Market Updates

 ASX 200 falls another 57 points to 7432 (0.8%) to a three week low, as results fall short and resources beyond underwhelming. Iron ore stocks starting to throw in the towel, BHP down 0.3%, RIO off 1.1% and FMG falling 2.3%. Gold miners weaker again, NCM down 1.9% and NST off 3.1%. Lithium stocks holding up relatively PLS steady with AKE down 1.3%. Coal stocks though walloped, WHC down 3.7%, NHC off 8.6% and SMR down 2.5%. Oil and gas stocks also in the doldrums, WDS off 1.7% and KAR down 1.8%. Banks eased again but still holding up relatively well. The Big Bank Basket down to $191.18 (). MQG tumbling 1.3%, insurers solid on rates rising again with 10s up to 3.71% yield. Money managers falling too, MFG down 3.4% with GQG off 1.7%. Tech stocks fell, WTC down 5.1%, XRO off 2.1% and the index falling over 2.1%. REITs suffering and healthcare weaker. RMD down 1.3% and COH falling on deaf ears off 1.3%. Results again dominating, REA fell slightly off 2.7%, NWS off 6.9% as cost cutting kicks in, DHG falling hard on REA numbers down 6.1%. In economic news, the RBA released its Statement of Monetary Policy again with a hawkish boas and stresses more rate pain to come. Chinese CPI rose to 2.1% on Lunar New Year demand. Asian markets mixed still with Japan down and China up. 10-year yields pushing higher again to 3.71%.

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US markets fell overnight due to uncertainty and inflation signals, with the Treasury yield-curve inversion reaching its deepest level since the 1980s. US retail investors turned bullish for the first time since April, which is also seen as a negative indicator, pushing markets lower. Alphabet (Google) continued to drop, down 4.39% after a disappointing investor meeting on Wednesday.

The Dow Jones was down 249 points (-0.73%). At best it was up 304 points, and at worst it was down 342 points. The NASDAQ dropped 1.02%, and the S&P 500 finished down 0.88%. In Europe, Stoxx 50 +0.97%, UK FTSE +0.33%, France's CAC +0.96%, German DAX +0.72%. SPI Futures are down 26 points (-0.35%) as the ASX is expected to follow wall street lower.

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ASX 200 drops 40 points to 7490 (-0.5%) as results dominate but downgrades continue. Industrials sagged badly with WOW down 0.8%, COL off 0.8% and WES falling 0.6%. REITs stumbling lower on higher 10-year bond yields around 3.66%. GMG down %, CHC off 1.3% and GPT falling 1.6%. Tech eased too as WTC fell 1.6% and XRO down 2.4% with the All-Tech Index down 0.8%. Banks were soggy, the Big Bank Basket unchanged at $191.98. MQG down 0.6% and insurers falling hard, SUN down 2.3% reversing the gains yesterday, QBE down 1.6% and IAG off 3.1%. In resources, not much to cheer about, iron ore stocks held up ok, but coal stocks fell into a black hole despite a ship arriving in China, NHC down 4.9% WHC off 5.9%. Gold miners fell, NCM down 1.5%, NST hit 1.7% and lithium stocks depressed, PLS falling 3.2%, AKE down 4.1% and LYC falling too down 1.7%. Oil and gas stocks mixed, HZN being a winner today, up 3.3%. In corporate news, AGL had a power cut falling 10.3% on dismal numbers, STO resumed WA ops, CHC reaffirmed guidance and MP1 skips a dividend, not unexpected. Nothing on the economic front except for banks raising mortgage rates and sticking with deposit rates. Economic data thin on the ground too. Asian market mixed still with Japan down and China up. 10-year yields pushing higher again. Dow Jones futures up 95 points. NASDAQ futures up 40 points.

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• U.S. stocks slid Wednesday as investors returned focus to the latest batch of corporate earnings. Wall Street also continued to weigh the outlook for future Federal Reserve policy moves.
• The Dow Jones Industrial Average fell by 207.68 points, or 0.61%, to 33,949.01. The S&P 500 slid 1.11% to end at 4,117.86 . The Nasdaq Composite dropped 1.68% to close at 11,910.52.
• SPI falls 31 points.
• Google slammed after Chatbot Bard makes a factual error in a public demonstration.
• Disney results beating estimates cutting US$5.5bn in costs and retrenches 7,000 people. Stock is up 5% after hours.
• Copper prices slipped by 0.30% overnight after having added 0.72% the previous day as the market weighed the latest comments by Federal Reserve officials on the pace of interest rate hikes. Aluminium fell 1.91% after inventories surged, Zinc down 2.19%, Lead and Tin both up 0.57% and 0.40%, respectively. Gold gained 0.27% in a choppy session, backed by a weak dollar and expectations around slower rate hikes from the Fed. Bitcoin fell 1.52%. WTI up 1.69% and Brent up 1.48% as prices remain supported by optimism for an increase in demand. The markets are reacting to every indication from central banks trying to anticipate whether the central banks are tightening too much or whether there will be relief from lower rates.

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ASX 200 rallies 26 points to 7530 (0.4%). Results in focus. BLD shows pricing power up 12.8% with CSR following in its wake. Resources attracting buyers again. BHP up 0.2% and RIO up 1.1% with the gold miners mixed, NCM up 2.6% and NST better by 1.0%. Lithium stocks back in demand, PLS up 3.8% and AKE up 2.9% with LTR doing well too, up 3.8%. Coal stocks eased back after solid gains yesterday, oil and gas mixed, WDS up 0.6% and STO down 0.3%. In the industrials, healthcare slid led by CSL off 0.6% and SHL falling 3.0%. REITs mixed with GMG up 0.1% and GPT down 0.9%. Tech mixed too. CPU down 0.4% despite yields pushing higher. The Big Bank Basket rose to $192.07(0.3%). NAB the standout up 1.0%. Insurers doing well as SUN reported and rose 4.6% with QBE up 0.8% and IAG up 2.8%. MPL also putting in a solid day up 2.0%. Mixed session in staples and retail, DMP falling 1.2% and BXB down 2.0%. In corporate news today, AMC fell 3.3% on results, ELD had to reply to an ASX please explain, down 5.9%. BHP had to shut its iron ore production due to a fatality. WGO finally fell to Gina after STX threw in the towel. CHC back in acquisition mode this time in Canberra and SUN kicked the lights out with a big jump in insurance premiums behind a profit jump, up %. Nothing on the economic front today and Asian market mixed. 10-year yields heading higher again up to 3.62%. Dow Jones futures down 22 points and NASDAQ futures up 4 points.

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US stocks rallied overnight in a volatile trading session following comments from Fed Chairman Powell regarding how long the fight to tame inflation may take. The Aussie dollar and Yen both appreciated after interest rate announcements and strong Japanese wage data, causing a decline in the US Dollar Index. US treasuries edged higher, and more than half of the companies listed on the S&P500 have now reported with ~70% beating expectations. Tech giants rallied Google +4.61%, Meta +2.99%, and Microsoft up +4.2% and Bed Bath & Beyond plummeted 45.73% after seeking a $1bn raise to avoid bankruptcy.

The Dow Jones was up 266 points (+0.78%). At best it was up 349 points, and at worst it was down 257 points. The NASDAQ rose 1.9%, and the S&P 500 finished up 1.29%. In Europe, Stoxx 50 +0.1%, UK FTSE +0.4%, France's CAC -0.1%, German DAX -0.2%. SPI Futures are up 34 points (+0.46%) this morning as US optimism spills over.

Copper prices rose 0.7%, as the pause in the dollar rally and stabilization in global equities pulled prices from a four-week low. Doubt still remains as Chinese demand has failed to increase following the Lunar New Year holiday period. Gold prices rose 0.2%, due to a slight pullback in the dollar and reactions to US Fed Chair Powell's comments. Other metals are mostly up, Zinc +2.85%, Aluminium +0.1%, Nickel +0.7%, Lead +0.7%, and Tin +1.5%. Oil prices jumped overnight WTI up 4.13% and Brent up 3.18%, due to supply shortage concerns and a positive outlook for demand recovery. Ceyhan port in Turkey will be closed until Wednesday after the earthquakes, while Saudi Arabia raised prices for Asian markets, indicating higher demand. Bitcoin up 0.95% overnight.

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 ASX 200 fell 35 points to 7504 (0.46%) after the RBA raised rates 25bps as expected though perhaps a more hawkish tilt than some had hoped for. Losses across the board accelerated, Banks sagged, CBA off 0.4% NAB down 0.5% and the Big Bank Basket down to $191.42 (0.3%). MQG edged 0.7% higher following a 9-month update, insurers better on the rate rise, QBE up 0.2% and SUN rising 0.9%. Industrials flopped around with the REITs down and dirty, GMG falling 2.3%, SCG off 1.0% and staples also slipping lower, COL down 0.9% and WOW off 1.2%. Tech under a little pressure but held up well all things considered. WTC down only 1.8% and CPU off 0.5%. The All-Tech Index fell 0.2%. Healthcare in casualty. RMD falling another 1.1%, CSL seeing profit taking down 1.2% and SHL sliding 3.3% on broker commentary. In resources, another sorry day as some lithium players fell again, BHP off 0.4% and RIO down 0.9%. FMG bucked the trend rising 0.4% and gold miners steadied with NCM up 1.7% and EVN rising 0.6%. Energy stocks firmed, WDS up 0.3%, and coal stocks doing very well, WHC up 1.9% and NHC rising 3.7%. In corporate news, NXL rose 43.7% on a court win, TCL slipped 0.6% lower on results and CEO retirement, MQG showing class again with positive results boost. In economic news, the RBA decision dominated all, trade surplus numbers too with a $12,237m surplus. Asian trade mixed with Japan flat and China and HK both better.

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Wall Street dropped overnight ahead of Federal Reserve Chairman Jerome Powell's interview on Tuesday. The interview is expected to solidify further rate increases with Fed Bank of Atlanta President saying the strong Job numbers report in January raises the possibility of further rate increases. Newmont down 4.51% after announcing a bid for Newcrest Mining. Geopolitical tensions persist, with the US planning to impose a 200% tariff on Russian aluminum and a decline in US-listed Chinese shares due to Washington's shooting down of a Chinese surveillance balloon.

The Dow Jones was down 35 points (-0.01%). At best it was up 37 points, and at worst it was down 242 points. The NASDAQ dropped 1%, and the S&P 500 finished down 0.61%. In Europe, Stoxx 50 -1.23%, UK FTSE -0.82%, France's CAC –1.34%, German DAX -0.84%. SPI Futures are up 1 point (+0.01%) this morning, holding steady before the RBA's interest rate decision today.

Copper prices fell due to weak demand in China and a stronger US dollar. Copper is down 1.2% at $8,869 a tonne, with concerns about demand recovery in China and manufacturing activity still shrinking. Inventories in LME-approved warehouses remain low, but discounts for cash metal suggest the market isn’t concerned about availability. Zinc down 3.31%, Aluminium fell 1.38%, Lead gained 0.52%, Nickel down 4.8% and Tin down 4.97%. Gold price rose 0.17% to $1868.7 due to its safe-haven appeal as economic slowdown worries persist, after a stronger dollar and higher Treasury yields pushed prices to a one-month low. WTI crude up 0.97%, and Brent rose 1.61% as the European ban on seaborn imports and price caps for Russian oil products came into effect on Sunday. Bitcoin steady up 0.69%.

RBA today at 2.30pm. MQG and TCL the results focus.

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ASX 200 slipped 19 points to 7539 (0.3%) on tepid trade as resources were sold off in lithium and gold miners. NCM held up the Gold Index but the reality was a broad sell off. Only NCM, RIO and BHP in the green today. Lithium stocks under pressure, IGO off 1.4% and PLS down 2.5% with LTR falling 3.9%. Gold miners hit hard as bullion fell, RRL down 1.0%, SLR off 3.6% with NST down 0.9%. NCM rallied 9.3% on news that Newmont had approached the company with a script bid. Energy stocks slightly firmer with WDS up 1.2% and STO up 0.3%. Coal stocks better, WHC rallying 2.9%. In the industrials, REITs fell back to earth with a thud. GMG down 2.5% and GPT down 2.1%. Losses across the board in industrials, Healthcare slid led by CSL off 0.6% and SHL down 2.2%. Tech weaker with the All-Tech Index down 1.2%. WTC falling 2.9% with CPU up again by 2.4%. Banks eased, the Big Bank Basket down $192.06 (0.3%) and MQG off 0.8%. In corporate news, NCK tumbled 13.0% on its results, no guidance and disappointing dividend not helping. MFG unchanged as FUM actually rose despite outflows slowly. PMT up another 9.6% on extension to the recent strike length. On the economic front, retail trade numbers with Asian markets falling as balloons pop. Japan up 0.7% HK down 2.3% and China down 1.7%. 10-year yields 3.47% again.

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Dow Jones down 128 (-0.38%). Up 126 at best, down 240 at worst. S&P 500 up 0.42%. NASDAQ down 1.6% as the Thursday bubble deflated.

In commodities BHP and RIO dropped 0.7% and 0.6% in the US. The oil price was down 4.25%, the gold price was down 4.4%, otherwise metal prices were fairly stable. The iron ore price dropped 1.9%. Lithium also dipped a touch down 0.42%.

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