Next week sees a break from big-number action. Central bank meeting minutes will headline with Australia’s RBA on Tuesday morning and the US FOMC early Wednesday morning. We will be keeping an eye on the commentary that led to the RBA raising rates and the US holding and whether it supports the new dovish pivot that
Feeling Optimistic? Summer has come and the Cup’s been run. The long weekend saw the first real taste of summer for Melbourne with shorts and sandals being the order of the day. Cup day was beautiful and sunny, but only just.
Wall St took a breather overnight, ending mixed in a quiet day of trade. Treasuries climbed and the latest economic data supported a gradual slowdown, reinforcing bets the Fed will end its rate hike campaign.
Few buy and sell signals suggest the market is having a pause. MQG trying to break downtrend. LNAS prints a small daily sell signal.
Karoon to come back on. Might hurt. Oil price down 4% – doesn’t help. Lithium vibe not good. Risk as market takes short-term profits in risk-on stocks.
MAJOR MOVERS SPR +7.7%, EVN +4.2%, OBM +5.6% Gold flying. NXG +4.8% Gets a boost from Sohn Hearts Conference. CAR -4.4% Telecomms under pressure. GQG +6.9% Asset management in focus. AWC -2.1% State Street sells out. SVW +3.6% Buyback. MEZ -1.3% Utilities fall. ASX +2% Interest in the stock market returns. 4DX -9%…
The ASX 200 finishes the week down 9 points to 7049 (-0.1%) in a narrow day of trade but closes out the week up 1.04%. Broad sector weakness today, lacking any direction. SPI
US equities extended their gains overnight on hopes the Fed will be able to achieve a soft landing, after positive retail sales data and PPI results. The Dow advanced 164 points (+0.47%). Up 223 at best. The S&P 500 topped 4,500, up 0.16%, and the NASDAQ ended marginally in the green, up 0.06%. US treasuries fell after the latest economic data pointed in support of the soft landing narrative.
