Market Updates

ASX 200 slipped 11 points to close at 7606 (-0.2%) as results dominated. CSL and MQG were a little disappointing but off lows, JHX dropped 8.5% on a slightly bearish update for Q3, and SEK also suffered a sell-off as results missed expectations down 4.6%. Banks once again the rock steady beat with the Big Bank Basket up to $201.69 (+0.4%) as ANZ announced some job cuts. NAB doing fine up 0.9% and CBA slightly higher pre-results tomorrow. Financials were mixed with CGF doing well on annuity sales up 8.4% and insurers firming. Industrials mixed, retail saw BRG drop 8.5% on results, JBH firmed on broker upgrades, up another 5.6%, and CAR slid into the slow lane on comments post results, off 2.0%. Tech stocks saw a sell-off sparked by SEK, with the All-Tech Index down 1.2%. In resources, some support for gold miners as NST found buyers up 1.0% and NEM up 2.0%. Iron ore stocks mixed, FMG down 0.7% and lithium mixed. Uranium sideways and oil and gas are steady. In other corporate news, SWM slumped 10.9% on ad sales numbers, STX crashed 25.0% on flow issues at South Erregulla 3 in the Perth Basin. On the economic front, WBC-MI consumer confidence rose to its highest level since Juen 22. RBA’s Kohler holding forth on the inflation outlook. 10Y yields steady at 4.18%. Asian markets still mostly closed for NY, Japan up 2.7%. Dow Futures down 57 points. NASDAQ Futures down 33 points. 

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Stocks in the US remained relatively steady, with all three major indices holding near record highs ahead of the upcoming US CPI release. The NASDAQ briefly surpassed its previous closing high from Nov-21 before slipping 0.30%, while the Dow saw modest gains, up 126 points (+0.33%), and the S&P 500 closed marginally lower but stayed above the 5,000-point mark (-0.09%). Nvidia (+0.2%) briefly surpassed Amazon (-1.2%) to become the fourth-largest US company by market cap, with its stock up nearly 50% for the year. 

ASX SPI up 20 points. CSL results in focus. MQG loses Nick O'Kane.

• Base metals are broadly higher, with Lead the only laggard off at 0.42%, Copper +0.78%, Nickel +0.75%, Aluminium +0.59%, and Tin +1.70%.
• Zinc advanced 0.93% after touching its lowest price since Aug-23, pressured by surpluses of the commodity. Zinc stocks in LME warehouses have risen ~25% since late December.
• Gold -0.20%.
• Oil prices are steady following last week's 6% jump, WTI +0.10% and Brent Crude -0.12%.
• AUD up 0.09% to 65.29US cents. USD Index and Japanese Yen flat.
• 10Y Bond Yields – US 4.172%, Australia 4.472%, and Germany 2.359%.

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ASX 200 falls 30 points to 7615 (0.4%) as a CSL drug trial fails. A Phase III trial for CSL saw the stock down 4.8% with RMD off 1.4%. Industrials solid with good results from JBH lifting the retail sector, JBH up 7.1% APE up 2.2% and LOV up 4.8%. WES and supermarkets fail to fire, Tech slightly firmer, XRO up 1.5% and WTC rallying 0.5% with the All-Tech Index up 1.1%.  Banks solid on ANZ Basel update, the Big Bank Basket up to $200.92 (0.1%). CBA down 0.4% ahead of numbers Wednesday, ANZ star up 1.3%. MQG slid 1.4% with GQG down 1.9%. Resources weaker again despite Lunar New Year, BHP down 0.5% and RIO off 0.7% with lithium off again, PLS down 2.5% and S32 falling 1.6%. Gold miners slightly easier, WDS dropped 2.2% and BPT up 3.3% on results. In corporate news, AZJ reported better than expected numbers, SM1 fell 15.1% on a profit warning, APX rose 16.1% as it moved to cut US costs.  Nothing on the economic front today. 10-year yields up to 4.15%. Japan barely changed.

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The S&P 500 achieved a historic milestone, closing above 5,000 for the first time, while the Nasdaq briefly reached above 16,000. Gains were driven by mega-caps and chip stocks. Notably, Nvidia, up 3.6%. The Dow Jones slipped by 55 points, the S&P 500 gained 0.57%, and the NASDAQ Composite rose 1.25% coming within 0.4% of its previous record high set in Nov-21. This marked the fifth consecutive weekly gain for all three indexes, with the S&P up by 1.4%, the Nasdaq rising by 2.3%, and the Dow climbing by 0.04%.

US Treasury yields rose, paring earlier gains, with the 10Y note reaching 4.195%, the highest level since January 25, and the 2Y note hitting 4.499%, the highest since December 13. The yield curve between 2Y and 10Y notes remained slightly inverted at minus 30bps.

ASX SPI Futures unchanged. CAR and JBH results out.

• Base metals mostly lower. Copper -0.32%, Nickel -1.39%, Aluminium -0.34%, Lead 1.17%, and Tin +2.77%.
• Zinc down 1.35% to its lowest level in five months.
• Gold slipped 0.42%, pressured by elevated yields.
• Oil prices settled higher overnight and up ~6% for the week as supply concerns mount. WTI +0.77% and Brent Crude +0.10%.
• 10Y Bond Yields – US 4.173%, Australia 4.167%, and Germany 2.375%.
• Aussie dollar up 0.51% to 65.24US cents, USD Index -0.10%, and Japanese Yen flat.  

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ASX 200 managed to eke out a 6-point rise to 7645 (+0.1%) in relatively stable trade. Results kicked off this week and plenty of stock volatility to keep us amused. Mixed session with banks flat, Big Bank Basket back above $200 (+0.1%). MQG down 0.2% and GQG seeing some end-of-week profit-taking. REITs are back in demand led by SGP up 1.1% and SCG up 0.6%. Industrials better, WES up 0.5%, REA up 5.9% on broker upgrades, BXB better by 1.1%, tech also in demand, WTC up 1.4% with the All-Tech Index up 1.5%. Resources are back under pressure, except in selected lithium stocks, LTR had a stellar bounce ahead of Gina being clear to bid perhaps, up 10.4%. PLS went nowhere, shorts being patient, IGO dropped 0.8% and LYC falling 1.3%. Uranium stocks hit the skids today after spot prices slipped under $100. Cameco results were a factor. BOE lost 12.7% and PDN off 7.0%. Gold miners eased, EVN off 0.7% and NST falling 0.4%. Iron ore stocks mixed, RIO up 0.5% and FMG losing 0.8%. Oil stocks down, WDS dropped 1.5% and coal not such a merry old soul. In corporate news, BLD showed the joy of pricing power with a guidance upgrade and an 8.3% gain. COH up 5.9% on broker upgrades, CHC to sell $500m of assets as write downs hit. Not much on the economic front, RBA governor Bullock in front of a Senate Committee saying rates can fall before inflation gets to 2.5%. Meanwhile, it is relatively quiet in Asia ahead of Lunar New Year celebrations kicking off tomorrow. HK open, but China closed for a week. Japan hitting fresh highs. Dow Futures down 32 points. NASDAQ Futures up one point. 

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The S&P 500 closed flat on Thursday after briefly topping the 5,000 mark for the first time on record to finish at 4,997.91 after reaching a high of 5,000.40 heading into the close. The Dow Jones rose 48.97 points, or 0.13%, to end at 38,726.33, while the Nasdaq  gained 0.24% to close at 15,793.71.

ASX SPI Futures down 4

• Base metals mixed, Copper -1.28%, Nickel +1.16%, Aluminium +0.23%, and Lead -1.86%.
• Tin rose % after January Tin shipments from Indonesia dropped by 99% YonY after miners suffered delays to work plan approvals.
• Zinc prices fell 2.65%, hit by rising inventories and China property woes, touching $2,322 during trade its weakest since August-23.
• Oil prices rallied after Israel rejected a ceasefire offer from Hamas. WTI +3.225% and Brent Crude +3.09%.
• 10Y Bond Yields – US 4.154%, Australia 4.152%, and Germany 2.359%.
• AUD -0.40%, USD Index +0.07%, and Japanese Yen +0.77%.
• Gold flat.

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The ASX200 has finished the day up 23 points in a narrow day of trade. Utilities was the best-performing sector thanks to AGL’s big 10% rise. The company reported a quadrupling in first-half earnings and expects full-year revenue to come in at the top end of guidance.

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S&P 500 hits record high with earnings, rate outlook in spotlight. The Nasdaq Composite jumped 0.95% to settle at 15,756.64, while the Dow Jones Industrial Average rallied 156 points, or 0.4%, to close at 38,677.36 and an all-time high.

Disney beats estimates up 7% after hours.

ASX SPI Futures up a mere 3 points.

• Oil climbs on US fuel stocks draw, geopolitical tensions.
• Gold flat as traders await more Fed cues; palladium hits 5-yr low..
• Nippon Steel says on track to close US Steel deal by Sept.
• China's CMOC eyes further growth in Congo and beyond after taking cobalt crown.
• US crude stocks rise as oil refiners take in less oil – EIA.
• Copper falls to 3-week low on demand uncertainty.

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ASX 200 slips from highs to end up 34 points at 7616 (+0.5%). Banks pretty much unchanged with CBA up 0.2% and NAB losing 0.2% on a change of CEO. MQG rallied 0.7% with insurers doing well again, QBE up 1.8% and GQG having a good day up 7.4%. FUM numbers helped. REITS recovered GMG up 0.3% and SGP rallying 1.1%. Industrials mixed, CSL up 1.0% and RMD down 0.4% with TLS and WES hit hard today. WES off 0.9%. COL and WOW up and down, Retail stocks boosted again by NCK on broker talk, up 5.9% and CTT shooting the lights out on bullish numbers, up 25.2%. SUL slid 1.1% and MYR off 2.0% after the run yesterday. TPW feeling the love on CTT run, HVN also hitting 52-week highs up 2.3%. Tech slightly better with the Index up 0.5%. Resources back baby. For now. Chinese stimulus helping things although momentum running out in Asia. BHP up 1.0%, FMG bouncing 1.0% with lithium finding a bottom perhaps. Chinese authorities talking about support for the NEV sector. PLS up 5.6% and MIN up 2.9%. PMT had a good day on drill results, up 13.6%, and LYC is rallying 3.4% on rare earth news from China. Oil and gas stocks news dominated by WDS/STO calling off talks. STO the loser down 5.8%. In corporate news, AMC up 1.4% despite results miss, CSR cut to a sell-down 4.5%, NAB saw its CEO retire, and his replacement named Andrew Irvine. In economic news, little locally, Asian market well off stimulus highs, Japan up 0.3%, China up 0.7%, HK down slightly. 10Y yields steady. Dow Futures up 4 points. NASDAQ Futures down 5 points. 

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Stocks rose on Tuesday as Wall Street assessed the latest batch of corporate earnings and the timeline for rate cuts from the Federal Reserve.

The S&P 500 rose 0.23% to settle at 4,954.23, while the Nasdaq Composite inched up 0.07% to close at 15,609.00. The Dow Jones Industrial Average jumped 141.24 points, or 0.37%, to end at 38,521.36.

ASX SPI Futures up 55 points.

• Base metals higher supported by a weaker USD. Aluminium +1.13%, Zinc +0.83%, Lead +0.28%, and Tin +1.13%.
• Copper rose by +0.37%, buoyed by efforts from China to stabilise its market.
• Nickel fell 0.13% after touching its lowest point since November at $15,850.
• Gold firmed 0.53% after a pullback in Treasury yields.
• Lithium advanced 2.09%
• 10Y Bond Yields – US 4.087%, Australia 4.099%, and Germany 2.280%.
• Aussie dollar +0.59% to 65.20c. USD Index 0.28%. Japanese Yen -0.54%.
• Oil prices rose after the US Energy Department said crude oil production would grow less than forecast. WTI +0.85% and Brent Crude +0.78%.

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