US markets closed sharply lower overnight in a broad sell-off after fresh jobs data indicated a strong labour market boosting yields and fanned fears that the Fed will be more aggressive in hiking rates. The Dow Jones fell 366 points (-1.07). Dow at worst down 517 points. S&P 500 posted its biggest daily drop since…
US markets closed sharply lower overnight in a broad sell-off after fresh jobs data indicated a strong labor market.
ASX 200 fell 121 points to 7042 (-1.7%). Another soggy end to the week. ASX 200 down 2.2% for the week.
I am taking some profits today in the IDEAS PORTFOLIO and throwing in the towel on the BHP and MQG one stock portfolios for the moment. The sugar hit from the RBA pause is well and truly over. That didn’t last long. The ASX 200 was up 33 on the day of the pause, dropped 26 yesterday and the futures are down 37 today.
Blood on the streets on ASX 200 today, closingdown 90 points to 7163 (-1.2%), as investors exercised caution after the FOMC meeting minutes.
US stocks closed lower overnight as the market digests the latest FOMC meeting minutes, trade barriers from China and oil output cuts from OPEC+.
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.
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.
