Market Updates

ASX 200 limped 8 points higher to 7713. The market is waiting for direction from the US, with banks trying to rebound slightly as the Big Bank Basket flatlined at $207.93(0.1%). NAB slipped 0.4%. Other financials slightly better, QBE up 1.3% and SUN up 1.7% as GQG fell again down 2.3%. REITs mainly higher with GMG down 0.2% the rest better. Industrials a little higher, BXB up 1.4% and REA up 0.6%. Tech stocks rallying with the All-Tech Index up 0.7%. Retail better too, JBH up 2.0% and LOV up 0.9%. Resources suffered as the iron ore price fell again, BHP down 0.7% and FMG off 1.2%. Lithium stocks better as prices lifted in Asia, PLS up 4.3% on the back of an offtake agreement. MIN up 1.3% and LTR up 4.4%. Gold miners finally picked up with NST up 1.7% and NEM up 3.5% and oil and gas stocks eased WDS down 1.2% and STO off 0.6%. In corporate news, APX in a trading halt after a big rise of 30.1% and now an ASX query. AWC agreed a scheme with Alcoa, rising 8.1% and STX up 9.5% on a production update.  Philip Lowe has become the chair of FGX with BGL up 10.3% on a production update. QVE and WLE announced a merger of unequals. Dalian iron ore hit a five-month low as China recovery disappoints. Asian markets mixed as Japan slipped a little and HK better. China flat. 10-year yields steady around 3.95%.

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The S&P 500 and Nasdaq Composite both ended lower on Monday, while the Dow edged higher. The broad S&P 500 and technology-heavy Nasdaq closed 0.1% and 0.4% lower, respectively. Both saw their second negative sessions in a row.
Oracle up 13% on results after hours.

ASX SPI Futures up 5 points

• Base metals broadly higher, Nickel +1.23%, Aluminium +0.62%, Zinc +1.48%, Lead +1.0%, and Tin -0.09%.
• Copper up 0.69% as the market awaits Chinese loan data for indications of demand.
• Gold up 0.21% trading near its highest levels after a record rally last week.
• Oil prices held steady, WTI fell 0.11% and Brent Crude %.
• Currencies - Aussie dollar down 0.23% to 66.12c, USD Index +0.14%, and Euro -0.07%.
• 10Y Bond Yields – US 4.096%, Australia 3.991%, and Germany 2.302%.

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ASX 200 cratered 143 points to 7704 (-1.8%) as banks gave up frothy gains from Friday and iron ore weakened in Asian trade dragging down the big miners. BHP fell 2.6% with RIO off 3.6% and FMG down 3.5%. Base metal stocks also slid with MIN off 2.4% and S32 down 2.3%. Lithium stocks were mixed, LTR down 3.1% and PLS holding up as lithium firmed in Asian trade. Rare earth leader LYC dropped 3.5% with IGO in trouble too. Uranium stocks sub-optimal, PDN fell 0.4%, BOE off 2.9% and DYL returning from a capital raising off 4.7%. Gold miners also suffered despite bullion prices heading higher, NST fell 4.0%, EVN down 3.3% and GOR off 3.7%. Oil and gas stocks also smacked down, WDS down 2.6% and STO off 1.8%. Banks were a source of serious weakness. Having led the market up to records, it was all about locking in profits. CBA fell 2.7%, ANZ down 1.9% and the Big Bank Basket falling to $208.22(-2.7%). MQG dipped 0.9% and GQG fell 2.7% on rumours of the founder selling down. Insurers also slipped, IAG down 1.1% and SUN off 0.3%. REITs also falling hard, GMG down % and SGP off %. Healthcare saw losses as CSL went ex-divided and fell 1.5%, RMD off 3.7%. Industrials down across the board. Tech escaped a little down only 0.8% on the Index. WES fell 1.5% and REA, CAR and SEK all under serious pressure. In corporate news, TSK rose 90.0% on a takeover deal. REX moved 4.4% on a code share with Etihad and WOR won a Shell contract. Nothing on the economic front. Asian markets were mixed on Japanese GDP numbers, with the Nikkei dropping 2.8% and China and HK both positive.

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The S&P 500 lost 0.65% to 5,123.69, while the Nasdaq Composite slipped 1.16% to 16,085.11. Both swung into negative territory after rising to new all-time highs earlier in the session. The Dow Jones Industrial Average relinquished 68.66 points, or 0.18%, to end at 38,722.69.

ASX SPI Futures fell 47 points.

• Oil dips 1% on way to weekly loss as markets weigh Chinese demand.
• China's coal industry doesn't expect imports to rise this year.
• Copper production by Chile's Codelco slides, others climb in January.
• Gold marches higher as US jobs data boosts bets of an early rate cut.
• Iron ore retreats as lower demand and higher inventories weigh.
• Copper retreats from five-week high after US data.
• Public holiday in Victoria today (stock market open).

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ASX 200 finished at record highs of 7847up 83 points (1.1%). Up 102 points for the week. Banks were as usual the big driver, hitting highs, the Big Bank Basket up to $214.07(). CBA pushed 1.8% ahead, NAB up 2.3% and WBC up 2.6%. MQG continued higher up 2.0% and insurers up as VUK screamed ahead on a deal with UK Building Society up 33.0%. Even the ASX managed a 1.6% gain. Industrials in demand, TLS up 1.1%, WOW up 1.7% and COL running 1.2% ahead, WES up 0.8%. Healthcare did well, CSL recovered 1.3% and RMD underperformed the US listing up only 0.5%. REITs solid and Tech up 1% on the Index, WTC up 2.3% despite ex dividend. Resources were the ugly sister that did not go to the ball. BHP unchanged, RIO down 0.6% and FMG off 0.3%. A stronger AUD not that helpful. Lithium stocks mixed PLS down 0.7% and MIN up 0.6%. Oil and gas stocks up on crude prices, WDS up 1.7%. In corporate news today, GQG off 1.8% on a sell down from a shareholder, MAG surged 37.8% on a deal with MIN and SQM spoke of aggressive Australian expansion. On the economic front, US jobs data tonight, 200k is the magic number. Asian markets generally higher, HK up 1.2%, Japan up 1.0% and China unchanged. 10-year yields 4.0%.

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The S&P 500 advanced 1.03% to 5,157.36, while the Nasdaq Composite climbed 1.51% to 16,273.38. Both hit all-time highs during the session, while the S&P 500 also managed a closing record. The Dow Jones Industrial Average gained 130.30 points, or 0.34%, to close at 38,791.35.

ASX to rise. SPI Futures up 45 points (+0.58%).

• Base metals are higher across the board, supported by a weaker USD. Nickel +1.67%, Aluminium +1.03%, Lead +2.03%, and Tin +1.90%.
• Zinc up 1.64%, and Copper up 0.88%, hitting five-week highs.
• Gold rose 0.59% to hit a new all-time high, extending its record run this week.
• Oil prices edged lower as markets asses the latest economic data from China. WTI -0.34% and Brent Crude -0.13%.
• Dalian Iron ore / Iron ore %
• 10Y Bond Yields – US 4.087%, Australia 4.008%, and Germany 2.298%.
• Currencies - Aussie dollar up 0.82% to 66.17US cents, USD Index -0.53%, and Japanese Yen -0.89%.

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ASX 200 finished up 30 points to 7758 (+0.4%) despite the heavy weight of large-cap ex-dividends. Once again, banks leading the way with the Big Bank Basket up to $209.87 (+0.7%). MQG rose 0.8%, and CBA hit record highs up 0.8%. GQG rose 2.8% on FUM news, ASX up 0.8% despite being fined by ASIC. Industrials firm WES up 1.5%, and TCL up 1.0% as rates fall. WOW and COL better, utilities firmed with ORG up 1.3% and tech better, WTC up 1.1% and XRO up 0.1%. REITs slightly better. Healthcare rose on RMD moving up 5.5%. Resources were mixed, BHP and RIO fell on dividends, FMG rose 1.1% with base metals finding buyers, S32 up 0.7% and MIN up 3.9%. Gold miners better on record bullion prices, NST up 2.6% and EVN up 2.8%. Lithium stocks mixed, PLS down 1.0% and uranium stocks static as DYL moved to raise $220m in a placement. In corporate news, RMS in a trading halt pending news on an acquisition, TIE rose 0.8% after rejecting a takeover, MAU rose 13.9% on its PFS for Lady Julie project. In economic news, CBA is staying dovish on rates with forecast of 75bps easing in 2024. Capex is increasing in large caps, pointing to increased M&A perhaps. In Asian markets, a little weaker across the board, HK off 0.5% and China down 0.2% with Japan falling 0.3%. 10-year yields steady at 4.02%. Dow Futures down 42 points. NASDAQ Futures down 69 points.  ECB day today and State of the Union in US.

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The S&P 500 added 0.51% to 5,104.76, while the Nasdaq Composite gained 0.58% to 16,031.54. The Dow Jones Industrial Average traded higher by 75.86 points, or 0.2%, to close at 38,661.05. The blue-chip average was weighed down by a drop of more than 2% in Disney. Shares of NYCB rose about 7.5% after tumbling more than 40% earlier in the session. Trading in the stock was halted several times throughout the day.

ASX to rise. SPI Futures up 37 points (+0.48%).  But lots of big companies going EX Div BHP, RIO and WDS.

• Base metals broadly higher, buoyed by a weaker dollar, Copper +0.89%, Aluminium +0.29%, Zinc +1.71%, Lead +0.95%, and Tin +1.17%.
• Nickel down 0.34% from improved supply prospects from Indonesia.
• Gold extends record run, up 0.78%, driven by bets for rate cuts as early as June.
• Oil prices edged up on smaller than expected build in US crude inventories. WTI +1.23% and Brent Crude +1.0%.
• 10Y Bond Yields – US 4.108%, Australia 4.007%, and Germany 2.330%.
• Currencies - Aussie dollar up 0.92% to 65.62US cents, USD Index -0.40% and Japanese Yen -0.42%.

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ASX 200 flips to close at 7734 up 9 (+0.1%), turning positive as GDP number disappoints and hopes for a rate cut brought forward. Banks once again the drivers of the market, with the Big Bank Basket up to $208.37 (+1.1%). MQG kicked 0.5% higher, ASX up 0.4% and health insurers up. REITs mixed, GMG up 0.3% and SCG up 1.9%. Industrials and tech weak, WTC down 2.6%, XRO off 0.9% and the All-Tech Index down 1.0%. WOW slid 0.8%, and SVW down 2.4%. REA continued to fall down 0.1%, and retailers were mixed. CTT had a horror day, down around 22% at one stage as an AFR article on duty paid weighed on the stock, and closed down 14.4%. Resources flat too. The Three Amigos BHP, RIO and FMG down slightly, Lithium stocks trying hard to find support after big falls in the US. Gold miners seem to have done their dash, NEM down 0.7% and GOR up 1.6%. Oil and gas mixed. Coal stocks flat. In corporate news, DDR fell 10.0% as the founder sold down as a result of his divorce. IRE fell 6.0% as it denied it had been approached. MFG rose 7.9% on better FUM numbers. On the economic front GDP came in at 1.5% or just 0.2% in the last quarter, underwhelming. In Asian trade, HK rose 2.3%, China up modestly, and Japan's TOPIX is up 0.5%. 10Y yields 4.03%. Dow Futures up one point. NASDAQ Futures down 55 points.

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The Nasdaq Composite pulled back by 1.65% to 15,939.59 as technology stocks felt the brunt of the market’s drop. The Dow Jones Industrial Average lost 404.64 points, or 1.04%, to 38,585.19. The S&P 500 dipped 1.02%, closing at 5,078.65.

ASX to fall. SPI Futures down 10 points (-0.13%).  Bitcoin swoons and falls. Gold close to record high.

Powell Testimony ahead.

• Base metals came under pressure amid disappointment at the lack of big-ticket stimulus from China. Copper -0.38%, Nickel -0.84%, Aluminium -0.38%, Zinc +0.35%, Lead -0.37%, and Tin -0.09%.
• Gold up 0.63% at $2,129 per ounce, after having hit a record $2,141 earlier.
• Oil prices fell on doubts about China Achieving its economic growth target. WTI -0.70% and Brent Crude -0.97%. Lithium falls hard.
• 10Y Bond Yields – US 4.139%, Australia 4.041%, and Germany 2.319%.
• Currencies - Aussie dollar down 0.12% to 65.03US cents, USD Index flat, and Japanese Yen -0.37%.

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