Market Updates

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ASX 200 falls another 57 points to 6842 (0.8%) as resources weighed on sentiment. The big iron ore miners under pressure, BHP off 2.4% with RIO falling 2.4% and FMG off 2.7%. Lithium stocks well and truly on the nose with PLS sinking another 7.3% as AKE fell 3.0% and MIN down 5.2%. Gold stocks eased too as bullion came off the boil, NCM down 2.0% and EVN down 1.4%. Base metals also under pressure as S32 had production numbers losing 3.0%. Oil and gas stocks whacked as oil fell in Asian trade, WDS down 3.2% and STO off 2.5% with coal stocks a little weaker as NHC went ex-dividend and then some. Industrials were mixed but painted a far more optimistic picture, healthcare managed a good day led by CSL and RMD up 1.6% and 3.5% respectively, SHL also rose 0.9% with other defensives also in demand, WOW up 0.7% and COL rising 0.7%. Tech saw modest losses as the All-Tech Index fell 0.5%. WBT continued its strong run, up another 15.2%. REITs eased as rates continued upwards, the 10-year yield at 4.79%. Banks with modest losses, the Big Bank Basket down to $172.44 (-0.6%). In corporate news, once again speculation in some takeovers in the lithium space, WC8 hit some great intersections, AZS in a halt pending a deal being announced, LRS returned having raised $35m and PFP up 2.7% talked of multiple parties interested in the business. Nothing on the economic front today although news on a wine cooler in China helped TWE up 1.4%. In Asian markets, Japan off 0.8% China down 0.6% and HK fell -0.7%.

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All three major US indices closed sharply lower overnight as unrest in the Middle East, rising yields and mixed earnings weighed on market sentiment. The Dow Jones finished near worst levels, down 287 points (-0.86%). Dow up 12 points at best. Dow down 296 points at worst. S&P 500 fell 1.26%, with all sectors in the red as well as falling below its 200-day moving average, a key level seen as a harbinger for more losses. NASDAQ fell 1.53%. Notable laggards include Apple off 1.5%, Meta down 1.3%, and Tesla fell 3.7%, marking its worst weekly performance since December. Russell 2000 is down 1.29%, while the VIX edged higher 3.6% (up 17.73% for the week). Oil pulled back after hitting $90 a barrel, down 0.26%, while Gold rose 0.29%, up for a second consecutive week on its safe-haven appeal. On the earnings front, American Express fell 5.4% despite posting record levels of revenue and profit for Q3.

In the upcoming week, the focus in the US will be on critical economic data, including the Q3 GDP growth rate, the PCE Price index, and personal income and spending, as well as durable goods orders and PMI readings from S&P Global. Major tech firms like Alphabet, Microsoft, Meta, and Amazon are set to release their earnings reports. Central bank interest rate decisions from the ECB, and Bank of Canada will be key, while economic indicators from Japan, Germany, the Euro Area, and the UK will also be closely watched. On the domestic front, Inflation data out Wednesday and RBA Bullock Speech the following day.

• All sectors lower on the S&P 500 overnight, Energy and Financials dragged, down 1.92%. 
• Copper down 0.61% on sluggish global growth and lack of stimulus from China.
• Base metals are broadly lower despite a weaker USD. Nickel -1.94%, Aluminium -0.23%, Zinc +0.76%, Lead +0.10%, and Tin -1.01%.
• 10Y yield: US 4.907%, Australia 4.730%, and Germany 2.894%.

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ASX 200 managed to cling to 6900 falling 81 (1.2%) points today. Across the board selling as yields and geo-political events take centre stage. ASX 200 down 2.1% for the week.  10-year yields stable at 4.74% with US rates breaching 5.00% briefly. Banks sold off with CBA down 1.0% and NAB down 1.6%. Banks have been very good performers this month ahead of results but profit taking creeping in. The Big Bank Basket down to $173.53 (-1.2%%).  MQG dropped another 1.5% with insurers easing despite higher yields. REITs under some pressure as GMG fell 1.6% and GPT down 1.3%. Healthcare down with the exception of RMD which continues to buck the trend. Industrials weak, WES down 0.8% , TLS falling 1.6% and tech in trouble with the All -Tech Index down 1.2% with WTC off 2.6%. In resources, iron ore miners fell back a little again, BHP down 1.8% and FMG off 2.2%. Lithium stocks under pressure with MIN off 2.4% and AKE falling 3.9%. LTR though took the spotlight with a massive 32.0% loss as it returned to trade and no sign of Gina. Gold stocks eased too after a good week, oil and gas mixed, STO up 1.9% on a broker upgrade and WHC slightly higher again on broker comments. In corporate news, LRS in a halt pending a capital raise, IFL fell 12.8% on CEO resignation, ALX fell to a two year low on US traffic data, QLD has intervened to get the SUN/ANZ deal done and BSL cut guidance. Nothing significant on the economic front. Asian markets weak, Japan down 0.2%, China off 0.2% and HK off 0.4%.

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Wall Street’s major indexes finished lower overnight after a choppy trading session as the market digested Powell’s comments, and the US 10Y yield approached 5%. The Dow Jones closed 251 points lower (-0.75%). Up 187 points at best. Down 297 points at worst. The S&P 500 notched its third straight loss, down 0.85%, the NASDAQ fell 0.96%, and the Russell 2000 is down 1.15%. Wall Street’s fear gauge the VIX, jumped 8%, and the 10Y treasury yield approached 5% sitting at 4.988%, while the 2Y fell after Powell said the Fed will proceed carefully with rate hikes. Gold firmed for a third consecutive session on safe-haven buying, up 1.28%, and oil prices rose, with Brent up 2.11% and WTI up 1.13% on nagging worries over Middle East conflict. In corporate news, Netflix rose 16.1% following yesterday’s results unveiling sharp subscriber growth, Telsa fell 9.3% after posting its smallest quarterly profit in two years and Blackstone slipped 7.9% after reporting weaker-than-expected results.

ASX to fall. SPI Futures down 45 points (-0.64%).

• Base metals are lower. Nickel -0.22%, Aluminium -0.02%, Zinc -0.51%, Lead -0.19%, and Tin down 0.94%.
• Copper prices rose on firmer economic data from China with hopes for more stimulus to come, up 0.21%.
• 10Y yield: US 4.99%, Australia 4.78%, and Germany 2.93%.
• Gold firms for a third consecutive session as growing concerns in the Middle East sparked safe-haven demand, up 1.28%.

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ASX 200 dropped 96 points to 6982 (1.4%) as a broad sell-off hit the market as bond yields and Middle East conflict weighed on risk-takers. Big Banks down in the dumps, with CBA off 1.6% and the Big Bank Basket falling to $175.68 (-1.4%). MQG fell hard on US investment bank sell-off, down 2.7%. Insurers off too, despite 10-year yields rising to 4.78%. REITs in trouble, GMG down 2.5% and SGP off 1.3%. Healthcare too under pressure with CSL falling once again down 1.3%, although RMD managed to gain a mere 1.2%. Industrials weaker, WOW off 1.3%, TCL down 2.0% on traffic update, WES falls 1.7% on lithium woes. Retail fell, ALL off 1.7%, JBH off 1.1%, and TPW falling 3.3%. Travel stocks under pressure, WEB down 1.4% and FLT falling 3.6%. Tech fell hard, WTC off 1.6%, and XRO dropped 2.5%. The All-Tech Index down 1.5%. In resources, gold stocks were better, NST up 4.4% on production report. NCM unchanged ahead of impending Newmont deal, Lithium stocks taken out the back on an analyst downgrade to some majors overnight. PLS off 5.4%, MIN down 4.0% and LTR still scrambling around to get its equity raise away. Shorts will be happy. Iron ore miners fell, with BHP off 1.4% and RIO down 1.7%. Oil and gas stocks also under pressure WDS down 0.9%, and STO unchanged on production numbers. WHC fell 1.2% as a large block trade went through the market. In corporate news, WBT surged 6.8% on a deal with a large foundry, TLX dropped 10.1% in some disappointment on prostate cancer trial. QAN fell 2.5% as it terminated its AQZ deal finally. On the economic front, the jobs number headline was weaker than expected at only 3.6% unemployed. Asian markets weaker, Japan off 1.9%, HK down 2%, and China down 1.6%. Dow Futures down 36 points. NASDAQ Futures down 15 points. 

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All three major indexes in the US closed sharply lower overnight, near worst levels, as escalating Middle East conflict dampened risk appetite. The Dow Jones fell 333 points (-0.98%), trading lower all day, down 399 points at worst. The S&P 500 and NASDAQ are now down for the week, losing 1.34% and 1.62% overnight. US Small caps Russell 2000, down 2.11%, and Wall Street’s Fear gauge, the VIX, jumped 7.5%. Higher risk-free treasury yields also dulled the appeal for stocks, with the 10Y yield rising another 7.7 basis points and safe haven gold hitting its highest level in more than two months, up 1.36%. Reporting season is in full swing. Morgan Stanley fell 6.8% on disappointing profit figures, and Netflix and Tesla reported after the closing bell, with Netflix jumping 12.2% while Tesla fell another 1.62% after falling 4.8% during regular trade.

ASX to fall. SPI Futures down 83 points (-1.17%).

• Base metals mixed from better-than-expected economic data from China. Copper -0.06%, Nickel -0.13%, Aluminium +0.18%, Zinc +0.14%, Lead ++0.50%, and Tin up 0.55%.
• Oil prices rose as to a two-week higher on bigger-than-expected US storage draw and supply concerns after Iran called for an oil embargo on Israel over the conflict in Gaza. Brent Crude up 1.06%, and WTI up +0.98%.
• 10Y yield: US 4.90%, Australia 4.65%, and Germany 2.92%.

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