Market Updates

ASX fell 12 points at 7724 (-0.2%). Some weakness in a few sectors weighed. Banks eased back with the Big Bank Basket down to $206.08 (-0.8%). CBA leading the loss, off 1.0%. MQG slipped 0.3%, and GQG fell 1.8%, with REITs down a tad. Industrials weaker across the board, looking a little tired after reporting season. ‘Old Skool Platform’ stocks dropped, with REA off 2.0% and CAR down 1.8%. Tech eased, with the All-Tech Index off 0.3% and supermarkets down. WES off 1.8%, and COL and WOW falling too. Ex-dividends weighing.  In resource stocks, iron ore miners perked up on Chinese stimulus hopes (again), BHP up 0.9% and FMG bouncing 1.9%. Lithium stocks pummelled as the rally ended abruptly. PLS dropped 7.0%, and MIN off 3.6%. Lithium in China fell, and Tesla ran into sellers in US. Gold miners in demand as bullion hit records. NST up 3.0%, and NEM up 5.5%, playing some catch-up.  Oil and gas stocks slipped, with WDS down 0.8%. In corporate news, MPL and NHF rose on premium increase news, HLS was a star performer as the CEO stepped down up 14.7%, and in economic news, the current account returned to a surplus, beating forecasts. GDP tomorrow. Asian markets sank on Chinese GDP news, HK off 2.2% and China up 0.2%, with Japan still at all-time highs up 0.6%. 10Y yields falling to 4.1%. Dow Futures down 68 points. NASDAQ Futures down 61 points.

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Wall Street finished slightly lower overnight in a quiet session while the market awaits economic data later in the week.

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ASX 200 slid 10 points to 7736 (0.1%) off all-time highs as iron ore and healthcare stocks weighed. BHP off 1.5% and FMG getting whacked down 3.2%. Lithium stocks gave back some early solid gains, prices slipping slightly in China. MIN down 2.1% and PLS up only 0.7% with IGO falling 1.7%. Gold miners were strong on bullion rises, NST up 6.0% and NEM up 0.6% with EVN rising 4.4%. Oil and gas mixed, WDS down another 1.1% and STO slightly better. Tech continued to push higher as WTC up 1.4% and XRO up 0.4% on broker upgrades. Industrials flat, defensives eased back as risk appetite took over. Healthcare mixed, CSL down 1.0% and RMD doing OK, up 0.9%. Banks were firm again, CBA up 0.7% and WBC up 1.0% with the Big Bank Basket up to $207.74( 0.6%). MQG slid 0.8% on an AFR article on assets write downs on Indian asset, GQG eased 0.9%. REITs very firm again, GMG up 2.3% and MGR up 0.5%. In corporate news, GNX received a NBIO from J-Power UP 32.4%, DOW fell 1.2% on a class action update. CTT also fell 6.0% as founder Dean Mintz sold a further 7.2% stake. In economic news, Building approval numbers out today and an unexpected slip in business activity indicators adding to some concerns on GDP numbers Wednesday. Asian markets saw Japan hit record highs, China and HK flat with National Congress in focus. Bitcoin hit US$64,000 with plans for an ASX ETF. No RBA meeting tomorrow.

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• S&P 500, Nasdaq close at fresh records on AI boost, easing yields.
• US stocks drive higher, boosted by tech, chips, lower yields.
• Europe's STOXX 600 hits record high in strong start to March.
• US yields fall on weak data, Fed comment on balance sheet reset.
• US manufacturing contracts further, rays of light on the horizon.
• WTO ekes out meagre outcomes in overtime Abu Dhabi meeting.

ASX set to rise. SPI futures up 11 points.

• Oil climbs 2%, notches weekly gains ahead of OPEC+ decision.
• Iron ore falls for second straight week on soft China data, doubts around stimulus.
• Gold advances to 2-month peak as US rate cuts expected soon.
• Copper reverses loss on shrinking China factory activity.
• Canada bans indirect imports of Russian diamonds.
• US firm BlackRock reduces stake in miner Polymetal International.

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The tech-heavy Nasdaq jumped 0.9% to close at an all-time high at 16,091.92, as tech stocks and chips rallied into the close. The S&P 500 also popped to a record close, rising 0.52% at 5,096.27. The Dow Jones Industrial Average ticked higher by 0.12% at 38.996.39.

ASX SPI Futures up 20 Record High beckons.

• Base metals OK, Copper +0.30%, Aluminium +1.46%, Zinc +0.56%, and Tin -0.47%.
• Nickel climbed 0.85% after rising as much as 1.3%, touching a more than two-month high as the market predicts that prices have hit their floor following supply concerns from Indonesia. 
• Lead eased 1.27% after LME inventories rose by 11,350 tons to their highest level since May-17. 
• Gold scaled to a one-month higher, up 0.49%, as the dollar slipped after US PCE data came in line with expectations. 
• Oil prices mixed, WTI -0.28% and Brent Crude +0.04%.
• Lithium up 2.07%, pushing ALB up 4.4% and giving SQM a boost up 8% on the back of their results.
• Currencies - Aussie dollar flat, USD Index +0.14$, and Japanese Yen -0.46%. 
• 10Y Bond Yields – US 4.262%, Australia 4.143%, and Germany 2.424%. 

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ASX 200 shrugs off early weakness to close up 38 points at 7699 (+0.5%). So close. Good gains in industrials, led by WES up 1.1%, ALL up 1.5% and supermarkets COL and WOW better. Banks were flat, the Big Bank Basket flat at $205.05 (+0.4%). MQG kicked 0.6% and QBE up 0.5%. REITs firm with GMG leading the charge on data centre attractions, up 3.8%. Retail stocks were firm on sales numbers, a little underwhelming in places but rate cut hopes stoked buyers appetite. ‘Old Skool’ platform stocks firmed, REA up 2.3% and CAR racing ahead up 2.1%.  Resources were mixed, Lithium stocks pushing ahead again in places, PLS up 0.7%, and PMT up 6.6%, with S32 up 4.6% on the sale of a coal business for $2.5bn. BHP and RIO flat, Gold miners better, NST up 1.8 % and EVN up 2.4%. Oil and gas stocks firmed, WDS up 0.6% and STO slipping 0.1%. In corporate news, last day of results, HVN defied the critics with better numbers up 4.4%, ALX down 1.1% to explore special dividends, and SGR jumped 8.3% on a net profit and remediation talk. IRE up 1.7% after it denied any knowledge of private equity interest. In economic news, retail sales 1.1% below expectations of 1.5%. Asian markets mixed again, Japan up 0.1%, China up 0.7%, and HK up 0.2%. 10-year yields steady at 4.15%. Dow Futures up 5 points. NASDAQ Futures down 11 points.

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The S&P 500 pulled back 0.17% to close at 5,069.76. The Nasdaq Composite fell 0.55% to 15,947.74. The Dow Jones Industrial Average shed 23.39 points, or 0.06%, to end at 38,949.02 and notch a third straight day of losses.

ASX to fall. SPI Futures down 11 points (-0.14%).

• Base metals broadly lower, Copper -0.32%, Aluminium -0.30%, Zinc -0.47%, Lead -0.19%, and Tin +0.99%.
• Nickel advanced 1.03% on tighter supply after government delays in Indonesia in issuing new mining quotas have prompted smelters to curb production.
• Oil prices mixed, WTI fell 0.45%, and Brent Crude gained 0.24% as US crude inventories rose by 4.2m barrels last week, surpassing expectations.
• 10Y Bond Yields – US 4.264%, Australia 4.148%, and Germany 2.455%.
• Aussie dollar down 0.76% to 67.93US cents, USD Index +0.11%, and Japanese Yen +0.13%.
• Gold ticked up 0.18% in a quiet trading session.
• Bitcoin approaching all-time highs. Hits US$64,000 briefly.

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ASX 200 closes flat at 7660 despite better-than-expected CPI numbers. Only monthly though. We flipped between small gains and small losses. Big short squeeze happening in the likes of CHN, PLS, NXT and BRN. Looks like someone wanted their stock back. Banks eased back, with CBA slipping 1.0% lower. MQG down 1.0%, and insurers better. SUN up 0.9%, and QBE pushing 1.1% higher. REITs a little mixed, GMG up 0.2% and SCG up 1.0%. Industrials fell, with WES seeing some profit taking off 1.0%, WOW off 1.7% as it went ex-dividend, COL slid 0.4% and TLS off 1.0% on its ex-dividend. Tech mixed, XRO pushing 4.4% ahead. REH fell 4.4% after a good day yesterday. Resources were strong in places, especially places with big short positions. MIN up 4.8%, PLS up 7.5%, uranium stocks doing well, DYL up 5.6% and PDN up 6.4%. STO better in the oil and gas sector, and WDS unchanged. FMG ex-dividend in the iron ore miners. In corporate news, APM caught an increased bid at 200c, up 13.5%, NEU dropped 10.9% on US sales update from Acadia. LNW +5.9% did just that, and KLS stumbled 12.0% lower on disappointing results. FLT fell 3.9% as TTV were a little light on. On the economic front, monthly CPI came in below forecasts, and RBNZ kept rates unchanged in a small surprise. Asian markets mixed again, with Japan +0.1%, China down 0.7% and HK off 0.3%. 10Y yields steady at 4.18%. Dow Futures down 27 points. NASDAQ Futures down 19 points. 

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The S&P 500 inched up 0.17% to 5,078.18. The Nasdaq added 0.37% to end at 16,035.30. The Dow Jones Industrial Average fell 96.82 points, or 0.25%, to close at 38,972.41.

ASX to rise. SPI Futures up 21 points (+0.28%).

• Base metals mixed, Aluminium +0.59%, Zinc -0.06%, Lead -0.29%, and Tin +0.46%.
• Copper up 0.25%, supported by its technical 50-day moving average at $8,450.
• Nickel jumped 2.10%, extending its recent rally caused by concerns linked to lengthy Indonesian mining licence renewals.
• Gold flat. Uranium and Lithium higher.
• WTI and Brent Crude gain over 1%, following reports OPEC+ is considering extending voluntary oil output cuts into Q2.
• Iron ore rebounded 1.91%, and China’s Dalian Iron ore advanced 3.40%, buoyed by hopes of demand recovery from China.
• AUD and USD Index finished flat, while the Japanese Yen fell 0.13%.
• 10Y Bond Yields – US 4.309%, Australia 4.184%, and Germany 2.468%.

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