The market was weaker this morning as concern bubbled over from Chinese protests on the weekend centred on their futile Covid-zero policy, however that pessimism turned to optimism on leaks that the policy will be scrapped, while the Government also relaxed some regulations around property developers – a conciliatory / pro-growth move. Asian stocks rallied, Hong Kong shares +4.5% around our close and that underpinned a ~50pt turnaround for the local market.
Local shares were soft to start the week as unrest in China hit sentiment for growth assets. Commodity-linked sectors were the hardest hit given the concerns around the world’s biggest economy, though energy was particularly weak on the back of ongoing discussions around capping Russian oil prices.
A quiet session for the ASX to end the week, closing higher for the fourth consecutive session to finish at the highest level since May. Most sectors were in the green to round out the week, only commodity-linked sectors of Materials & Energy were weaker, driven by a weaker USD. The best was seen by Utilities while Real Estate and Consumer Discretionary were also up by more than 1%. The index managed to turn around a slow start, closing +107pts/+1.51% higher as all sectors rallied.
The ASX pushed up early this morning hitting a high of 7264 before sellers got the upper hand and the market sold off into the close. Gold stocks the stand out on the upside while Coal stocks fell on China stimulus & company-specific influences. All in all, a positive session however it feels like the market is losing some steam, Thanksgiving holiday in the US tonight wouldn’t have helped.
The ASX hit a 6-month high today at 7246, a rally of +834 or ~13% from the low set on the 3rd Oct at 6412. Following that day MM wrote….Yesterday’s dip by local stocks which tested this year’s 6400 lows may have been the final washout which would be ironic as it occurred on a Public Holiday for most of Australia but either way MM believes the market is looking for / has found a low and we will be higher into Christmas.
A solid session for the ASX today led by the sectors that fell yesterday, the ebb and flow continues, although today’s action was void of any meaningful detractors as 121 stocks from the ASX200 edged higher.
A quiet session to kick off the new trading week with the ASX drifting lower as the day progressed, a lack of interest really which is what we saw in the US on Friday night as well. The defensive sectors did best while the growthier parts struggled.
The ASX brushed weakness seen overseas for the second straight session, ticking higher into the weekend. There were limited catalysts to drive markets today with the path of most pain still seen as being higher as investors are caught short on equity allocations. Industrials and Telcos were the main winners today, the latter dragged higher by heavyweight Telstra (TLS), while a rally in Financials also supported the market. Energy was the weakest of the sectors with oil continuing to slide for now. The ASX200 closed down just -6pts/-0.09% for the week.
The ASX snapped a 3-day losing streak today, managing to brush weakness in the US to trade in the black for most of the session. Commodity stocks were left behind as most commodities were weak overnight and throughout our session, not helped by a bouncing USD. All other sectors closed higher today though, with 5 sectors better than 1% on the day. Consumer sectors, both staples and discretionary, were outperformers on the back of strong US retail sales overnight combined with a handful of better-than-expected quarterlies from US counterparts.
Another day of consolidation for the ASX, a tight range as stock-specific news dominated, although, a lack of selling from a broader context following a solid ~12.5% rally from the lows on the ASX200 is the clear takeaway.
Local shares were soft to start the week as unrest in China hit sentiment for growth assets. Commodity-linked sectors were the hardest hit given the concerns around the world’s biggest economy, though energy was particularly weak on the back of ongoing discussions around capping Russian oil prices.
A quiet session for the ASX to end the week, closing higher for the fourth consecutive session to finish at the highest level since May. Most sectors were in the green to round out the week, only commodity-linked sectors of Materials & Energy were weaker, driven by a weaker USD. The best was seen by Utilities while Real Estate and Consumer Discretionary were also up by more than 1%. The index managed to turn around a slow start, closing +107pts/+1.51% higher as all sectors rallied.
The ASX pushed up early this morning hitting a high of 7264 before sellers got the upper hand and the market sold off into the close. Gold stocks the stand out on the upside while Coal stocks fell on China stimulus & company-specific influences. All in all, a positive session however it feels like the market is losing some steam, Thanksgiving holiday in the US tonight wouldn’t have helped.
The ASX hit a 6-month high today at 7246, a rally of +834 or ~13% from the low set on the 3rd Oct at 6412. Following that day MM wrote….Yesterday’s dip by local stocks which tested this year’s 6400 lows may have been the final washout which would be ironic as it occurred on a Public Holiday for most of Australia but either way MM believes the market is looking for / has found a low and we will be higher into Christmas.
A solid session for the ASX today led by the sectors that fell yesterday, the ebb and flow continues, although today’s action was void of any meaningful detractors as 121 stocks from the ASX200 edged higher.
A quiet session to kick off the new trading week with the ASX drifting lower as the day progressed, a lack of interest really which is what we saw in the US on Friday night as well. The defensive sectors did best while the growthier parts struggled.
The ASX brushed weakness seen overseas for the second straight session, ticking higher into the weekend. There were limited catalysts to drive markets today with the path of most pain still seen as being higher as investors are caught short on equity allocations. Industrials and Telcos were the main winners today, the latter dragged higher by heavyweight Telstra (TLS), while a rally in Financials also supported the market. Energy was the weakest of the sectors with oil continuing to slide for now. The ASX200 closed down just -6pts/-0.09% for the week.
The ASX snapped a 3-day losing streak today, managing to brush weakness in the US to trade in the black for most of the session. Commodity stocks were left behind as most commodities were weak overnight and throughout our session, not helped by a bouncing USD. All other sectors closed higher today though, with 5 sectors better than 1% on the day. Consumer sectors, both staples and discretionary, were outperformers on the back of strong US retail sales overnight combined with a handful of better-than-expected quarterlies from US counterparts.
Another day of consolidation for the ASX, a tight range as stock-specific news dominated, although, a lack of selling from a broader context following a solid ~12.5% rally from the lows on the ASX200 is the clear takeaway.
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