Market Updates

US Stocks closed higher on Monday, marking another record-breaking session.

The Dow added 0.36%, finishing above the 38,000 level for the first time ever. The S&P 500 added 0.22%, also recording a fresh all-time high. The Nasdaq Composite also ended the session higher with a 0.32% advance. 

ASX SPI Futures down 1 point.

• Oil climbs 3% as conflicts, weather tighten supply.
• Gold slides on trimmed US rate cut bets, rallying equities.
• BHP to suspend some operations at Australian nickel plant from June.
• Focus on poor demand prospects weighs on copper.
• Red Sea disruptions push antimony prices to 16-month highs.
• Saudi Arabia's November crude exports hit 5-month high.

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ASX 200 has started the week in a very positive fashion, up 55 points to 7477 (0.8%) on the US market rally and stronger US futures. Banks leading the charge with CBA up 1.3% and NAB up 1.1% with the Big Bank Basket up %. REITs too in demand despite yields remaining around 4.25% in the 10-years. GMG leading with a 1.3% gain. Industrials also doing well, TLS up 0.8% and BXB rallying 1.8%. Consumer stocks also finding buyers, WOW up 1.4%, COL up 1.4% and QAN rallying 2.3%. Retailers and healthcare strong too. JBH up 1.5% and CSL improving 0.5%. Tech modestly higher, improviong as the day wore on, the All-Tech Index up 0.9% with WTC up 0.9% and XRO up 0.6%.  A very different story in resources, iron ore stocks barely moving, BHP up slightly, by 0.3%, but lithium stocks smashed on a funding update from LTR which dropped 21.3% on the news, PLS smashed too down 4.0% and LYC with a production report this morning fell 1.3%. MIN is also under serious pressure, falling 9.6% on metal woes and mining services, which could be affected by recent nickel project shutdowns due to low prices. Coal stocks also under pressure, WHC down 2.1%. Gold stocks steady but uninspiring. In company news, S32 fell 2.8% on a production downgrade, CHN is cutting costs by 40% dropping 4.7%, ZIP jumped 16.5% on a very positive quarter and APX lost a meaningful customer in Google and a meaningful fall down 40.2%. Nothing on the economic front today. In Asia, Japan kicks again up 1.3%, China unchanged and HK down 2%. 10-year yields eased back to 4.23%.

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Last Friday, the S&P 500 achieved a record-high close, up 1.13% to 4840, propelled by chipmakers and tech stocks amid optimism surrounding AI. This milestone confirmed the S&P 500's bull market status since Oct-22, signalling the end of a bear market. The NASDAQ rose 1.7%, and the Dow advanced 395 points (+1.05%), up 465 points at best. Notably, Nvidia and AMD rose 4.2% and over 7.1%, respectively, following an optimistic profit forecast from server maker Super Micro Computer. The Philadelphia SE Semiconductor index also soared 4% to a record high. The week saw the S&P 500 rising by 1.17%, the NASDAQ by 2.26%, and the Dow Jones by 0.72%. Additionally, positive economic indicators included Michigan consumer sentiment reaching unexpected 2021 highs and a decline in inflation expectations for the year ahead to the lowest in three years.

ASX SPI Futures up 26 points

• Gold firmed 0.35%, but down 1% for the week.
• Copper advanced 0.66% as technical factors and lower available stock supported recovery from the previous sessions' six-week low.
• Base metals broadly higher. Nickel -0.62%, Aluminium +0.16%, Zinc +0.45%, Lead +2.16%, and Tin +0.04%.
• 10Y Bond Yields – US 4.128%, Australia 4.286% and Germany 2.302%.
• Oil prices settled lower overnight, with WTI off % and Brent Crude down % but managed to record a weekly gain as Middle East tensions and disruptions to oil output offset concerns about China’s economy.

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ASX 200 bounces 75 points to 7421 (1.0%) in a solid yet unexciting day. Third weekly decline still and down 77 points on the week. Banks led the charge up with CBA hitting record highs up 0.7%. The Big Bank Basket up to $193.89 (+1.0%). MQG rallied 1.5% with insurers up as QBE rallied 0.5% and SUN up 0.9%. REITS found friends, GMG up 1.7% and SGP up 1.2%. Healthcare had a good bounce CSL up 2.2% and RMD rallying 2.2%. Industrials firm too, REA up 1.5% and ALL up 3.2%. TLC up 6.0% as Powerball hits $150m next week. Tech rallied in line with Nasdaq gains, The All-Tech Index up 2.0% with WTC up 2.9% and XRO rallying 4.8%. ZIP had a good day up 11.4% on a broker upgrade. Retailers mixed, JBH down 1.2% with PMV up 1.3%. Resources a mixed bag, oil and gas better, WDS up 1.6% with coal stocks lifted by WHC production up 3.8%. BHP flat, RIO up 0.9% and FMG up 2.0%. Lithium stocks mixed, PLS up 0.3% with gold miners finding buyers, even EVN up 1.9% as bargain hunters stepped in. In corporate news, MSB jumped 13.2% on FDA approval. Iron ore futures are better on some pre-holiday restocking, and Dalian Futures are up 1.2%. Asian markets mixed, Japan up 1.1%, China down 0.3% and HK down 0.2%. 10-year yields heading higher still up 4.29%

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US stocks closed higher on Thursday, propelled higher by AI-related optimism that bolstered chip stocks, notably Nvidia and Taiwan Semiconductor Manufacturing (TSMC). The Dow Jones rose by 202 points, or 0.54%, closing at 37,469 points. The S&P 500 gained 0.88%, while the NASDAQ advanced 1.35% to 15,055.81. TSMC's US-listed shares jumped by 9.79% after the semiconductor manufacturer projected a 2024 revenue growth exceeding 20%, driven by high demand for high-end chips utilised in AI applications. Nvidia (+1.9%) reached an intraday record high, emerging as the most-traded company on Wall Street, with over $24bn worth of shares exchanged. Other chip giants, including AMD, Broadcom, and Qualcomm, also experienced gains, contributing to the rally in the Philadelphia SE semiconductor index (+3.36%). Elsewhere, Apple gained 3.3% after BofA Global Research upgraded its stock to "buy," leading the S&P 500 information technology index to reach a new record high.

ASX to rise. SPI Futures up 72 points (+0.98%).

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ASX 200 fell for the fifth day down around 47 points to 7347 (0.6%). Losses across the board with local jobs data showing a slow down with the headline steady at 3.9%. Seasonal factors may be a issue. Banks held steady on jobs number. The Big Bank Basket pretty much unchanged. Insurers better on higher yields, MQG down 0.7%. REITs falling fast, GMG down 1.6%, SCG off 2.4% and SGP down 3.9%. Industrials falling away, REA down 2.5%, WOW off 0.3%, TLS falling 0.5% and tech sliding too. WTC off 0.4% and XRO down 0.4%. The All-Tech Index down 0.4%. Healthcare slid, CSL down 1.1% and RMD down 1.1%. Resources back on the nose again, BHP production numbers solid but nickel an issue, off 1.8%. FMG up 1.0% and lithium stocks heavy, PLS down 2.0% and LTR falling 10.7% as Albemarle threw in the towel. Gold miners were mixed after the Red Wedding yesterday, EVN managed a small rise of 0.3%, uranium stocks seeing some profit taking. In corporate news, EML bounced 22.2% on Irish news of TSCIL withdrawal. APM was thumped 40.8% on a profit warning. In economic news, Jobs data dominated, whilst in Asian, Japan was up 0.3%, HK up 0.6% and China down another 0.6%. 10-year yields at 4.26%.

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The Dow Jones Industrial Average declined 94.45 points, or 0.25%, to close at 37,266.67. This marked the third straight day of losses for the 30-stock index. The S&P 500 slid 0.56% to close at 4,739.21, and the Nasdaq Composite lost 0.59%, ending the session at 14,855.62.

Treasuries under pressure with curve bear flattening; 2Y back near 4.35%.
December retail sales came in stronger than expected with the control group +0.8% vs the +0.2% consensus.

ASX to fall. SPI Futures down 20 points (-0.27%). 

• Gold stumbles to a more than one-month low, down 1.05%, following strong economic data, USD and yields.
• Copper prices fell to their lowest level in over four weeks, down 1.02% on worries about China’s economy after disappointing data.
• Dalian Iron Ore fell 1.56% after weak economic data from China weighed on market sentiment.
• 10Y Bond Yields – US 4.106%, Australia 4.288%, and Germany 2.288%.
• Oil prices ended near flat, as severe cold disrupted some US oil production, helping offset poor growth data from China. Brent Crude up 0.39%, and WTI up 0.22%.

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ASX 200 falls another 22 points today to 7393 (0.3%) to a four-week low as banks start to slip. Late rally helping slightly. The Big Bank Basket dropped to $191.54 (0.4%). CBA leading the fall down 0.6% with WBC off 0.7%. MQG lost 0.6% though insurers better on higher yields. 10-year yields back to 4.20%. REITs slid too, GMG off 0.1% and SCG down 1.0%. Healthcare a little higher CSL up 0.4% and RMD up 1.1%. Industrials held relatively firm, supermarkets still under a little pressure, WOW down 0.1% and COL off 0.1% too. Tech slightly better and utilities bouncing off bottom, Retail stocks on the nose, LOV down 2.2%, PMV down 1.7% and SUL down another 2.3%. JBH lost 2.5%. In resources, the Three Amigos held firm, gold miners were smashed as EVN disappointed the true believers, Red Lake turned into the Red Wedding and the stock collapsed 17.3% on production numbers. The rest of the sector fell in sympathy. AUD bullion prices hardly changed but NST down 4.4% and NEM lost 5.1%. Lithium stocks depressed, PLS down 1.9% and S32 headed south by 3.5%. Oil and gas in trouble, WDS down 1.4% and STO off 0.7%. In corporate news, TLC has a new chair, WA1 raising money at 1000c. On the economic front, Chinese GDP grew at 5.2% last year. National Australia Bank now expects the Reserve Bank to remain on hold until November, before the central bank starts cutting from the current cash rate of 4.35%. Meanwhile in Asia, everyone is bearish China and down she went again, off 0.7% and HK down 2.8%. Japan unchanged.

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The Dow Jones Industrial Average fell Tuesday as bond yields ticked higher and Wall Street pored through the latest batch of fourth-quarter earnings. Boeing took a hit on a broker downgrade falling nearly 8%.

The Dow declined 231.86 points, or 0.62%, to close at 37,361.12. The S&P 500 slipped 0.37% to end at 4,765.98, and the Nasdaq Composite dropped 0.19% to 14,944.35.

ASX SPI Futures up 5. AUD takes a hit as US Bond yields rise.

• Oil little changed as stronger dollar counteracts Red Sea disruptions.
• Gold dips over 1% as dollar, yields rise on hawkish remarks by Fed's Waller.
• US oil output due to drop in February, for fifth straight month EIA says.
• Iron ore investors mine irrational exuberance.
• Copper's dollar-induced dip offset by China stimulus hopes.
• Australia sends biggest copper concentrate shipment to China since 2020.

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ASX 200 dropped 82 points to 7415 (1.1%) in a perfect storm as major stocks all saw sellers appear. No lead-in from the US, but futures are pointing to a weaker start all the same. The ‘Three Amigos’ saw selling as Iron ore prices fell again in Asia, BHP off 1.4% and FMG copping a 2.2% loss. RIO reported production numbers and reaffirmed guidance falling 1.3%. Lithium stocks mixed, PLS up 1.1% and IGO continued its own halving falling 1.8%. Gold stocks also found willing sellers, EVN down 3.4% and NST falling 1.9%. Uranium stocks came to a halt, PDN off 1.5% and DYL up 1.0%. Oil and gas stocks also on the nose, WDS down 1.6% and STO off 1.8% with coal stocks also easing. Banks saw some long overdue profit taking, CBA down 0.6% and WBC and NAB down 0.7-0.8% with the Big Bank Basket down 0.7% to $192.54. Other financials slid, MQG off 0.8%. REITS eased and industrials sold down. Retail under pressure, SUL down 2.6% and JBH off 1.4% with LOV down 5.2%. Tech eased with the All-Tech Index down 0.7%. Supermarkets are not quite so super as ACCC muscling up. WES down 1.0%, WOW off 1.5% and COL off 2.0%. 10-year yields bounced back to 4.14%, sending rate-sensitive stocks lower. In corporate news, DTL to beat profit guidance up 1.5%, HUB fell 2.1% on its FUA number and we had RIO production numbers. On the economic front more pessimistic consumer sentiment numbers. In Asia, Japan down 0.7%, HK falling yet another 1.9% and China down 0.4%.

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