Commodity weakness forced the ASX to give up much of this week’s strong gains, trading lower into the weekend. There was little appetite to buy ahead of the break with markets taking a cautious view. Tech was also in the firing line, finally succumbing to the weakness seen in the Nasdaq this week. Banks found their feet today though to help stem some of the selling, recovering some of yesterday’s slide. Despite today’s weakness, the ASX closed up +108pts/+1.63% this week.
The ASX punched new 5-week highs again today, now stringing together 4 consecutive days in the green. Even more impressive was that the index rallied without the banks as a disappointed ANZ result weighed on the Financials Sector. Resources strength drove the index today, supported by improving commodity prices and a weakening USD. Focus will turn to the ECB tonight which is expected to raise rates by 75bps, while early 3Q US GDP estimates will also land.
Aussie shares followed positive overnight leads to jump to a 5-week high early in the day however higher than expected inflation data tapered the rally before midday. The market gave up 43pts in around half an hour, however, support kicked in with the index never dipping into the red today. Despite the higher-than-expected CPI, it was the yield focussed sectors that outperformed the market as Utilities and Real Estate rallied more than 2%.
A choppy session for the ASX today up ~50pts early before tapering off around midday ahead of the Federal Budget tonight – a quick run through of key budget themes below…
The ASX opened with a bang this morning buoyed by a strong session on Friday night in the US + US Futures also opened +0.75% higher this morning, although as they tapered off, our market followed suit having seen an early high of 6823 we ultimately closed more than ~40pts below it, although still a solid session.
The ASX limped into the weekend although we did edge marginally higher for the week with two distinctive halves. The bulls were out early with a combination of consolidation in bond yields and strong earnings sending global stocks higher, before Fed officials refocused attention back on inflation and interest rates sending bond yields to new cycle highs.
A tough day at the office for some areas of the market with a few stocks dropping double digits on weaker-than-expected updates, while interest rate sensitive sectors were back on the nose as US 10-year yields break above 4.1% e.g. Consumer Discretionary, Tech, and Healthcare. There was certainly no real bargain hunting on show, understandable as the Fed meeting looms in less than 2-weeks, “if in doubt stay out!”.
Another positive session for the ASX today with the market edging higher and is now ~400pts/6% up from the recent lows. AGM season is well underway and some hits and misses as always, with a lot of action under the hood. Yesterday a key holding was up 14%, today one is down 20%....Rocks and diamonds and volatility will likely persist.
A very solid session for Australian stocks with a buoyant open built on throughout the day as Asian markets + US Futures rallied on growing optimism towards the current pickle in the UK. Risk was back on the table led by strong buying amongst the IT stocks along with Real-Estate, the only segment of the market that fell was Energy as some money rotated into the more beaten-up areas.
The market gave back ~95% of Friday’s gains today however it didn’t feel like an overly bearish session with some green tickers emerging throughout the session, particularly some technology stocks that moved a long way up from their session lows while the Real-Estate sector was the best relative performer. US Futures edged higher, the British Pound also gained ~1% during the Asian session implying that rhetoric coming from the new Chancellor is being taken more favourably.
The ASX punched new 5-week highs again today, now stringing together 4 consecutive days in the green. Even more impressive was that the index rallied without the banks as a disappointed ANZ result weighed on the Financials Sector. Resources strength drove the index today, supported by improving commodity prices and a weakening USD. Focus will turn to the ECB tonight which is expected to raise rates by 75bps, while early 3Q US GDP estimates will also land.
Aussie shares followed positive overnight leads to jump to a 5-week high early in the day however higher than expected inflation data tapered the rally before midday. The market gave up 43pts in around half an hour, however, support kicked in with the index never dipping into the red today. Despite the higher-than-expected CPI, it was the yield focussed sectors that outperformed the market as Utilities and Real Estate rallied more than 2%.
A choppy session for the ASX today up ~50pts early before tapering off around midday ahead of the Federal Budget tonight – a quick run through of key budget themes below…
The ASX opened with a bang this morning buoyed by a strong session on Friday night in the US + US Futures also opened +0.75% higher this morning, although as they tapered off, our market followed suit having seen an early high of 6823 we ultimately closed more than ~40pts below it, although still a solid session.
The ASX limped into the weekend although we did edge marginally higher for the week with two distinctive halves. The bulls were out early with a combination of consolidation in bond yields and strong earnings sending global stocks higher, before Fed officials refocused attention back on inflation and interest rates sending bond yields to new cycle highs.
A tough day at the office for some areas of the market with a few stocks dropping double digits on weaker-than-expected updates, while interest rate sensitive sectors were back on the nose as US 10-year yields break above 4.1% e.g. Consumer Discretionary, Tech, and Healthcare. There was certainly no real bargain hunting on show, understandable as the Fed meeting looms in less than 2-weeks, “if in doubt stay out!”.
Another positive session for the ASX today with the market edging higher and is now ~400pts/6% up from the recent lows. AGM season is well underway and some hits and misses as always, with a lot of action under the hood. Yesterday a key holding was up 14%, today one is down 20%....Rocks and diamonds and volatility will likely persist.
A very solid session for Australian stocks with a buoyant open built on throughout the day as Asian markets + US Futures rallied on growing optimism towards the current pickle in the UK. Risk was back on the table led by strong buying amongst the IT stocks along with Real-Estate, the only segment of the market that fell was Energy as some money rotated into the more beaten-up areas.
The market gave back ~95% of Friday’s gains today however it didn’t feel like an overly bearish session with some green tickers emerging throughout the session, particularly some technology stocks that moved a long way up from their session lows while the Real-Estate sector was the best relative performer. US Futures edged higher, the British Pound also gained ~1% during the Asian session implying that rhetoric coming from the new Chancellor is being taken more favourably.
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