Market Updates

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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 The ASX 200 falls another 44 points to 7582 (-0.6%). Off the lows and relatively unchanged post the RBA decision to keep rates unchanged and a surprising bias to the upside on rates. Growth forecasts were downgraded slightly. Once again banks were steady despite flashing overbought levels, CBA down 1.0%. The Big Bank Basket $198.15 (-0.5%), MQG dropped 1.0%, with GQG pushing ahead up 2.9% on Indian exposure. MFG up 1.3% on FUM numbers. REITs under a little pressure as bond yields rose, GMG down 1.3% and GPT off 2.0%. Tech slipped as the All-Tech Index fell 0.9%, with WTC down 3.9% and XRO off 2.8%. Industrials holding firm, healthcare mixed with COH down 6.9% on a broker downgrade, CSL up 0.6% and RMD off 0.8%. Resources once again led the falls, iron ore falling again, BHP down 1.0% with RIO off 0.6% and FMG slipping 2.9%. Lithium stocks once again smashed, PLS off 1.5% and MIN down 1.7%. Gold miners are under a little pressure, NST off 0.8% and NEM down 1.2%. Oil and gas unchanged, coal stocks are a little weak on falling coal prices. In corporate news, MYR ran hard on slightly better numbers, up 14.3%, and NCK had a great day, up 16.6% on better-than-expected numbers, beating guidance. On the economic front, retail sales a little underwhelming, with the RBA adopting a slightly hawkish bias. Asian markets seeing some signs of recovery with Chinese moves to bolster the market. HK up 3.3%, and China up 1.9%. India Nifty 50 up 0.2%. 10Y yields up to 4.155%. Dow Futures up 1 point. NASDAQ Futures up 47 points. European markets expected to open slightly higher. UBS results in focus.

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The Dow Jones Industrial Average dropped 274.30 points, or 0.71%, to settle at 38,380.12. The S&P 500 slipped 0.32% to close at 4,942.81. The index hit a record high last week as Big Tech stocks moved higher. The Nasdaq Composite edged down 0.2% to end at 15,597.68.

ASX to fall. SPI Futures down 33 points (-0.43%).

• Base metals lower across the board. Nickel -1.69%, Aluminium -1.47%, Lead -1.36%, and Tin -2.53%.
• Copper prices hit two-week lows, off 1.09%, as the dollar climbed and pessimism towards China’s property sector weighed.
• Zinc down 1.27%, hitting its lowest level in almost 8 weeks on weak consumption in China’s construction sector.
• Gold dropped 0.70%, weighed down by rising bond yields.,
• Oil prices rise on concerns that rising tensions in the Middle East and the Russian invasion of Ukraine could curb supply. WTI +0.67% and Brent Crude +1.19%.
• 10Y Bond Yields – US 4.166%, Australia 4.182%, and Germany 2.316%.
• USD Index +0.53% at 104.47, nearing a three-month high. Aussie dollar down -0.46% to 64.81c. Japanese Yen +0.22%.

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The ASX 200 closed down 74 points at 7626 (1.0%) as commodity stocks suffered. Most major sectors are in the red with big miners and REITs the worst performers. BHP, FMG and RIO all down around 2.5% as Iron Ore continues its slide. GMG rising 0.7%, rallying from a down open and other REITs dropping as bond yields rise following the US weekend jobs number. Financials are seeing profit taking from overbought levels with but well off morning lows. The Big Bank Basket unchanged. WBC up 0.5% and CBA drifting 0.3% lower. MQG fell 0.5%. Higher bond yields are also impacting consumer spending stocks, JBH and HVN down 1.7% and 1.4%. In miners golds lower NST and NEM down 3.8% and 4.7%. Sentiment driven lithium continues to fall. PLS, MIN and LTR down 3.4%, 4.9% and 8.2%. Uranium stocks took a break after huge gains last week. PDN, BOE and DYL down 0.7%, 1.0% and 4.2%. Oil and gas stocks fell with WDS down 1.3% and STO down 0.8%. Health Care is the only sector in the green thanks to a positive trading update from PME (+3.6%) while CSL and RMD are up slightly. Tech stocks mixed with the All-Tech Index unchanged. WTC better with XRO slipping slightly.In corporate news, APX fell 5.4% on CEO replacement news, hitting a record low. ARG fell 0.6% and MTS in a trading halt raising $300m for an acquisition. RED announced a merger with SLR seeing the latter falling hard. Asian markets down with China off another 0.4% and HK off 0.2% with Japan up 0.6%.

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The S&P 500 notched a fresh record high on Friday as quarterly results from technology companies including Facebook-parent Meta topped expectations and the January jobs report came in much better than expected.

The broad market index added 1.1% to close at 4,958.61, above its previous record close of 4,927.93 reached on Monday. The Dow Jones Industrial Average added 134.58 points, or 0.4%, to 38,654.42, also a record close. The Nasdaq Composite climbed 1.7% to 15,628.95.

ASX to open lower. SPI futures down 0.7%.

COMMODITIES

• Iron ore sinks to 2-week low on persistent China property sector concerns.
• Oil falls as US jobs data dents hope for near-term rate cuts.
• Gold drops as dollar, yields rise on stronger US jobs data.
• Copper falls under pressure from dollar growth.
• LME clearing house reshuffles management.

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The ASX 200 powered back up another 111 points to an all-time high of 7699 (+1.5%) as US tech took off. Green across the screen, banks found buyers again with the Big Bank Basket up to $199.37 (+1.4%). CBA jumped 1.5%, with MQG up 1.7%, but the real stars were the REITs GMG up a massive 6.2% on a Citi research report into the sector. SCG rose 2.7%, and DXS up 0.8%. Industrials rocketed higher, TLS up 1.2%, with WOW gaining 1.8%, WES up 1.5% and ALL running 1.6%. Some relative weakness in the retailers, with JBH unchanged and BAP losing 0.9%. Resources picked up the baton today, shrugging off weaker commodity prices and taking heart from Meta. BHP rose 1.1%, with FMG up 0.8%. Uranium stocks running hard as Kazatomprom cut production guidance, sending the bulls back in. BOE up 8.0%, and DYL up 12.8%, with lithium shares also finding some friends, PLS up 2.6% and MIN rising 1.2%. Gold miners were firm on a rise in bullion prices, NST up 4.1%, NEM up 2.7%, and GMD doing well up 5.6%. Oil and gas stocks were a little uninspiring, WDS up 0.6% and STO up 1.8%. In corporate news, skinny today. On the economic front, CBA says no rate increase next week and 75bps cuts in 2024. Housing finance fell 4.1% to $26.3bn. Asian markets mixed again, with Japan up 0.4%, HK up 0.4%, China down 1.1%, while India rose 1.1%. 10Y yields fell below 4%. Oil up 0.4% in Asian trade. Dow Futures flat, up 3 points. NASDAQ Futures up and away, advancing 169 points. 

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Stocks in the US closed higher on Thursday, as the S&P 500 rose 1.25%, the Nasdaq advanced 1.3% and the Dow Jones added 369.

Meta soars after hours on first dividend payment and Buy Back. Amazon and Apple results too.

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

• Base metals are broadly lower. Nickel +0.52%, Aluminium -1.08%, Zinc -2.0%, Lead -0.21%, and Tin -1.56%.
• Uranium up to $107lb on Kazatomprom output guidance cuts.
• Copper prices fell 2.03%, though losses were limited by tighter supply and a weaker dollar.
• Gold gained 0.88%, nearing a one-month high after US Jobless claims rose last week.
• Oil prices fell after false market speculation that Israel had agreed to a Gaza ceasefire proposal.  WTI 2.52% and Brent Crude 3.54%.
• Dalian Iron ore dipped 0.47% as the market reassessed demand prospects from China amid property woes.  
• Aussie dollar rose 0.11% to 65.72c. USD Index fell 0.19% to 103.08. Japanese Yen -0.33%.
• 10Y Bond Yields – US 3.871%, Australia 3.958%, and Germany 2.157%.

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ASX 200 gives back 93 points, back down to 7586 (+1.2%) on US FOMC news and profit-taking after an end-of-month rally sent stocks to all-time highs. Banks that have led the market higher taking a hit, with the Big Bank Basket down to $196.69 (-2.4%). CBA dropped 2.9%, and NAB down 2.2%, the most targeted. Other financials also suffering, MQG dropping 1.2% with GQG off 1.3%. Insurers were flat, with REITs slipping as GMG fell 0.7% and VCX down 2.4%. Industrials were weaker across the board as expected, TCL down 1.5%, WOW fell 0.6%, and healthcare in trouble, CSL down 1.6%. Tech also came under pressure as WTC fell 1.4% and XRO off 1.3%. The All-Tech Index down 1.2%. Resources continued to be unloved, the 'Three Amigos' saw selling, BHP down 0.3% with FMG off 1.3%, lithium remains depressed as BoA cut forecasts. MIN down 2.6%, PLS down 2.5% and LYC falling 3.4%. Gold miners eased except NST up 1.7%. Base metal stocks continue to fall, IGO down 4.2%. Oil and gas stocks sold off slightly, WDS down 0.5% and STO falling 1.2%. In corporate news, S32 served a royalty claim on IGO, never rains eh? NUF warned of challenging times. Been a while since we have heard that. SQ2 prepared to cut jobs falling 2.3%. On the economic front, building approvals disappointed and Chinese factory activity expanded. In Asian markets the Hang Seng is up 1.3%, the Shanghai Composite +0.1%, and the Japanese TOPIX is down 0.6%. Dow Futures up 46 points. NASDAQ Futures up 70 points.

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US stocks fell on Wednesday as traders digest the latest FOMC monetary policy decision and comments from Chair Powell. The Fed kept interest rates steady as expected and Chair Powell said it will be appropriate to start cutting rates at some point this year although he doesn't think a March cut is likely. Traders pared bets for a rate cut in March after such comments. The S&P 500 fell 1.61%, the Nasdaq 100 declined 2.23% and the Dow Jones lost 317 points. 

ASX 200 SPI Futures down 84 points

• Base metals mixed as China’s manufacturing activity contracted for a fourth straight month in January, Nickel -1.76%, Aluminium +0.20%, Zinc -1.69%, Lead -0.94%, and Tin +0.27%.
• Copper up 0.83%, hitting a one-month high as the USD retreated.
• Gold flat.
• Oil prices settled lower, pressured by a surprise build in US crude inventories, WTI down 2.58% and Brent Crude off 1.44%.
• Iron ore futures hit a more than one-week low, down 0.35%, with China’s weak factory data hitting market sentiment amid renewed worries over the country’s property sector.
• 10Y Bond Yields – US 3.929%, Australia 4.006%, and Germany 2.168%.
• Aussie dollar down 0.56% to 65.64US cents. USD Index +0.18% at 103.59. Japanese Yen -0.44%.

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ASX regrouped after an early swoon jumping 81 points to 7681 (+1.1%). The CPI number turned things around coming in below forecast and pointing to zero chance now of a rate rise. Rate cuts could be sooner rather than later. Looked like some month end window dressing helping things along too. Banks continue to lead the market ever higher, CBA up to another record up 1.3%, WBC up 1.5%, and ANZ up 1.5%. MQG rose 1.3%, with financials and REITs kicking higher. Insurers doing exceptionally well, QBE up 2.7% and SUN up 1.9% as CPI showed strong insurance growth. Industrials were solid, TLS up 0.5%, with supermarkets finding friends COL up 1.3% and EDV up 1.6%. Utilities doing well, ORG numbers helped this morning, APA up 1.6%, and TCL managing a 1.1% gain. Tech slightly higher despite US slipping slightly. Resources were once again a mixed bag; Oil and gas were better as crude prices rose, WDS was up 1.7%, and coal was better. Iron ore stocks heading sideways, lithium remains an outpost of negativity, PLS down 1.4% and MIN slipping back 1.5%. Gold miners fell, NST down 1.4%. In corporate news, plenty of quarterlies dropping. WBT fell 9.8% on royalty timing concerns, IGO down 2.2% after placing Cosmos on care and maintenance, CCP dropped 2.6% and posted a net loss. On the economic front, Chinese factory activity shrank again, local inflation slowed to 0.6% in Q4. Over the last 12 months, CPI fell back to 4.1% from 5.4%. Asian markets slipped again, with Japan down 0.3% HK off 1% with China off 0.2%. 10Y yields dropping to 4.05%. Dow Futures up 22 points. NASDAQ Futures down 140 points. 

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