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.
A weaker USD and a drop in local bond yields helped push the ASX to a 3-week high, crossing back above 7300 for the first time this financial year. Aussie 2-year bond yields fell back below 4% today for the first time in more than a month, supporting the risk-on attitude. Similar to the US market, tech was a standout today and led the sector performance for the week.
Inflation, at least in the US, is quickly coming under control leading to a strong rally on the local market today. The broad-based rally saw more than 90% of the ASX200 close higher today, led by a strong rally in Real Estate on a day when all sectors closed up. China trade data also printed today with both imports and exports falling more than expected with a lower trade surplus adding to the view that China will ramp up its stimulus efforts.
Resilience was shown on the ASX again today, continuing the relief rally that kicked off yesterday. Commodity-linked stocks were once again the main focus with follow-through buying on the back of China’s support of their property sector. Energy was the key standout though thanks to signs that Russian production had started to slow and comments from the Saudis supporting the OPEC+ actions to stabilize oil markets. In a shift away from recent history, tech was the laggard on the local market today. All eyes will be on the US Inflation data due out at 10.30 pm tonight.
Strong resilience was shown on the local market starting on the front foot today but highlighted by consistent intra-day buying, grinding higher throughout the session to put on more than 100 points. Just 7% of the index closed lower with all sectors adding more than 0.5%. Just like the US market overnight, the small-cap index (S&P Small Ords) outperformed with a 2.14% jump today.
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.
A weaker USD and a drop in local bond yields helped push the ASX to a 3-week high, crossing back above 7300 for the first time this financial year. Aussie 2-year bond yields fell back below 4% today for the first time in more than a month, supporting the risk-on attitude. Similar to the US market, tech was a standout today and led the sector performance for the week.
Inflation, at least in the US, is quickly coming under control leading to a strong rally on the local market today. The broad-based rally saw more than 90% of the ASX200 close higher today, led by a strong rally in Real Estate on a day when all sectors closed up. China trade data also printed today with both imports and exports falling more than expected with a lower trade surplus adding to the view that China will ramp up its stimulus efforts.
Resilience was shown on the ASX again today, continuing the relief rally that kicked off yesterday. Commodity-linked stocks were once again the main focus with follow-through buying on the back of China’s support of their property sector. Energy was the key standout though thanks to signs that Russian production had started to slow and comments from the Saudis supporting the OPEC+ actions to stabilize oil markets. In a shift away from recent history, tech was the laggard on the local market today. All eyes will be on the US Inflation data due out at 10.30 pm tonight.
Strong resilience was shown on the local market starting on the front foot today but highlighted by consistent intra-day buying, grinding higher throughout the session to put on more than 100 points. Just 7% of the index closed lower with all sectors adding more than 0.5%. Just like the US market overnight, the small-cap index (S&P Small Ords) outperformed with a 2.14% jump today.
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