The market was on edge today ahead of the US inflation read tonight which is expected to show headline CPI of 3.6% for August, up from 3.2% in July due to higher energy prices, testing the narrative that inflation has peaked and so too have interest rates. So, some risk off today throughout Asia while US Futures offered little in the way of support.
A similar trend to yesterday played out today where weakness in the morning attracted buyers, the ASX200 finishing +50pts up from the session lows to end higher ahead of key US Inflation data due out Wednesday.
A soft opening by the ASX this morning before data from China that showed recent stimulus is increasing liquidity across their struggling economy prompted buying and the index rallied +58 points from the 11 a.m. low of 7134, to close on the session highs, which is a bullish sign.
Materials were once again weighing on local equities today, resigning the index to a fourth consecutive decline. An honourable fightback late in the day did see the ASX200 finish 20pts above the day’s low, and winners and losers were almost split evenly from a sector and stock point of view. The ASX200 finished down -122pts/-1.67% for the week with Energy the only sector to finish higher.
Shares were under pressure from the get-go as strong US economic data overnight put upward pressure on interest rate expectations, downward pressure on the Aussie dollar and an appetite to sell for equity markets. The ASX200 fell for the third consecutive session for the first time since early July, though the final result was impacted by a number of stocks paying some chunky dividends
The ASX drifted lower throughout the day with no meaningful leads from overseas indices, and better-than-expected economic growth was ignored with some investors potentially guilty of considering September's negative seasonal reputation.
The ASX was down sharply early on, off ~50pts at the lows however a spirited fightback played out, pre, but more so post the RBA decision to keep rates on hold at 4.1% as widely expected, the final call for Dr Philip Lowe.
The ASX opened with a bang this morning hitting a high of 7340, up 62pts before giving back 1/3rd of the gains as the day progressed. Still, with no US trade tonight and a fairly quiet day volume-wise, the direction of least resistance continues to be up led by a resurgence in the Energy and Materials sectors.
Today marks the end of FY23 reporting, although there will be a few stragglers that come out late, normally with bad news! Interestingly enough, the only two sectors to finish higher during August were discretionary retail (+4.64%) and property (+0.99%), the two sectors that many fingered as having most risk ahead of results! Further still, the defensive/safe Utilities & Staples were the two weakest links, showing the importance of retaining an open mind, particularly in this market.
A similar trend to yesterday played out today where weakness in the morning attracted buyers, the ASX200 finishing +50pts up from the session lows to end higher ahead of key US Inflation data due out Wednesday.
A soft opening by the ASX this morning before data from China that showed recent stimulus is increasing liquidity across their struggling economy prompted buying and the index rallied +58 points from the 11 a.m. low of 7134, to close on the session highs, which is a bullish sign.
Materials were once again weighing on local equities today, resigning the index to a fourth consecutive decline. An honourable fightback late in the day did see the ASX200 finish 20pts above the day’s low, and winners and losers were almost split evenly from a sector and stock point of view. The ASX200 finished down -122pts/-1.67% for the week with Energy the only sector to finish higher.
Shares were under pressure from the get-go as strong US economic data overnight put upward pressure on interest rate expectations, downward pressure on the Aussie dollar and an appetite to sell for equity markets. The ASX200 fell for the third consecutive session for the first time since early July, though the final result was impacted by a number of stocks paying some chunky dividends
The ASX drifted lower throughout the day with no meaningful leads from overseas indices, and better-than-expected economic growth was ignored with some investors potentially guilty of considering September's negative seasonal reputation.
The ASX was down sharply early on, off ~50pts at the lows however a spirited fightback played out, pre, but more so post the RBA decision to keep rates on hold at 4.1% as widely expected, the final call for Dr Philip Lowe.
The ASX opened with a bang this morning hitting a high of 7340, up 62pts before giving back 1/3rd of the gains as the day progressed. Still, with no US trade tonight and a fairly quiet day volume-wise, the direction of least resistance continues to be up led by a resurgence in the Energy and Materials sectors.
Today marks the end of FY23 reporting, although there will be a few stragglers that come out late, normally with bad news! Interestingly enough, the only two sectors to finish higher during August were discretionary retail (+4.64%) and property (+0.99%), the two sectors that many fingered as having most risk ahead of results! Further still, the defensive/safe Utilities & Staples were the two weakest links, showing the importance of retaining an open mind, particularly in this market.
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