A fairly quiet session for the local market today with stocks consolidating yesterdays strong advance. There was very little in terms of company news flow nor was there any tier 1 economic data aside from Chinese inflation which came in a tad below expectations. Utilities led the line up +0.40% while Energy stocks finished 1.09% lower. Overall, a fairly lacklustre session and a fairly lacklustre afternoon note as a consequence!
A bullish session for the Australian market today enjoying another positive night overseas, although we took a while to get going initially. The SPI Futures only pointing up +22pts this morning which seemed underdone and that proved on the money as the local index kicked into gear from lunchtime onwards before a late 35pt sell-off took some of the shine off what still proved to be a very good day out - all sectors finishing in the green.
Equities were higher throughout the day, but it was the RBA that lit a fuse under the market into the afternoon with their comments lifting the market more than 50pts from 2 PM before easing at the final bell. RBA was more accommodative than many feared and confirmed the market has central bank support through until at least February when they next meet. Surprisingly the Aussie Dollar was also reasonably well supported after the...
A very tough day for some parts of the Australian market today despite the ASX 200 closing a few ticks higher, the IT stocks hit more than 2% while the defensive utilities & consumer staples rallied by almost the same degree. The Small Caps were a tough place to be with the Small Ords down ~1.5% and looking at our Emerging Companies Portfolio there was plenty of stocks in that space down more than 5%. It was actually a strange day...
US stocks bounced fairly aggressively overnight with the Dow Jones +617pts so a move of +16 points locally could be seen as a touch disappointing, however worth remembering that we had rallied strongly from Thursday mornings low and US Futures were pricing a large part of the overnight move in our market yesterday. That said, a solid end to a week that saw a decent spike in volatility as concerns permeated around the new strain of Covid. Today saw the energy sector bounce back strongly after a tough week & month while news that CSL was considering a large...
A soft session in the US saw the local market face to face with a ~100+pt fall with futures dropping like a stone, however the worst of it was seen even before our equity market had even opened. The local index was soft on the open to trade a much more palatable -67pts/-0.9% before a swift recovery kicked in and by the afternoon it was making an effort to close higher on the day. In the end it wasn’t to be, though strong buying out of the day’s low...
I was up last night around 3am with a dog that didn’t want to sleep (don’t ask) as the US market (and our futures) recovered from the whack they copped yesterday afternoon our time on question marks over the efficacy of current vaccines to the new variant, only for the Fed Chair Jerome Powell to cast another shadow by suggesting that the term ‘transitory’ was no longer appropriate when it came to inflation. That was a fairly big call...
The ASX attempted to rally on the final day of the month and was doing well early to be +92pts up at the lunchtime high, however late selling kicked in after the Moderna CEO predicted in an FT report that vaccines will struggle against the Omicron variant. US Futures rolled over, Asian equities erased earlier gains and risk off swept back across the market knocking the ASX 200 ~76pts, almost half of which happened in The Match Out (i.e. between 4 &4.10pm).
There was a degree of anticipation this morning given the weekend news flow, however as currency markets opened and were fairly subdued it quickly became apparent that the market reaction towards the Omicron variant would not be as severe as futures had implied. As is customary on a day like this, the worst of it was seen early as stop losses dinged the market sharply lower on open (-100pts) before buyers quickly emerged pushing...
After weeks of being more or less pinned to 7400, the index finally cracked today. Initially it looked to be a pretty subdued end to the week for the ASX given Futures were little changed and the US market closed overnight for the Thanksgiving Holiday, however traders got the jitters and the index was smacked to a new 5 week low. Fears around a new COVID strain appears to be the main thing concerning investors with travel stocks firmly in the firing line.
A bullish session for the Australian market today enjoying another positive night overseas, although we took a while to get going initially. The SPI Futures only pointing up +22pts this morning which seemed underdone and that proved on the money as the local index kicked into gear from lunchtime onwards before a late 35pt sell-off took some of the shine off what still proved to be a very good day out - all sectors finishing in the green.
Equities were higher throughout the day, but it was the RBA that lit a fuse under the market into the afternoon with their comments lifting the market more than 50pts from 2 PM before easing at the final bell. RBA was more accommodative than many feared and confirmed the market has central bank support through until at least February when they next meet. Surprisingly the Aussie Dollar was also reasonably well supported after the...
A very tough day for some parts of the Australian market today despite the ASX 200 closing a few ticks higher, the IT stocks hit more than 2% while the defensive utilities & consumer staples rallied by almost the same degree. The Small Caps were a tough place to be with the Small Ords down ~1.5% and looking at our Emerging Companies Portfolio there was plenty of stocks in that space down more than 5%. It was actually a strange day...
US stocks bounced fairly aggressively overnight with the Dow Jones +617pts so a move of +16 points locally could be seen as a touch disappointing, however worth remembering that we had rallied strongly from Thursday mornings low and US Futures were pricing a large part of the overnight move in our market yesterday. That said, a solid end to a week that saw a decent spike in volatility as concerns permeated around the new strain of Covid. Today saw the energy sector bounce back strongly after a tough week & month while news that CSL was considering a large...
A soft session in the US saw the local market face to face with a ~100+pt fall with futures dropping like a stone, however the worst of it was seen even before our equity market had even opened. The local index was soft on the open to trade a much more palatable -67pts/-0.9% before a swift recovery kicked in and by the afternoon it was making an effort to close higher on the day. In the end it wasn’t to be, though strong buying out of the day’s low...
I was up last night around 3am with a dog that didn’t want to sleep (don’t ask) as the US market (and our futures) recovered from the whack they copped yesterday afternoon our time on question marks over the efficacy of current vaccines to the new variant, only for the Fed Chair Jerome Powell to cast another shadow by suggesting that the term ‘transitory’ was no longer appropriate when it came to inflation. That was a fairly big call...
The ASX attempted to rally on the final day of the month and was doing well early to be +92pts up at the lunchtime high, however late selling kicked in after the Moderna CEO predicted in an FT report that vaccines will struggle against the Omicron variant. US Futures rolled over, Asian equities erased earlier gains and risk off swept back across the market knocking the ASX 200 ~76pts, almost half of which happened in The Match Out (i.e. between 4 &4.10pm).
There was a degree of anticipation this morning given the weekend news flow, however as currency markets opened and were fairly subdued it quickly became apparent that the market reaction towards the Omicron variant would not be as severe as futures had implied. As is customary on a day like this, the worst of it was seen early as stop losses dinged the market sharply lower on open (-100pts) before buyers quickly emerged pushing...
After weeks of being more or less pinned to 7400, the index finally cracked today. Initially it looked to be a pretty subdued end to the week for the ASX given Futures were little changed and the US market closed overnight for the Thanksgiving Holiday, however traders got the jitters and the index was smacked to a new 5 week low. Fears around a new COVID strain appears to be the main thing concerning investors with travel stocks firmly in the firing line.
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