Up, Up and Away for the ASX 200
ASX 200 (ASX: XJO) at seven-month high
On Monday the ASX 200 gained 30 points (+0.5%)
- Taking heart from Asian markets after an uninspiring start
- Banks driving the market higher.
- AGM season and quarterly earnings in the US colouring the corporate diary.
Tuesday saw the market reach a seven-month high, up 64 points to 6196, a late fade took off some of gloss.
- The ANZ-Roy Morgan Weekly Consumer Confidence index lifted 2.1% to 19-week high of 97.7.
- The Australian Budget backwash, prospect of a November RBA rate cut, a rise in bond yields and Australian virus management all adding to support.
Wednesday was characterised by a lethargic open, although much better than what our futures had forecast.With nothing incremental on the political or stimulus front, attention seemed to have drifted to the deteriorating virus picture in the US and Europe.
- The Westpac-Melbourne Institute Consumer Confidence index improved 11.9% to 27-month highs of 105 points.
- RBA governor, Phillip Lowe to speak at Citi conference on Thursday as well.
- US quarterly earnings in focus, “consensus estimates for the third quarter have risen by about 4% over the past three months ... a good sign that companies may be able to deliver more than the typical upside,” according to one analyst.
- Retail sales and industrial production numbers on Friday colouring the economic calendar in the US.