Market Updates

ASX 200 reversed early gains on Chinese disappointment falling 29 to 8177 as resources stumbled and banks pushed higher. The Big Bank Basket rose to $233.26 (+0.3), Insurers were under pressure, QBE was down 2.4% on Hurricane exposure, and IAG was up 0.3%. Financials weaker, SOL down 0.6% and SQ2 off 1.7% with REITs under pressure. GMG the exception, up 0.6%. Industrials sidelined and weaker with XRO off 1.7% and WOW down 0.3%, travel stocks eased, FLT off 0.2%. WEB down 1.9% and GYG fell 2.6%. Resources saw a roller coaster today as Iron ore initially rose 3% plus in Singapore, only to shed gains and head lower with BHP succumbing down 2.4% and RIO off 0.2%. Lithium stocks fell hard, MIN down 4.0% and PLS down 3.2% as the shorts pounced. LTM off 2.5% as no details forthcoming. Oil and gas weaker in Asian trade, WDS off 1.3% and STO down 0.6%. Gold miners held firm. Uranium saw some fallout. In corporate news, slim pickings, IPL saw its CFO resign. NRW won a $360m mining contract with EVN. In economic news, RBA minutes see the board talking tough still. China came in underwhelming on latest stimulus pitch. Asian market very volatile still, HK off 5.1%, China up 5.2% and Japan down 1.5%. 10Y yields jump to 4.17%. Dow Futures down 30 points. NASDAQ Futures down 12 points.


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All three major US indexes finished in the red overnight as treasury yields rose while bets that the Fed will hold rate cuts steady at the next FOMC meeting jumped to 13.7% up from 2.6% just one day ago. The Dow Jones ended just off worst levels, off 399 points (-0.94%). Down 521 points at worst. S&P 500 eased 0.96% with also every major sector finishing in negative territory, energy stocks the exception. The NASDAQ fell over 1%, and the VIX jumped 17.86% hitting a two-month high.

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The ASX 200 finished the day up 55 points (0.7%) to 8205. Led by the Banks and Tech with Resources, Discretionary stocks and Energy also doing well. The CBA (+1.5%) had its best day in a month as the banks once again were bought on weakness. WBC, NAB and ANZ finished up between 1.2% and 1.9% despite bond yields jumping over the weekend.

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ASX 200 slips 55 points to 8150 (0.7%) off lows as we head into a crucial weekend. US Jobs data and Middle East the focal points. Banks came off again, The Big Bank Basket fell to $228.95 (-1.5%). MQG off 0.7% with WBC off 1.9% and Insurers holding firm, REITs mixed, GMG off 1.9% with VCX up 0.9%. Industrials were mixed too, WES down 0.5%, ALL off 0.1% and TLS slipping 0.5%. Tech eased, WTC off 3.0% as Richard White became a dad again, XRO down 0.5% and the All -Tech Index off 0.7%. Retail eased, FLT off 1.7% and LOV down 2.3% with DMP up 2.2%. Resources took a serious breather, BHP off 1.7% with RIO down 1.9% and FMG falling 1.1%, gold miners better, GMD up 1.0% and DEG up 1.5% with VAU rising 1.6%. Lithium stocks finding sellers again, PLS down 3.2% with LTR off 3.9%. Oil and gas stocks rose as expected, WDS up 2.2% and KAR up 2.2%. In corporate news, pretty scarce, nothing on the economic front either. Asian markets better, HK up 2.1%, Japan up 0.3% with China still on Golden Week. 10-year yields rise to 4.07%.

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Stocks fell on Thursday as concerns over Middle East tensions kept investors on edge. NFP Friday.

The Dow Jones Industrial Average slid 184.93 pts or 0.44%, to end at 42,011.59. The S&P 500 lost 0.17% to close at 5,699.94. The Nasdaq Composite ended the day off 0.04% at 17,918.48 as a rally of more than 3% in Nvidia capped downside pressure.

Oil up 5% on Biden’s comments.

Friday’s nonfarm payrolls will show growth of 150,000, up from 142,000 in August. The unemployment rate is expected to hold steady at 4.2%.

ASX SPI down 27

COMMODITIES

• Oil gains ~5% as Middle East conflict stokes supply concerns.
• Gold holds steady as safe-haven demand counters stronger dollar.
• Exxon Mobil signals fall in third-quarter upstream earnings.
• IEA forecasts tight supply and record gas demand in 2025.
• OPEC oil output drops in September on Libyan outage.
• Libyan oilfields open now that central bank dispute resolved.

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ASX 200 rose 7 points in quiet range-bound trade to 8205 (+0.1%). Banks flat with the Big Bank Basket unchanged at $232.40; financials were slightly firmer as SOL rose 1.1% and ASX up 1.2%. Insurers eased back, QBE down 0.3% and REITs bounding ahead, GMG up 1.6% and SCG up 1.7%. Industrials drifted around, BXB up 0.5% and ALL down 0.6% with GYG under pressure on a broker downgrade. Retail stocks fell, PMV down 0.9% and LOV off 0.8%. IEL slid 2.9%. Resources were generally weaker, gold miners fell with EVN off 1.3%, NST down 1.0% and RMS down 2.3%. BHP bucked the trend up 0.7% with FMG easing back slightly. Lithium stocks were under pressure again, PLS saw a large block traded and fell 4.8% with LTR down 4.4% and IGO off 2.2%. MIN dropped 1.5%. Uranium stocks saw a little profit-taking. Coal down and oil and gas mixed, WDS up 0.6%. In corporate news, WBC completed the sale of its car loan book to RMC. ORG has abandoned its hydrogen plans. Apparently, a lot of hot air. In economic news, BoP numbers out. The IMF also passed judgment on the Federal government and said the rates may have to go higher whilst touting tax reform. Asian markets saw profit-taking in HK, China closed, and Japan +1.2% ahead as rates seem in limbo. 10Y yields steady at 3.99%. Dow Futures down 65 points and NASDAQ Futures down 60 points. 

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The S&P 500 added 0.01% to 5,709.54, while the Nasdaq Composite rose 0.08% to 17,925.12. The Dow Jones Industrial Average added 39.55 points, or 0.09%, to finish at 42,196.52.

ADP data released Wednesday showed better-than-expected private payroll growth in September.

ASX to inch higher. SPI Futures up 3 points (+0.04%). On the calendar today, August trade numbers out at 11:30am. AFI, PRN, MIR, and ARB all hosting AGMs. ARB trading ex-dividend today.

COMMODITIES

• US dockworker strike enters second day with talks at a standstill.
• Gold rally cools as traders eye Mideast developments, US data.
• Middle East conflict lifts oil prices despite large US crude build.
• LME monitors tightness in aluminium market after spike in spread.
• Copper climbs on hopes for more China stimulus.

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ASX 200 slipped 11 points to 8201 (0.1%) in quiet trade. Eyes on the Middle East. Hong Kong markets rallied sharply after the holiday. China still closed. Banks steady again, CBA up 0.6% with MQG off 1.0% and the Big Bank Basket up to $232.39 (0.3%). Insurers slightly better as REITS slid, SCG down 1.9% and SGP off 0.8%. Healthcare gave back some recent gains, CSL down 0.4% and RMD falling 1.7%. Industrials weaker, WES off 2.3% and WOW and COL in a hole too. Tech wrecked with WTC off 1.7% and XRO down 2.5%. Travel companies in trouble, FLT down 2.4% and QAN dropping 2.7% on Virgin news. LNW still under pressure. Retail also easier. LOV off 1.1%. Resources once again the place to be, BHP up 0.9% and the Three Amigos all doing well. Lithium stocks finding friends too, PLS up 0.6% and LTR up 2.6%. Gold miners in demand, EVN up 0.2% and NST up 0.7%. Uranium stocks also in demand as were oil and gas stocks. WDS up 3.1% and KAR up 7.5%. In corporate news, NAM looks to be done and dusted as LDC gained over 50% control. ANZ lost its court case. VVA posted a positive outlook statement. Nothing on the economic front. Asian markets mixed, HK back and flying. Property index up 15% and Japan down 1.9%. 10-year yields steady at 3.96%.

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The Dow Jones Industrial Average fell 173.18 points, or 0.41%, to 42,156.97. The S&P 500 pulled back 0.93% to 5,708.75, while the Nasdaq Composite lost 1.53% to finish at 17,910.36.

More than 3 out of every 5 S&P 500 stocks were lower in the session, highlighting the broad troubles for the market. The energy sector was up 2% on the Iranian attack.

Trading wasn't particularly active, with NYSE Composite volume running more than 61% of the past 30 days’ average, and Nasdaq Composite volume standing at about 77% of the past 30 days.
 
The JOLTS report showed that new positions rose to just over 8m, an increase of 329,000 from July and better than the Dow Jones estimate of 7.7m.

ASX SPI Futures up 2 points.

COMMODITIES

• Oil prices rise 3% after Iran launches missiles at Israel.
• Gold jumps over 1% on safe haven demand after Iran's attack on Israel.
• OPEC+ unlikely to change output policy at Oct. 2 panel meeting.
• Gold rally cripples physical demand in key markets.
• Libya preparing to restart oil output as central bank crisis eases.

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