A reasonable day for Australian stocks despite a hotter than expected inflation print in the US overnight - the index opening on the front foot and remaining firm for the session – buying in the technology, energy and materials sectors was the obvious takeaway which certainly suits our current positioning.
US inflation data will be an important release tonight and that will have a big bearing on where markets go from here. That uncertainty was obvious in the local market today with the index trading in a tight range, before popping higher into the close. The Energy and Resource stocks hit hard, particularly in early trade before some recovered while the retailers and IT stocks did well.
A mixed bag today with defensives holding up while anything growth-related fell away – low volume again for the ASX keying off a similar theme in the US (slowest session of the year overnight) ahead of inflation data tonight + earnings season kicking into gear.
A very quiet but overall negative session to kick off the new trading week with the positive read-through from SPI Futures on Saturday morning giving way to a slow and steady, meander lower for stocks, weighed by weakness across Asia as Covid numbers tick higher.
While the market closed in the green today, the ASX closed well off its highs today as selling picked up into the close. Resources were strong again today on the back of Chinese stimulus plans with the Asian superpower talking up s $300b+ package to help support manufacturing and construction. The unloved tech sector also got a boost into the weekend despite bond yields tracking higher. Telcos were the worst off as investors preferred the risk-on trade, however, it was the financials that held the index back the index the most
Commodities bounced back today, finding some support after a few weaker sessions, helping the local market rally today. It was a choppy start giving up its initial 30pt rally by 11.30AM, but buyers returned in the afternoon and the index pushed higher into the close. Three of the Big 4 banks were also all in the green adding to the market’s strength today. A number of tech names were hit hard today but the overall sector only gave up a small portion of yesterday’s rally while the industrials fared the worst today.
While the market was only ~0.5% lower today, there were some large shifts from a sector perspective with higher value growth finally popping on the upside buoyed by a fall in bond yields, while recession fears knocked energy and commodities for six. Property & technology stocks were a standout, the pin-up of the tech sector being Xero (XRO) which rallied 6.65% while Healthcare was also strong, CSL finally breaking out of its stubborn trading range and rallying 2.58%. Lots of doom and gloom today...
The RBA raised rates today by 0.50% as expected, the market rallied, the AUD edged marginally lower and the reaction was generally as we thought it would be, the market appreciating a level of certainty and a central bank stepping up and acting as they should be given the inflationary pressures. Not a lot else happening in the market today, so a short note as a consequence.
A bullish but quiet session to kick off the week with the market opening sharply higher but losing some direction as the day progressed, no trade in the US tonight (closed for 4th July) the reason however locally, we’re now approaching full year reporting so companies are in blackout and therefore news is thin on the ground.
The market opened well this morning, up more than ~50pts at our high, however once again US Futures traded lower throughout our time zone and Aussie stocks followed suit, closing only marginally higher. It was the resources weighing significantly with most sectors finishing in the green despite the weaker index. Some of the more unloved parts of the market over the last quarter caught a bid today with Real Estate popping 1.45% just one example.
US inflation data will be an important release tonight and that will have a big bearing on where markets go from here. That uncertainty was obvious in the local market today with the index trading in a tight range, before popping higher into the close. The Energy and Resource stocks hit hard, particularly in early trade before some recovered while the retailers and IT stocks did well.
A mixed bag today with defensives holding up while anything growth-related fell away – low volume again for the ASX keying off a similar theme in the US (slowest session of the year overnight) ahead of inflation data tonight + earnings season kicking into gear.
A very quiet but overall negative session to kick off the new trading week with the positive read-through from SPI Futures on Saturday morning giving way to a slow and steady, meander lower for stocks, weighed by weakness across Asia as Covid numbers tick higher.
While the market closed in the green today, the ASX closed well off its highs today as selling picked up into the close. Resources were strong again today on the back of Chinese stimulus plans with the Asian superpower talking up s $300b+ package to help support manufacturing and construction. The unloved tech sector also got a boost into the weekend despite bond yields tracking higher. Telcos were the worst off as investors preferred the risk-on trade, however, it was the financials that held the index back the index the most
Commodities bounced back today, finding some support after a few weaker sessions, helping the local market rally today. It was a choppy start giving up its initial 30pt rally by 11.30AM, but buyers returned in the afternoon and the index pushed higher into the close. Three of the Big 4 banks were also all in the green adding to the market’s strength today. A number of tech names were hit hard today but the overall sector only gave up a small portion of yesterday’s rally while the industrials fared the worst today.
While the market was only ~0.5% lower today, there were some large shifts from a sector perspective with higher value growth finally popping on the upside buoyed by a fall in bond yields, while recession fears knocked energy and commodities for six. Property & technology stocks were a standout, the pin-up of the tech sector being Xero (XRO) which rallied 6.65% while Healthcare was also strong, CSL finally breaking out of its stubborn trading range and rallying 2.58%. Lots of doom and gloom today...
The RBA raised rates today by 0.50% as expected, the market rallied, the AUD edged marginally lower and the reaction was generally as we thought it would be, the market appreciating a level of certainty and a central bank stepping up and acting as they should be given the inflationary pressures. Not a lot else happening in the market today, so a short note as a consequence.
A bullish but quiet session to kick off the week with the market opening sharply higher but losing some direction as the day progressed, no trade in the US tonight (closed for 4th July) the reason however locally, we’re now approaching full year reporting so companies are in blackout and therefore news is thin on the ground.
The market opened well this morning, up more than ~50pts at our high, however once again US Futures traded lower throughout our time zone and Aussie stocks followed suit, closing only marginally higher. It was the resources weighing significantly with most sectors finishing in the green despite the weaker index. Some of the more unloved parts of the market over the last quarter caught a bid today with Real Estate popping 1.45% just one example.
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.
