A rally in US markets overnight and some support across commodities helped push the ASX higher today. Materials and Energy were the standouts though the rally was largely broad-based with just 2 sectors finishing in the red. Banks also enjoyed some strength today as the Big 4 all rallied more than 1%. Focus remains on big rate calls from the BOE and FOMC out later this week, volumes were light today with a lack of big bets either way from traders.
The market looked average today with any intra-day rallies being sold with the ASX 200 closing on the day’s lows. A lack of interest more than anything which is understandable on a shortened week headlined by the FOMC meeting in the US on Wednesday where rates will go up by at least 75bps.
The ASX softened into the weekend with two min drivers weighing on the index. Bond yields were in focus again today with Aussie 2 & 3-year yields rising over 2% to put pressure on risk assets. Weakness across commodities also weighed on the local bourse as the energy and materials sectors felt the most pain. It was surprising to see the tech and consumer discretionary sectors outperform despite the volatility again today. The selloff into the weekend took the week’s losses to -147pts/-2.13%.
The ASX recovered slightly today, although the best of it was seen before lunchtime, underpinned by a strong move higher in Energy stocks while financials also found some form.
A tough session for the ASX following a stronger than expected inflation read in the US overnight, although a 2.6% decline versus 4-5% in the States could be considered a win! Interest rates sensitive sectors of Real-Estate and IT were hardest hit while the defensives provided some inkling of shelter, although when 193 stocks in the ASX 200 finish in the red, there’s clearly not a lot of positivity to hang one’s hat on.
Another strong day for equities today with the 4th consecutive session in the black taking the index back over 7000. The index has now rallied around 280 points in just 4-days in a swift recovery from Last Wednesday’s rout. Real Estate led the way as bond yields came off, also helping the consumer discretionary sector. Tech couldn’t follow suit, however, that was largely due to stock-specific issues driving the underperformance of the sector. The weakest was healthcare. The focus now turns to US CPI tonight with the market looking at a fall of -0.1% MoM.
Equities started this week where it left off, with buyers in full control for the Monday session. Supported by strength in commodity markets and a strong US session on Friday night, the ASX managed a 1% rally today. Materials were the standout sector with rumours of Chinese stimulus helping support commodity markets, while four other sectors were also up more than 1%. Healthcare was the only sector in the red to start the week.
The path of most pain continues to be up as the market pressed higher again today. Buyers were out in force throughout the session, consistently pushing the index higher throughout the day. Resources were the winners thanks to rebounds in iron ore and oil. Defensive sectors of Staples and Real Estate were firmly lower highlighting to risk on-attitude of investors.
A quick turnaround today as the ASX rebounded more than 100 points to earn back yesterday’s slump. Early strength came from strong leads from overseas markets before RBA Governor Lowe fired up the buyers even more after saying the ‘outsized interest rate hikes’ had likely come to an end. Tech was the main winner as a result, along with real estate and discretionary stocks, while a bounce in iron ore helped support the materials sector.
A poor session for the ASX today with weakness amongst the Energy, Utilities, & Material stocks dragging down the broader market while IT & Healthcare edged higher. That in itself tells an interesting story given bond yields traded sharply higher overnight (US 10 years +15bps) while a similar but less aggressive trend played out in Australia today (Aussie 10 years +5.5bps). Higher value IT & Healthcare generally struggle under that scenario however today they benefitted from a move out of those sectors more exposed to global growth - Energy & Materials hit by more than 2% a pop.
The market looked average today with any intra-day rallies being sold with the ASX 200 closing on the day’s lows. A lack of interest more than anything which is understandable on a shortened week headlined by the FOMC meeting in the US on Wednesday where rates will go up by at least 75bps.
The ASX softened into the weekend with two min drivers weighing on the index. Bond yields were in focus again today with Aussie 2 & 3-year yields rising over 2% to put pressure on risk assets. Weakness across commodities also weighed on the local bourse as the energy and materials sectors felt the most pain. It was surprising to see the tech and consumer discretionary sectors outperform despite the volatility again today. The selloff into the weekend took the week’s losses to -147pts/-2.13%.
The ASX recovered slightly today, although the best of it was seen before lunchtime, underpinned by a strong move higher in Energy stocks while financials also found some form.
A tough session for the ASX following a stronger than expected inflation read in the US overnight, although a 2.6% decline versus 4-5% in the States could be considered a win! Interest rates sensitive sectors of Real-Estate and IT were hardest hit while the defensives provided some inkling of shelter, although when 193 stocks in the ASX 200 finish in the red, there’s clearly not a lot of positivity to hang one’s hat on.
Another strong day for equities today with the 4th consecutive session in the black taking the index back over 7000. The index has now rallied around 280 points in just 4-days in a swift recovery from Last Wednesday’s rout. Real Estate led the way as bond yields came off, also helping the consumer discretionary sector. Tech couldn’t follow suit, however, that was largely due to stock-specific issues driving the underperformance of the sector. The weakest was healthcare. The focus now turns to US CPI tonight with the market looking at a fall of -0.1% MoM.
Equities started this week where it left off, with buyers in full control for the Monday session. Supported by strength in commodity markets and a strong US session on Friday night, the ASX managed a 1% rally today. Materials were the standout sector with rumours of Chinese stimulus helping support commodity markets, while four other sectors were also up more than 1%. Healthcare was the only sector in the red to start the week.
The path of most pain continues to be up as the market pressed higher again today. Buyers were out in force throughout the session, consistently pushing the index higher throughout the day. Resources were the winners thanks to rebounds in iron ore and oil. Defensive sectors of Staples and Real Estate were firmly lower highlighting to risk on-attitude of investors.
A quick turnaround today as the ASX rebounded more than 100 points to earn back yesterday’s slump. Early strength came from strong leads from overseas markets before RBA Governor Lowe fired up the buyers even more after saying the ‘outsized interest rate hikes’ had likely come to an end. Tech was the main winner as a result, along with real estate and discretionary stocks, while a bounce in iron ore helped support the materials sector.
A poor session for the ASX today with weakness amongst the Energy, Utilities, & Material stocks dragging down the broader market while IT & Healthcare edged higher. That in itself tells an interesting story given bond yields traded sharply higher overnight (US 10 years +15bps) while a similar but less aggressive trend played out in Australia today (Aussie 10 years +5.5bps). Higher value IT & Healthcare generally struggle under that scenario however today they benefitted from a move out of those sectors more exposed to global growth - Energy & Materials hit by more than 2% a pop.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
Verication email sent.
Check your email for an email from [email protected]
Subject: Your OTP for Account Access
This email will have a code you can use as your One Time Password for instant access
!
Invalid One Time Password
Please check you entered the correct info, please also note there is a 10minute time limit on the One Time Passcode
To reset your password, enter your email address
A link to create a new password will be sent to the email address you have registered to your account.
Market Matters members receive daily market reports, real-time trade alerts, full access to 5 portfolios and dynamic company data.
Choose how you'd like to proceed:
We have a range of membership options to suit your needs and budget, why not join today and get unlimited access to the premium Market Matters service.
