Afterpay (ASX: APT) breaks through $100 as the ASX 200 starts the week on the right footA massive milestone for market darling Afterpay (ASX: APT) as they break through $100 for the first time, as the ASX 200 starts the week strong. Keep reading to catch up on how the week started.
How the week startedMonday saw the ASX 200 (ASX: XJO) rally hard up 53 points (+0.85%) after a positive lead from the US and more stimulus hopes. Relaxing restrictions in Victoria and more clarity around when businesses can reopen also provided a little boost. Nothing locally on the economic front although we saw Chinese GDP underwhelm at 4.9%. Given every other country would give their eye teeth for this growth, it was largely ignored. US results continue to bubble away. 84 S&P 500 companies and eight Dow components set to deliver 3Q results. Big names include Tesla and Netflix. Tuesday the ASX 200 fell 45 points (-0.7%), taking direction from the deteriorating virus picture in the northern hemisphere with nothing incremental on the stimulus or vaccine front. The RBA's Kent offered no further guidance on the central bank's thinking with regard to QE. The assistant governor said the RBA has provided more stimulus than during the GFC. RBA meeting minutes concluded the recovery would be "slow and uneven" as it considered other central bank's use of bond buying to keep yields at very low rates. ANZ-Roy Morgan Weekly Consumer Confidence lifted 0.4% to 98.1. Its seventh-straight weekly gain, although still below the long-run average of 112.6. Wednesday saw our market open ahead of what our futures were suggesting. Stimulus and vaccine optimism outweighed apprehensions of rising case numbers in the US and Europe. Oil pushed higher on hopes a US stimulus deal would boost demand. Iron ore little changed.
Looking ahead, it’s all about AGM’s and production reports this weekMT Growth Portfolio holdings Cochlear (ASX: COH), Service Stream (ASX: SSM), Magellan (ASX: MFG), Webjet Limited (ASX: WEB), Qantas (ASX: QAN) and Worley (ASX: WOR), as well as MT Income Portfolio holdings Tabcorp Holdings (ASX: TAH), APA Group (ASX: APA), Suncorp (ASX: SUN) are among the virtual presentations we will be keeping an eye on.
To find out what we are currently holding in our model portfolios, sign up for a 14-day free trial HEREA keynote address from Deputy RBA Governor Guy Debelle at the FX week Australia conference on Thursday the highlight of the local economic calendar for the rest of this week. We also have ‘flash’ Manufacturing and Services PMI numbers on Friday. Eight days until the US election. Biden up 9 points over Trump in latest national poll but Trump has reportedly narrowed the gap in Pennsylvania, credibility to be taken with a grain of salt.