Last week, the ASX200 was again dominated by the reporting seasons in both Australia and the US; while the broad index edged down just 15-points with plenty of well-known stocks signing off the week with double-digit gains or losses, led by American AI goliath Nvidia (NVDA US) which ended the shortened week up ~10%. It was a relatively quiet week on the economic front, with bonds taking a breather while the Tech Sector rallied +3.3%, aided by the Nvidia euphoria. Conversely, the consumer Staples tumbled -3.4% after the shock weak update from Woolies and the departure of the CEO.
The ASX200 ended a volatile week up just +14-points, or 0.2%, after impressively shrugging off some aggressive selling mid-week following strong US inflation data cast a shadow over when & how quickly the Fed will start cutting interest rates. Whether it is Australia, Japan or the US, the markets are still embracing signs of weak economic growth, with markets focused on when the cuts will be forthcoming.
The ASX200 ended a choppy week slightly lower, snapping a two-week winning streak even after three consecutive days of gains from Wednesday. The -0.7% dip over the five days was primarily caused by weakness in the Resources Sector, plus some disappointment after the RBA retained its tightening bias on Tuesday.
The ASX200 tested 7700 for the first time in its history last week, with the index finally ending up +1.9%, just one point shy at 7699. However, it wasn’t all one-way traffic as the index rallied over 1% on two occasions while, falling by a similar degree on Thursday as volatility lifted even as stocks continued their overall surge higher.
The ASX200 ended the shortened week up +1.8% and remains on track to post fresh all-time highs in the coming few weeks. Strength came from the most influential market sectors, including the banks/financials, energy, healthcare and resources names. On days when we saw profit-taking in the banks, where Commonwealth Bank (CBA) again posted all-time highs last week, the resources tended to surprise on the upside, i.e. any selling we did see appeared to be more rotational in nature as opposed to exiting the market.
We had a significant number of questions come in over the break, and we couldn't include them all in the usual Weekend Q&A on Saturday. Here's a special Monday follow up report, with additional Q&A.
Most years in January, we remind subscribers that indices often form important pivot points in the first few months of the year on the stock, sector and index level, e.g. the ASX200 formed an important top in 2020,2022 and 2023 and a low in 2019 and 2021.
The ASX200 surged higher last week after the Fed officially pivoted on rates, giving some Christmas cheer to most share market investors around the world. The ASX200 ended the week up +3.4%, led by gains across the rate-sensitive names as bond yields dived lower, e.g. Real Estate +5.3%, Tech +4.8%, and Healthcare +4.2%. However, gains were broad-based with all 11 major sectors closing higher, with only the Utilities failing to advance more than +1.75%.
The ASX200 pushed higher last week, ultimately closing up +1.7%, posting fresh 11-week highs into the close on Friday. The last 2-days caught our attention as the local market reversed early weakness as belief in a 2023 Christmas rally gathers momentum – for the statisticians amongst you, if we’ve already seen the low for the month at 7041 and December delivers the average monthly range of 2023, by extrapolation, the index is destined to test the 7400-7450 resistance area.
The ASX200 waved goodbye to November's stellar +4.5% advance rolling into December on Friday, the market looks poised for a seasonal Christmas Rally, aided by a strong start on Monday. On the stock level, Friday saw some low-key reversion to the panic-like end-of-month surge higher on Thursday, considering the rally throughout November, and on Thursday, the local indexes' Friday afternoon recovery was a testament to the market's underlying strength.
The ASX200 ended a volatile week up just +14-points, or 0.2%, after impressively shrugging off some aggressive selling mid-week following strong US inflation data cast a shadow over when & how quickly the Fed will start cutting interest rates. Whether it is Australia, Japan or the US, the markets are still embracing signs of weak economic growth, with markets focused on when the cuts will be forthcoming.
The ASX200 ended a choppy week slightly lower, snapping a two-week winning streak even after three consecutive days of gains from Wednesday. The -0.7% dip over the five days was primarily caused by weakness in the Resources Sector, plus some disappointment after the RBA retained its tightening bias on Tuesday.
The ASX200 tested 7700 for the first time in its history last week, with the index finally ending up +1.9%, just one point shy at 7699. However, it wasn’t all one-way traffic as the index rallied over 1% on two occasions while, falling by a similar degree on Thursday as volatility lifted even as stocks continued their overall surge higher.
The ASX200 ended the shortened week up +1.8% and remains on track to post fresh all-time highs in the coming few weeks. Strength came from the most influential market sectors, including the banks/financials, energy, healthcare and resources names. On days when we saw profit-taking in the banks, where Commonwealth Bank (CBA) again posted all-time highs last week, the resources tended to surprise on the upside, i.e. any selling we did see appeared to be more rotational in nature as opposed to exiting the market.
We had a significant number of questions come in over the break, and we couldn't include them all in the usual Weekend Q&A on Saturday. Here's a special Monday follow up report, with additional Q&A.
Most years in January, we remind subscribers that indices often form important pivot points in the first few months of the year on the stock, sector and index level, e.g. the ASX200 formed an important top in 2020,2022 and 2023 and a low in 2019 and 2021.
The ASX200 surged higher last week after the Fed officially pivoted on rates, giving some Christmas cheer to most share market investors around the world. The ASX200 ended the week up +3.4%, led by gains across the rate-sensitive names as bond yields dived lower, e.g. Real Estate +5.3%, Tech +4.8%, and Healthcare +4.2%. However, gains were broad-based with all 11 major sectors closing higher, with only the Utilities failing to advance more than +1.75%.
The ASX200 pushed higher last week, ultimately closing up +1.7%, posting fresh 11-week highs into the close on Friday. The last 2-days caught our attention as the local market reversed early weakness as belief in a 2023 Christmas rally gathers momentum – for the statisticians amongst you, if we’ve already seen the low for the month at 7041 and December delivers the average monthly range of 2023, by extrapolation, the index is destined to test the 7400-7450 resistance area.
The ASX200 waved goodbye to November's stellar +4.5% advance rolling into December on Friday, the market looks poised for a seasonal Christmas Rally, aided by a strong start on Monday. On the stock level, Friday saw some low-key reversion to the panic-like end-of-month surge higher on Thursday, considering the rally throughout November, and on Thursday, the local indexes' Friday afternoon recovery was a testament to the market's underlying strength.
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