The ASX enjoyed a strong session on Tuesday, rallying +1.2% with exactly 75% of the main board finishing in positive territory. Consumer staples led the charge, with the major supermarkets bouncing strongly—Woolworths (ASX: WOW) gained +3.7%, while Metcash (ASX: MTS) and Coles Group (ASX: COL) both climbed +2.7%. However, from an index perspective, the rebound in the “Big Four Banks” did most of the heavy lifting, with CBA, Westpac and NAB accounting for more than a quarter of the ASX200’s gain, although insurers again outperformed on a percentage basis.
The ASX 200 endured a tough start to the week, falling ~1.5% on broad-based selling, which saw more than 85% of the main board close lower. Only the energy sector closed higher on the day, as the US-Iran ceasefire hangs by a thread, keeping Oil prices high.
Despite Friday’s pullback, US equities still enjoyed their 7th consecutive week of gains, although the rally has become increasingly concentrated on the stock and sector level. Eight of the 11 S&P 500 sectors have fallen so far this month, with most of the upside concentrated in “Big Tech” – just four stocks are responsible for more than half of the S&P 500’s gains this year. Even as key equity sectors wobbled and yields advanced, financial markets stayed firm into Thursday, helped by strong corporate earnings.
The ASX200 continued to feel soggy on Thursday, although it did ultimately reverse earlier losses into the close, ending the session up +0.1%, even though ~55% of the main board retreated. A bounce by the banks, led by Commonwealth Bank (ASX: CBA), combined with another positive session by BHP Group (ASX: BHP), was enough to see the main board eke out a small gain, with the index again attracting buyers around the 8600 level, albeit in a very selective manner.
The ASX 200 retreated for its fourth consecutive day on Wednesday, ending the post-budget session down 0.5%, courtesy of a -10.4% plunge by Commonwealth Bank (ASX: CBA), which took almost 100-points off an index that only closed down 40-points.
The ASX 200 retreated 0.4% on Tuesday, ahead of the Albanese - Chalmers budget which had mostly been leaked. On the stock/sector level the story pretty much remained the same, with over 65% of the main board retreating and the miners unable to support the fragile ASX.
The ASX 200 delivered another disappointing performance on Monday falling 0.5%, failing to embrace another record breaking session by US equities on Friday night. The day was dominated by another painful downgrade by CSL Ltd (ASX: CSL) which saw the biotech hit 16%, its largest ever 1-day fall, contributing over 70% of the days decline - such was its dramatic fall that it overtook talk of tonight’s budget on many trading desks.
Outside of the post-COVID rebound, corporate America has just delivered one of its strongest earnings seasons in more than a decade. Approximately 85% of S&P 500 companies beat expectations, with the Magnificent Seven posting profit growth well in excess of 50%, providing the engine room for the broader rally.
The ASX200 delivered a second consecutive strong day, extending the weeks recovery from Tuesdays low to more than 3%. The gains were again spearheaded by the miners, on the back of stronger metal prices, with BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) on their own contributing 50% of the index’s move. The advance was more broad based than on Wednesday with over 70% of the main board closing higher.
The ASX 200 rallied on Wednesday, following the strong lead from Wall Street and improving sentiment around the Middle East, with the US pushing hard for a lasting resolution.
The ASX 200 endured a tough start to the week, falling ~1.5% on broad-based selling, which saw more than 85% of the main board close lower. Only the energy sector closed higher on the day, as the US-Iran ceasefire hangs by a thread, keeping Oil prices high.
Despite Friday’s pullback, US equities still enjoyed their 7th consecutive week of gains, although the rally has become increasingly concentrated on the stock and sector level. Eight of the 11 S&P 500 sectors have fallen so far this month, with most of the upside concentrated in “Big Tech” – just four stocks are responsible for more than half of the S&P 500’s gains this year. Even as key equity sectors wobbled and yields advanced, financial markets stayed firm into Thursday, helped by strong corporate earnings.
The ASX200 continued to feel soggy on Thursday, although it did ultimately reverse earlier losses into the close, ending the session up +0.1%, even though ~55% of the main board retreated. A bounce by the banks, led by Commonwealth Bank (ASX: CBA), combined with another positive session by BHP Group (ASX: BHP), was enough to see the main board eke out a small gain, with the index again attracting buyers around the 8600 level, albeit in a very selective manner.
The ASX 200 retreated for its fourth consecutive day on Wednesday, ending the post-budget session down 0.5%, courtesy of a -10.4% plunge by Commonwealth Bank (ASX: CBA), which took almost 100-points off an index that only closed down 40-points.
The ASX 200 retreated 0.4% on Tuesday, ahead of the Albanese - Chalmers budget which had mostly been leaked. On the stock/sector level the story pretty much remained the same, with over 65% of the main board retreating and the miners unable to support the fragile ASX.
The ASX 200 delivered another disappointing performance on Monday falling 0.5%, failing to embrace another record breaking session by US equities on Friday night. The day was dominated by another painful downgrade by CSL Ltd (ASX: CSL) which saw the biotech hit 16%, its largest ever 1-day fall, contributing over 70% of the days decline - such was its dramatic fall that it overtook talk of tonight’s budget on many trading desks.
Outside of the post-COVID rebound, corporate America has just delivered one of its strongest earnings seasons in more than a decade. Approximately 85% of S&P 500 companies beat expectations, with the Magnificent Seven posting profit growth well in excess of 50%, providing the engine room for the broader rally.
The ASX200 delivered a second consecutive strong day, extending the weeks recovery from Tuesdays low to more than 3%. The gains were again spearheaded by the miners, on the back of stronger metal prices, with BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) on their own contributing 50% of the index’s move. The advance was more broad based than on Wednesday with over 70% of the main board closing higher.
The ASX 200 rallied on Wednesday, following the strong lead from Wall Street and improving sentiment around the Middle East, with the US pushing hard for a lasting resolution.
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