The ASX snapped a 4-day winning streak today, though only ending marginally lower after a directionless session given US markets were closed overnight. Surprisingly, more than half of the sectors in the index closed higher today, lead by a strong +1.8% gain in the Consumer Staples sector, while Real Estate was also better than 1% higher. On the flip side, Utilities were the worst performer for the second straight session falling -1.25%, while...
The local market kicked off the week on the front foot, continuing the momentum seen since the turn of the New Year to push into a new 8-month high. It was a broad-based rally with all sectors in the green and 4 sectors up more than 1% led by a surging tech sector. Materials were one the laggards, mostly on the back of weakness in iron ore stocks as China flagged a potential response to the surging price of the commodity.
The ASX keyed off a weak session overnight following more robust economic data from the US – the concept of good economic news is bad for stocks given the focus on interest rates clearly at play, however, with little volumes and very few at their desks today (the MM Team an exception!) it was always going to be hard going.
The ASX continued to recover today following the mid-week dip although the ASX 200 is still down 1.81% for the month of December which doesn’t correlate well with the idea of a Christmas Rally. If the market stays down, it will be only the 8th time that has occurred in the past 29 years with the average gain in December for that period being +1.85% - a bit of work to do from here! A mixed bag from a sector perspective today with Utilities the standout while IT also played a solid supporting role. The only sector in the red was Materials.
A volatile 24 hours across financial markets, this time yesterday the ASX had dropped 109pts and looked average at best while today’s +90pt bounce back has the bulls a little more at ease – the joys of tepid volumes before the big fella drops through the chimney…
Certainly, a risk-off day for stocks right across the region following the Bank of Japan’s (BoJ) move to tweak their yield curve control program where-by they’ll allow the 10-year bond yield to rise to 0.5%, up from the previous upper limit of 0.25% - hardly a blip compared to what other bond markets have experienced but big in the context of how the BoJ have previously operated.
A distinct holiday feel about today’s trade and while the index drifted lower, it still felt like there was a lack of sellers about, and as soon as we get a semblance of positivity from overseas markets, it’s that lack of selling that is key to any Christmas rally that might unfold.
It wasn’t a bad effort really from the ASX today ending the session down 56pts following a sharp sell-off in the US overnight, the Energy & Material stocks providing the backbone as Iron Ore hit a new 6-month high at $US120/tonne.
A tough day for local stocks with the ASX200 closing down -0.64% on broad-based selling which saw over 70% of the market close down on the day. Overnight the Fed prepared investors for interest rates above 5% next year but equities are still unsure whether to embrace the comments as the worst is approaching fast or that this is higher than we expected and a recession is looming hence equities could fall further i.e. as we said this morning the next 48-hours are likely to dictate if we enjoy another seasonal Christmas rally.
Lower rates likely in the US after a more benign inflation print overnight put some heat under our market today with the rate-sensitive areas doing best. 11.30am saw the low for the day before we ground steadily higher throughout the session.
The local market kicked off the week on the front foot, continuing the momentum seen since the turn of the New Year to push into a new 8-month high. It was a broad-based rally with all sectors in the green and 4 sectors up more than 1% led by a surging tech sector. Materials were one the laggards, mostly on the back of weakness in iron ore stocks as China flagged a potential response to the surging price of the commodity.
The ASX keyed off a weak session overnight following more robust economic data from the US – the concept of good economic news is bad for stocks given the focus on interest rates clearly at play, however, with little volumes and very few at their desks today (the MM Team an exception!) it was always going to be hard going.
The ASX continued to recover today following the mid-week dip although the ASX 200 is still down 1.81% for the month of December which doesn’t correlate well with the idea of a Christmas Rally. If the market stays down, it will be only the 8th time that has occurred in the past 29 years with the average gain in December for that period being +1.85% - a bit of work to do from here! A mixed bag from a sector perspective today with Utilities the standout while IT also played a solid supporting role. The only sector in the red was Materials.
A volatile 24 hours across financial markets, this time yesterday the ASX had dropped 109pts and looked average at best while today’s +90pt bounce back has the bulls a little more at ease – the joys of tepid volumes before the big fella drops through the chimney…
Certainly, a risk-off day for stocks right across the region following the Bank of Japan’s (BoJ) move to tweak their yield curve control program where-by they’ll allow the 10-year bond yield to rise to 0.5%, up from the previous upper limit of 0.25% - hardly a blip compared to what other bond markets have experienced but big in the context of how the BoJ have previously operated.
A distinct holiday feel about today’s trade and while the index drifted lower, it still felt like there was a lack of sellers about, and as soon as we get a semblance of positivity from overseas markets, it’s that lack of selling that is key to any Christmas rally that might unfold.
It wasn’t a bad effort really from the ASX today ending the session down 56pts following a sharp sell-off in the US overnight, the Energy & Material stocks providing the backbone as Iron Ore hit a new 6-month high at $US120/tonne.
A tough day for local stocks with the ASX200 closing down -0.64% on broad-based selling which saw over 70% of the market close down on the day. Overnight the Fed prepared investors for interest rates above 5% next year but equities are still unsure whether to embrace the comments as the worst is approaching fast or that this is higher than we expected and a recession is looming hence equities could fall further i.e. as we said this morning the next 48-hours are likely to dictate if we enjoy another seasonal Christmas rally.
Lower rates likely in the US after a more benign inflation print overnight put some heat under our market today with the rate-sensitive areas doing best. 11.30am saw the low for the day before we ground steadily higher throughout the session.
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