SPI Futures were pricing a good bounce this morning up ~70pts, however, that didn’t materialise as investors seemed to focus on the growing prospect of a US recession amid ongoing trade frictions.
A soft end to a tough week in markets with the ASX now off ~8% from the high set on Valentine’s Day (8615), closing sub 8000 at 7948, a 6-month low. Over 80% of the market fell, with very few places to hide. The selling was Aussie centric, obviously, weakness overnight played into it and being a Friday creates a void of buyers, but we were not being pressured further from weakness overseas during our session.
All signs pointed to the ASX following U.S markets higher pre-session but it was the weaker energy space and a few big hitting ex-divi names that dragged the index lower – BHP’s dividend accounted for 12 index points by itself with Woodside, Rio Tinto and Commonwealth Bank among the heavyweights entitling shareholders to dividends today and seeing cash flow out of the market.
The ASX fell again today, though the decline was more lethargic than aggressive as Trump delivered the longest joint address to Congress in the last 60 years (~90 mins long) while China confirmed an about 5% growth target and an expansion of the deficit to 4%.
The market gave back two thirds of yesterday's gains today as tariffs came in effect on Canada, China & Mexico and Trump took aim at Ukraine following the heated exchange with President Zelensky in the White House. 75% of the main board finished lower, with small caps underperforming large by around 1% i.e. clearly a risk off session.
A change of fortunes for the ASX today with a positive start to the week; the recently soft sectors saw some strong buying, particularly areas exposed to China while the momentum stocks that struggled through reporting have attracted some money into the dip.
A fitting sell-off to end a tough month for equities with the ASX down over 5% from recent highs. While there is clearly risk off hitting markets, we had similar size moves in August and December 2024, before bouncing back to new highs pretty quickly.
A positive session for the ASX, buoyed initially by a solid result from Nvidia this morning (discussed here) which allayed some concern around AI fuelled growth.
It was a mixed session with no definitive direction as fears around a weakening Chinese economy after tariff talk and softer iron ore saw the materials space sink though this was cushioned by the almost predictable rebound in the big four banks.
A softer day for the ASX though once again, we saw some buying into weakness, certainly not as pronounced as yesterday, but we’re certainly not seeing any panic selling at the index level, that’s being reserved for stocks that miss earnings or provide lacklustre guidance.
A soft end to a tough week in markets with the ASX now off ~8% from the high set on Valentine’s Day (8615), closing sub 8000 at 7948, a 6-month low. Over 80% of the market fell, with very few places to hide. The selling was Aussie centric, obviously, weakness overnight played into it and being a Friday creates a void of buyers, but we were not being pressured further from weakness overseas during our session.
All signs pointed to the ASX following U.S markets higher pre-session but it was the weaker energy space and a few big hitting ex-divi names that dragged the index lower – BHP’s dividend accounted for 12 index points by itself with Woodside, Rio Tinto and Commonwealth Bank among the heavyweights entitling shareholders to dividends today and seeing cash flow out of the market.
The ASX fell again today, though the decline was more lethargic than aggressive as Trump delivered the longest joint address to Congress in the last 60 years (~90 mins long) while China confirmed an about 5% growth target and an expansion of the deficit to 4%.
The market gave back two thirds of yesterday's gains today as tariffs came in effect on Canada, China & Mexico and Trump took aim at Ukraine following the heated exchange with President Zelensky in the White House. 75% of the main board finished lower, with small caps underperforming large by around 1% i.e. clearly a risk off session.
A change of fortunes for the ASX today with a positive start to the week; the recently soft sectors saw some strong buying, particularly areas exposed to China while the momentum stocks that struggled through reporting have attracted some money into the dip.
A fitting sell-off to end a tough month for equities with the ASX down over 5% from recent highs. While there is clearly risk off hitting markets, we had similar size moves in August and December 2024, before bouncing back to new highs pretty quickly.
A positive session for the ASX, buoyed initially by a solid result from Nvidia this morning (discussed here) which allayed some concern around AI fuelled growth.
It was a mixed session with no definitive direction as fears around a weakening Chinese economy after tariff talk and softer iron ore saw the materials space sink though this was cushioned by the almost predictable rebound in the big four banks.
A softer day for the ASX though once again, we saw some buying into weakness, certainly not as pronounced as yesterday, but we’re certainly not seeing any panic selling at the index level, that’s being reserved for stocks that miss earnings or provide lacklustre guidance.
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