ASX 200 closed up 78 points to 7197 (+1.1%), boosted by cooler-than-expected inflation results. The Aussie dollar fell to 66.43c (-0.6%), and the 2Y and 10Y bonds took a hit following inflation results, before closing down 6bps and 5bps, respectively. Interest rate-sensitive sectors performed well. Consumer discretionary the best-performing sector today WES up 1.3%, JBH…
Wall Street closes higher overnight, ending near best levels. Dow Jones up 212 points (+0.63%). Dow at best up 261 points, snapping a six-day losing streak. Tech megacaps led the round, with the NASDAQ up 1.65% and the S&P 500 up 1.15%, halting a two-day drop. Upbeat economic data eased recession fears while the dollar…
Wall Street lost ground overnight, ending near worst levels as worries about the impact of further interest rate hikes mounted and crude prices advanced over aborted Russian mutiny over the weekend. Tech and mega-cap stocks led the losses as traders unwound bets that the Fed will cut interest rates this year, NASDAQ down 1.16%, and…
ASX 200 is up 41 points to 7120 (+0.6%) snapping a four-day losing streak supported by heavyweight financials and resource stocks. PointsBet Holdings (PBH) Trading halted pending material announcement. Vulcan Energy Resources (VUL) +0.9% Signs a binding term sheet with SLB for its Zero Carbon Lithium Project. Immutep (IMM) -0.9% Completes a retail entitlement offer, raising $6.5m at 26c. Nib Holdings (NHF) -1.6% Delays private…
The ASX 200 up 40 points to 7118 (+0.6%) snapping back from a 4-day losing streak ahead of CPI numbers tomorrow. REITS saw the biggest gains today as the NSW premier announced an increase in height restrictions for apartment building in Sydney. GMG up 1.2% and SCG up 4%. Banks gained after their recent drop…
The main event this week is Australia’s monthly CPI data out Wednesday. The last reading of 6.8% in April surprised the market, up from 6.3% in March, which was the lowest reading in 10 months, significantly exceeding market expectations of 6.4%, which led to a 25bps rate hike by the RBA in June. May CPI…
ASX 200 is down 20 points to 7079 (-0.3%) as the market continues to fall although it has steadied slightly. Gold miners and oil and gas in focus following Russian issues. TODAY’S STORIES Metcash (MTS) – Announced a 4.7% increase in its fully franked dividend for FY23, declaring 22.5cps. The company's revenue has also grown by…
The ASX 200 started the week down 21 points to 7079 (-0.3%), hitting 7,054, its lowest level in three months weighed down by losses in banking and mining stocks. Oil and gas stocks mixed despite strength in the oil price, KAR -0.5% and STX -1.1%, while BPT edged higher, up 0.4%. Iron ore giants BHP,…
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…
