CommSec Market Update

Today marked the fourth consecutive day of decline, erasing the previous week's progress. The energy sector was the sole gainer this week, while Qantas shares continued to decline. The upcoming week promises to be eventful, with China set to announce inflation figures over the weekend, and Australian job data scheduled for release next Tuesday.

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Technology shares were in focus this morning as China broadened the ban on the iPhone.  Tom and Ryan unpack the impact of this on the market, review commodity prices, and discuss the solid US economic data that continues to fuel rate jitters.

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It was a third straight day of losses, with the market expected to have its worst day in 3 weeks. As expected our market’s biggest stock, BHP had a difficult day after trading ex dividend. All 11 sectors are expected to fall today and Philip Lowe gave his last speech in his role as governor of the RBA.

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Wall Street slid overnight as economic data stokes inflation and interest rate worries. Meanwhile oil prices have hit fresh nine month highs. Tom and Ryan preview RBA Governor Phillip Lowe's final speech. Plus this mornings commodities and the AUD. 

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The Aussie market didn’t have a great session today. Energy was the only sector to lift, while banks and miners weighed most. Higher oil prices and concerns about China were a big weight on markets today. Can and bottle maker, Orora was under the most pressure after raising money to buy a French bottle maker company. Tomorrow, keep an eye on BHP which will be trading ex-dividend – the cut off for those eligible to receive a dividend payment – as it could weigh on the Aussie market given that it’s the largest stock on the ASX.

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Wall Street slips as bond yields rise with oil prices boosting the energy sector. Meanwhile OPEC extends crude production cuts until December. Ryan and Tom assess todays economic growth data for Australia. Plus this mornings commodities and the AUD.

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RBA governor Phillip Lowe held interest rates today, in what was his last policy meeting before he steps down. Sectors were mixed with health care finishing the highest. Qantas CEO Alan Joyce has brought his retirement forward, finishing up this week and Westpac was down after ASIC looked into ignored hardship requests.

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Tom and Ryan head to Europe first this morning where shares were flat with U.S markets closed for labour day. Meanwhile European mini shares have been supported by Beijing stimulus. They preview the Reserve Bank interest rate decision today. Plus this mornings commodities and AUD.

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The market was up today, largely thanks to the materials and energy sectors. It was another troubling day for Qantas today, hitting an 11 month low. Lithium miner Liontown was on top today after an update about a potential takeover. The U.S. and Canadian markets will be closed tonight for a public holiday but a busy day locally tomorrow with the rate decision out.

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To the U.S first as always this morning where Wall Street has survived a key jobs report. Meanwhile Aussie stocks are set to build on last weeks improvements. Tom and Ryan discuss the key risk events of the upcoming week. Plus this mornings commodities and the AUD.

The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.

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