US markets finished higher on Friday as the market weighed remarks from Fed Chair Powell at the Jackson Hole Summit. Dow Jones rose 247 points (+0.73%). Up 342 points at best. Down 70 points at worst. While the S&P 500 and Nasdaq added 0.67% and 0.94%, respectively. The narrative from the Fed didn’t change after hype all week for additional clues. Powell addressed the string of resilient economic data while stating that the Fed is prepared to raise rates further to bring inflation down back to its target of 2%. Powell also suggested that the September interest rate would likely remain unchanged to evaluate incoming data continuing with the “data dependent’ narrative.

On the week, the ASX 200 was down 33 points (-0.46%), Dow lost 0.45%, S&P 500 up 0.82%, and the Nasdaq rose 2.25%. During the week, oil fell by 1.8%, iron ore rose by 1.3%, and gold saw a $17 increase. All metal prices were up, with zinc leading at 3.8% growth. The focus was on results last week. Gold was the top-performing sector, up 3.8%, along with a 1.78% rise in consumer discretionary. Healthcare -2.73% and consumer staples -2.53% were the worst-performing sectors due to Coles disappointing results, while Woolworths and Wesfarmers showed improvement. Utilities were down by 2.25%, and the resources sector fell by 0.3%.

• ASX to rise at opening bell. SPI Futures up 20 points (+0.28%).

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ASX 200 finished the week down 67 points to 7115 (0.9%). Down 33 points for the week. Results the focus. Weakness across the board on the back of the US sell-off. Banks brought back to earth with a bump, the Big Bank Basket down to $173.12 (-1.1%). NAB down 1.8%, with MQG off 0.8%. Insurers also fell hard as QBE dropped 1.6% and IAG off 3.2% on ASIC news. Fund managers also in the dumps. Healthcare mixed, RMD up 0.6% and CSL down 0.2% on director selling. RHC falling again. REITs soft SGP off 1.2% and SCG down 1.5%. Industrials mixed, WES results cheered with the stock up 3.2%, WOW ok too up 0.9%, but elsewhere selling dominated. TCL off 1.1%, ALL down 1.5% and REA falling 1.4%. Tech under pressure, WTC gave back 4.8%, with XRO down 3.3%. The All-Tech Index down 1.2%. MP1 gave back some gains too. In resources, BHP hit hard down 1.7%, RIO off 0.9% and MIN off 1.4%. FMG down 0.6% with PLS off 8.0% on results that disappointed apparently. Gold miners eased, coal stocks under pressure and oil and gas stocks down. WDS off 1.3%, and STO off 1.2%.

In corporate news, AX1 had a great day, proving the retail critics wrong up 17.1%, ABB had a good result up 11.0%, CBO sold a lot of olive oil and rose 5.3%. PXA fell 6.0%.

Nothing on the economic front, some death data to cheer us up the exception. Asian markets under pressure, Japan down 0.9%, HK down 1.1% and China down 0.8%. 10-year yields 4.16%. Dow Futures up 63 points. Nasdaq Futures down 10 points.

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All major US indexes closed sharply in the red overnight, ending near worst levels, losing more than 1% each as profit-taking weighed on shares. Dow Jones down 374 points (-1.08%). Dow at best up 222 points. Dow at worst down 379 points. S&P 500 finished below the 4400 level, down 1.35%, and the NASDAQ lost 1.87% as early session big tech rallies ceased after bond yields rose. Mega cap stocks weighed, including Google -2.1, Apple -2.6, and Tesla -2.9% but Nvidia edged higher another 0.1% after hitting a record high. US treasuries rose 10Y yield edged up 4.3bps, and the 2Y yield, which is the barometer of interest rate expectations, rose 7.1bps. USD Index firmed up 0.54% toward an 11-week high, and the VIX jumped 7.6%.

• ASX to open lower. SPI Futures down 91 points (-1.28%)
• 10Y yield: US 4.23%, Australia 4.11%, and Germany 2.51%
• Copper pulled back after five sessions of gains, down 1.08%, as unease surrounding high-interest rates curbing global growth offset optimism in the uptick of demand from China.
• Nickel -0.53%, Aluminium -1.06%, Zinc +0.42%, Lead -0.46%, Tin -1.47%.
• Brent and WTI oil rose 0.31% and 0.52% after a report of sliding gasoil stocks in Europe.
• Gold prices steadied, up 0.17% despite a stronger USD and an uptick in bond yields.
• Aussie dollar down to 64.13c, down 0.09%. 

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ASX 200 rose 34 points to 7191 (0.5%). A solid grind higher with banks in demand. The Big Bank Basket up to $174.99 (+1.1%). CBA the standout with a 1.2% gain and WBC continues to find friends post-result up 1.4%. MQG had a solid day today up 1.8%, with insurers flat. MPL up 2.6% with results pleasing. REITs rallied as GMG up 0.5% and SCG up 1.9%. Industrials mixed, TLS eased back 0.7%, Tech better led by WTC bouncing 8.1% as buyers nibbled, the All-Tech Index rallied 2.4% as XRO rose 3.5% and ALU up 4.9%. Nvidia results perking up the whole sector. Old skool platforms doing better REA up 2.4%, and SEK rallying 1.4%. Staples still suffering a little. Healthcare slightly firmer, with CSL up 0.3% and SHL rallying 0.6%. RHC suffered as earnings disappointed, down 12.0%. In resources, iron ore stocks muted, Lithium stocks better, LRS leading the charge up 4.5%. PLS up 2.4%, and gold miners better. NST reported good results up 5.2%. Oil and gas bounced with WDS up 1.5% as strike now looks unlikely. In corporate news, plenty of action, QAN up 0.8% on record profits. APA fell 3.4% after the capital raise, IFL fell 10.7% on its underwhelming numbers. PTM also dipped 4.6% on results after hours last night. NEC slightly better than forecast, up 0.5%. CGC fell 10.8% on a trading update and worries on takeover bid, SIQ led the salary sacrifice sector lower on weaker-than-expected results, down 10.0%. Nothing on the economic front. Asian markets catching the Nvidia tailwinds up across the board. 10-year yields falling hard too. Dow Futures up 43 points. Nasdaq Futures up 186 points.

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US markets ended sharply higher, ending just off best levels, their biggest gain in nearly two months fuelled by weak PMI data across both the US and Europe, bolstering expectations that central banks would halt interest rate hikes to avert a recession. The Dow Jones rose 184 points (+0.54%). Dow at best up 246 points. S&P 500 posted its first 1% gain since 30-Jun, up 1.10%, and the NASDAQ posted its best day since 28-Jul, up 1.59%. Big tech led the gains in anticipation of Nvidia’s results Apple +2.2%, Meta +2.3% and Nvidia 3.2% prior to results (+6.99% after-hours market post results). US PMI fell to 50.4 in August, missing expectations of 52, indicating a sluggish increase in output for US firms in August, with overall activity level nearing stagflation. US treasury yields slipped on weak PMI results, with the 10Y yield falling 13.2bps and the 2Y fell below the 5% threshold. USD Index fell 0.14% after hitting a two-month high, and VIX dropped 5.8%.

• ASX to rise at opening bell. SPI Futures up 36 points (+0.51%).
• Copper up 1.09% for a fifth straight session, helped by surprisingly upbeat copper consumption data in China.
• Nickel +2.27%, Aluminium flat, Zinc +1.89%, Lead +1.53%, Tin +0.15%.
• Brent and WTI oil fell 1.17% and 1.67% as demand woes stemming from a build in US gas stocks and weak manufacturing data globally outweigh optimism.
• 10Y yield: US 4.20%, Australia 4.19%, and Germany 2.51%.
• Gold up 0.91%, helped by a pullback in US bond yields.

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ASX 200 rose 27 points to 7148 (0.4%), bouncing off the important 7100 level. Banks and BHP leading the way. Results continue to surprise.In every sense. The Big Bank Basket rose to $173.08 (+0.8%). Insurers bounced back, QBE up 1.5%, and SUN up 1.3%. MQG going nowhere, down 0.6%. REITs mixed with SCG and VCX easing back. Healthcare remains in ICU as CSL wallows, down 0.4%, RMD off 1.5% and COH falling 0.6%. Industrials were firm, TLS eased after a good run yesterday. WES up 1.2% and WOW rallied 3.5% on good results. COL continued to suffer on downgrades off 0.4%. Tech got whacked as WTC fell 19.6% on an earnings miss. The All-Tech Index cratered, down 1.8%. Resources back in favour, BHP up 1.9%, leading the miners higher. Commodity prices helping, FMG up 2.5% and RIO up 2.4%. Gold miners continued the rally, NCM up 0.4% and NST higher by 1.1%. Lithium stocks found some support, PLS up 1.0% and MIN up 2.8%. Oil and gas eased with WDS off 1.2% and STO continuing to fall on ho-hum numbers.

In corporate news, some big companies reporting today, WOW much better than COL. DMP rallied hard on job cuts and a new cunning plan. APA in a trading halt raising $750m to buy some Alinta WA assets. WOR rose 0.6% as profit dropped, REH off 2.4% on slowing demand, and PPM down hard on a dividend cut and a drop in profits.

In economic news, Australian Services PMI fell to 46.7 in August. Asian markets mixed again, Japan up 0.4%, HK up 0.5% and China off 0.9%. Dow Futures up 94 points. Nasdaq Futures up 65 points.

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Wall Street ended mostly lower overnight, ending just off worst levels. Dow down 175 points (-0.51%). Dow at best up 50 points. Dow at worst down 207 points. S&P 500 extended its August slide down 0.28%, weighed down by banks as S&P Global Ratings joined Moody’s in cutting some US lenders’ ratings amid a “tough” environment. NASDAQ flat, up 0.06%. Nvidia fell 2.8% on the eve of its quarterly report. Expectations surrounding Nvidia’s earnings are high as it may be the next catalyst to push tech stocks higher again. Analysts predict Q2 earnings may exceed expectations, with the only limit to growth being whether the chipmaker was able to get enough supply to meet insatiable demand. US treasury yields flat. 10Y yield down one basis point.  USD Dollar Index edged higher, up 0.25%, and the VIX fell 0.9%.

• ASX to fall at opening bell. SPI Futures down 17 points (-0.24%).
• Russell 2000 -0.28%.
• Treasury futures now indicate a 100-basis point rate cut by the Fed by late 2024, down from 130 bps a few weeks earlier.
• S&P 500 Banks Index down 2.41%.
• KBW Regional Banking Index down 2.66%.

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US equities closed mixed overnight. Dow down 37 points (-0.11%). Up 70 points at best. Down 252 points at worst. NASDAQ up 1.56%, while the S&P 500 rose 0.69% the upward movement was mostly driven by Nvidia +8.5% as HSBC raised its price target for the stocks and Tesla +7.3% recovering some of last week’s losses following news of more price cuts in China. Financial markets remain relatively subdued, lacking any shifts in the prevailing narrative as sentiment has turned somewhat pessimistic due to the ongoing upward pressure on interest rates. The bond market reflected this sentiment, as yields on 10Y and 30Y bonds reached their highest levels since 2007 and 2011, respectively. Despite speculation, Powell's upcoming speech at the Jackson Hole symposium is unlikely to include a decisive signal on the Fed's future course.

• ASX to open higher. SPI Futures up 17 points (+0.24%).

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 ASX 200 dropped 33 points to 7116 (0.5%) as results dominated. Banks slid on WBC NIM woes, down to $170.88 (-0.9%) for the basket. WBC dropped 3.1%, with ANZ off 1.0%. MQG better, up 0.8%, but insurers fell after IAG results, QBE down 1.5%. Industrials were mostly firm, WES up 0.4%, ALL up 0.7% and REH managing a 0.2% gain. REA rose as tech stock saw buyers, XRO up 0.6% and WTC rallying 0.3%. The All-Tech Index down 1.0%. Healthcare in ICU as CSL stumbled again, down 1.4%, RMD fought back from early losses, finishing down 0.4% COH continues to get a good hearing up 1.6%. REITs mixed, VCX down 4.1% with SGP up 0.2%. Resources recovered a little after China cut some rates but not by enough. BHP down 0.4% of results tomorrow, FMG up 0.4% and lithium stocks in demand, PLS up 2.5%, MIN up 1.0% and LTR doing well, rallying 2.7%. Oil and gas are slightly better, WDS unchanged, and coal stocks flat.

In corporate news, PMV announced a strategic review and the CEO pulled the pin rising 12.2%, BRG followed up 9.0% on better margins and new product launches. AD8 proved the critics wrong with a 10.7% on record results. ELD collapsed 10.8% on profit guidance and IRE cut its dividend and sold a business to pay off dent and collapsed 35.6%. A2M was skimmed 13.6% on more Chinese woes and RWC dropped 8.3% on housing slowdown.

Nothing on the local economic front. Asian markets mixed again, Japan up 0.2%, HK down 1.6%, China down 0.6%. 10-year yields steady at 4.27%.

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