Friday delivered a very different story to most of 2021/22 with stocks rallying aggressively following a stronger than expected US inflation print. The risk on theme from Thursday night which saw the Dow surge over 800-points followed through locally with the ASX200 posting a solid triple digit gain with losers very thin on the ground as all 11 sectors rallied by over 1%, it might not feel like it but October is now up around 300-points and were still only mid-month.
A choppy session for the ASX today with weakness bought early pushing the index up ~30pts at its best before we gave up those gains and some by the close – not surprising really given the significance of the data due out in the US tonight with consensus expectations outlined below.
The ASX tried to rally today and was looking okay before a large seller pushed the index down 25pts in the match as the intra-day chart shows below. US CPI remains the core focus this week, and a higher number will be taken poorly we suspect, while signs that inflation has peaked will likely be met with solid buying.
The ASX gave up some early strength to close lower today with most action taking place in bond & currency markets which proved the key influence on stocks, the Australian 10-year yield back above 4% while the Australian dollar remained under pressure at 62.75c around our close.
The ASX was lower today following a tough session in the US on Friday. SPI Futures were down 61pts Saturday morning however we opened down more than a hundred as more weakness crept into US Futures. Some backbone became obvious around midday with the market grinding higher for the afternoon before late selling took hold - most support coming from Staples however all sectors finished in the red.
The market felt a bit like the weather in Sydney today with a soggy end to the week. The weakness came on the back of comments from the Fed and the ECB staying committed to crushing inflation, though the ECB was a little more dovish than previous comments. Energy was the standout today as oil traded higher - OPEC flagging production cuts earlier in the week despite the market remaining tight triggering a rally in the oil price.
A day of consolidation following a 2.5 day bounce that saw the ASX up an impressive ~6%. Energy the standout sector today with OPEC production cuts supporting prices while Utilities bounced back 1.08% after having been the weakest sector in September, down a whopping 13.8%.
Another positive session for the ASX with the market now up ~400pts/6.2% from the low set at lunchtime on Monday when half the country was enjoying a long weekend. As is so often the case, the market made a new marginal low (6411) as stops were triggered before reversing aggressively staging an impressive 2.5-day rally to kick off the new quarter. Interest rates are clearly the main game in town and with some softening of economic data, the window is now open for central banks...
A very bullish session for the ASX today – the biggest gain in two years - with the RBA raising rates by a more modest 25bps versus 50bps expected. Bond yields fell sharply, the Aussie 3 years tanked 40bps in a heartbeat, the AUD dropped and equities surged, however, stocks were rallying into the move with the ASX up ~150pts before the 2.30pm surprise decision and then went another +100pts after it.
A poor way to end a tough month for stocks, with the ASX getting knocked lower from lunchtime onwards, eventually losing 1.2% having been higher in early trade. It wasn’t all bad news with Materials & Energy closing the session higher, however, when the banks fall by an average of 2% it’s always going to be tough going from an index perspective.
A choppy session for the ASX today with weakness bought early pushing the index up ~30pts at its best before we gave up those gains and some by the close – not surprising really given the significance of the data due out in the US tonight with consensus expectations outlined below.
The ASX tried to rally today and was looking okay before a large seller pushed the index down 25pts in the match as the intra-day chart shows below. US CPI remains the core focus this week, and a higher number will be taken poorly we suspect, while signs that inflation has peaked will likely be met with solid buying.
The ASX gave up some early strength to close lower today with most action taking place in bond & currency markets which proved the key influence on stocks, the Australian 10-year yield back above 4% while the Australian dollar remained under pressure at 62.75c around our close.
The ASX was lower today following a tough session in the US on Friday. SPI Futures were down 61pts Saturday morning however we opened down more than a hundred as more weakness crept into US Futures. Some backbone became obvious around midday with the market grinding higher for the afternoon before late selling took hold - most support coming from Staples however all sectors finished in the red.
The market felt a bit like the weather in Sydney today with a soggy end to the week. The weakness came on the back of comments from the Fed and the ECB staying committed to crushing inflation, though the ECB was a little more dovish than previous comments. Energy was the standout today as oil traded higher - OPEC flagging production cuts earlier in the week despite the market remaining tight triggering a rally in the oil price.
A day of consolidation following a 2.5 day bounce that saw the ASX up an impressive ~6%. Energy the standout sector today with OPEC production cuts supporting prices while Utilities bounced back 1.08% after having been the weakest sector in September, down a whopping 13.8%.
Another positive session for the ASX with the market now up ~400pts/6.2% from the low set at lunchtime on Monday when half the country was enjoying a long weekend. As is so often the case, the market made a new marginal low (6411) as stops were triggered before reversing aggressively staging an impressive 2.5-day rally to kick off the new quarter. Interest rates are clearly the main game in town and with some softening of economic data, the window is now open for central banks...
A very bullish session for the ASX today – the biggest gain in two years - with the RBA raising rates by a more modest 25bps versus 50bps expected. Bond yields fell sharply, the Aussie 3 years tanked 40bps in a heartbeat, the AUD dropped and equities surged, however, stocks were rallying into the move with the ASX up ~150pts before the 2.30pm surprise decision and then went another +100pts after it.
A poor way to end a tough month for stocks, with the ASX getting knocked lower from lunchtime onwards, eventually losing 1.2% having been higher in early trade. It wasn’t all bad news with Materials & Energy closing the session higher, however, when the banks fall by an average of 2% it’s always going to be tough going from an index perspective.
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