Market Updates

ASX 200closed down 38 points to 7004 (-0.5%) after a jump of 42 points at the opening bell, rebounding from last week’s sell-off before the market turned lower on weak consumer inflation data from China. Gold outperformed today, tracking an uptick in bullion prices. NST and NCM up 1.8% and 1.1%, respectively. Energy stocks jumped in early trade after oil prices rose sharply amid supply concerns be...

Stocks fell on Friday, and finished lower for the week, as Wall Street struggled to shake off fears that the Federal Reserve may start hiking rates again later this month. The S&P 500 lost 0.29% to end at 4,398.95, while the Nasdaq Composite dipped 0.13% to close at 13,660.72. The Dow Jones Industrial Average dropped 187.38 points, or 0.55%, to settle at 33,734.88. Gold rose 0.71%, as US yield...

 ASX 200 fell 121-points to 7042 (1.7%). Another soggy end to the week. ASX 200 down 2.2% for the week. Losses across the board from the open, banks hit hard with the Big Bank Basket down to $168.52 (-1.5%) led lower by CBA with MQG down 1.3%. Insurers dropped despite a huge rise in yields, QBE down 1.1% and IAG off 1.0%. Fund managers suffering from some downgrades and MFG losses again of 3.3%. R...

US markets closed sharply lower overnight in a broad sell-off after fresh jobs data indicated a strong labor market boosting yields and fanned fears that the Fed will be more aggressive in hiking rates. The Dow Jones fell 366 points (-1.07). Dow at worst down 517 points. S&P 500 posted its biggest daily drop since May, down 0.79%. NASDAQ down 0.82%. Wall Street’s fear gauge VIX jumped, up 8.9%...

Blood on the streets on ASX 200 today, closingdown 90 points to 7163 (-1.2%), as investors exercised caution after the FOMC meeting minutes reaffirmed expectations that interest rates would remain higher for longer. Financials and miners weighed, with the big four banks losing between 1%-2%. The Big Bank Basket took a hit down to $171.07 (-1.6%). Copper prices fell overnight as overseas data dampe...

US stocks closed lower overnight following July 4th Independence Day holiday as the market digests the latest FOMC meeting minutes, trade barriers from China and oil output cuts from OPEC+. The Dow Jones closed down 130 points (-0.38%). Dow at worst down 191 points. S&P 500 down 0.2% NASDAQ fell 0.18, and the VIX rose 3.5%. Chip stocks fell after China said it would control exports of some met...

ASX 200closed down 26 points to 7253 (-0.4%), letting go of yesterday’s gains, snapping a three-day advance. Financials weighed on the market, with significant losses in the banking sector. NAB -0.8% CBA -0.5%, ANZ -0.8% and WBC -0.7%. Big Bank Basket down to $173.81 (-0.6%). Resources and base metals were mixed, with commodity prices falling as the commodity outlook turned negative, BHP -0.4%, RI...

Global stock market trading was light overnight, with US markets closed for the Independence Day holiday. European markets muted in thin trading overnight, with indices ending around session lows. STOXX 50 -0.2% FTSE -0.1% CAC -0.2%, and DAX -0.3%. US equity futures flat with markets closed. Asian markets mixed overnight. Hang Seng led gains in China, up 0.57%, as mainland equities finished flat....

The ASX 200rallied 33 points to 7279 (+0.5%), bouncing back from 7,232 lows following the RBA’s decision to hold rates at 4.1%. The Aussie dollar fell 0.2% to 66.58c, and the 2Y yield was virtually unchanged, up 1bps. Gold miners are happy, buoyed by stronger bullion prices. EVN up 1.8%, NST gained 1.6%, NCM up 1.2%. Iron ore miners mixed as US manufacturing PMI fell, and optimism was buoyed by th...

Wall Street closes higher overnight in a holiday-shortened session kicking off the second half of the year on a positive note ahead of the US July 4th holiday. Dow Jones virtually unchanged, up 11 points (+0.03%). Dow at best up 58 points. Dow at worst down 121 points. S&P 500 gained 4.75 points, up 0.12%, ending at 4,455 points, while the NASDAQ rose 0.21%. Treasury yields edged higher, with...

ASX 200 closed up 43 points to 7246 (+0.6%), supported by a rise in commodity prices, starting the new financial year off in the positive, extending gains from the previous session. At best ASX 200 up 51 points, at worst down 4 points. The Gold sector performed well today supported by the rise in bullion prices a sign market participants are positioning themselves for a potential rate hike from th...

Dow Jones up 285 points (+0.84%). Up 345 at best. Up 148 at worst. NASDAQ +1.45% . S&P 500 +1.24% . One newswire describes the last day of the half-year as the “ Cherry on Top ”. SPI Futures are up 29 . The ASX 200 was up 104 points or 1.47% last week. The Tech sector led the ASX this week, with the Banks up 2.48% and REITs up 2.63% as a better-than-expected CPI number reduced the chances of a...

ASX 200 closed with a modest gain of 0.12% to 7203, up 8 points as EOFY came and went. For the week the index is up 103 points or 1.5%. A mixed session with Resources slightly firmer, BHP up 0.1% and FMG up 0.3% with lithium stocks drifting higher, PLS up 1.2% and IGO up 1.2% Gold miners were mixed and oil and gas stocks better, WDS up 0.5% and STO rising 0.8%. Coal miners mixed, WHC down 1.3% and...

The Dow Jones Industrial Average rose on Thursday as big bank names gained after passing the Federal Reserve’s annual stress test, and a revised upward GDP print alleviated some recession fears on Wall Street. The 30-stock index jumped 269.76 points, or 0.8%, to finish at 34,122.42, lifted by major bank names. The S&P 500 added 0.45% to end at 4,396.44, while the tech-heavy Nasdaq Composite cl...

ASX 200 closed down 2 points to 7195 , sinking from early gains after Retail sales show signs of resistance, coming in at 0.7% for May compared to 0.1% forecast. Consumer discretionary had an obvious boost from the higher retail numbers, EDV up 0.6%, DMP up 2.1%, and BBN jumped 7.4%. Banks continued to rally, ANZ gained 1.2% and MQG rose 0.7%. Big Bank Basket up to $171.55 (+0.55%). Energy stocks...

US equities finished mixed overnight. Blue chip Dow Jones closed down 72 points (-0.22), weighed down by healthcare stocks. Dow at worst down 171 points. S&P 500 was essentially unchanged, down 0.04%, and the NASDAQ gained 0.27% after Powell reiterated that interest rates would rise further this year and that he did not see inflation falling to its target rate this year or next year. US treasu...

ASX 200 closed up 78 points to 7197 (+1.1%), boosted by cooler-than-expected inflation results. The Aussie dollar fell to 66.43c (-0.6%), and the 2Y and 10Y bonds took a hit following inflation results, before closing down 6bps and 5bps, respectively. Interest rate-sensitive sectors performed well. Consumer discretionary the best-performing sector today WES up 1.3%, JBH up 2.5%, and SGR jumped 11....

Wall Street closes higher overnight, ending near best levels. Dow Jones up 212 points (+0.63%). Dow at best up 261 points, snapping a six-day losing streak. Tech megacaps led the round, with the NASDAQ up 1.65% and the S&P 500 up 1.15%, halting a two-day drop. Upbeat economic data eased recession fears while the dollar softened, and US treasury yields edged higher. European markets up on bets...

The ASX 200 up 40 points to 7118 (+0.6%) snapping back from a 4-day losing streak ahead of CPI numbers tomorrow. REITS saw the biggest gains today as the NSW premier announced an increase in height restrictions for apartment building in Sydney. GMG up 1.2% and SCG up 4%. Banks gained after their recent drop The Big Bank Basket up $168.31 (+0.8%). CBA +0.5%, WBC +1.6%, ANZ up 1.5% and MQG +0.8%. Mo...

Wall Street lost ground overnight, ending near worst levels as worries about the impact of further interest rate hikes mounted and crude prices advanced over aborted Russian mutiny over the weekend. Tech and mega-cap stocks led the losses as traders unwound bets that the Fed will cut interest rates this year, NASDAQ down 1.16%, and the S&P 500 fell by 0.45%, while the Dow Jones edged marginall...

The ASX 200 started the week down 21 points to 7079 (-0.3%), hitting 7,054, its lowest level in three months weighed down by losses in banking and mining stocks. Oil and gas stocks mixed despite strength in the oil price, KAR -0.5% and STX -1.1%, while BPT edged higher, up 0.4%. Iron ore giants BHP , RIO and FMG all fell 0.3% each. Gold miners rallied on bullion’s strength and a weaker US dollar....

The main event this week is Australia’s monthly CPI data out Wednesday . The last reading of 6.8% in April surprised the market, up from 6.3% in March, which was the lowest reading in 10 months, significantly exceeding market expectations of 6.4%, which led to a 25bps rate hike by the RBA in June. May CPI consensus at 6.1%. Also, on the domestic front, retail sales data out Thursday and housing pe...

ASX 200 finished down 96 points at 7100 (-1.3%) with another day of losses, the third in a row. 2.1% for the week. Once again, no real reason apart from Powell and the lack of Chinese stimulus perhaps, 10bps not really cutting it. Banks did a substantial nosedive with the Big Bank Basket dropping to $167.86 (-1.6%). CBA fell 1.6% and ANZ off 2.1%. MQG also falling hard with insurers in the red too...

Low-volume night in the US dominated by Powell’s testimony (see below) which was seen as a little less hawkish. The Fed remain data dependent (seen as a positive). Tech stocks led with the NASDAQ up 1.18% and the other markets flat. The Bank of England raised rates by 50bp, more than expected, although the UK market ( FTSE ) only fell 0.76%. The odds of a Fed rate rise at the next meeting on July...

ASX 200 took an ugly turn today falling 119 points to 7196 (-1.6%). No real reason, slight weak lead from US, no Asian session. US futures eased slightly but stop losses and maybe Powell’s testimony kicked us lower. Losses across all sectors, Banks under serious pressure, NAB down 1.4% and CBA off 1.6% with the Big Bank Basket down to $170.57 (-1.5%). MQG toppling 2.7% with insurers also in troubl...