US markets little changed overnight ahead of FOMC Thursday this week. Dow Jones up 6 points in a narrow day of trade (+0.02%). Up 107 points at best. Down 73 at worst. S&P 500 edged higher, up 0.07% near 4,450, buoyed by energy stocks as oil prices near $95 a barrel. NASDAQ flat, up 0.01%…
Wall Street moves sideways as investors look to Fed. Stocks drift lower, US yields rise but growth outlook dims. ASX to fall, Wall Street edges higher, Arm downgraded. UAW strike against automakers enters third day, no resolution seen. Fed unlikely to raise rates in November, says Goldman Sachs.
Not sure why we’re “On Hold” for the Fed, is Powell going to say something unexpected? I doubt it. UAW strike creates an opportunity in BSL. NASDAQ held up so still holding FANG and LNAS in the Ideas Portfolio. Don’t let me stop you taking a profit in resources but I’m still holding. A comment on the China Property stocks – they don’t matter.
Market down 33 midday as we stay on hold for what is one of the most predictable Fed Meetings in months.
ASX 200 traded lower all day, closing down 34 to 7197 (-0.5%). Falling for a second consecutive day – ASX 200 down 49 yesterday. We are losing our gains from last week. The RBA Minutes were a bit of a non-event. No ECB-style declarations about rates having peaked. They remain data-dependent. The job isn't done yet. Gold stocks rallied on the…
ASX 200 traded lower all day, closing down 34 to 7197 (-0.5%). Falling for a second consecutive day and lacking any direction following US markets. Gold stocks rallied on higher bullion prices ahead of the FOMC meeting. EVN up 1.4%, NST up 0.4% and NCM gained 1.4% after FIRB cleared Newmont’s proposed acquisition. Mining giants suffer as iron ore prices weaken. RIO down 0.7%, FMG off 1.1% and BHP down 1.4% after it warned of a potential 30% dividend cut if new Australian government industrial relations reforms proceed. Oil prices firmed, fuelling speculation of $US100 crude return. STO up 6.4% STX up 6.4%, and BPT up 0.3%. Coal doing well, YAL up 2.6% and WHC gained 1.2%. Tech sold off, led by SQ2 down 4.5% on CEO exit, CPU down 2.0% and ALU down 0.6%. All-Tech
SPI Futures down 41 in a Tech led sell-off on Wall St. The Resources held up. We have a busy week of Central Bank Meetings ahead.
SPI Futures down 41 but the Resources held up in the US – the sell off on Wall St was very much a Tech thing.
ACTION TODAY I am adding AWC to the IDEAS PORTFOLIO on the open. SUMMARY FOMC, Bank of England and Bank of Japan Meetings this week. If rates were coming down, why are bond yields going up? Resources held up OK in the US. Hoping for them to do the same today. Tech sell-off in the…
The ASX 200 began the week on a negative note, trading lower all day, down 49 points to 7230 (-0.7%), giving up some of Friday’s gains. SPI Futures were down 41 this morning. ASX Index changes came into effect today. All sectors finished in the red. Tech stocks weighed heaviest on the index tracking the NASDAQ overnight…
