Market Updates

US Markets closed for Labor Day.

SPI up 4, eyes record again.

Commodities ease. Iron ore down nearly 4% to $97.

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ASX 200 rose 18 points to 8113 (0.2%) heading to an all-time high as banks shook off early nerves and sauntered higher. Failed to hold the record. CBA up 1.6% and NAB up 1.3% with the Big Bank Basket up to $242.68 (1.4%). MQG rose 0.6% and insurers also doing well, QBE up 0.9% and SUN up 0.8%. REITs are also in demand, SGP up 0.8% with industrials turning from losses to gains, WOW up 0.4% following the sale of its EDV stake, COL up 0.9% and tech picking up, WTC up 2.2%, and XRO rising 0.6%. Resources were as usual in the dog house as iron ore fell below $00 in Singapore, BHP off 1.1% , RIO down 1.4%, and PLS dropping 4.4% with MIN struggling to find a level, down 1.6%. Gold miners saw big sellers, NST off 1.1%, PRU fell 4.9% and GMD down 3.1% despite little change to AUD bullion. Oil and gas stocks better, WDS up 1.4% and STO up 1.1% with uranium stocks weaker again. In corporate news, REA fell 5.3% as it confirmed that it was taking a look at UK’s Righmove. SGR was suspended for failure to publish its full year results. In economic news, we had local building approvals and China’s Caixin PMI slightly above expectations. Asian markets: Japan up 0.1%, China down 1.2% and HK down 1.7%. 10-year yields pushed up to 4.01%.

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The S&P 500 ended the final session of the week higher with a late spike. The latest batch of data pointed to an ever-resilient US consumer, potentially slowing the pace of rate cuts. Dow +0.6%; S&P +1% Nasdaq +1.1%.

The benchmark S&P 500 finished August with a 2.3% gain for the month. It’s now up 18.4% so far this year and is within 0.4% of the all-time high it set in July.

ASX SPI Down 18

• BHP moves ahead with expansion of South Australia's Olympic Dam copper refinery.
• Oil settles $1 down as supply set to rise, uncertainty around Fed rate cuts.
• OPEC+ likely to proceed with planned output hike from October, sources say.
• Gold drops as dollar, yields firm after US inflation report.
• Copper steadies on China hopes, firm dollar weighs.

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ASX 200 finished the week up 47 points to 8092 (+0.6%). For the month we are unchanged! Coincident? Pushed at close too. Solid gains across the board, banks as usual heading higher, CBA up 0.5% and the Big Bank Basket hitting new records, up to $239.31 (+0.6). Insurers also did well as yields rose. QBE up 0.6% and SUN up 1.1% with SQ2 bounding 3.1% ahead. Industrials solid too, REH up 2.2% and SVW ahead by 1.4%. REITs better GMG up 0.9% and SCG up 0.9%. Supermarkets eased back, WES down 2.0%, and WOW and COL eased back. Retail took heart from economic data today, JBH up 1.7% and PMV rising 0.9%. Travel stocks fining some friends, WEB bouncing back 0.6% on some book squaring. Resources were slightly higher. BHP continues to bounce around $40 up 0.6% with FMG easing 1.6% on broker comments. Gold miners doing ok, nothing spectacular, NST up 1.7% and EVN up 1.0%. Lithium stocks a little less depressed, PLS up 2.1% and LTR up 3.5%, with MIN still struggling down 1.1%. Oil and gas better, WDS up 2.1% and uranium stocks bouncing slightly. In corporate news, HVN fell 6.4% on soft numbers; Gerry reckons PE will take him out. DOW knocked it out of the park on results up 17.0%, and RHC continues to suffer from cost pressures, down 6.8%. Brookfield dodged a bullet there. On the economic front, retail sales buoyed things and led to higher yields at 3.97%. Asian markets are showing some strength, Japan up 0.7% on CPI numbers, China up 1.3% and HK up 2.2%.

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The Dow Jones managed a 0.6% gain, enough for its third all-time high since Monday. The Nasdaq composite, which is heavily weighted with technology stocks, slipped 0.2%. It had been up 1.3% in the early going. 

ASX SPI up 51 - Results - TPG - APX - DOW

• Copper and aluminium extend losses on weak Chinese demand and rising inventories.
• Gold gains nearly 1% as investors zero in on Fed cuts, inflation data.
• Oil settles up over 1% on worries over supplies from Libya, Iraq.
• Libya's oil output falls more than half due to political standoff.
• EIA says US gasoline prices were much lower than last year heading into the Labor Day weekend.

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ASX 200 fights back to be down only 26 points to 8048 (-0.3%). Plenty of R&R today. Results and resources. Banks were firm as usual. The playbook remains the same even as CEOs appear in Canberra. CBA up 0.2% and NAB striding ahead with a 0.6% gain. The Big Bank Basket up to $237.86 (+0.4%). Other financials also slightly firmer, with MQG up 0.7% and ASX up 1.1%. REITs mixed, GMG down 0.5% and GPT up 0.6%. Industrials were weak, led lower by WES, down 4.1%, with outlook statement weighing. WOW fell 2.4% on numbers and reaction, retail slightly lower, JBH down 0.7% and LOV fell another 2.6% on broker verdicts. WEB fell 5.6% on broker downgrades following annual report. Tech better, WTC up 0.8% and XRO up 1.1%, with the All-Tech Index down 0.15%. Resources once again a graveyard, BHP fell 0.6% RIO off 0.8%, with FMG rising slightly on better broker commentary. Gold miners sold off hard, RED down 12.3% on worse-than-expected results, DEG down 2.0% and BGL falling 4.5%. Lithium was depressed again with PLS down 3.0% and MIN falling 8.1% on a dividend miss and higher debt. Uranium and coal stocks also on the nose. In results today, QAN in rehab up 0.8%, CTT in the doghouse after soft numbers down 20.0%, SLX cratered down 13.0%, and CUV rose 10.9% on its numbers. BGA rose cream-like to the top up 9.4%, and SXG also in demand. On the economic front, nothing really significant ahead of US PCE. Asian markets dead, Japan unchanged%, HK up 0.1% and China off 0.4%. 10-year yields rose to 3.95%.

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The Nasdaq Composite fell 1.12% to close at 17,556.03, while the S&P 500 slipped 0.6% to end at 5,592.18. The Dow Jones Industrial Average lost 159.08 points, or 0.39%, settling at 41,091.42.

Nvidia reported after the bell.

ASX to fall. SPI Futures down 22 points (-0.27%)

• Gold falls on firmer dollar as US data takes spotlight.
• Iron ore retreats from 3-week high as investors await signs of demand recovery.
• Oil prices fall 1% after US crude stocks draw; Libya supply risks limit losses.
• Chinese demand worries trigger funds sell-off in metals.
• Argentina official says lithium, copper to drive metal exports to $10bn by 2027.
• Libya's oil blockade widens as factions vie to control central bank.
• US crude stockpile fall week-over-week though by less than expected.

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The ASX200 has finished the day flat as the market recovered 62 points from a midday dip. The monthly inflation number initially spooked our market with a reading of 3.5% vs 3.4% expected. Down from 3.8% in June. It was a mixed session, with 5 of the major sectors finishing in the green while 5 finished in the red (healthcare flat).

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The S&P 500 rose slightly on Tuesday as investors looked ahead to a major earnings report later this week. The broad market index gained 0.16% to close at 5,625.80, while the Nasdaq Composite crept 0.16% higher to end at 17,754.82. The Dow Jones Industrial Average rose 9.98 points, or 0.02%, to end at 41,250.50, its second record close in a row.

ASX to fall. SPI Futures down 29 points (-0.36%).

Results in Focus - TAH - FMG - NXT - WOW

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ASX 200 fell 13 points to 8071 (+0.2%) as some results fatigue set in. Banks slipped from lofty heights, with CBA off 1.0% and NAB falling 1.0%, with the Big Bank Basket down to $234.90 (0.8%). Insurers dipped, financials were also in the doldrums, with MQG off 0.5% and ASX down 1.7%. REITS mixed but drifted to the downside, GMG bounced 1.2% from a loss yesterday, and GPT fell 0.6%. Industrials were mixed, WOW off 1.1% and COL rallied 1.7% on better results. Tech slid, WTC off 0.4% and XRO fell 2.2%, the All-Tech Index dropping 0.9%. TLS drifted 0.5% lower and retail came under some pressure, with LOV smacked 13.0% on results, JBH off 1.4% and PMV down 1.2%. Travel stocks still on the nose, with FLT down 1.6%. In resources, iron ore stocks bounced, BHP beating expectations rose 1.3% on results, RIO up 0.8% and FMG up 1.8%. Lithium stocks slightly firmer, PLS up 2.0% and MIN up 1.0% with gold miners mixed, uranium stocks found buyers despite the fall in the spot price. DYL unchanged, and PDN down only 1.1%. Oil and gas leader WDS rose 3.9% on better-than-expected results. STO following suit up 1.9%. In corporate news, GYG rose 3.2% on its first set of numbers after the IPO. WOR rose 2.8% after results, JLG slumped 27.1% after a revenue decline, ZIP came undone down 7.9% despite a lift in transaction value. ASB up 3.6% on a settlement in the US. Nothing in economic news. Asian markets quiet, Japan +0.7%, HK +0.2%, China down 0.3%. 10Y yields slightly higher at 3.914%. Dow Futures down 13 points. NASDAQ Futures up 20 points. 

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