The ASX200 put in an admirable performance on Monday to close basically unchanged even as the country slowly but surely slipped back into a COVID induced lockdown.
Today’s report as its name suggests usually focuses on the macro-economic factors driving financial markets both today and into the future, however as Sydney goes into a 2-week full lockdown and the rest of Australia feels in danger of following suit the deteriorating local virus picture looks highly likely to dominate both the end of the this financial year, & the start of FY22 - NSW represents ~30% of Australia’s GDP.
The ASX200 finished a choppy session slightly lower yesterday dragged into the red predominantly by some weakness in the banks and healthcare stocks but considering the escalating Sydney COVID outbreak it was a fairly lacklustre affair.
The ASX200 reminded us again on Tuesday that there’s a lot of life left in this post GFC bull market as it recovered over 100-points of Mondays plunge to close only marginally down for the week after 2 very volatile sessions. Tuesday saw over 80% of stocks rally with most areas of standout strength almost mirroring where the selling was focused on Monday.
The ASX200 followed Fridays weak lead from global indices finally closing down -1.8% with the heavyweight Banking Sector surrendering some of their recent impressive gains, it felt like a session of aggressive profit taking with the stronger performers over the last 3-months suffering the most e.g. Commonwealth Bank (CBA) fell -5.4% after rallying over +15% over the last 3-months.
The ASX200 pushed ever higher last week taking its advance to ~12% year to date but following sharp losses in the US on Friday this week’s going to start off on a very different footing, the SPI futures are calling the local market to open down -1.5% this morning, wiping out over half of the months gains in one fell swoop.
The ASX200 initially ignored a weak lead from US indices yesterday following the Feds announcement that it now expects 2 rate hikes by the end of 2023 - a very logical view in our opinion considering the extremely strong economic recovery over the last year.
The ASX200 continues to grind higher and although it only closed up 6-points yesterday it was the first time we broke above the psychological 7400 barrier as the banks, and especially CBA, continue to rally strongly.
The ASX200 continues to rally steadily with the index challenging the psychological 7400 area in the early afternoon as the +0.9% gain took Junes advance to +218-points / 3%, and we’re still only half way through the month, although I would caution the bulls that we’ve reached MM’s target for June assuming the markets going to maintain the same momentum of the last 4-months.
Today’s report as its name suggests usually focuses on the macro-economic factors driving financial markets both today and into the future, however as Sydney goes into a 2-week full lockdown and the rest of Australia feels in danger of following suit the deteriorating local virus picture looks highly likely to dominate both the end of the this financial year, & the start of FY22 - NSW represents ~30% of Australia’s GDP.
The ASX200 finished a choppy session slightly lower yesterday dragged into the red predominantly by some weakness in the banks and healthcare stocks but considering the escalating Sydney COVID outbreak it was a fairly lacklustre affair.
The ASX200 reminded us again on Tuesday that there’s a lot of life left in this post GFC bull market as it recovered over 100-points of Mondays plunge to close only marginally down for the week after 2 very volatile sessions. Tuesday saw over 80% of stocks rally with most areas of standout strength almost mirroring where the selling was focused on Monday.
The ASX200 followed Fridays weak lead from global indices finally closing down -1.8% with the heavyweight Banking Sector surrendering some of their recent impressive gains, it felt like a session of aggressive profit taking with the stronger performers over the last 3-months suffering the most e.g. Commonwealth Bank (CBA) fell -5.4% after rallying over +15% over the last 3-months.
The ASX200 pushed ever higher last week taking its advance to ~12% year to date but following sharp losses in the US on Friday this week’s going to start off on a very different footing, the SPI futures are calling the local market to open down -1.5% this morning, wiping out over half of the months gains in one fell swoop.
The ASX200 initially ignored a weak lead from US indices yesterday following the Feds announcement that it now expects 2 rate hikes by the end of 2023 - a very logical view in our opinion considering the extremely strong economic recovery over the last year.
The ASX200 continues to grind higher and although it only closed up 6-points yesterday it was the first time we broke above the psychological 7400 barrier as the banks, and especially CBA, continue to rally strongly.
The ASX200 continues to rally steadily with the index challenging the psychological 7400 area in the early afternoon as the +0.9% gain took Junes advance to +218-points / 3%, and we’re still only half way through the month, although I would caution the bulls that we’ve reached MM’s target for June assuming the markets going to maintain the same momentum of the last 4-months.
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