Market Updates

ASX 200 finished up 22 points to 7299 (0.3%) down around 0.5% for the week. A busy week with results dominating. Industrials and banks better with the Big Bank Basket slightly higher at $178.53 (0.8%). Insurers rose, and fund managers fell, MFG down 2.4% and PTM off 3.4%. MPL kicked 2.1% higher on broker comments. Tech better as WTC rose 4.1% with the All-Tech Index higher by 1.6% and XRO up 1.6%. Platform stocks also better REA up 2.1% and CAR up 1.0%, REITS firmed with GMG up 1.0% and MGR up 2.3%. Healthcare stocks flat, CSL modestly higher and SHL down 0.4%. Good numbers for industrial stocks saw BXB lead the charge up 7.5%, COL up 1.0% and ALL up 2.8%. Utilities were again higher as ORG rose 1.0% and APA up 0.8%. Resources mixed, BHP weighing index down 1.6% with RIO suffering a 3.6% fall, FMG down 1.7%. Gold miners under pressure in bullion pricing, NCM down 2.5% and EVN off 2.9%. Lithium stocks mixed with PLS up 1.1% on a maiden dividend and results, IGO up 1.1% with AKE also doing well up 3.7%. Oil and gas stocks better, WDS up 0.7% and STO gaining 1.2%. Coal stocks mixed. In corporate news, SGR returned to trade up 8.6% after raising nearly $600m in a placement. SGH has backed a $150m takeover offer. EML tumbled another 9.5% on a new letter from the Irish Central Bank. In results, BXB lifted guidance, SQ2 +5.9% on a result rethink after early losses, LNK losses widened, and it rose 0.5%. JIN boosted its dividend, and MIN fell 0.1% on disappointing mining services results. Nothing on the economic front as we await US PCE tonight. Asian market mixed. 10-year yields softer to 3.84%. Dow futures down 41 points and Nasdaq futures down 31 points.

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The S&P 500 was up 0.5%, while the Dow Jones Industrial Average gained 111 points, or 0.3%. The Nasdaq Composite rose 0.7%. The major averages are still on pace to end the week on a downturn, with the S&P 500 on track for its worst weekly performance since Dec. 16.

• Block falls after hours.
• Boeing suspends deliveries on fuselage issue.
• Warners disappoints.
• PCE data tomorrow.

SPI Futures up 8 - Results dominate again.
Commodities weaker. Nickel down 4% Copper down 2.2%
Oil up 2.2% Gold down slightly.
US 10 year yields same as Australian yields.
BXB, PLS, MIN results.

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ASX 200 dropped 29 points to 7286 (0.4%), which once again was not too bad considering BHP hit a seven-week low down 3.4% and RIO fell 1.7%. Resources generally were mixed, FMG only modestly lower, lithium stocks rallied slightly, PLS up 5.2% ahead of results tomorrow, and gold miners continued to lose their lustre. Oil and gas stocks slid as crude fell, WDS off 0.6% and STO down 1.3%. Coal miners were mixed WHC down 2.0%. In the industrials green across most sectors, Healthcare doing well, CSL bouncing back, RMD up 1.3% and FPH rallying 1.2%. REITs mixed, SCG up 1.0% and SGP off 1.6%, Tech better, WTC up 4.2% as brokers fell back in love, XRO slipped 1.1%, and the All-Tech Index up 0.6%. Banks fell, CBA rallied 0.7% after ex-dividend yesterday. The Big Bank Basket unchanged at $177.08. MQG off 0.8%, and fund managers down, PPT off 2.8% and MFG falling another 1.3%. Insurers mixed. Utilities pushing up with ORG and APA better. In corporate news, QAN fell 6.8% as record profits and angry customers collided. Plenty of angst but people still flying as have no Joyce.  SGR launched a rescue deeply discounted rights issue and placement to raise $800m. Buys some time. TLG returned after placement falling 14.4%, with SLX tapping shareholders for a cool $100m. In results, Super Thursday saw MPL reveal that customers are sticky and lazy to switch, rising 6.5%, PTM tried hard to sneak in their results last night after hours but fell 16.9% on lack of fees. OBL dropped 6.4% on results and management changes, BGA was creamed falling 7.8% on results, and BKL revealed that customers are spending less on vitamins, dropping 6.8%. APE kicked the lights out again up 9.0% with TLC beating expectations and offered a special dividend. KLS caught the express bus up 5.4%. On the economic front, private capital expenditure rose by 2.2%. Asian markets quiet, Japan closed for the Emperor’s birthday. HK up 0.5%, and China unchanged. Dow futures up 99 points and Nasdaq futures up 107 points.

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The Dow Jones Industrial Average dropped 83 points, or 0.25%. The S&P 500 fell 0.15%, while the Nasdaq Composite rose 0.13%. Nvidia results to come.
SPI down another 20 points.

The FOMC minutes showed inflation remained “well above” the Fed’s 2% target, adding that the labor market is still “very tight, contributing to continuing upward pressures on wages and prices.”

• BHP and RIO fall over 3% in ADRs
• Oil falls 2.8% Iron  ore falls 0.4%.
• Commodity prices ease with Copper down 0.7%
• Gold down 0.6%

Super Thursday - Results in focus. QAN, MPL, QUB, ALX, TLC, NEC

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 ASX 200 pulled up slightly after an early dive closing down 22 points at 7315 (0.3%). Wage data beat estimates and maybe helps RBA a little, helped index off lows. Banks were mixed with the Big Bank Basket down to $177.06 (-1.1%). CBA down 2.3% ex-dividend. Other financial eased with Fund Managers falling PPT off 1.1%, PNI down 3.1% and MFG falling another 2.1%. Industrials were mixed, staples better COL and WOW rising slightly, REITs cheered by SCG results, Tech mixed as WTC delivered yet again, ALU falling 2.1% and the All-Tech Index unchanged. Healthcare steady with SHL unchanged and CSL slipping 0.9%. Resources once again a problem child. BHP solid and steady unchanged. RIO fell 0.5% before the results, FMG reversed recent gains down 1.8% and lithium stocks depressed again, PLS down 3.0% and MIN off 1.3%. Gold miners hurt again, NCM down 2.0% and NST off 3.3%. Oil and gas mixed, STO shot the lights out up 3.1% with WDS up 0.2%. Coal stocks moving higher again, WHC up 1.5%. In corporate news, ORG up 12.7% after another bid from Brookfield at 890c, results flooded the market, SCG good, DMP fell over as price increase turned customers off falling hard down 23.8%. SBM continued the slide into irrelevance, good numbers from SDR with the stock up 6.0% and MMS doing well on its numbers rising 6.5%. In other news, SGH have attracted the attention of a turnaround specialist. EML plunged 9.4% on results board changes and impairments. SGR in a trading halt pending a capital raising perhaps. In economic news, wage growth came in lower than expected and could see the RBA become more dovish. Asian markets mixed, Japan down 1.3%, HK flat and China down 0.6%.

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• The Dow Jones Industrial Average dropped 697.10 points, or 2.06%, to close at 33,129.59. This was the index’s worst downturn since Dec. 15, when it fell 2.3%. The S&P 500 slid 2.00% to close 3,997.34, marking its worst day since Dec. 15, when it fell 2.5%. All sectors ended lower, with consumer discretionary stocks seeing the largest decline of 3.3%. The tech-heavy Nasdaq Composite pulled back by 2.50%, ending at 11,492.30.
• SPI Futures down 45 points.
• 10 year yields push toward 4% in US and Australia.
• Commodities mixed. Oil down 1.3% IO up 1%.

Putin makes State of Union address.
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 ASX 200 finished only down 15 points to 7338 (0.2%) as BHP fought back as the day wore on. After an initial 2% plus fall, BHP went on the charm offensive and won back the disbelievers, closing down only 0.3%. Resources were back in demand on Mike Henry’s comments on China, lithium stocks bounced hard, PLS up 4.5%, MIN up 3.8% and IGO rising 1.4%. Iron ore miners pushed higher as commodities strengthened in Asia, RIO up 0.8% and FMG picking up the baton up 3.2%. Rare earths and base metals also in demand, LYC up 1.2% and ARU up 9.1%. Gold miners were mixed, NST fell 2.0% and NCM up 0.6%. Oil and gas stocks better, WDS up 0.9% and STO rising 0.6%. Coal stocks eased. Industrials flat, staples eased, WES down 1.2%, WOW down 0.2% and BXB falling 1.2%. Tech fell, CPU down 1.6% and WTC off 1.2%. The All-Tech index fell 0.8%. Healthcare down too, FPH down 1.2% and RHC off 1.3% ahead of numbers. Banks were soft with CBA down 0.7%, NAB off 0.7% and WBC down 0.7%. The Big Bank Basket falling to $179.08 (-0.7%).  Financials mixed, MFG fell 5.0% and MQG eased 0.2%. Insurers modestly mixed. Big day for results, BHP talked of optimistic outlook after some misses on the numbers. JLG had a cracker on results and an earnings upgrade, up 13.2%. HUB spoke well on results and rallied 7.7%. CXL signed a MoU with DAC and released results rallying 6.1%. INA fell hard down 13.4%, MND -8.8% talked cost pressures and staffing falling %. SGP dropped hard on results. COL down 0.9% on results and new female CEO. On the economic front, RBA minutes showed how close the board came to a 50bps rise. Consumer confidence rose slightly. Asian markets -  Japan down slightly 0.1%, China unchanged, HK down 1%. 10-year yields steady around 3.83%


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US markets were closed overnight for Washington's Birthday. Chinese equities continued rallying, supported by the country's deepening stimulus and relaxed pandemic restrictions. Walmart and Home Depot prepare to release their retail earnings reports this week, giving an insight into US consumer demand.

In Europe, Stoxx 600 +0.07%, UK FTSE +0.12%, France's CAC -0.16%, German DAX -0.03%. SPI Futures are down 29 points (-0.4%) as fears of further rate hikes continue to plague the market.

In Commodities – Base metals are up across the board. Aluminum up 3.06% following supply concerns that top producer China were reducing production. Aluminum prices have been weak lately sliding ~8% since January after a spike in inventories. The USD slipped supporting metal prices, making commodities priced in the US cheaper for buyers using other currencies. Copper up 1.69%, Nickel up 4.59%, Tin up 3.03%, and Lead surged 4.39% its biggest one-day gain in nearly four months. Gold down 0.05% while Dalian Iron Ore is up 2.35% extending its gains to a fourth consecutive session. Brent Crude up 0.91% rebounding from an almost two-week low last week as optimism about a recovery in Chinese demand rises. Bitcoin down 0.39%.

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ASX 200 flip flopped today closing up 5 points at 7352 (0.1%). Banks starting to find support after a drubbing last week, BEN results helped with the Big Bank Basket up to $180.28(1.1%). CBA racing back up 1.3% and NAB up 1.5%. Other financials doing well, MQG up 0.9% and ASX up 0.8%. Insurers mixed, QBE ran hard up 3.7% on broker upgrades. PTM also doing well up 3.1% as Kerr Neilson calls for Andrew Clifford to go. Industrials were flat, platform stocks slipped slightly, REA down 0.6% and SEK down 1.9%. Tech was mixed, XRO down 1.1%. The All-Tech Index down 0.7%. REITs dropped back as CHC fell 1.9% on results. GMG down 0.4% and SCG off 1.0%. Staples slightly higher, ALL up 0.9% and COL up 0.3%. Healthcare eased again, SHL down 2.0% and FPH off 1.1%. CSL unchanged. In resources, iron ore stocks holding up before the numbers, BHP up 1.0% and FMG up 1.4%. Lithium stocks were pummelled again as PLS moved to a different system than the BMX auction. It fell 5.4% with AKE down 3.4% and IGO off 2.2%. Gold miners were mixed, NCM up 0.1% and NST down 1.5%. Oil and gas stocks down again, WDS down 1.0% and STO off 1.2%. Coal eased. In corporate results, NHF tumbled 11.6% on lack of guidance, BSL downgraded the outlook falling 10.0%, A2M disappointed on China sales, souring 8.6%. In good result reactions, ACL rallied 12.5% with OML up 4.1% and KLS up 3.4% on a new bus contract in Sydney. On the economic front, thin on the ground today. Asian markets better, China up 1.0%, HK up 0.5% and Japan up 0.4%. 10-year yields steady at 3.80%. Dow futures down 14 points and Nasdaq futures down one point.

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The Dow finished 130 points higher on Friday, while the S&P 500 and Nasdaq 100 lost nearly 0.3% and 0.6%, respectively, as investors worried about Fed’s larger rate hikes amid rising bond yields and inflation reports. 

SPI down 1 point.

• Goldman Sachs, Bank of America expect three more US rate hikes this year.
• Hawkish ECB comments push-up rate hike expectations
• Fed officials say more rate hikes key to reducing inflation.
• UK consumers bought more in January but overall gloom persists.
• What recession? Strong economy boys US stocks, though Fed casts shadow.
• Yields steady after hitting three month highs.

US Markets closed Monday for President's Day.

Oil hit hard down 2.2%. Gold unchanged. Nickel down 3.1%

 Monday’s reporting schedule includes: Adairs (ADH) | Altium (ALU) | Ampol (ALD) | Bendigo & Adelaide Bank (BEN) | BlueScope Steel (BSL) | Charter Hall Group (CHC) | Event (EVT) | HomeCo Daily Needs (HDN) | McGrath (MEA) | NIB Holdings (NHF) | Northern Star (NST) | NUIX (NXL) | Reliance Worldwide (RWC)

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