Market Updates

ASX 200 fell another 53 points to 6890 (0.8%), an 11-month low with banks and industrials in the firing line today. The Big Bank Basket dropped to $172.06 (-1.6%), with CBA down 1.6% and MQG falling 2.1%. Insurers are once again under pressure despite rising bond yields, usually good for the sector. QBE down 1.0%, SUN off 1.6% and REITs sold off yet again. VCX down 1.5% and SGP off 1.3%. Tech eased, with WTC down 0.8% and XRO off 0.8% as the All-Tech Index dropped 0.7%. Industrials fell across the board, TCL down 0.9%, WES off 0.6%, and TLS falling 1.3% on the TPG/VOC news of the DD period expiring. Resources found a little support on the falling AUD with BHP down only 0.3% with RIO up 0.7%. Gold miners saw a few brave souls venture out with NCM up % and EVN up %. Lithium stocks tried to steady, LTR pushed 0.7% higher on more Gina buying. Oil and gas stocks slid slightly, with WDS down 0.9% and STO off 1.1%. In corporate news, MIN dipped 1.3% after finalising a $1.1bn debt deal. Nothing on the economic front. RBNZ kept rates unchanged over the ditch. Asian markets weaker again, with Japan down 2.0% and HK off 0.9%. 10Y yields up to 4.66%. Dow Futures down 56 points. NASDAQ Futures down 34 points. 

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 The blue-chip average is down around 470 points, or 1.4%, on Tuesday. The Dow last performed worse on March 22, when the index slid 530 points, or 1.6%. 
The S&P 500 slid 1.37%, touching its lowest level since June during the session and closing at 4,229.45. The tech-heavy Nasdaq dropped 1.87% to end at 13,059.47 as growth stocks saw some of the biggest losses.

• US job openings (JOLTS) post largest increase in two years; quits rate unchanged.
• Indexes ended sharply lower as data adds to rate worries.
• Stocks slip, yields rise after US jobs data suggest higher rates.
• Yields hit 16-year highs; technical factors add to pressure.
• Toronto market falls to 1-year low as bond yields jump.
• Hong Kong-listed China shares experienced their worst session since July.
• Yen surges against dollar, leads some to suspect intervention.
• Banks stocks back in vogue for hedge funds in September -Morgan Stanley.
• Meta to lay off employees in metaverse silicon unit on Wednesday.
• US senators hope to meet with Xi during China trip next week.
• McCarthy ousted as House Speaker.
• US warns China it plans to update chip export rules to prevent China accessing advanced AI chips.

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ASX 200 fell another 90 points to 6943 (1.3%) after weak leads from overseas and bond yields pushing higher. RBA leaves cash rates unchanged in Bullock’s first meeting. Low volume and only tentative signs of some bargain hunting appeared. Resources once again the problem as iron ore fell in Singapore. BHP down 1.2%, and FMG off 1.6%. Energy stocks were also under pressure as crude continued to backtrack, WDS down 3.7% and STO off 4.3%. Coal miners are also seeing selling, with WHC down 3.6%. Bullion has been falling hard on stronger USD and rates. NST fell 4.3%, and EVN down 4.9%. Lithium stocks also see sellers gain the upper hand, PLS down 2.9% and AKE dropping 4.8%. Banks held up relatively well as yields rose, CBA down 0.2%, NAB down 0.6% with the Big Bank Basket down to $174.94 (-0.5%). Insurers fell, QBE off 2.0%, and fund managers also fell, with MQG down 0.6%. Industrials slightly weaker, REITs under pressure, GMG down 2.0% and tech stocks also eased, with WTC down 3.0% and XRO off 1.2%. CPU did better after selling its US mortgage business. Unchanged on the news. The All-Tech Index finished down 1.3%. Healthcare and defensive stocks saw some buying as CSL rallied 1.0% on a broker upgrade, RMD better, and WES and ALL both found support. In corporate news, thin on the ground for announcements. On economic news, new dwelling approvals rose 7% in August, and RBA kept rates unchanged as expected. Asian markets eased, with China still closed for Golden Week. HK down 3.2%, and Japan down 1.7% as the Yen weakens. 10-year yields falling slightly to 4.54%. Dow Futures down 84 points. NASDAQ Futures down 37 points. 

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Dow declined 74.15 points, or 0.22%, to 33,433.35. The S&P 500 inched higher by 0.01% to close at 4,288.39. The Nasdaq Composite added 0.67% to close at 13,307.77 and notch its fourth consecutive positive day.
The yield on the 10-year Treasury topped 4.7% at its session high, marking its highest level since October 2007.
Technology, communications services and consumer discretionary were the only positive sectors in the broad market index. 

• Rate-sensitive utilities were the worst-performing S&P 500 sector, down 4.68%. Energy also sharply fell 1.95%, while Tech showed resilience despite rising bond yields, up 1.41%.
• 10Y yield: US 4.68%, Australia 4.48%, and Germany 2.92%.
• Gold fell for its sixth consecutive session, nearing a seven-month trough. Down 1.15%.
• Aluminium prices hit five-month highs overnight before some profit-taking weighed. Down 0.81%.
• Base metals broadly sold off overnight. Copper -2.62%, Zinc -2.23%, Lead -1.42%, Tin -1.90% Nickel up 0.62%
• Oil fell sharply lower. Brent down 1.72%, and WTI fell 2.16% as higher for longer lifted the USD and dampened the outlook for energy demand.

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The Dow Jones Industrial Average retreated on Friday as investors followed the latest news about a potential government shutdown and ended what has been a tough month for stocks.

The Dow lost 158.84 points, or 0.47% to finish at 33,507.50, led down by Travelers Companies. The S&P 500 dropped 0.27% to 4,288.05. The Nasdaq Composite traded up 0.14% to 13,219.32.

The S&P 500 finished the month down 4.9% and the quarter lower by 3.7%. The Nasdaq Composite was off 5.8% in September, and down 4.1% for the quarter. Both posted their worst months this year. The Dow notched a 3.5% decline this month and a 2.6% fall for the quarter.

The Latest personal consumption expenditure index price index, which is the Federal Reserve’s preferred inflation metric, came Friday morning. So-called core PCE, which strips out volatile food and energy prices, rose 0.1% in August and 3.9% annually. Economists polled by Dow Jones expected that the core PCE would advance 0.2% on a monthly basis and 3.9% year over year.

• Labour Day holiday in other states on Monday, October 2 (ASX open).
• China National Holiday 1st October - kicking off a one-week national holiday.  Markets closed from 29th September until 6th October. Reopen 9th October.
• Eurozone Unemployment rate tonight. 

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ASX 200 rallied 24 points to 7049(.3%) in quiet trade. Holiday in VIC today. China closed too. Miners have been in focus in the last few days, BHP up another 1.2% with RIO and FMG joining the party. Lithium shrugged off its recent depression with PLS up 1.9% and AKE up 2.1%. LTR slipped 1.3% on a KV update. Costs up 6% since January. Gold stocks also in demand as bargain hunters scratched around in the ashes, NST up 2.1% and EVN up 1.2%. Oil stocks eased slightly with some profit taking, coal down too, uranium stocks continue to push higher as DYL up 1.9% and BOE doing well too on drill results up 3.0%. Industrials firmed with tech steady, XRO up 0.4% and the All-Tech Index up slightly. Healthcare mixed, CSL still bleeding down 0.5% and RMD taking a break down 2.1%. Banks were solid yet unspectacular. The Big Bank Basket rose to $175.85 (0.2%). MQG bounced after some dismal days, up 1.6%. Other financials also finding buyers. In corporate news, CXO rallied hard on better-than-expected results and short covering, up 19.1% BOQ announced job cuts. Nothing on the economic front. Asia markets mixed with China closed and HK up 2.7%. 10-year yields pushing higher again to 4.49%.

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• Wall St ends higher as investors digest economic data ahead of inflation report.
• Global stock index rises as oil, 10-year yield and dollar pull back.
• US stocks close lower after choppy trading, bond yields ease – AFR.
• Nike up 8.5% in after hours trade - beats profit estimates as higher pricing pays off.
• Oil eases 1%, reversing rally, on profit taking, interest rate worries.
• US Jobless Claims 204K v consensus 215K – further pressuring rates.
• Shutdown looms as US Senate, House advance separate spending plans.
• White House says economy faces headwinds from possible shutdown, restart of student debt repayments, higher rates and UAW strike.
• Fed to enter a phase of structurally higher rates than policymakers and investors anticipated.
• UAW plans to strike additional facilities on Friday absent serious progress in negotiations.
• US GDP growth unrevised at 2.1% in second quarter as economy shows resilience.
• Fed's Goolsbee sees risk of 'error in view that low inflation needs high unemployment.
• Fed's Barkin says it's too soon to say if another hike needed.

The ASX 200 dropped another 6 points today to 7025 (0.1%) after an early rally fizzled out. Retail sales were slightly worse than expected and suggest the RBA will be on hold next week. Volumes dropped ahead of holidays here and in China. Banks eased back slightly after holding firm recently. The Big Bank Basket down to $175.44 (-0.3%). MQG continued to slip again down another 0.8% with insurers better. Fundies and other financials weak as were REITs with some Ex-dividend. Industrials were sloppy, WES down 0.8%, WOW and COL eased around 0.7% to 1%. ‘Old Skool’ platforms down with REA off 1.3%, CAR down 3.4% and tech stocks easing back too. The All-Tech Index dropped 0.9%. In the big miners, BHP up 0.6% with RIO up 1.2% on higher iron ore prices. Lithium stocks lifted slightly as bargain hunters stepped in, PLS up 2.9% and MIN rallying 1.4%. Gold stocks under pressure as DEG launched a big raising, NCM down 5.0% and NST off 2.1%. Oil and gas stocks benefitting from crude strength, WDS up 2.9% and STO up 3.8%. KAR a standout up 4.7%. In corporate news, SOL reported and dropped 6.0% on private asset worries perhaps and BKW also under pressure on housing shortfalls, down 6.4%. On the economic front, Retail sales came in up only 0.2% M/M and had little effect really. Asian market partially closed, Japan down 1.4%, China up 0.2% and HK down 1.1% as Evergande gets suspended. Again. 10-year yields pushing ahead again to 4.44%.

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The Dow fell 68.61 points, or 0.20%, landing at 33,550.27. Earlier in the session, it was up as much as 112.77 points.

The S&P 500 edged up 0.02% to close at 4,274.51, while the Nasdaq Composite added 0.22% to end the session at 13,092.85.

The S&P 500 is down by 5% month to date, while the Dow is down more than 3%. The Nasdaq is the laggard of the three, losing more than 6% this month.

The benchmark 10-year Treasury yield rose Wednesday, reaching its highest level in more than 15 year.

• Among S&P 500 sectors Energy rose 2.5% while rate-sensitive sectors Real Estate fell 0.83% and Utilities down 1.84%.
• 10Y yield: US 4.61%, Australia 4.37%, and Germany 2.84%.
• Base metals mixed. Nickel +0.37%, Aluminium +0.04%, Zinc -1.04%, Lead -1.44%, Tin -1.54%.
• Copper finished flat, up 0.02%. hovering around four-month lows as uncertainty surrounding China’s property market was reinforced by mounting problems for major developers.
• Gold down 1.36% pressured by rising treasury yields and the USD.
• Oil prices rose sharply after a steep drop in US crude stocks heightened concerns about tight global supplies. Brent up 2.57% and WTI  up 2.62%.
• Crude oil inventories in the US fell 2.17m barrels in the week ending September 22, way more than the market forecast of a 0.32m drop, data from the EIA Petroleum Status Report showed.

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ASX 200 fell 8 points today to 7030 (0.1%) as a late rally saved the day after early losses. The market managed a rally post the monthly CPI number coming in as forecast at 5.2% and kicked in the matchout. Banks were once again a pillar of strength with the Big Bank Basket up to $175.96. CBA up 0.5%, and WBC up 0.7%. Higher yields seem to be helping the big four. Other financials sagged. MQG down 0.7%, and insurers fell too with QBE down 1.0% and SUN off 2.0%. Healthcare was mixed. RMD bounced slightly 4.8% on broker upgrades after its recent falls. CSL is still under pressure, down 1.4%. Tech stocks also down in the dumps, XRO fell 1.3% and WTC off 1.6%, with the All-Tech Index down 0.6%. Industrials mixed, WES fell 0.2%, BXB off 0.8%, and EDV picked up slightly. Resources were mixed, BHP up 0.4% with cheques for the 70c div dropping into accounts tomorrow. Gold stocks fell again, EVN down 3.5%, NCM off 2.1%. Oil and gas stocks eased, WDS off 1.1% and STO up 0.1%. Lithium stocks fell, MIN down 1.2% and AKE falling 0.7%. In corporate news, SGR cratered 9.1% as it completed its capital raising without new funds from Bruce Mathieson. On the economic front, August CPI came in at 5.2% (as forecast), driven by surging fuel prices. Core inflation fell to 5.5% down from 5.8%.  Asian markets are biased to the upside, China up 0.3%, HK up 0.6%, and Japan up 0.3%.10Y yields 4.38%. Dow futures up 85 points. NASDAQ futures up 42 points.

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