inflation released at 11.30am that underpins the chorus for rate cuts, sooner rather than later it would seem. Bond yields fell, the Aussie 3 years down 14bps to 3.57% with the first rate cut now priced in by June.
The ASX traded to within 2-points of an all-time high this morning hitting 7630 just before a materially softer-than-expected retail sales number printed, which got the sellers off the sidelines, the ASX 200 finishing ~30 points off the morning highs ahead of a very big weak of data and company results, particularly in the US, but also a bunch locally headlined by local inflation data tomorrow.
The market continued to push higher as sector rotation rather than any sign of liquidation/cashing up continued, although, to MM, it does seem the market is slowly losing some momentum after a strong run and ahead of local reporting season– the Market Matters Reporting Calendar linked below.
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