Market Updates

 The S&P 500 rose for an eighth consecutive day on Wednesday, extending its longest win streak in two years.

The broad market index added 0.1% to finish at 4,382.78 and match an eight-day string of gains it notched in November 2021. The Nasdaq Composite inched up 0.08% to end at 13,650.41. The Dow Jones Industrial Average lost 40.33 points, or 0.12%, to close at 34,112.27 and snap its best win streak since July. 

ASX 200 Futures up 28 points. NAB results out. WBC Ex dividend.

• Base metals are broadly higher. Copper -0.60%, Nickel +1.26%, Aluminium +0.09%, Lead flat, and Tin +0.53%.
• Zinc hits one-month high on supply concerns after a fire hit a large Russian mine, up 1.77%,
• Gold retreated for a third consecutive session, down 0.93%
• 10Y yields: US 4.515%, Australia 4.521%, and Germany 2.617%.
• Oil prices slid to their lowest level in more than three months on concerns of waning demand from top consumers US and China. Brent Crude -2.21%, and WTI down 2.71%.

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ASX 200 pushes 18 points higher to 6995 (+0.3%). A tale of two cities with banks and industrials doing well and resources falling by the wayside. No sooner had a couple of brokers raised their forecast for iron ore than the miners staggered and slumped. Iron ore price easing and Chinese data not helping from yesterday. BHP down 1.9%, RIO off 2.0% and FMG falling 1.1%. Base metal stocks were under pressure too, with lithium also slipping away, IGO down 2.4% and MIN off 1.4%. Gold miners gave back some recent gains as safe haven bullion buying eased on a stronger USD. NEM down 4.7%, and NST off 1.2%. Oil and gas eased back, but not by much despite crude falls, WDS down 0.6%. Coal stocks steadied. Meanwhile, banks once again pushed higher, with WBC bouncing around up 1.5% and CBA firming by 0.7%. The Big Bank Basket up to $177.07 (+0.7%). MQG had a better day up 1.1%, with insurers also finding friends. MFG held a fiery AGM and got a first strike against pay. The stock rose 0.6%. REITs are in positive territory, led as always by GMG up 1.8%, and SGP rising 1.9%. Industrials firmed, interest rate sensitive stocks doing well, TCL up 1.3%, and REA firing 1.6% higher. TLS and ABB were winners from the Optus outage. Rising 1.3% and 1.9% respectively. Tech in demand, WTC up 2.3% and XRO rising 1.5%, with the All-Tech Index up 1.7%. In corporate news, JHX shot the lights out with quarterly results up 13.8%.  Nothing on the economic front local, RBA produced its chart pack, always a highlight for economists. In Asian markets, Japan slipped 1.0%, China down slightly 0.1%, and HK higher, up 0.1%. 10Y yields continue to fall to 4.59%. Dow Futures down 20 points. NASDAQ Futures down 15 points. 

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 Wall Street rose overnight, buoyed by gains in mega-cap tech stocks and a fall in US treasury yields. Dow Jones rose 57 points (+0.17%). Up 111 points at best. Down 69 points at worst. The S&P 500 and NASDAQ notched their longest winning streak in two years, up 0.28% and 0.90%, respectively. The tech sector did most of the heavy lifting, led by gains in Amazon +2.1%, Apple 1.4%, Meta +1.0%, Tesla 1.3%, and Microsoft 1.1%, advancing for an eighth straight session. US Treasury yields continue their descent, the 10Y yield fell 7.2bps, its fifth decline in the last six sessions on expectations the Fed is done with its rate hike cycle. 

ASX SPI 200 down 1 point.

• Base metals mixed. Copper -0.75%, Nickel -2.95%, Aluminium -0.96%, Zinc +0.20%, Lead +0.41%, and Tin -0.06%.
• Gold hit a two-week low overnight as the safe haven rally losses steam, down 0.52%.
• Bond Yields Lower - 10Y yield: US 4.579%, Australia 4.605%, and Germany 2.659%.
• Oil prices dive to July lows on the rising dollar and mixed economic data from China and OPEC+. Brent Crude -4.21%, and WTI down 4.40%.

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ASX 200 fell 20 points to 6977 (0.3%) after the RBA raised rates as expected by 25bps. Slight rally after the RBA decision and Melbourne Cup. Banks were soft, WBC down 2.7% and ANZ off 1.1% with the Big Bank Basket at $175.44 (-0.9%). MQG down 1.5% under pressure on downgrades across the board, insurers eased, QBE down 0.9% and SUN off 2.1%. REITs mixed, GMG unchanged and GPT up 0.5% with SCG off 1.2%. Tech stocks in demand with WTC up 3.6% and XRO rallying another 1.1%. The All -Tech Index up 0.9%. Industrials firm TLS up 0.3%, TCL up 0.3% and ORG putting on 1.2% as media reports plans in the wind. Healthcare better again, CSL gave up early gains to close up slightly, COH up 1.23%, RMD down 0.5%. Resources were again weaker, lithium stocks slid, PLS down 3.7% and IGO off 0.6%. Gold miners flat, oil and gas eased and coal down again, WHC off 3.0%. Iron ore slightly higher with RIO going well up 0.3%. In corporate news, all quiet as Victoria had a holiday and the Cup took centre stage. GQG fell 1.8% on its latest FUM numbers. On the economic front, RBA raised rates. Asian markets fell Japan down 1.0%, HK down 1.5% and China down 0.4%. Chinese data disappoints. 10-year yields around 4.72%.

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US stocks eked out narrow gains Monday to build on last week’s strong rally, with the Nasdaq Composite notching its longest positive streak since January. The Nasdaq jumped 0.3% to finish at 13,518.78, while the S&P 500 edged up 0.18% to end at 4,365.98. The Dow Jones Industrial Average inched up 34.54 points, or 0.1%, to settle at 34,095.86.

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ASX 200 rose 19 points to 6998 (0.3%) in cautious trade ahead of the RBA tomorrow. Banks were firm and WBC results helping with the stock up 2.0% on a $1.5bn buyback and a $7.2bn profit. The Big Bank Basket up another 0.8% to $177.42. MQG giving back some of its gains from Friday down 1.0% and MFG slipped 0.4% following its latest FUM numbers. Insurers easing back as 10-year yields fall to 4.70% and REITs mixed. GMG reaffirming guidance down 0.4%. Industrials firm but few stand out's. Tech a little weaker with WTC up 1.0% and XRO down 0.4%. The All Tech Index down 0.4%. SQ2 fell 6.3% on profit taking. Healthcare doing well as CSL and RMD leading the charge from oversold levels up 1.7% and 3.1%. RMD now up almost 12% in a week. In resources, BHP down 0.1% and RIO off 0.9%, some talk of BHP wanting to bring Brazilian compensation to a head. Lithium stocks generally weaker, although WC8 up 9.6% on some new drilling results. PLS rose 1.3% with AKE up 1.2%. AZS unchanged as MIN buys in. Gold miners better with NEM up 1.0%. Uranium stocks taking a bath today with DYL off 8.7% and PDN falling 5.0%. Oil and gas stocks ease back on crude falls. In corporate news, WBT up 2.1% on first revenue, WSP gets a 48c cash bid, up 60%. Nothing on the economic front today locally. In Asia, China’s Li says it will boost imports and expand access. Japan plays catch up rising 2.5%, HK up 1.7% and China up 1.3%. 10-year yields at 4.72%.

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US equities gained Friday as bond yields sharply off the back of US jobs data, which showed signs of slowing growth and an uptick in unemployment, boosting hopes that the Fed is done with its interest rate hike campaign. The Dow Jones traded higher all day, finishing up 222 points (+0.66%). Up 325 points at best. S&P 500 posted its fifth straight gain, up 0.94%, and the NASDAQ logged its sixth consecutive gain, closing up 1.38%. Treasuries rallied, with the 2Y yield falling 15 basis points to 4.84% and the 10Y dipping 9 basis points. Wall Street fear gauge, the VIX fell 4.5% and saw its largest weekly plunge since Dec-21 (-29.7%). The USD Index slid almost 1% the most since July, and Oil sank below $81 before finishing down 2.23% at $81.09 a barrel. On the corporate front, tech struggled, weighed down by losses in Apple -0.5% after its earnings and revenue beat forecasts, but sales declined for a fourth consecutive quarter. Conversely, Block jumped 10.3% after raising its annual adjusted profit forecast.

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ASX 200 closes up 79 points to 6878 (1.1%). Strength straight out of the blocks on US moves to the upside. Banks as always leading the charge with CBA up 1.5% and WBC doing well too, up 1.6%. The Big Bank Basket up to $176.09 (+1.5%). MQG results this morning, an initial sell-off but closing better by 1.8%. Not convincing but some shorts happy to cover. Insurers eased led by QBE off 0.8% as 10-year yields fell to 4.74%. REITS in favour with the yield news, GMG up 1.7% and CLW rallying 3.8%. Healthcare too rallying from oversold levels. CSL up 2.5% and SHL up 1.1%. RMD lagged but had been going well in previous days. Industrials firmed, TCL bounced 2.5% on rate hopes, WES up 1.7% and QAN up 2.0% despite a tricky AGM to say the least. Tech better with the All-Tech Index up 1.5%, XRO continued 1.4% higher. Retailers were slightly better, JBH the stand out up 1.6%. In resources, BHP rose only % with RIO the best of the iron ore stocks up 0.7%. Gold miners fell, NEM up 1.2% but most down. Lithium stocks catching a bid but not convincing, although AZS roaring ahead by 4.1%. LTR up 4.4% too. Oil and gas steady and coal stocks eased. In corporate news, the ORG saga continues, down 1.1%. MQG saw a profit slide, TWE returned after the cap raise for Daou and fell 7.8%. SQ2 rallied hard on an update, QAN gets a roasting but survived. RPL bought PGF and in economic news, household spending increased 4.9% through the year. In Asia, Japan closed for a holiday, HK up 2.1% and China up 0.9%.

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US equities rose sharply higher overnight, a day after the Fed hinted it may be done with interest rate hikes and a batch of upbeat quarterly earnings updates added to the bullish sentiment. The Dow ended near best levels, up 565 points (1.70%). Dow traded higher all day, with a high of +578 points and a low of +175 points. The S&P 500 posted its fourth consecutive gain and its biggest one-day percentage gain since April, up 1.89%. Also, the benchmark closed above its 200-day moving average for the first time since October 24th. The NASDAQ rose for its fifth consecutive day of gains, up 1.78%, and the Russell 200 Index rose 2.7%, its biggest one-day percentage gain since June 6th. The VIX fell below 16 and breached a key technical level, down 7.3%. Long-dated Treasurys fell, 10Y yield down 9.8bps, and the USD Index fell -0.67% as the pound gained after the BoE pushed back on talk of rate cuts. Among stocks, Starbucks is up 9.5% on good results. Roku jumped 30.7% on strong Q4 guidance, and Paypal’s shares rose 6.6% after the company raised its full-year adjusted profit forecast.

ASX to rally. SPI Futures up 85 points (+1.23%).

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 ASX 200 pulled back from intra-day highs to close up 61 points at 6900 (0.9%). Banks led the market higher with CBA up 1.6%, NAB up 1.5% and the Big Bank Basket up to $173.54 (+1.7%). Fund managers also better but MQG set to report tomorrow were flat. REITs soared on falling yields, GMG up 2.22% and GPT up 3.0% as 10-year yields fell to 4.80%. Healthcare also finding support from oversold levels, CSL up 1.3% and RMD rallying another 3.3%. Tech too had a good day on lower rates with XRO up 3.5% and WTC up 3.4% with the All-Tech Index rising 2.7%. Old skool platform stocks too in the green with REA up 4.8% and CAR rising 2.3%. Industrials not so great except interest rate sensitive stocks, TCL up 1.0%, QAN up 2.6% and JBH up 0.9% with solid support for retailers. Utilities slipped back after ORG saw an increased offer from Brookfield and a rejection from AussieSuper again. Resources were mixed, gold miners slipping back as risk appetite increased, NEM down 1.3% and NST off 2.6%. Oil and gas stocks also slid lower, WDS off 2.5% and STO down 3.0%. Coal stocks better and iron ore stocks still in demand, BHP up 0.4% and FMG rallying 1.7%. Lithium stocks saw a few buyers, nothing spectacular, PLS up 0.6% and LYC up 0.6%. In corporate news, CSR held its AGM talking of solid demand, SUN appointed a bank CEO, STO lost a court battle for Barossa project and A4N rose strongly on news of insto support for a capital raise. On the economic front, some lending numbers but it’s all about the RBA next week. Asian markets better, Japan up 1%, HK up 1.3% and China up 0.1%. 10-year yields down to 4.79%

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