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.
A fitting way to end a tough year for markets with the ASX losing ~2% to close back below 6600, and on the low of the day. For FY22, the ASX 200 is down 10.19% with a 38% fall by the IT sector the starkest of stats, while Consumer Discretionary (-23%) and Real-Estate (-16%) also fell sharply i.e. the sectors most influenced by interest rates. On the flip side, a lot of joy came from Energy (+29%) and Utilities (+24%), while the Industrials (+0.76%), Staples (-2%), Materials (-9%) & Telcos (-9%) all outperformed the broader market to varying degrees. As we suggested...
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.
A fitting way to end a tough year for markets with the ASX losing ~2% to close back below 6600, and on the low of the day. For FY22, the ASX 200 is down 10.19% with a 38% fall by the IT sector the starkest of stats, while Consumer Discretionary (-23%) and Real-Estate (-16%) also fell sharply i.e. the sectors most influenced by interest rates. On the flip side, a lot of joy came from Energy (+29%) and Utilities (+24%), while the Industrials (+0.76%), Staples (-2%), Materials (-9%) & Telcos (-9%) all outperformed the broader market to varying degrees. As we suggested...
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