Market Updates

ASX 200 sank another 64 points to 7347 (0.9%) as US markets weighed and Phil Lowe spent another day in a hairshirt. Losses across the board,the  Banking sector still beyond underwhelming. CBA lost 0.5% and NAB was sold off hard down 2.2% with the Big Bank Basket down to $178.27 (0.8%). Elsewhere in financials, MQG’s crown slipped down 2.6%, MFG gave back some gains off 2.9% and GQG fell 4.5% and the insurance sector rallied on higher yields and a surprise, this time a good one from QBE up 7.4%. Industrials sold off, with interest rate sensitive stocks under pressure, GMG down 1.7%, TCL off 0.6% and even gaming stocks easing, ALL down 2.3% and TLC off 4.7%. Healthcare in retreat, CSL down 1.5% and COH fading 0.7%. Tech on the nose after Nasdaq falls, WTC down 3.6% on its biggest acquisition yet in railway logistics, XRO sold off down 5.6% and the All-Tech Index down 2.1%. Platform stocks missed the train, REA down 1.7% and CAR falling 1.4%. Resources were pummelled, Lithium stocks depressed, PLS down 5.3% and off lows, IGO fell 3.6% and AKE off 3.7%. Second liners all down, gold miners were mixed but uninspiring, oil and gas down on crude falls, WDS off 1.4% and STO falling 2.3%. Coal stocks too weakened. In corporate news, results again the feature, A2M up 6.3% on a SAMR audit update, BBN screaming blue murder falling 6.1% on results and losing its CEO, LFS fell 4.8% and its CEO set to leave too. On the economic front, plenty from RBA chief and the banks generally on looming cliff exposure. Asian markets weaker and 10-year yields pushing up again to 3.81%. Dow futures down 90 points and Nasdaq futures down 76 points.

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The Dow Jones Industrial Average shed 431 points, closing on its lows, or 1.26%. The S&P 500 dipped 1.38% and the Nasdaq fell 1.78%. Microsoft and Disney contributed the most to the Dow’s decline, down more than 2% each.  SPI down 18 points. 

• The US producer price index jumped 0.7% in January, driven up in part by a 5% surge in energy prices. That increase compared with a 0.2%  drop from November to December, and it was nearly twice the rise that economists had been expecting.
• Excluding volatile food and energy prices, so-called core wholesale inflation was up 5.4% in January from a year earlier and 0.5% from December to January.
• Federal Reserve Bank of Cleveland president Loretta Mester said she saw a compelling case for rolling out another 0.5%  interest-rate increase earlier this month.
• Commodities higher with copper at 1.9%. Oil down 0.3%. Gold up 0.2%.
• Results in focus.

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ASX 200 rallied back 58 points to 7409 (0.8%) after the drubbing yesterday. Bank steadied on NAB Q1 results, with NAB up 0.7% and ANZ up 0.6%. CBA copped some downgrades falling another 1.5% with the Big Bank Basket falling to $179.69 (0.750. MQG ran 1.7% with MFG also doing well on results up 6.4%, Insurers better too, QBE up 1.0% and SUN rallying 1.6%. Industrials were firm, WES kicked hard up 4.0%, Staples better, WOW up 1.4% and COL up 1.0%. TLS firmed up 1.9% on mobile dominance and dividend rise. Platform stocks in demand, REA up 4.9% and CAR better by 2.2%. Tech doing well with WTC up 3.2% and XRO up 4.1%. The All-Tech Index up 2.8%. REITs better led by GMG up 2.1%. Builders are back as JHX rose 4.8% and BLD up 2.9%. In the resource space somewhat more muted with BHP up 0.4% and RIO better, FMG outperforming up 1.5%. Gold miners hit another air pocket dropping hard. NCM knocked back Newmont falling 1.7% and results not helping, NST off 3.0% and EVN falling 2.0% on its results. Second tier lithium bounced a little and oil and gas slipped despite crude gains in Asia. Coal stocks mixed, WHC reported with a disappointing dividend, falling 2.8%. In corporate news, Super Thursday came and went. AMP back to SOP with its first dividend in five years but core business remains challenged falling 13.4%. MFG roused the animal spirits and rose 6.4% on its numbers. TLS raised the dividend under the new CEO, Vicki Brady. BAP bounced 5.2% on DIY car repair surge, PRN fell 9.5% on a Dugald mine incident update. SHL went supersonic rising 14.3% on its results, ORA jumped 14.8% on numbers. On the economic front, unemployment rose to 3.7% as signs emerge that Phil Lowe’s cunning strategy is working. In Asia, markets pushed higher with Japan up 0.6%, HK up 2.3% and China rallying 0.8% as ‘balloongate’ tensions ease. 10-year yields steady at 3.76%. Dow futures up 19 points and Nasdaq futures up 48 points.

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• The S&P 500 climbed 0.28% to end the session at 4,147.61 points.The Nasdaq gained 0.92% to 12,070.59 points, while Dow Jones Industrial Average rose 0.11% to 34,128.05 points.Nine of the 11 S&P 500 sector indexes rose, led by a 1.2% gain in consumer discretionary .
•  More than half of all S&P 500 companies have reported quarterly earnings, and nearly 70% of those have topped profit expectations, according to I/B/E/S data from Refinitiv. That compares to a long-term average of 66%. 
•  U.S. retail sales increased by the most in nearly two years in January after two straight monthly declines 
• SPI up 36
• Commodities eased. Gold down 1% as USD heads higher. Oil eases 0.4%
• Bitcoin surges above US$24,000
• Huge day for results. NAB Q1, TLS, GMG, SUL.

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 ASX 200 fell 79 points to 7352 (1.1%) as banks fell sharply after CBA results prompted questions about the outlook. The Treasure calling on the ACCC didn’t help. The Big Bank Basket fell to $180.92 (5%) with CBA down 5.7% and NAB off 4.1%. Insurers lid a little, MPL up 1.3% and MQG down 0.4% with MFG getting a rare broker upgrade rising 7.1%. In the industrials, staples eased, WES reported good numbers and rose 1.3%, WOW slipped 0.8% and travel stocks were mixed as CTD delivered a sub optimal result cratering 8.7%. Tech was mixed, WTC up 0.6% and CPU dropping 4.0%. Healthcare saw COH rising 7.8% on the kick off of the buy back, CSL eased and SHL up 1.3%. REITs generally slightly firmer except GMG that fell 0.4%. In resources, BHP rose 0.5%, RIO up 1.5% but FMG delivered slightly underwhelming number and dropped 0.8%. Lithium stocks depressed. PLS fell 2.7%, IGO off 2.0% and LYC slipped 2.4% despite brokers warming to the story. Gold miners sold off, NCM down 1.8% and NST falling 2.4%. Oil and gas fell too, WDS off 2.4% and STO doing slightly less worse off 0.7%. Coal stocks back in focus, WHC up 3.5%. In corporate news, results dropped think and fast. TWE fell 6.9% on some disappointing numbers, slight miss, PME jumped 0.7% on its positive results. MYX restated FY22 revenue, PGH removed the interim dividend. NWL reported record earnings and VCX upgraded guidance. On the economic front, all eyes were on Phil Lowe who wore his best hair short to the Senate estimates. And banking arears according to S&P are on the rise. 10-year yields steady at 3.74%. In Asia, Japan down 0.5%, HK off 1.3% and China down 0.4%

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The Dow Jones Industrial Average slipped 156.66 points, or 0.46%, to close at 34,089.27. The S&P 500 fell 0.03% to 4,136.13. The Nasdaq Composite recouped losses to close 0.57% higher at 11,960.15, boosted by technology stocks including Tesla and Nvidia, which rose 7.51% and 5.43%, respectively.  SPI Futures up 1. 

•  US CPI came in pretty much inline. Inflation rose in January by 0.5%
• “Super core” services inflation, which is key for the Fed and excludes food, energy and shelter, rose 0.2% for the month and was 4% higher than a year ago.
• Lael Brainard appointed as White House top economic adviser. 
• Commodities mixed, gold steady and oil and oil down slightly.
• Results dominate: CBA cash profit up 9% on NIM expansion. Dividend up 20% to 210c.
• Phil Lowe to face Senate estimates today.

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 ASX 200 closes up 13 points to 7430 (0.2%) after caution crept in and results weighed. US CPI tonight the key. Resources turning negative as MIN fell 4.1%, AKE down 1.0% and BHP and RIO eased back. Gold miners steady but lithium under a little pressure. LYC unchanged on a Malaysian regulatory update. Oil and gas mixed, WDS down 1.1% but STO up 0.6% despite write downs. Coal stocks eased back. In industrials some good gains for tech with WTC up 3.1% and XRO up 2.2%. TLS managed a 1.0% gain and other defensives better WOW up 0.6% and ALL up 1.0%. REITS also did well, GMG gaining 0.2% and leading GPT 1.6% higher along with the sector. Banks firm ahead of the CBA number tomorrow, expecting around $5.2bn cash profits, the Big Bank Basket up to $190.47 (0.2%). Insurers gave back some of the gains yesterday, MQG up 0.7% and other money managers better. Healthcare feeling slightly better as CSL delivered results up 0.9% and RMD rallied 0.5% with SHL up 1.3%. In corporate news, plenty of results, JHX fell 4.3% on a downgrade to guidance, TPW crashed 26.9% on a miss on sales, ANN failed to bounce on disappointing results off 8.7% and BRG dropped 4.7% as air fryers were not enough to save the numbers. SGF did well up 9.1% and SGM put on 7.1% on its numbers, CGF also doing well on its results up 4.4%. In economic news, both Westpac and ANZ consumer surveys were soft, looks like in Japan they will have a new BoJ governor. Asian markets mixed again, Japan up 0.6%, HK up 0.2% and China down 0.3%. 10-year yields 3.74% steady here.

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Wall Street closed higher on Monday as investors awaited inflation data likely to hint at the path of the Federal Reserve’s future interest rate hikes, while Meta Platforms gained after a report that the Facebook parent was planning fresh layoffs.

The Dow Jones Industrial Average rose 374.45 points, or 1.11%, to 34,243.72. The S&P 500 gained 46.50 points, or 1.15%, to end at 4,137.48 points, while the Nasdaq Composite gained 174.12 points, or 1.49%, to 11,892.24. 

• SPI Futures up 49 points.
• Commodities mixed with nickel down 4.5%, copper up 0.9%
• Oil 0.6% better and iron ore down 1.1%.
• Results in focus. CSL, ANN, BRG, CGF, CPU, JHX, SWM and others.

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ASX 200 slips 16 points to 7408 (0.2%). Narrow trading range with results dominating. Banks eased back ahead of CBA numbers later this week, the Big Bank Basket fell to $190.08 (0.6%). Insurers doing well, IAG jumped 4.5% on results. QBE up 1.3% and SUN up 1.5%. Fund managers under pressure and MQG slipping 0.6%. Industrials mixed with REA down 1.6% on broker downgrades, CAR 0.6% better on results, SEK off 1.5% and tech mixed, WTC up 0.6% and XJO down 1.4%. The All-Tech Index falling 0.9%. Defensives holding the line, WOW up 0.1% and TLS better by 0.7%. REITs rebounding with VCX up 1.0% and GPT up 0.7%. Healthcare down, RMD off 2.1% and RHC off 1.8% with CSL flat. Resources weaker but no huge moves, BHP down 0.3% and RIO off 0.2%. Energy stocks all better, WDS up 2.1% and STO rallying 1.7% with coal stocks also in demand as China gears up to take Australian coal again. WHC up 2.5% and YAL up 3.9%. In results, a big start to the week but losses seem to be the main reaction. SGR fell hard, 21.0% on more write offs on compliance, AZJ dropped 6.5% with LLC down too on results. JBH reported too following its sales update and warned of tougher times ahead, LYC answered questions on Malaysian regulatory risks. APX also fell hard on its own write-offs, down 15.4%. VIT had a good day charging 15.2% ahead on a presentation. EDV toasted better numbers rising 4.1% with AD8 also doing well up 10.0% on record revenue numbers. Nothing significant on the economic front but 10-year yields pushing higher again. Asian markets mixed, Mixed with Japan down 0.5%, HK down 0.5% and China up 0.6%. Dow futures down 105 points and NASDAQ futures down 57 points.

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Dow Jones up 160 on Friday (+0.50%). Narrow range, up 197 at best, down 108 at worst. NASDAQ down 0.61% as Lyft falls 36% on results. S&P 500 up 0.21%. Tesla down 5%, NVIDIA down 4.8%. Energy stocks up as the oil price rises on a Russian production cutback. ExxonMobil up 4.21%.

For the week the Dow Jones was down 90 points (-0.26%). The NASDAQ was down 2.44% and the S&P 500 was down 1.11%. The main disappointment this week was a 9.7% drop in the Alphabet (Google) share price as their AI engine called Bard got a question wrong in a presentation knocking $150 billion off the market capitalisation in two days. Technology generally has topped out with Amazon down 5.6% on the week as well as Meta down 5.6%.

SPI Futures unchanged. For the week the ASX 200 was down 124 points (-1.65%).

Results this morning from IAG, JBH, AZJ, CAR, LLC and EDV

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