Market Updates

• ASX 200 SPI Futures up 95 points.
• Dow Jones soars 749 points (2.47%) WSJ helps sentiment on rate rises.
• S&P500 up 87 points (2.4%)
• Nasdaq up 245 points (2.3%)
• VIX falls 1% USD under pressure. AUD hits 64c.
• Banks and resources in focus. Oil up 1.1%
• Gold rallies 1.1% on lower USD.
• Base metals mixed. 
• US 10-year yield falls to 4.22%
• Johnson pulls out of UK OM race.

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ASX 200 dropped from the open closing down 54 points at 6677 finishing the week down 1.2%. Quiet trading, volumes boosted by options expiry. 10-year bond yields ramped higher again at 4.22%. Banks on the nose today with the Big Bank Basket down to $179.96 (1.5%). Insurers also falling foul to sellers, QBE down 2.8%, SUN off 2.2% and MFG sinking into oblivion, down another 2.8%. Industrials falling again, REITs suffering on the higher bond yields, GMG down 3.6% and TLSDA down 1.6%. Staples off as price rises due to floods set to kick inflation higher. Nothing RBA can do about that. COL off 1.5% and WOW down 1.4%. Tech unchanged after the drubbing yesterday. Resources tried to hold the line but in the end, BHP slid 0.7% with FMG off 1.0%. MIN up 3.1% and lithium stocks bid again, although AKE off on production delays. Oil and gas stocks doing well as WDS rose 2.6% and STO up 0.9%.

In corporate news, BCB fell 13.3% on a placement, other coal stocks rose, NHC hit a record high up 7.7%. 360 raised prices and gained 7.3% and PRU up 5.6% on its 90% consolidation of Mako. Nothing on the economic front today. UK the focus. Asian market modestly lower. 10-year yields 4.22%


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• ASX 200 SPI Futures down 25 points.
• Dow eases back 90 points to 30334 (0.3%)
• S&P 500 down 29 points (0.8%)
• Nasdaq falls 66 points to 10615 (0.6%)
• Snaps falls 25% after hours on results.
• IBM better on numbers.
• Fed chiefs once again warn on higher rates. 
• 10 - year yields up to 4.24%
• Base metals better. Copper up 2.4% Oil unchanged.
• Gold better by 0.2% Iron ore unchanged.
• Liz Truss resigns as UK PM.

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•  ASX 200 falls 69 points to 6731 (1%). Rallied a little but Asian markets weaker hurting sentiment. Banks help up well with the Big Bank Basket up to $182.41 (0.4%). MQG though continued to be pressured falling 2.9% with insurers flat. Fund managers falling away again, GQG down 3.6%, MFG off another 4.8% and PDL down 3.0%. Healthcare stocks slipped led by CSL down 1.9%, COH off 3.3% and RMD down 2.2%. Industrials eased as WES fell 0.8%, BXB down 2.0% and TCL off 1.1% on rising yields. Telcos and ‘old skool’ platforms slid, TLS down 0.8%, REA falling 4.2%. Tech down and small tech remains under pressure, XRO down 5.2% and the All-Tech Index down 3.7%. Resources were an unhappy place to be as China wallows in CV19 protectionism, although there are some signs of easing quarantine for incoming passengers. Unlikely to help much. BHP fell 2.3%, FMG off 4.0% and base metals stocks under pressure, S32 down 2.7% and LYC down 4.2%. Lithium companies fell, PLS down 2.2% and AKE dipping 2.8%, graphite and battery companies benefitted from Biden building back better batteries. SYR up 10.6% and NVX the best up 7.0%. On oil and gas, WDS knocked it out of the park with higher LNG prices, rising 6.2%, STO also doing well on its production report rising 2.0%. Old king coal not such a merry old soul as brokers trimmed recommendations after the huge runs with rain continuing. 
• In corporate news, CGF bounced 4.6% on Q1 AUM and sales rising, MP1 fell 11.8% as it restated some crucial numbers from presentation, SFR fell 13.2% on quarterly update. RBL burst popping 26.9% with CGS also down 9.4% on a business update. 
• On the economic front, jobless came in again at 3.5% with a mere 900 jobs added below forecast. In Asian markets, some buying appeared at the lows after the HK market fell to a 13-year low, Japan fell 1% after the BoJ had to intervene as the Yen hit 150 v the USD. 

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Dow Jones finished down 100 points (-0.33%). Up 138 at best, down 297 at worst. Nasdaq down 0.85%, S&P 500 down 0.67%. VIX Volatility Index rose 0.9%. European markets ran out of steam, STOXX 600 down 0.53%, UK down 0.17%, and Germany down 0.19%. SPI Futures are down 47 points (-0.69%).

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And just like that, the ASX 200 recovered yesterday’s losses and then some, rallying from the open and pushing higher into the close, up 115 points (+1.7%), to 6779. Most sectors managed to climb higher, with energy lagging, the only sector in negative territory. Technology stocks leading the way, with the All-Tech Index rallying 4.2%. The big tech names had a day to remember, SQ2 up 10.7%, XRO up 5.9%, and WTC up 4.8%. Resources were mixed, as base metals struggled to make any notable gains, with BHP up 1.4%, FMG up 1.0%, and RIO just climbing higher on third-quarter production numbers, up 0.1%. Gold, on the other hand, pushed higher after a tough day yesterday, NCM up 4.6%, NST up 5.6%, and EVN up 5.3%. The banks continued their recent strength, with the Big Bank Basket pushing through $180, closing up at $180.64 (+1.6%), with CBA adding 1.7% and WBC adding 2.4%, but MQG was the standout in the sector, up 5.3%. Other financials performed well, NWL up 5.9%, and HUB climbed 14.2% on a positive FUM update. Oil and Gas stocks continued to struggle, with WDS down 0.8% and STO down 1.2%. Insurers managed to find a footing, QBE and SUN both up 1.8%. Healthcare held its own, CSL continued lower, down 0.4%, but RMD gained 1.4%, and SHL was up 2.1%. Lithium stocks still pushing higher as the lithium price (which doesn’t move much) jumped overnight, LTR up 4.1%, and CXO up 4.9%. In corporate news, HUB jumped 14.2% on a positive FUM update, one of the first we’ve seen in a while. SZL climbed 12.6% as it entered a new $100m credit facility. RIO escaped damage, up 0.1%, after it lowered its full-year guidance to the bottom of the prior range. Asian markets are opening higher. 10-year yields fell to 3.92%. Dow Futures are up 431 points.

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Dow Jones up 551 points (+1.86%). It was up 363 at worst and up 677 at best. NASDAQ up 3.43%. S&P 500 up 2.52%. VIX Volatility Index down 1.8%. European markets also higher with the STOXX 600 index up 1.83%. UK up 0.9% in Germany up 1.7%. SPI Futures up 61 points this morning. Two drivers of the overnight rally include some solid earnings numbers and a policy reversal in the UK.

Catch up on all the latest with Marcus Padley on today’s Pre-Market Podcast.

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 ASX fell hard from the open closing down 94 points at 6664 (1.4%). All sectors eased but resources and iron ore especially bore the brunt. BHP down 2.3%, RIO off 2.6% and FMG falling 1.2%, not helped by Xi’s speech over the weekend on CV19 Zero. Gold miners fell hard too despite AUD bullion prices rising yet again as the AUD hovered around 62c. NCM down 1.8% and NST off 4.0%. Base metal miners also on the nose, IGO falling 1.6% after the MD died on the weekend unexpectedly. Lithium stocks in demand with PLS pushing 2.1% higher and LTR and CXO having a good day out, both in the top performers on the day. Record high prices in China. Oil and gas stocks fell after crude falls on Friday although Asian oil slightly higher at least. Coal stocks also took a breather. Banks were weak but outperformed, the Big Bank Basket falling to $177.71 (0.6%), CBA down 0.8% and MQG dropping 4.2%. Insurers also stumbled lower as QBE fell 4.1% and IAG up 1.6% despite announcing a buy back post the court win last week. Other financials fell, ASX down 1.4% and MFG falling yet another 2.5%. Healthcare slid as CSL updated the market on Vifor, falling 1.3% with RHC down 1.7%. Industrials sagged as ABC collapsed 22.0% on a bad update, CGC fell 13.4% on citrus issues and TLS fell 1.3%. Tech drifted only slightly lower, which was a result given Nasdaq falls, CPU off 1.2% and the All Tech Index down 0.3%.

In corporate news, TYR looks like WBC has joined the game, up 8.7%, CXO rallied 5.2% as the MD is moving on sooner rather than later, NWS up 3.6% on Fix merger talk and SRX fell 13.7% on a production and cost update.

Nothing on the economic front. Asian markets slightly lower, 10-year yields at 4.03% again.

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• ASX 200 SPI Futures down 102 points (1.5%)
• Dow falls 404 points on inflation fears again Closes near lows.
• Nasdaq down 328 points (3.1%)
• S&P500 down 83 points (2.3%)
• USD continues higher. AUD at 62c. 10-year yields at 4.02%
• Commodities slip with Nickel down 3%. Gold down 1.4$
• Brent Crude falls 3.3%. Iron ore 0.6% higher ahead of Chinese news.
• US reporting season kicks off mixed.

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

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ASX bounced hard up 116 points to 6759 (1.8%) for a 4-point loss for the week. The hard way. Solid bounce but lacking volumes and still some caution. Banks carried through with the recent strength with the Big Bank Basket up to $178.84 (%). CBA up 0.8%, NAB up 1.6% and MQG rallying 2.4%. Insurers too in demand together with Fund Managers, MFG up 2.5% and QBE up 5.1%. ASX up 3.1% with CGF also doing well up 4.1%. MPL suspended still on hacking concerns. In the healthcare sector, CSL up 1.4% with all stocks finding friends, SHL up 1.0% and COH rising 5.1%. Industrials also bouncing hard as expected. EDV up 2.4%, WOW up 2.6% and COL up 2.5%. QAN continued to push higher on broker upgrades, up 3.2%. WES up 1.7% and tech stocks doing OK too. The All-Tech Index rose 1.8% with CPU the stand out up 2.6%. REITs firmed as yields came off slightly. Resources also in demand although lithium stocks were a little depressed. PLS continuing to find profit takers, down 5.1% and gold miners hardly stirred as AUD bullion fell. BHP up 2.0% and RIO doing well, MIN up 2.7% and AKE up 4.6%. Gold miners missed out as AUD bullion prices fell, NCM down 1.2%. Oil and gas stocks better led by WDS up 4.0% and STO up 4.4% as oil steadied in Asian trade.

In corporate news today, not much out as a Friday with eyes shifting back to US for bank results.

Economic data thin on the ground too. Asia markets bucked up with HK up 3.4%, China up 2% as CPI came in better than expected and the PBoC looks to further support of the economy. Japan up 3.5% too. 10-year yields back above 4%.

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