MARKET AT MIDDAY The ASX dropped 0.9% at the market open, with all sectors in the red, led by losses in the materials sector. Mining and energy stocks declined, while consumer discretionary stocks also performed poorly. Magellan Financial Group (MFG) saw a 7.2% drop in its shares due to outflows, while Square (SQ2) rallied 4.8%. The ASX 200 is down 71 points to 7182…
Blood on the streets on ASX 200 today, closing down 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…
Blood on the streets on ASX 200 today, closingdown 90 points to 7163 (-1.2%), as investors exercised caution after the FOMC meeting minutes.
ASX futures down 12 points or 0.17% to 7233 near 7am AEST. Global stock market trading was light overnight, US markets closed for Independence Day.
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,…
SUMMARY With Wall Street closed many of the signals are unchanged. NASDAQ and S&P 500 at 52 week highs and both overbought and well as their ETFs – NDQ, HNDQ, IVV, IOO, SPY. Technology ETFs overbought – ROBO, RBTX, FANG, SEMI. FANG at a 52 week high. Bear market ETFs oversold – BBUS, SNAS. Oversold…
SUMMARY Wall St closed – not much to go on. The RBA pause – Short term sugar hit. Big Tech – how overvalued are they? Chinese PMI numbers disappoint. STRATEGY PORTFOLIO Nothing to report – I have to say, I feel like it's a matter of "When do we sell the US" rather than "What…
MARKET AT MIDDAY The ASX 200 is down 25 points to 7254 (-0.4%), sliding lower after yesterday’s gain as the RBA held rates steady at 4.1%. Banks hit the hardest after gaining yesterday, The Big Bank Basket down 1% to $173.13. REITS gaining on the interest rate halt, GMG up 0.6% and MGR up 0.2%. Aussie bond creeping up post RBA decision. 10-Year up 3bps and 2-Year up 1bps. Dow futures down 31 points.…
Yesterday’s RBA rate pause could have been a mistake. Coming into focus now is the quarterly CPI number on July 26. Everyone seems to have forgotten the March quarter number (7%) and the June quarter number is still going to be 6% plus, which is still well above the RBA’s target.
ASX 200 closed 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…
