SUMMARY Cash is King for another day. Sell signals on US markets, finally. A look at Telstra today. No asset sale but good results otherwise. Not much action on the results front today. Bond yields – we’re not going anywhere until they peak. All you needed to know this week – Sell Lithium, Buy Auto…
Cash is King for another day – Until the dual sentiment cap is lifted – China and Bond Yields – sit back.
We have caught the knife buying RMD for a trade after a 25% collapse in the share price, which, as you can see below, has broken a long-term uptrend. That sell-off came after recent results (August7 2023) which missed sales forecast by 2% and saw margins down 2.1% to 55.8%. Margins were the issue, although they were only 0.3% below expectations. Brokers adjusted numbers downwards after the results to account for narrower margins and higher costs (inflation). Risks include Philips getting back into the market and suggestions that weight loss drugs could take off which would reduce the need for OSA devices.
ASX 200 fights back to close up 2 points at 7148 after a wobbly start.
ASX 200 fights back to close up 2 points at 7148 after a wobbly start. For the week the ASX 200 is down 2.6%.
Wall Street ended lower overnight night after the FOMC minutes showed bank officials were divided over the need for more interest rate hikes.
SMALL CAP PORTFOLIO 2.45pm Update The market all hot and bothered again. Big Trouble in Little China. But the jobs numbers at 3.7% show that the medicine that Dr Phil has prescribed is working and we may not need another dose. That is a good thing. I bought some more LTR. Could not help myself.…
MARKET AT MIDDAY The ASX 200 is down 59 points to 7136 (-0.8%), sliding to a 5-week low as earnings reports and the release of July jobs data push the market lower. Telstra (TLS) led the communications sector down, dropping 2.6% as Instructure sale called off. Lithium stocks, healthcare, and technology sectors all declining, with Pilbara Minerals (PLS) -3.1%, Core Lithium (CXO) -22%, Resmed (RMD) -4.1%, Sonic Healthcare (SHL) -5.1%, Xero (XRO) -1.9%,…
ASX 200 closed down 49 points at 7146 (-0.7%) as China and US worries weighed.
