Market Updates

ASX 200 fell 11 points to 8142 (-0.1%) on a big day of divergence. The great rotation kicked in with resources doing very well following the PBoC firing its 'bazooka' and the banks fell after the RBA held rates unchanged for the same reason as last time. The Big Bank Basket fell to $240.49 (-2.8%) as CBA dropped 3.0% and NAB fell 3.0%. Other financials held, with MQG up 0.9% and CGF up 1.3%. Insurers eased back slightly, SUN down 1.5%. REITs steady as GMG rose 1.1% and SGP up 1.0%. Industrials were mixed again, WOW and COL on the nose, falling around 3% on ACCC concerns. WES off 0.7% and ALL rallied 2.1% as LNW fell 18.4% on a Nevada court ruling. Tech mixed, the All Tech Index up 0.4%. QAN up 1.0% heading for an all-time high! It was a better picture in resources, following the PBoC move, BHP rallied 3.3% with RIO up 3.7% and FMG trailing up only 1.8%. Lithium miners were squeezed higher, PLS up 4.7% and MIN up 6.5%. S32 had a good day up 4.1% with BSL up 1.2%. Gold miners were weaker, EVN up 1.4% the exception. Uranium stocks glowing again today as shorts continue to cover on Microsoft’s move to shore up power. DYL up 10.6% and PDN up 10.1%. Oil and gas pushed slightly higher. In corporate news, CTT had their accounts signed off by the auditor and raced 79% ahead! In economic news, RBA and PBoC hogged the limelight. Asian markets firmed, Japan up 0.5%, HK up 3.5% and China up 3.8%. 10Y yields steady at 3.90% on RBA.

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The S&P 500 climbed to a fresh closing high on Monday as traders looked to build on last week’s gains following the Federal Reserve’s interest rate cut.

The broad market index added 0.28% to end at 5,718.57, while the Dow Jones Industrial Average gained 61.29 points, or 0.15%, to close at 42,124.65. Both indexes closed at records. The Nasdaq Composite ticked up 0.14% to 17,974.27.

ASX to ease a touch. SPI Futures down 9 points (-0.11%).

COMMODITIES

• FTC set to greenlight Chevron's $53bn buy of oil rival Hess, sources say.
• Crude oil prices sink as Iran's new president says he is prepared to ease tensions with Israel.
• Oil settles lower on weak euro zone business activity.
• Aluminium steadies after touching 10-day low.
• Gold strikes record high as Fed rate cut maintains bullish mood.

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ASX 200 finished down 57 points to 8153 (-0.7%) despite hopes for Chinese stimulus and better US and European futures markets. Banks eased back led by CBA down 1.5% and the Big Bank Basket down 0.9%. Other financials mixed, ASX up 0.4% and CGF gaining 0.6%. REITs fell across the board, GMG down 1.5% and SCG off 1.9%. Industrials fell after the ACCC announced it would be looking into WOW, down 3.4%, and COL, off 3.3%, for their pricing policies. WES caught up in the same inquiry falling 1.7%. Retail slipped slightly, PMV down 1.3% and SUL off 2.2% with JBH falling 2.0%. WEB fell 10.7% as it went ex-entitlement. FLT off 2.0% and DMP dropped 1.3%. Telcos eased, tech mixed with the All-Tech Index flat. Resources were mixed, iron ore down again as Singapore futures fell, BHP down 1.3% and RIO off 0.6%. Gold miners better on the bullion price, NST up 0.2% and NEM up 1.6% with oil and gas stocks slightly better outdone by uranium stocks that saw short covering again on Microsoft’s embrace of Three Mile Island. In corporate news, ASB rose 2.4% after yet another contract from the US Navy. TLX rose 1.9% on a large US acquisition, HLS rose 7.5% on its sale of Lumus Imaging. FBU in a trading halt on a large capital raising. REA made another offer for Rightmove in the UK.  Nothing on the economic front. Asian markets better on hoped-for Chinese stimulus, with HK up 0.2% and China up 0.4%. Japan closed for a holiday. 10Y yields rising to 3.97%. AUD heading towards 2024 high. Dow Futures up 54 points. NASDAQ Futures up 70 points.

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Wall Street finished mixed Friday, following the previous day’s rally fuelled by the Fed’s upsized interest-rate cut. The Dow nudged higher by 38 points (+0.09%) reaching a record thanks to Nike's gains (+6.84%), while the S&P 500 fell 0.19% and the Nasdaq eased 0.36%. For the week, the S&P gained 1.36%, the Nasdaq 1.49%, and the Dow 1.62%. The session was marked by high trading volume due to "triple witching," with approximately $5.1 trillion in derivatives expiring. Fed commentary reflected divergent views. Waller suggested a willingness for another 50bps cut if economic conditions deteriorate, while Bowman maintained a hawkish stance and warned against premature policy shifts in light of persistent inflation pressures.

ASX SPI down 68.

COMMODITIES

• Nippon Steel to sell $211m in assets to manage debt amid U.S. Steel deal.
• US to award $3bn to 25 projects for battery manufacturing sector.
• Gold breaks $2,600 barrier as Fed cut bets prolong historic run.
• Copper pulls back from two-month peak on firm dollar.
• Oil ends week higher as investors take stock of Fed rate cuts.

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ASX 200 wilted after a great start to close up only 18 points at 8210, unable to hold on to earlier big gains. Triple witching and index rebalancing in US tonight. Banks remained solid with the Big Bank Basket at $249.63 (+0.5%). MQG slid from record highs, and SUN eased 1.3%. REIT's mixed, GMG down 0.6% and SGP up 0.4%. Industrials were mostly firm with WES up 1.5% and retailers doing well, JBH up 1.4% and LOV up 3.2%. Travel and pizza back in fashion (when did they ever go out of fashion?), FLT up 2.2% and DMP up 4.0%. Healthcare in casualty, CSL down 0.3% and SHL continuing to suffer, down 2.2%. Resources promised so much this morning, and yet delivered so little. Iron ore stocks gave up early gains despite futures in Singapore rising, China left rates unchanged which disappointed some. Lithium stocks slipped into depression again, PLS down 3.1% and MIN off 2.9%. Gold miners mixed bag of lollies, NST up 1.3% but NEM off 0.5%. Energy stocks mixed, oils doing ok, WDS up 0.7% but uranium stocks seeing a little fallout after a solid week. In corporate news, MYR lost 0.6% on a trading and strategy update, HVN being sued again, KLS rose 1.5% on a US contract and NAM recommended the Olam Agri bid. LTM looking at exiting Australia! Nothing on the local economic front. BoJ and PBoC kept rates unchanged.  Asian markets mixed again, Japan up 1.0%, HK up 0.9% and China off 0.6%. 10-year yields steady at 3.92%. Dow Futures off 0.1% and NASDAQ Futures down 0.2%.

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The Dow advanced 522.09 points, or 1.26%, ending at 42,025.19, marking its first close above the 42,000 threshold. The S&P 500 rose 1.7% to close at 5,713.64, topping 5,700 for the first time. The Nasdaq Composite surged 2.51% to end at 18,013.98.

ASX to rise. SPI Futures up 31 points (+0.38%).

COMMODITIES

• Biden administration nears approval for ioneer's Nevada lithium mine.
• Saudi Arabia's crude oil exports in July hit almost one-year low.
• Oil ends more than 1% higher on US rate cut, declining crude stockpiles.
• Gold gains over 1% as Fed begins deeper rate-cut cycle.
• Copper hits two-month high after Fed's bold rate cut.
• Iron ore climbs on China stimulus hopes, softer stockpiles.

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ASX 200 closed up 50 points to a new record high of 8192 (+0.6%) on SPI expiry day. Some wobbles post job numbers were quashed by buyers stepping back in for banks and now resources too. The Big Bank Basket hit fresh highs of $248.39 (+0.5%). CBA up 0.5% and ANZ playing some catch-up, rising 1.1%. MQG rose 1.0% with other financials doing alright. SOL up 1.0% and ZIP up 9.2% on cheaper money and happier customers. REITs also bounced, GMG up 1.5% and SCG up 2.4% with healthcare under some pressure still. RMD fell 2.5% on a US broker downgrade citing GLP-1 threats. COH down 1.5% and SHL drifting 1.3% lower. Industrials were mixed, TCL down 1.9%, BXB fell 0.7% and WES off 0.7%. Tech mixed with the All-Tech Index unchanged. Resources joined the party today. Morgan Stanley upgraded the 'Three Amigos', all rose with RIO up 3.5% and BHP up 2.6%. Lithium shares also in demand, PLS up 2.1% and MIN up 1.9% with uranium stocks in focus, DYL up 6.1% and PDN rallying 8.1%. Gold miners were mixed, coal stocks better again, WHC up 1.2% and NHC 2.2% higher. In corporate news, ALQ fell 8.6% on a trading update, MND rose 2.0% on a new $230m contract, SGM rose 12.4% on a trading update, and ORI blasted ahead 1.3% after upgrading expectations. Asian markets firmed on Fed news, Japan up 2.0%, China up 0.5% and HK up 1.9%. 10Y yields rose to 3.93%. European markets bouncing back. FTSE showing up 0.8%.

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The Dow Jones Industrial Average slid 103.08 points, or 0.25%, to end the day at 41,503.10. It was up as much as 375.79 points just after the Fed decision.

The S&P 500 lost 0.29% and closed at 5,618.26. The Nasdaq Composite dropped 0.31% to 17,573.30. The S&P 500 and the Dow both touched records initially before falling back.

The Fed lowered its overnight lending rate to a range of 4.75% to 5.00% from 5.25% to 5.5%, the first rate cut in four years as inflation levels ease from the levels seen two years ago.

ASX SPI Futures down 39 points

COMMODITIES

• Barrick Gold suspends operations at Papua New Guinea mine after violence kills at least 20
• US decision on Nippon bid for US Steel pushed back to after Nov election, sources say
• Gold retreats as dollar, yields climb after Fed's Powell comments
• US crude oil stockpiles dipped to their lowest level in a year last week, while fuel inventories rose
• Copper creeps higher ahead of expected US rate cut
• Iron ore posts steepest daily fall in nearly two years

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ASX 200 drifted around to close up 1 point ahead of the Fed. Banks were firm, again, the Big Bank Basket up to $247.05 (+0.4%). MQG rallied another 0.6% to a record close. Financials were a little mixed, REITs generally better, GMG up 0.1% and SCG up 0.5%. Industrials firmed, WOW up 0.3% and COL up 0.4% with WES flat and ORG up 2.2%. Tech drifted around, WTC up 0.4% and the All Tech Index lost 0.2%. In resources, Iron ore resumed trade after a holiday and fell away again, BHP, RIO and FMG all suffered, dragging sentiment down. BHP off 0.9% with S32 down 0.9% too. Gold miners were mixed, NEM up 0.8% and GMD down 0.5%. Lithium stocks depressed again, PLS off 1.0% and MIN down 2.0%. Oil and gas stocks slightly better, WDS announced a ten-year sales deal with the Japanese adding 0.8%. Coal stocks better, NHC up 4.6% with uranium slightly firmer too. In corporate news, HVN fell on a class action, APM shareholders approved its takeover, IMU gets FDA approval for bile tract cancer drug. Nothing on the economic front, Asian markets higher, Japan up 0.4%, and China back from a holiday up 0.5%. 10-year yields drift higher to 3.86%.

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The Dow Jones Industrial Average inched down 15.9 points, or 0.04%, to close at 41,606.18. The 30-stock index also hit a fresh record during the session. The S&P 500 was unchanged. The Nasdaq Composite advanced 0.2% and ended at 17,628.06.

The energy sector outperformed the S&P 500 on Tuesday afternoon. Energy advanced 1.3%, with gains led by Halliburton and Devon Energy up 3.2% and 2.1%, respectively.

The latest retail sales data indicated solid consumer health. Retail sales rose 0.1% in August versus economists' estimates for a 0.2% decline.

SPI down 39 points.

• Commodities slip slightly.
• Oil up 1.2%. Gold off 0.5%.

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