Market Updates

ASX 200 gained 57 points to 6955 (+0.8%) as the RBA meeting helped solidify earlier gains. Financial markets stabilised after recent volatility. Resources in general did well today with Gold mixed as the market consolidated gains from yesterday. NSTdown 1.5%, NCMup 0.6% andEVNup 2.1%. Iron ore stocks doing well on demand optimism. BHP up 1.3%, RIO up 1% and FMG unchanged after Andrew Forrest launched a takeover bid for MCR. Lithium stocks performing well PLS up 1.2% and LTR up 0.3%. Energy stocks winning today WDS up 0.6% and STO up 0.5% and Coal stocks rebounding from yesterday’s losses YAL up 3.7% and WHC up 3.6%, helped by favourable results from NHC, up 8.6%. Industrials held steady today WOW up 0.2%, CSL unchanged. REITs clawing back some of yesterday’s losses on hopes of stabilisation. GMG up 0.6% and CHC up 1.8%. Banks rebounded from yesterday’s sell-off, The Big Bank Basket up 0.7% to $168.7. MQG the biggest winner up 3.3% after slipping 4.6% yesterday. BOQ up 1.9% and BEN up 1.9%. Insurance sector is up with AMP gaining 5.1% with the sale to DXS finally filtering through. MCR jumping 42.3% after Wyloo Investments made a takeover bid, causing the price to skyrocket. HLO down 6% after acquiring a 34% stake in Oslo-based travel firm Australiareiser. Asian markets mixed with Hong Kong and China both up 0.2%, Japan is closed for a holiday. 10-year yields fell further to 3.21%. Dow futures up 11 points. NASDAQ futures up 15 points.

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Global equity markets rallied overnight after the historic deal from UBS to rescue Credit Suisse and central banks’ efforts to boost confidence in the financial system containing the banking crisis for now. Bond yields rose as markets weigh the chances of the Fed skipping a rate hike and the USD Index retracted. Dow Jones up 383 points (+1.20%). Dow up 418 at best. S&P 500 up 0.89%. NASDAQ up +0.39%. VIX Volatility Index down 5.3%. In Europe, STOXX 50 +1.3% FTSE +0.9% CAC +1.3% DAX +1.1%. SPI Futures are down 45 points (+0.65%).

• ASX to rally, Dow leads Wall Street higher.
• Wall St ends higher as bank contagion fears ease, Fed eyed.
• Scramble for safety subsides as markets digest Credit Suisse rescue.
• European stocks close higher after turbulent session.
• Market stress indicators flash warnings as banking worries continue.
• Credit Suisse rescue eases crisis fears, First Republic shares dive.
• Goldman Sachs sees risk of 'permanent destruction' in demand for AT1 bonds.
• Amazon deepens tech-sector gloom with another 9,000 layoffs.
• Nike sales to gain from Adidas-Kanye split, Jordan Retro demand.
• Copper prices rise on weaker dollar, signs of China's improving demand.
• Gold drops from 1-year peak as banking fragility drives wild swings.
• Putin flaunts alliance with Xi as 'dear friends' meet in Kremlin.

Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.

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 ASX 200 fell 96 points to 6899 (1.4%) after a mid-morning rally fizzled out and reverses closing on lows for the day as US and European futures gave back early ground. All eyes on the European opening. Gold was the only sector in the green with NST up 8.5% and a NCM up 6.0% with second liners doing well, EVN up 10.1% and GMD up 8.0%. Bullion easing back a little from record AUD highs. Iron ore stocks under pressure as Chinese authorities warn again on price gouging and hoarding. BHP down 1.0% and RIO off 0.7%. Lithium stocks melted with PLS falling 5.2% and LTR down 9.4% with LYC off another 5.5%. Energy stocks also under pressure with WDS off 2.9% and STO galling % and coal stocks hit hard, WHC off %. Industrials were weaker across the board with WOW down 2.7%, CSL down 0.8% and REITs off big time on CS worries on property exposure. GMG off 2.9% and CHC falling 4.8%. Banks which tried hard to hold up, threw in the towel with CBA down 0.5% and ANZ off 1.4%. MQG dropped hard on contagion woes, down 4.6%. MFG fell 5.1% and SUN off 4.5% with the insurance sector crumbling as QBE fell 4.7%. Insurers under pressure on potential bond exposure. The Big Bank Basket down to $167.55 (0.7%). In corporate news, RMS bid for BRB in a share deal, ACL announced a deal to merge with HLS and LFS still assessing the ongoing cyberattack. Asian markets slid with HK the focal point down 2.6%. 10-year yields falling back to earth down to 3.25%.

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**** UBS is paying 3bn Swiss francs ($4.5 billion) for Credit Suisse in an all-share deal that includes extensive government guarantees and liquidity provisions. The price is less than half the 7.4 billion francs Credit Suisse was worth at the close of trading on Friday. Regulator Finma said about 16bn francs of Credit Suisse bonds will become worthless to ensure private investors help bear some of the costs.

Dow Jones down 385 (-1.19%). Trading down all day friday, reaching 518 at worst. S&P 500 down 1.1%. NASDAQ down 0.74%. S&P 500 up 1.41%, and NASDAQ up 4.39% for the week, while the Dow posted weekly losses down 0.25%. US treasury yields continued to slide, 2-year yield down 28.4bps. 10-year yield down 14.9bps. Oil prices fell to 15-month lows, and data showed consumer sentiment fell for the first time in four months. SPI Futures down 98 (-1.19%). European markets record worst week in five months, Stoxx 50 -1.3%, FTSE -1%, CAC -1.4%, and DAX -1.3%.

• Global equities fall, gold rallies as banking worries linger.
• European shares record worst week in five months on bank crisis jitters.
• Dysfunction in 'wildly illiquid' bond markets unnerves investors.
• US consumer sentiment deteriorates in March, inflation expectations retreat.
• Fed to stay the course with 25 bps rate hike on March 22.
• Meta launches subscription service in US.
• First Republic shares tank as $30bn support fails to soothe banking nerves.
• SVB Financial seeks bankruptcy protection as banking turmoil persists.
• Copper rises but still faces weekly loss after banking shocks.
• China to look at measures to curb 'unreasonable' iron ore prices.
• Oil prices settle down, post big weekly losses on bank fears.
• War crimes court seeks Putin arrest over deportation of Ukraine's children.
• Pressure mounts on Macron after violent unrest over pensions.

Catch up on the latest news with Henry Jennings’ Pre-Market Podcast.

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ASX 200 claws its way up 29 points to close at 6995 (+0.4%). Some mid-morning jitters before Asian markets opened and steadied the ship. Modest gains across the board, Banks better with CBA up 1.1% and NAB gaining 1.5% with the Big Bank Basket up to $168.78 (+1.0%). Insurers better with QBE up 2.1% and SUN up 0.8%. Fund managers are better too, MFG up 3.7% and PTM rallying 6.7%. Industrials firmed, TLS up 0.5% with WOW up 1.2% and WES up 0.5%. Nothing spectacular but solid. Healthcare eased slightly as CSL drifted 0.7% lower. REITS off slightly as 10-year yields rose and retailers doing better, HVN up 0.3% and LOV gaining 1.7%. In resources, lithium stocks rebounded nicely, PLS up 2.8% and AKEup 1.5% with LTR strong, up 8.2%. Gold miners slid, no surprise there as bullion fell a little. Iron ore stocks better led by FMG up 1.8% and oil and gas stocks did well as crude rebounded. WDS up 2.7% and STO rallying 1.6%. Coal stocks, slightly merry, NHC up 1.4%. In corporate news, IHR got another bid, KCN announced it had reopened Chatree after 6 years of legal battles. KLS returned to trade following the placement and acquisition. Nothing on the economic front ahead of Fed next week. Asian markets better, Japan up 1.1%, China up 1.6% and HK up 1.9%. 10-year yields up to 3.40%. Dow futures up 1 point. NASDAQ futures up 19 points.

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Dow Jones up 372 points (+1.17%). Dow up 407 at best and down 303 at worst. S&P 500 up 1.76%. NASDAQ up 2.48%. VIX Volatility Index down 12.1%. In Europe, STOXX 50 +2% FTSE +0.9% CAC +2% DAX +1.6%. SPI Futures are up 27 points (+0.39%).

• ASX to rise, Wall Street rallies on First Republic boost.
• Wall Street closes higher as First Republic helps lift banks.
• Global shares gain as banking sector lifelines bolster confidence.
• U.S. labor market remains tight; housing market stabilizing.
• Microsoft unveils AI office Copilot in fast-moving race with Google.
• Major US banks inject $30 bln to rescue First Republic Bank.
• Credit Suisse says key liquidity measure did not change the week SVB fell.
• Rio Tinto appoints directors with mining, renewable energy experience.
• Exxon starts up new Beaumont, Texas, crude unit.
• ECB cuts through bank turmoil to keep rate hike pledge.
• Copper regains some ground after banking fears sparked sell-off.
• Gold prices hold firm as banking worries persist.
• Oil snaps declining streak as Saudi, Russia meeting calms markets.
• Anger as French government pushes through pension change without vote.

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ASX 200 finished down 103 points at 6966 (-1.5%). ECB decision tonight and Debit Suisse rescue package with huge liquidity pool in focus. Selling was concentrated in resources again today, with BHP down 4.8% under pressure on UK class action and falling commodity prices. RIO also on the nose with FMG down 3.2%. Lithium stocks remain under pressure, PLS down 3.0% and MIN down 2.5%. Base metals weaker as copper fell, S32 down 4.8% and SFR off 0.7%. Oil and gas stocks also tanked after crude falls, Asian oil slightly better but WDS still down 5.4% and STO off 4.9%. Gold miners better but not stunning, NCM up %. Banks were easier too but no great dramas, CBA off 0.1% and WBC down %. The Big Bank Basket fell to $167.03 (-1%). Insurers eased, fund managers down led by MQG off 1.7% and MFG off 6.3%. PTM fell 4.1% too. Industrials were relatively sanguine, TLS up 0.7%, COL up 1.3% and healthcare stocks better on defensive buying, CSL up 1.8% and RMD rallying 1.2%. REITs were mixed, Tech down slightly with the All-Tech Index down 1.2% and WTC off 0.4% and CPU off 7.0%. In corporate news, PPH saw the bid price raised. IPH tumbled 10.6% on a new cyberattack. DEG did well up 2.5% on a Brolga update and TLX up 2.7% on an FDA extension. On the economic front, unemployment fell back to 3.5% with 64,500 new jobs created in February. Asian markets were spooked and 10-year yields falling to 3.34%. Dow futures up 107 points and Nasdaq futures up 61 points.

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Renewed fears gripped global markets overnight on news of problems at Credit Suisse. US indices mixed Dow and S&P 500 closed down. Treasury yields fell, and the two-year yield is down to its lowest levels since September. Gold rallied on safe-haven buying and the USD greenback strengthened. Dow Jones down 281 points (-0.87%). Dow down 726 at worst. S&P 500 down 0.86%. NASDAQ up 0.05%. VIX Volatility Index up 10%. In Europe, STOXX 50 -3.5% FTSE -3.8% CAC -3.6% DAX -3.3%. SPI Futures are down 115 points (-1.63%).

• ASX to plunge as Credit Suisse sparks global banking rout.
• Wall Street down as Credit Suisse sparks fresh bank selloff.
• Credit Suisse unease sparks sell-off in world stocks; gold resumes rally.
• Wall Street regulator unveils new hacking, data and market resiliency rules.
• Fed rate hike campaign in question as bank stocks swoon.
• Swiss regulators rush to assuage fears over Credit Suisse.
• US retail sales point to underlying strength in the economy.
• SVB Financial explores bankruptcy as option for asset sales.
• Visa, MasterCard $5.6 bln settlement with retailers is upheld.
• Apple supplier Foxconn steps up investment outside China, as consumer electronics demand dips.
• US general says drone crash part of Moscow's increasing aggression.
• Gold rallies over 1% as Credit Suisse crisis hits risk appetite.
• Copper prices fall on stronger dollar and banking woes.
• BHP facing the largest class action in history of claims of GBP36bn

Tune in to Henry Jennings’ Pre-Market Podcast to get in the know for the day ahead. 

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 ASX 200 opened strong, waivered, then rallied to close up 60 points at 7069 (0.9%). Gains across the board with banks solid but unexciting, the Big Bank Basket up to $168.65 (0.55%), MQG rallied 0.9% with insurers back in demand as yields steadied, QBE up 2.3% and SUN rallying back 1.9%. Wealth managers too doing ok, MFG up 4.8% and PTM rising 1.8%. Healthcare was better, CSL up nearly 1.8% and gains in COH and SHL adding to the green. REITs rallied with SCG up 1.7% and SGP firing 3.2% higher. Tech better XRO up 4.0% the standout, the All Tech Index up 1.6% with CPU recovering 2.3%. Industrials firm. TLS up 0.5% and COL ahead by 0.9%. In resources, BHP up 1.2% with RIO and FMG doing well too after Chinese economic data, Lithium sticks remain mixed, early jumps saw a seller’s ambush, Gold miners eased, energy stock mixed, WDS down 1.0% and STO up 0.8%. Old king coal was a merry old soul as WHC gained 3.7%. In corporate news, 29M cratered again on the rain issue in QLD, KAR had some good news on Patola well and rose 2.5% and PRN rose 7.5% on a new safety taskforce. Nothing on the economic front locally but Chinese data mostly inline but no huge boom post Covid. Asian market slightly better. 10-year yields up to 3.44%

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The Dow Jones Industrial Average ended up 336.26 points, or 1.06%, at 32,155.40, snapping a five-day losing streak. The S&P 500 added 1.68% to close at 3,920.56. The Nasdaq Composite climbed 2.14% to end at 11,428.15.

The SPDR S&P Regional Banking ETF (KRE) closed the session up 2%, regaining some ground following a 12% decline the day prior. Shares of First Republic Bank popped nearly 27% after closing down nearly 62% on Monday.

The consumer price index rose 0.4% in February from January, matching the consensus estimate of economists polled by Dow Jones. The annualized increase of 6% was also in line with economists’ expectations. So-called “core” CPI, which removed volatile food and energy prices, grew from the prior month slightly more than economists expected at 0.5%, while the year-over-year increase of 5.5% came in line with what they anticipated.

• Oil prices dropped to a 9-week low 
• Commodities eased slightly. Gold fell 0.5% as money flowed back into equities.
• Chinese Data due today including Industrial production and Retail Sales.

Catch up on the latest news with Henry Jennings’ Pre-Market Podcast.

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