Viewpoint: Bullish
Overnight we saw US stocks relinquish their gains from Wednesday night’s trading session with the S&P500 posting fresh 2022 lows in the process although the decent recovery from the intra-day low provided at least a modicum of encouragement for the bulls like ourselves. The broad US market actually hit fresh 22-month lows on further hawkish rhetoric from…
EVN looks like an exaggerated form of NCM having fallen over 60% from its April high however we also now like the risk/reward towards EVN with 40% upside into 2023 feeling very achievable.
Heavyweight gold stock NCM has endured an awful 2022 falling over 45% from its April high under the combined weight of rising bond yields & an extremely strong $US. However, as bond yields threaten to soften following the BOE’s intervention we can see gold and its related stocks regain some of its lost lustre.
The ASX200 finally regained some of its much-needed Mojo yesterday finally managing to close up 92-points even after a sell-off into the close as US futures reversed sharply lower – again! Unfortunately, we remain confident that volatility will remain elevated into October but as we look through the noise MM is looking for ongoing signs that the market’s internal strength and…
AGL unchanged: The controversial energy company was out with a strategy update today along with earnings guidance for FY23 that was broadly inline with existing expectations:
PMV +14.61%: another retailer defies the gloom today with Premier beating expectations for FY22. Revenue of $1.5b was 4% ahead of consensus, EBIT grew ~10% for a 3% beat for the twelve months to July. The owner of Smiggle & Peter Alexander said sales had started strongly, up 21.5% on pre-COVID levels with a strong inventory position setting them up well for the back-to-school and…
US stocks rallied strongly overnight with all 11 sectors advancing while at the same time US bond yields retreated with the 10-years suddenly well under 4%. Microsoft contributed the most to S&P500’s +2% gain with the rally even more impressive as heavyweight Apple Inc (AAPL US) ended the session down -1.9% but with 97% of stocks up it was never going…
The ASX200 fell another -0.5% yesterday after trading higher in the morning only to be buffeted lower following comments from the Whitehouse which threw cold water on any potential currency intervention to cap the rising $US plus Apple (AAPL US) announced it had shelved plans to increase iPhone production due to faltering demand, the 2 pieces of news sent US Futures sharply lower, dragging the SPI and local stocks…
A tough week for the portfolio down 3.01%, and we are now fully invested having bought back into APA Group (APA) yesterday. Property stocks were the biggest drag on performance this week – Centuria Capital (CNI) down another 10.64% the worst of them while Pendal (PDL) -9.78% mirrored the weak equity market with the ASX 200 off -4.54%. Hybrids mostly edged higher which was a surprise given credit spreads widened, however, we suspect money targeted floating rate exposure as bond yields roared higher.
US indices fell overnight with “risk off” remaining the dominant game in town as the Fed continues to bang its hawkish drum. The S&P500 dipped to fresh 2022 lows in the early hours this morning as stocks demonstrated how fragile rallies remain at this stage i.e. further, but nothing new, comments from Fed officials were enough to see US stocks relinquish early gains in excess of 2%.
