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
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.
SPI Futures down 41 but the Resources held up in the US – the sell off on Wall St was very much a Tech thing.
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 and were further pressured by higher bond yields, XRO down 4.1%, WTC off 2.5% and SQ2 down 1.7%. All-Tech Index down 2.0%. Iron ore giants showed resilience, BHP and RIO finishing up. The strength strecthed beyond iron ore today to S32 up 0.9% and new trade AWC up 1.5%. Gold prices held steady near six-mo
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Headlines include: Dow finishes up 1% on soft landing hopes. ASX to leap, S&P 500 rallies broadly, China data pending – AFR. Wall Street rallies, dollar surges as data cements Fed pause bets. Wall Street ends higher on economic data; Arm soars in debut. Ebullient markets nervously eye China data dump.
The market flying today led by Resources and particularly the iron ore stocks. We have timed this resources recovery nicely. We look at Five big stocks that are oversold.
The CPI number was a non-event. Wondering where the momentum is going to come from now. Poised for a rally that has no catalyst.
The market didn’t exactly get a shot in the arm from the CPI number but there’s no damage and it may take a couple of days for those big US fund managers to absorb and get going.
The ASX 200 surprised today, up 33 points to 7187 (+0.5%). The SPI Futures this morning were down 5 points after a CPI non-event in the US overnight. We rebounded from the early dip to end near best levels.Jobs data was the main story today, normally ignored by the market. Unemployment remained steady at 3.7%, but 64k jobs were created in August, significantly higher than forecasts of 23k. Most sectors finished higher. Miners and Financials did the heavy lifting. I