MARKET AT MIDDAY The ASX 200 is down 33 points to 7321 (-0.5%), getting hit for a second day, off the lows on trade numbers. More muted reaction to the drop on Wall Street due to Fitch's recent credit rating downgrade of the US and rising Treasury yields, which negatively affected sentiment. The tech sector leading the downturn…
ASX 200 closed down 43 points to 7312 (-0.6%), sliding for a second straight session, tracking losses on Wall Street overnight. Tech led the laggards today, XRO -2.7%, REA -0.8% SQ2 -1.9%. All-Tech index down 1.0%. Iron ore miners slipped, tracking the softening price in Asia. BHP down 1.2%, RIO off 1.7% and FMG down…
US markets were lower overnight, ending near worst levels, following hot labour market data and a ramp-up in treasury issuance just a day after a US credit downgrade by Fitch. Dow Jones down 348 points (-0.98%). Dow at worst down 404 points. S&P 500 notched its worst day since April, down 1.38%. Tech-heavy NASDAQ off…
Wall Street closed mostly lower overnight in an uneventful session as the latest slew of corporate results came in mixed. The Dow Jones rose 71 points (+0.20%). Up 120 at best. Down 33 at worst. Meanwhile, the S&P 500 and NASDAQ dipped by 0.27% and 0.43%, respectively. US treasury yields rose, with the 30Y paper…
ECONOMIC & OTHER NEWS In July 2023, the Ai Group Australian Industry Index fell to -14.7, continuing its contraction for a 15th month. Employment, new orders, and activity/sales declined, with manufacturing and construction sectors experiencing significant downturns. The Australian dollar declined 1.5% to 66.14 US cents following the Reserve Bank's decision to maintain the cash…
US equities finished in the green overnight on July’s last trading day, closing near best levels. Dow Jones up 100 points (+0.28%). Up 108 points at best. Down 29 points at worst. S&P 500 and NASDAQ added 0.15% and 0.21%, respectively. All three major indexes ended with gains for the month, Dow up 3.32%, and…
RBA INTEREST RATE DECISION – HOLD The Board decided to keep the cash rate target at 4.10% and the interest rate on Exchange Settlement balances at 4.00%. Interest rates have increased by 4 percentage points since the previous year to balance supply and demand in the economy. Inflation in Australia is declining but still high…
ASX 200 up 40 points to 7451 (+0.5%) as shares rallied slightly further in the afternoon after the RBA announced it was leaving the cash rate unchanged. The Aussie dollar fell 0.8% to 66.66c, and bond yields took a hit. 2Y and 10Y bond yields fell 9bps and 8bps, respectively. Gold miners were golden today thanks to Lowe, NCM up 1.4%, EVN up 2.4% and NST +1.6%. Major iron ore…
The US stock markets experienced gains all round last week, with US Treasury yields weakened after hitting two-week highs following the BoJ decision to tweak its ultra-loose monetary policy. The Dow Jones gained 177 points (+0.5%), ending the week on a win. At its best, the Dow was up by 283 points, while at its…
