The ASX200 started the week on a firm footing, closing up +0.4%, back within a few points of the psychological 8700 area. The catalyst for the solid day was news that the EU and the US had reached a trade agreement, and President Trump was looking to extend his tariff truce with China - the US S&P 500 futures buoyed sentiment, opening ~0.5% higher on the tariff news.
Meme stock mania has been spreading across a growing number of speculative stocks, underscoring retail traders' appetite for more risky bets even with the market at all-time highs.
The ASX 200 keeps teasing us with a significant breakout on the upside before gains are tempered by macro &/or geopolitical news. On Thursday, it was the RBA with Michele Bullock delivering a less dovish speech than hoped by many, warning that underlying inflation may not fall as quickly as anticipated, signalling that an interest rate cut next month is not guaranteed - futures markets are still pricing it as a certainty, with a 40% chance of a third before Christmas.
The ASX200 rallied +0.7% on Wednesday, closing back above 8700 and within 0.4% of its all-time high. Buying was broad-based, with over 70% of the index closing higher. Although Paladin (PDN) and Telix Pharma (TLX) delivered a couple of negative surprises, bullish sentiment continued to prevail with all of the big names from banks to resources advancing.
The ASX200 struggled to close up +0.1% on Tuesday, with over 40% of the main board closing lower, and notable weakness in the influential banking sector.
The ASX200 closed down more than 1% on Monday, enduring its worst drop in three months. The last two trading days have seen similar see-saw action to a pair of days in early April, hopefully it's not a precursor of the volatility ahead!
Since April, global indices have shrugged off bad news almost with disdain, leaving many pundits looking for new reasons to justify a potential fall in stocks. Most importantly, for all the political noise and recession warnings, the linchpin US economy remains resilient, allowing markets to scale new heights.
The ASX 200 closed up +0.9% on Thursday, posting both a fresh intraday and closing high. The catalyst being a surprisingly weak June jobs report, which increased the case for three rate cuts before Christmas - two were already being fully factored in.
The ASX200 took a 0.8% hit on Wednesday, its worst session since early May, with over 65% of the main board retreating. Rising long-term bond yields and ongoing uncertainty around tariffs proved too much for a market striving to post new highs.
The ASX200 surged +0.7% on Tuesday following broad-based gains, which saw 70% of the mainboard close higher. The index posted a fresh record closing high for the second time in a fortnight, ignoring plenty of negative news along the way. Ironically, the only sector which slipped on the day was the materials even after China reported better-than-expected quarterly economic growth, although we wouldn't be surprised to see this translate to some buying in the miners into August.
Meme stock mania has been spreading across a growing number of speculative stocks, underscoring retail traders' appetite for more risky bets even with the market at all-time highs.
The ASX 200 keeps teasing us with a significant breakout on the upside before gains are tempered by macro &/or geopolitical news. On Thursday, it was the RBA with Michele Bullock delivering a less dovish speech than hoped by many, warning that underlying inflation may not fall as quickly as anticipated, signalling that an interest rate cut next month is not guaranteed - futures markets are still pricing it as a certainty, with a 40% chance of a third before Christmas.
The ASX200 rallied +0.7% on Wednesday, closing back above 8700 and within 0.4% of its all-time high. Buying was broad-based, with over 70% of the index closing higher. Although Paladin (PDN) and Telix Pharma (TLX) delivered a couple of negative surprises, bullish sentiment continued to prevail with all of the big names from banks to resources advancing.
The ASX200 struggled to close up +0.1% on Tuesday, with over 40% of the main board closing lower, and notable weakness in the influential banking sector.
The ASX200 closed down more than 1% on Monday, enduring its worst drop in three months. The last two trading days have seen similar see-saw action to a pair of days in early April, hopefully it's not a precursor of the volatility ahead!
Since April, global indices have shrugged off bad news almost with disdain, leaving many pundits looking for new reasons to justify a potential fall in stocks. Most importantly, for all the political noise and recession warnings, the linchpin US economy remains resilient, allowing markets to scale new heights.
The ASX 200 closed up +0.9% on Thursday, posting both a fresh intraday and closing high. The catalyst being a surprisingly weak June jobs report, which increased the case for three rate cuts before Christmas - two were already being fully factored in.
The ASX200 took a 0.8% hit on Wednesday, its worst session since early May, with over 65% of the main board retreating. Rising long-term bond yields and ongoing uncertainty around tariffs proved too much for a market striving to post new highs.
The ASX200 surged +0.7% on Tuesday following broad-based gains, which saw 70% of the mainboard close higher. The index posted a fresh record closing high for the second time in a fortnight, ignoring plenty of negative news along the way. Ironically, the only sector which slipped on the day was the materials even after China reported better-than-expected quarterly economic growth, although we wouldn't be surprised to see this translate to some buying in the miners into August.
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