Market Updates

ASX 200 fell 67 points to 7814 (-0.9%) as broad-based losses after a huge run yesterday. Index up 0.84% this week. Banks eased back despite an 8.2% run in BEN after results beat expectations. The Big Bank Basket fell to $210.47 (-0.6%). MQG dropped 1.3%, and other financials under pressure. Insurers slid, QBE down 1.5% and SUN off 0.2%. MPL dropped 2.2% as hacking concerns remain. REITs under pressure today, with GMG down 1.1% and GPT falling 2.9%. Healthcare was whacked, CSL down 2.4% and SHL off 1.5% with RHC falling 1.9%. Industrials also eased, WOW down 0.6% with COL off 0.9%. Tech fell back after a stellar run yesterday, XRO fell 5.1%, with the All-Tech Index down 2.1%. Retail is under pressure, with PMV down 2.0% and LOV off 2.7%. DMP stuffed crust down 3.2%. Travel stocks on the nose too. Resources were better, Iron ore stocks continued to find friends, BHP up 0.8% and FMG up 1.2%. Lithium, too, saw buyers, PLS up 2.2%, and LTR rising 4.9%. Gold miners fell as bullion dropped, NST down 1.7% and NEM down 1.3%. Oil and gas stocks continued to be unloved, WDS off 1.5%. In corporate news, BEN rose 8.2% as trading update, and margins were better than expected. LLC fell 2.1% after it agreed to sell its Asian businesses, SGR had the casino licences in QLD suspended now until December 24, down 2.2%. Nothing locally on the economic front, China saw some positive and negative data, as usual, it's complicated. Asian markets were quiet, Japan up 0.3%, HK up 0.6%, and China up 0.3%. 10-year yields at 4.21%.

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The Dow Jones Industrial Average closed slightly lower Thursday after briefly jumping above 40,000 for the first time. At its high of the day, the blue-chip average reached 40,051.05, the culmination of a bull market that began in October 2022.

Ultimately, the 30-stock Dow ended the day down 38.62 points, or 0.1%, closing at 39,869.38. The S&P 500 fell 0.21%, closing at 5,297.10. The Nasdaq Composite finished the day lower by 0.26%, ending at 16,698.32.

The Dow has climbed nearly 6% in 2024, while the Nasdaq and S&P 500 are up 11% each.

ASX to fall. SPI Futures down 44 points (-0.56%).

• Base metals are broadly higher. Copper +0.13%, Nickel +0.23%, Zinc +0.08%, Lead -0.20% and Tin +0.18%.
• Aluminium is marginally higher, +0.04%, as LME aluminium stocks rise to their highest levels since October 2021.
• Gold slipped 0.44% as the dollar rebounded.
• Oil prices edged higher on positive economic data.  WTI +0.77% and Brent Crude +0.66%.
• 10Y Bond Yields – US 4.377%, Australia 4.219%, and Germany 2.456%.
• Currencies – AUD -0.01%, USD Index +0.15%, Euro +0.01%, and Bitcoin -0.97%.

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ASX 200 jumped 128 points (+1.7%) to 7881 as good US CPI and better-than-expected local jobs data created a tsunami of buying in large caps. Big banks closed higher, CBA was up 1.9% to fresh highs, and the Big Bank Basket was up to $211.81 (+2.0%), close to a record high. NAB the standout up 2.4%. MQG also doing well up 2.9%, with insurers and financials rallying hard. QBE up 1.0% and SUN up 0.8% with MPL under another hacking cloud down 0.5%, but it seems it was not them this time. REITS screamed higher on lower rates and possible rate cuts. 4.1% the headline number on the unemployed is good news for Bullock, just not such good news for the unemployed. GMG up 4.1% with SGP up 1.7% and SCG rallying another 2.8%. Industrials firm across the board. WOW up 1.7%, and COL up 1.5%. TCL rose 1.6%, and SVW had a good day up 3.2% with BLD rising in its wake. Tech stocks on a tear, with WTC up 4.4% and XRO up 4.8% as the All-Tech Index rose %. Resources were also in demand. The ‘Three Amigos’ all doing well, BHP up 1.0% and FMG up 2.2%, with lithium plays shrugging off some early losses, PLS up 0.8% and MIN up 1.6%. Gold miners were in demand, with big rallies in EVN up 2.6%, and BGL up 2.2%. Oil and gas stuck in the slow lane. In corporate news, ACCC has intervened in the bidding war for NAM, ALL jumped 12.3% on better-than-expected results. And IPL better by 5.3% on its results. On the economic front, revisions for March and a worse (better) than expected 4.1% in April on the unemployment number saw all bets on a rate hike erased. Asian markets better, with Japan up 0.2% HK up 1.7% and China up 0.4%.

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ASX 200 finishes up 27 points to 7754 (+0.4%), basking in a warm post-budget glow. The main driver of the advance was retail stocks and BHP, which was buoyed by talk it may just walk from Anglo discussions. Up 2.2%. Some budget winners in focus today, with some of the critical metal stocks finding some friends, although gains were muted in the end. Gold miners slightly better, with NST up 0.4% and PRU up 2.2%. Lithium stocks took the cue from better prices overseas, PLS up 0.3% and LTR rising 1.5%. Oil and gas stocks eased as oil prices fell. Banks were slightly easier, with the Big Bank Basket down to $207.72 (-0.1%). ANZ the big faller down 1.2%. MQG also in trouble off 1.0%, with ASX off 1.4% on a broker downgrade. REITs better across the spectrum, SCG up 1.6% and SGP up 2.4%. Industrials firmed, TLS having a good day up 0.6%, and informed me I had won a new phone. TCL slipped 1.8%, with healthcare mixed on budget news, RHC down 1.0%. Tech flat, retail better, PMV up 2.4% and JBH up 0.4%. In corporate news, STO announced 2000 job cuts, SXL rejected the ARN deal, and IRE sank 1.8% on data leak news. AAC dropped 1.4% after a challenging year, and CSR's aluminium operations sharply fell to an annual loss of $29m. In economic news, wage growth slowed to 0.8%. Asian markets mixed again, with Japan unchanged, HK closed and China off 0.5%. 10Y yields steady at 4.324%. Dow Futures up 14 points. NASDAQ Futures down 8 points.

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Wall Street ended higher overnight, near best levels in another lower volume trading session leading into CPI results tomorrow. Markets shrugged off a mixed reading on producer inflation, and Powell signalled that interest rates will be higher for longer. Dow +127 points (+0.32%). Up 185 points at best. Down 60 points at worst. S&P 500 gained 0.48%, just a few points away from its record, and the NASDAQ rose 0.75%, closing at record high, with Tesla +3.3% and Nvidia +1.1% leading gains in Megacap tech stocks. US PPI rose more than expected in April, up 0.52% MonM, significantly above expectations of 0.3% as the cost of services and goods rose sharply. Powell described PPI results as more mixed than hot, given the prior period was revised lower.  US treasury yields slipped, following PPI results, 10Y down 4.5bps, 2Y down 4.7bps, with the inversion between the 2Y and 10Y little changed at -38.1bps. US President Biden unveiled steep tariff rises on Chinese imports, including EV batteries, computer chips, and medical products affecting $18bn in imported Chinese goods.

ASX to rise. SPI Futures up 30 points (+0.40%).

• Base metals mixed. Copper %, Nickel %, Aluminium %, Zinc %, Lead % and Tin %.
• Copper fell 1.32% on arbitrage trading and speculative buying by funds. Copper producers and traders are shipping more metal to the US to profit from higher prices for CME futures compared to LME.
• Gold gained 0.90% helped by a pullback in the USD and treasury yields.
• Oil prices eased after US data raised concerns that interest rates may stay higher for longer but supply concerns put a floor under prices.  WTI down 1.35% and Brent Crude off 0.76%.
• Currencies – AUD +0.03%, USD Index -0.19%, Euro +0.02%, and Bitcoin -1.87%.
• 10Y Bond Yields – US 4.445%, Australia 4.343%, and Germany 2.540%.

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ASX 200 closed down 23 points at 7727 (0.3%). Sloppy quiet markets across the board with banks down modestly. The Big Bank Basket unchanged at $207.93. ANZ fell 0.7% with MQG falling 0.1% and insurers down on lower yields, QBE off 1.3% and SUN off 1.3%. REITs dropped led by GMG down 0.8 % with SCG off 1.0% with VCX falling 0.8%. Industrials weaker but no real damage, TCL down 1.8% with COL off 1.2% and SVW down 3.1% as it increased its BLD shareholding to close to 92%. ALX saw IFM lift its holding to 26%. Tech stocks eased with the All-Tech Index down 0.5%. Resources slipped with BHP off 0.2% as Anglo knocked back the latest approach, FMG down 0.9% with gold miners weaker, NST off 1.2%. Oil and gas stocks lower and uranium shares easing back. In corporate news, GUD rose 12.2% on a late trading update yesterday. HLS up 4.7% on refinancing news and a lower debt facility. On the economic front, not much here ahead of the well-leaked budget. Asian markets slightly lower with Japan up 0.1%, HK and China pretty much unchanged.

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The 30-stock Dow posted its first losing session in nine at the end of Monday’s regular trading session, snapping what had been its longest daily win streak since December. The S&P 500 inched lower by 0.02%. The Nasdaq Composite was the outperformer, rising roughly 0.3%.

• S&P 500 barely changes as investors hold tight ahead of inflation data.
• Fed to cut rates in September, say nearly two-thirds of economists.
• Israeli forces press Gaza offensive from north and south.
• ASX to slip, S&P 500 dips as CPI awaited – AFR.
• Australia sees second straight budget surplus, inflation easing sharply.
• NY Fed survey finds general expectations of higher inflation.

ASX set to open slightly lower. SPI futures down 8 points.

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ASX 200 rose 1 point to 7750 in quiet pre-budget trade. Narrow trading range with banks weaker as ANZ and MQG went Ex Dividend. The Big Bank Basket up to $208.05 (+0.5%). Insurers tickled higher QBE down 0.1% and SUN up 0.4% with REITS slightly lower, GPT off 0.7% and SCG down 0.6%. Industrials mixed, WOW up 1.0% but REA off 1.6%, SVW fell 2.4% and WES up 0.8%. Tech stocks mixed too XRO down 1.9% with WTC up 0.7% and the All-Tech Index down 0.6%. In resources, BHP pushing higher as FMG fell 0.6% and RIO dropped %. Lithium and uranium stocks falling hard in places, NXG dropped % with PLS off 1.5% and MIN down 0.9%. Gold miners mixed as DEG cap raise weighed on the sector. Oil and gas stocks are falling, WDS is down 1.1%, and BPT is up modestly. In corporate news, FBU has yet another profit warning falling 10.9%, SXL fell 9.0% as part of the consortium pulled out, RMS upgraded its Mt Magnet outlook rallying 1.5% and SYA down 6.8% on drilling results in Canada. In economic news, plenty of leaks from the Budget due tomorrow night, NAB business survey was pretty much stable. Asian markets mixed, Japan down 0.3%, China unchanged and HK up 0.7%. 10-year yields 4.34%.

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Wall Street closed narrowly mixed after fresh data showed consumer sentiment fell to a six-month low and short-term inflation expectations picked up. Dow up 125 points (+0.32%), marking its eighth consecutive gain, S&P 500 rose 0.16%, and the NASDAQ ended marginally lower, off 0.03%. For the week, Dow +2.16%, S&P 500 +1.85%, and NASDAQ +1.14%. Q1 reporting season in the US is nearing the finish line. Of the 459 companies in the S&P 500 that have reported, 77% exceeded expectations, according to LSEG data. Treasury yields rose ahead of inflation data next week, with the 10Y up 4.1bps and the 2Y up 5.2bps.

ASX SPI Futures down 19 points. Quiet day ahead.

• Base metals mixed. Nickel +0.47%, Zinc +0.76%, Lead -0.23% and Tin -1.21%.
• Aluminium down 1.42% as LME registered warehouse reported an 88% jump in aluminium stocks to 903,850 metric tons, their highest level since January 2022.
• Copper up 0.80% as traders chased arbitrage opportunities with growing gaps between prices in Chicago, London and Shanghai.   
• Gold up 0.78%, building on momentum fuelled by weaker US jobs data this week.  
• Oil prices fell nearly $1 a barrel overnight on further comments from Fed officials reinforced higher for longer interest rates.  WTI -1.30% and Brent Crude -1.52%.
• Currencies – AUD -0.26%, USD Index +0.07%, Euro -0.11%, and Bitcoin -3.01%.
• 10Y Bond Yields – US 4.500%, Australia 4.360%, and Germany 2.514%.

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