CommSec Market Update

Technology stocks lead Wall Street higher overnight with chip maker Nvidia forecasting revenue 50% higher than expected. U.S debt ceiling talks remain slow but progress has been made. A key U.S inflation indicator shows an easing annual growth rate. Plus this mornings commodity prices and AUD. 

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The Aussie sharemarket fell by more than 1%, hitting a 2-month low and extending its losing streak to a fourth day. Treasury Wine Estates was the worst today after they had a drop in share price today after they announced they have seen a decline in sales this financial year. TWE is the parent company of popular wine brands including Penfolds and 19 Crimes. Debt ceiling conversations in the US and retail sales in Australia will be the focus tomorrow.

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Another failed debt ceiling talk continues to affect the markets. Meanwhile the Federal Reserve raises concerns about lack of progress with inflation in the latest meeting minutes. Aussie shares are expected to tumble on Thursday with a host of AGM's in focus. Plus at look at how all of this affecting commodities as well as 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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Stevie and Laura are here to give you Wednesday’s closing market updates. The market closed in the red today, along with 8 of the 11 sectors. Webjet was a top performer today with their shares hitting a 3 year high following their annual profit announcement. Clothing retailer Universal Store was the worst on the All Ords today, citing that youth are spending less due to cost of living pressures. Finally, Brainchip’s share price fell despite being approved for another US patent. 

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Debt ceiling deadlock weighs on Wall Street once again. Tom and Ryan also look at under pressure European luxury good makers. In Australia travel agent Webjet releases its earnings. Plus the latest commodities and the AUD.

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Chief economist Craig James is back with Laura tonight for the closing updates. The market closed in the negative today and the debt ceiling talks in the US remain unresolved. Brain chip fell the most today with their largest single day decline for 2023 and Qantas was also down despite announcing an expected profit of 2.5 billion dollars. Finally, an update on the purchase offer between Silver Lake and St Barbara and a look ahead at tonight.

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Tom and Ryan look to the U.S first where Wall Street remains pensive ten days out from debt ceiling default. China has banned the sale of U.S Micron Technology products citing a national security risk. Pfizer shares have rallied off the back of a new weight loss pill. Plus the team look at commodities and the AUD. 

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Stevie and Laura are here to give you today’s closing updates. The market is down again this Monday evening after ending last week on a high. Energy and tech were up but most other sectors fell. The buy now, pay later industry to be regulated and finally, the debt ceiling in the US will be discussed overnight.

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Tom and Ryan talk the U.S debt ceiling stalemate and how it’s affecting the markets. Foot Locker shares plunge off the back of tough outlook. Potential for new credit spending laws puts Buy Now Pay Later stocks on notice. The team also look a commodities and the AUD. 

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The week has come to a close, and Laura and Stevie are here to give you the updates. The ASX lifted today and finished the week up 0.3%. Tech stood out again today and 9 out of the 11 sectors were up. Coal and gold miners were worst off today and Aussie biotech company Imugene was best on the ASX today after receiving clearance from the US FDA. Finally, a look ahead to next week and find out what ASX rabbit holes the team are going down.

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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