Wall Street lost ground overnight, ending near worst levels as worries about the impact of…
ASX 200 is up 41 points to 7120 (+0.6%) snapping a four-day losing streak supported by heavyweight…
The ASX 200 up 40 points to 7118 (+0.6%) snapping back from a 4-day losing…
The main event this week is Australia’s monthly CPI data out Wednesday. The last reading…
ASX 200 is down 20 points to 7079 (-0.3%) as the market continues to fall although…
The ASX 200 started the week down 21 points to 7079 (-0.3%), hitting 7,054, its…
Low-volume night in the US dominated by Powell’s testimony (see below) which was seen as a little less hawkish. The Fed remains data dependent (seen as a positive). Tech stocks led with the NASDAQ up 1.18% and the other markets flat. The Dow Jones finished down 5 points (-0.01%) at worst down 116 points. The Bank of England raised rates by 50bp, more than expected, although the UK market (FTSE) only fell 0.76%. The odds of a Fed rate rise at the next meeting on July 26th rose from 74.4% to 76.9%. Weekly jobless numbers hit a 20 month high and the Leading Economic Index fell for the 14th time on the trot. The energy sector was the worst-performing sector on the back of a 4% fall in the oil price.
TODAY’S STORIES Sezzle Inc (SZL) – Reported an 18% increase in income to $11.6m in…
ASX 200 finished down 96 points at 7100 (-1.3%) with another day of losses, the third in a row. 2.1% for the week. Once again, no real reason apart from Powell and the lack of Chinese stimulus perhaps, 10bps not really cutting it. Banks did a substantial nosedive with the Big Bank Basket dropping to $167.86 (-1.6%). CBA fell 1.6% and ANZ off 2.1%. MQG also falling hard with insurers in the red too. Industrials fared slightly better in the bloodbath, WOW and COL kept their heads above water, TLS only fell 0.5%, and BXB and other industrials managed small (ish) losses. Healthcare was mixed with CSL unchanged with SHL down 1.0%. REITs under pressure GMG down 2.6% and SGP off 2.2%. Tech eased with the All-Tech Index down 1.1% as WTC fell 0.1% and XRO dropped 1.8%. Resources held up relatively ok, BHP down 1.2% and RIO off 1.1% with lithium stocks mildly weaker but some bright spots there. Gold miners fell as bullion dropped, NST down 2.5% and DEG off 3.8%. Oil and gas though was smacked hard, as crude continued to head lower in Asian trade, WDS off 4.6% and STO down 4.3%. In corporate news, COH fell 3.5% on issues with an acquisition in the UK, DLI soared 30.1% on some ‘stunning ‘drill results. Nothing on the economic front today. Asian markets are weaker with China back trading after Dragon Boat Festival. Dow futures down 136 points. NASDAQ futures down 68 points.
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