Yesterday felt like “15-love” to bond yields as the ASX200 was clobbered 76-points following a bad session on Wall Street which was then compounded by further weakness in the S&P500 futures during our day session. However 25% of stocks did still manage to close up on Wednesday with the gains feeling far more stock specific as opposed to...
Tuesday saw the Australian market slip just -0.1% after steadily surrendering the mornings gains through the afternoon, this morning we see another example of the ASX’s uncanny knack of picking major moves on overseas bourses. Yesterday saw only the Healthcare Sector move by over 1% and it was on the downside with losses pretty evenly spread throughout most stocks. At 4pm yesterday afternoon it felt like the regularly mentioned 7400 magnet was restraining local stocks but a few hours later as the US tech futures plunged 2% and bond yields surged to fresh 2-year highs the reason lurking beneath the surface became far more apparent.
The ASX200 continues to dance around the 7400 area, it’s now been well over 6-months of passing the performance baton between different stocks & sectors with the only constant being whenever the market looked ready to enter a trend it would reverse. Monday saw relatively broad based gains but an average day for a number of the major miners saw the markets final gain limited to 0.3% on a day which saw China appearing forced to cut rates as Omicron threatens their economic growth. The move by the PBOC...
Firstly and very importantly a happy and healthy new year to everyone, COVID may continue to test us all but lets hope our optimism is well founded and it will soon to be in the rear view mirror, definitely some lessons to be learnt here! Aside from the pandemic MM is extremely excited about the coming year on a number of fronts from the ongoing opportunities the markets look set to present to the continued growth and evolution of MM:
The ASX200 enjoyed a solid Thursday courtesy of ongoing strength in banks and resources with heavyweights BHP Group (BHP) & RIO Tinto (RIO) both gaining around 4%. Losers marginally trumped the winners but when the indexes 2 largest sectors, which make up around 40% of the market rally the index tends to follow suit. Blackstone’s increased bid for Crown Resorts (CWN) also helped market sentiment as it demonstrated that M&A remains alive and well for undervalued assets arguably creating a bid into any decent sell-offs in risk assets.
The ASX200 sprang back to life on Wednesday finally closing up 0.7% as the Energy Sector led almost 70% of the market higher, we’re almost half way through January and the main Australian index is down just 5-points year-to-date as the lack of direction over the last 6-months continues unabated. The tech names finally took some notice from the recovery by US names producing the days 2nd best performance with Appen (APX) and Life360 (360) both advancing well over 5%.
Tuesday saw the Australian market slip -0.8% on broad selling with 70% of the index closing in negative territory but come 4pm we remained around 7400, just as we did when MM delivered its previous Portfolio Positioning Report back on the 22nd December. After the NASDAQ’s excellent recovery on Monday night we thought the Australian Tech Sector would have regained some of their recent losses but it still struggled with most stocks reversing lower after a promising open, it feels like local investors will take more convincing to overcome inflation...
The ASX200 drifted marginally lower yesterday with the value names continuing to support the index while the broader index drifted lower under the weight of increasing concerns around rising bond yields and inflation. While the banks were firm the Resources Sector was the standout for MM with influential stocks like BHP Group (BHP), RIO Tinto (RIO) and South32 (S32) all advancing over 2% - MM expects more of the same over the coming weeks but if we are correct this year will not be a one trick pony.
It’s great to be back on deck and a special welcome to our new subscribers who came on board over Christmas. As refresher to new and old, our report schedule is as follows:
Yesterday saw the ASX200 illustrate yet again that COVID was “old news” with regards to financial markets as it rallied 0.3%, to its highest close in 2-weeks even as new case numbers spiralled – as most people know NSW and Victoria are tightening restrictions from Christmas Eve as the Omicron strain sets new records. The local markets remains stuck to the 7400 level, only 3.2% below its all-time high, dismissing the surging case numbers as no more than a short-term irritant.
Tuesday saw the Australian market slip just -0.1% after steadily surrendering the mornings gains through the afternoon, this morning we see another example of the ASX’s uncanny knack of picking major moves on overseas bourses. Yesterday saw only the Healthcare Sector move by over 1% and it was on the downside with losses pretty evenly spread throughout most stocks. At 4pm yesterday afternoon it felt like the regularly mentioned 7400 magnet was restraining local stocks but a few hours later as the US tech futures plunged 2% and bond yields surged to fresh 2-year highs the reason lurking beneath the surface became far more apparent.
The ASX200 continues to dance around the 7400 area, it’s now been well over 6-months of passing the performance baton between different stocks & sectors with the only constant being whenever the market looked ready to enter a trend it would reverse. Monday saw relatively broad based gains but an average day for a number of the major miners saw the markets final gain limited to 0.3% on a day which saw China appearing forced to cut rates as Omicron threatens their economic growth. The move by the PBOC...
Firstly and very importantly a happy and healthy new year to everyone, COVID may continue to test us all but lets hope our optimism is well founded and it will soon to be in the rear view mirror, definitely some lessons to be learnt here! Aside from the pandemic MM is extremely excited about the coming year on a number of fronts from the ongoing opportunities the markets look set to present to the continued growth and evolution of MM:
The ASX200 enjoyed a solid Thursday courtesy of ongoing strength in banks and resources with heavyweights BHP Group (BHP) & RIO Tinto (RIO) both gaining around 4%. Losers marginally trumped the winners but when the indexes 2 largest sectors, which make up around 40% of the market rally the index tends to follow suit. Blackstone’s increased bid for Crown Resorts (CWN) also helped market sentiment as it demonstrated that M&A remains alive and well for undervalued assets arguably creating a bid into any decent sell-offs in risk assets.
The ASX200 sprang back to life on Wednesday finally closing up 0.7% as the Energy Sector led almost 70% of the market higher, we’re almost half way through January and the main Australian index is down just 5-points year-to-date as the lack of direction over the last 6-months continues unabated. The tech names finally took some notice from the recovery by US names producing the days 2nd best performance with Appen (APX) and Life360 (360) both advancing well over 5%.
Tuesday saw the Australian market slip -0.8% on broad selling with 70% of the index closing in negative territory but come 4pm we remained around 7400, just as we did when MM delivered its previous Portfolio Positioning Report back on the 22nd December. After the NASDAQ’s excellent recovery on Monday night we thought the Australian Tech Sector would have regained some of their recent losses but it still struggled with most stocks reversing lower after a promising open, it feels like local investors will take more convincing to overcome inflation...
The ASX200 drifted marginally lower yesterday with the value names continuing to support the index while the broader index drifted lower under the weight of increasing concerns around rising bond yields and inflation. While the banks were firm the Resources Sector was the standout for MM with influential stocks like BHP Group (BHP), RIO Tinto (RIO) and South32 (S32) all advancing over 2% - MM expects more of the same over the coming weeks but if we are correct this year will not be a one trick pony.
It’s great to be back on deck and a special welcome to our new subscribers who came on board over Christmas. As refresher to new and old, our report schedule is as follows:
Yesterday saw the ASX200 illustrate yet again that COVID was “old news” with regards to financial markets as it rallied 0.3%, to its highest close in 2-weeks even as new case numbers spiralled – as most people know NSW and Victoria are tightening restrictions from Christmas Eve as the Omicron strain sets new records. The local markets remains stuck to the 7400 level, only 3.2% below its all-time high, dismissing the surging case numbers as no more than a short-term irritant.
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