Shares started slowly today but found their mojo into the afternoon, finishing near highs on the back of strength in the banks. There was little change ahead of inflation data coming out of China mid-morning, but when that passed without concern, the focus returned to CBA’s record result.
The day started well with some reasonable buying across most major sectors however by midday, things had taken a turn and optimism was thin on the ground. A mixed bag from companies that reported results ahead of Commonwealth Bank (CBA) out with numbers tomorrow morning – we’ll cover them as they land.
A subdued start to the week with the ASX edging lower, void of any real impetus in either direction. A bank holiday, no influential companies reporting and a softer night on Friday in the States saw local investors sit largely idle, with winners and losers split evenly across the main board.
A quieter end to a more volatile week for equities with a US rating downgrade, continued volatility in bond markets, while overlapping quarterly earnings in the US and the start of FY reporting locally kept things interesting. Ultimately, stocks ended lower, bond yields were generally higher while commodities by in large remained resilient.
The ASX was down in line with overseas markets, although the selling was far from aggressive and we did bounce off the session lows. US Futures were subdued while Asian stocks were more mixed after a poor session yesterday.
A sea of red today from Shanghai to Sydney with stocks pulling back from recent highs, the RBA’s dovish move yesterday a distant memory as local reporting stumbles into gear.
The ASX was enjoying another positive session ahead of the RBA decision at 2.30 pm, with their call to sit pat at 4.1% supporting another leg higher for stocks and a leg lower for bond yields and the AUD. The associated messaging sounds increasingly like a central bank that sees the hiking job as complete, and while they will remain data dependent, this move can only be described as a ‘dovish pause’.
The calm before the earnings season to start the week & end the month of July with the ASX higher on open, soft in the middle before a recovery into the close, ultimately ending the session little changed in aggregate and still only ~3% below all time highs. July has been a volatile month for equities.
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 day started well with some reasonable buying across most major sectors however by midday, things had taken a turn and optimism was thin on the ground. A mixed bag from companies that reported results ahead of Commonwealth Bank (CBA) out with numbers tomorrow morning – we’ll cover them as they land.
A subdued start to the week with the ASX edging lower, void of any real impetus in either direction. A bank holiday, no influential companies reporting and a softer night on Friday in the States saw local investors sit largely idle, with winners and losers split evenly across the main board.
A quieter end to a more volatile week for equities with a US rating downgrade, continued volatility in bond markets, while overlapping quarterly earnings in the US and the start of FY reporting locally kept things interesting. Ultimately, stocks ended lower, bond yields were generally higher while commodities by in large remained resilient.
The ASX was down in line with overseas markets, although the selling was far from aggressive and we did bounce off the session lows. US Futures were subdued while Asian stocks were more mixed after a poor session yesterday.
A sea of red today from Shanghai to Sydney with stocks pulling back from recent highs, the RBA’s dovish move yesterday a distant memory as local reporting stumbles into gear.
The ASX was enjoying another positive session ahead of the RBA decision at 2.30 pm, with their call to sit pat at 4.1% supporting another leg higher for stocks and a leg lower for bond yields and the AUD. The associated messaging sounds increasingly like a central bank that sees the hiking job as complete, and while they will remain data dependent, this move can only be described as a ‘dovish pause’.
The calm before the earnings season to start the week & end the month of July with the ASX higher on open, soft in the middle before a recovery into the close, ultimately ending the session little changed in aggregate and still only ~3% below all time highs. July has been a volatile month for equities.
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.
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