SPI Futures down 18 as Alphabet drops 9.5% dropping the NASDAQ 2.4%
Our market slots in behind Wall St down another 40 at midday as bond yields rise and we worry about a rate rise
ASX 200 fell 42 points to 6812 (-0.6%), rallying off a one-year low. Resources held up relatively well on some more Chinese stimulus and a falling AUD. BHP up 0.5%, and RIO up 1.2%. Lithium stocks on the nose, although some big winners, in AZS on a bid from SQM up 43.1% and RDN as a ‘nearolgy’ play. PLS fell 0.5% on production report, gold miners slid with NST down 0.8% and NCM recovering some early losses down 1.3%.
US equities closed sharply lower overnight, weighed down by the latest batch of corporate earnings. The Dow Jones finished near worst levels, down 105 points (-0.32%). Dow up 127 points at best. Down 152 points at worst.
Heading back up to Sydney after the two-day Microcap conference. Probably the best question of the two days was Dean Fergie from Cyan Investment was, ‘why are you listed?’ With a market cap of some of these companies around $5m, it does beg that question. The fees and compliance costs involved ($250K pa?) would be a massive percentage of the business revenue. So good on you Dean for asking the question. Of course. ma
TECHNICAL SUMMARY
S&P/ASX Small Ords on a 52-week low.
Consumer staples oversold on a weekly basis and hit a 52-week low. Both WOW and COL oversold on a daily basis.
From up 40 the market has dropped to be down 20 after the higher than expected CPI release today
Alumina (AWC) released Q3 earnings last week, had a few broker upgrades and has hit an 11-Yr low. Results highlights include:
Higher aluminium production compared to previous Q.
Lower costs in the Q primarily from cheaper Caustic Soda (used to purify Bauxite).
A volatile day as we lose a 40 point gain after a higher than expected CPI number
US equity markets closed higher overnight after positive corporate results and upbeat forecasts sparked a…