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
Wall St on hold ahead of the CPI numbers tonight. Tech down as Oracle falls 13.5% and Apple 1.7%. Oil up. Iron ore up. Lithium down.
Our market down almost 50 points ahead of the CPI number tonight. The tone and trend is wilting on us.
The market dropped all day down 66 at worst and closing down 53 in a nervous session ahead of the CPI number in the US tonight. If the market drops when it has nothing to do its not a good sign.
SPI Futures up 7 but a strong performance from both Big Tech , the iron ore price, the Resources in Europe and the A$ suggest we are on the right side of the ledger today.
We have slipped 36 points at worst today as we wait for the US CPI number tomorrow
ASX 200 closed up 15 points to 7207 (+0.2%) in a choppy day of trade. The ASX 200 fell 36.5 points in early trade before bouncing back following. Better-than-expected NAB Business Confidence data may have helped but again, it was a resources rally that turned the tide. The ASX 200 is rallying into the CPI numbers tomorrow night helped by a mildly more positive vibe about China. Miners carried the market, once again supported by stronger iron ore prices. BHP, RIO and FMG
In a surprising turn of events, the ASX 200 reversed earlier losses and ended the day on a high note, closing up 36 points at 7192 (+0.5%), snapping a four-day losing streak. The iron ore price (up 2.4%) drove a recovery in Resources and the Aussie dollar with only some Chinese Credit numbers (more credit lending than expected) to blame with increased borrowing from local governments to fund infrastructure. After the Chinese CPI numbers at the weekend (they rose instead of fell) one economist says “Many data we’re seeing now shows that the economy’s slump may be slowing in the…
