DIARY NEXT WEEK The main events this week are Corporate, not economic. We have the…
Not much joy overnight. This week has seen the ASX 200 +16, +70, +47, +2…
Wall Street finished in the red overnight after a US treasury auction sent bond yields…
SMALL CAP PORTFOLIO Let's be extra careful out there today! SUMMARY There is something rotten…
Wall Street finished in the red overnight after a US treasury auction sent bond yields higher, and CPI data came in hotter than expected. September monthly headline CPI came at 0.4%, higher than consensus of 0.3%, down from 0.6% in August. Headline YonY remained unchanged at 3.7%, although higher than expectations of 3.6%.
Turnover day – Not sure you take much interest in the technical signals today as the four-day trend comes to an end. Not a lot of technical signals anyway as the market bounce drops away. This is the ASX 200 – will the new trend end? Likely.
Market surviving the CPI number overnight – all is not lost although the rally has certainly started to doubt itself.
DMP is enjoying a purple patch, up 10% in the past five days. Citi upgraded the company on Wednesday to Buy, noting that an inflection point has been reached and improvement in key financial metrics are expected.
All Change – We are back on interest rate watch after the CPI number. Interest rate sensitive rally to end. US Results season starts tonight. Usually, a positive. Investment banks up first. DMP – Some broker upgrades. SGR – If you can swallow your ethics. BOQ after dropping 7% on results. Interesting moves in our industry.
BOQ released full year results on Wednesday and was received poorly by the market to say the least. Down 7% (a lot for a bank) on the news, followed by an interesting bounce back yesterday, up 4%.