Market Updates

 ASX 200 flip flopped around in quieter trade, finishing up 2 points at 6818. Banks bad. Resources good today. 10-year yields pushing back up today to 3.79% and taking its toll on the Big Bank Basket falling to $173.48 (0.5%). CBA fell 0.4%, NAB down 0.8% with MQG firm still up 0.7%. REITS fell as rates pushed back up GMG down 2.5% and SCG off 0.8%. Healthcare suffering from a hangover as CSL fell 0.1% and FPH dropped 2.8%. Industrials were wishy washy with few highlights either way. WOW continued to fall, down 0.8% and EDV joined in down 2.2%. REA reversed yesterday’s gains dropping 2.8%. Tech showing little change too. The All-Tech Index down 0.4%. Resources were once again the place to be. BHP have been enjoying Golden Week with the stock up another 0.6%, FMG and RIO more modest gains. IGO did well up 1.0% and lithium stocks back in demand as oil prices rose, PLS hitting new highs up 5.7%, CXO up 1.3% and coal stocks having a merry old time, WHC up 7.2% and NHC firming 2.3%. Oil and gas majors were ahead as crude rose post OPEC, STO up 1.8% and WDS up 2.6%. Gold miners flat.

In corporate news, MFG revealed another serious drip in FUM as instos deserted the ship, falling 8.4%, APX had yet another profit warning tumbling 11.7% and SGR was put on notice in QLD that it could lose its licence.

In economic news, the Balance of Trade came in a little below the $10bn anticipated at $8.3bn, NAB has cheered everyone up with predictions of housing falling 20% from the peak accelerating next year. Meanwhile in Asia, China still on Golden Week but HK and Japan trading with the former down slightly and Japan up around 1%.

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• ASX 200 SPI Futures down 27 points
• Dow fall 42 points (0.14%) after 2% loss erased on derivatives trade.
• S&P 500 dowwn 8 points (0.2%)
• Nasdaq down 28 points (0.25%)
• US 10 year yields 3.753% pushing back up as was USD Index up 1%
• Gold falls US$31.80 (1.8%) on USD move.
• Oil rises 2% on OPEC Plus 2m barrel a day cut.
• Iron ore unchanged. Metals slightly positive nickel up 2.3%
• US data still pointing to strong labour market. Jobs number Friday.
• Nothing early on corporate front.

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 ASX 200 gained another 116 points to 6814 (1.7%). Big runs in the banks continue with the Big Bank Basket up to $174.45 (2.6%). MQG rallying another 2.4% with fund managers GQG up 3.2% and MFG up 1.7%. Insurers rallied as QBE up 1.4%. Nothing else really moving. Healthcare up as CSL up 1.1%, RMD up 3.4% and SHL doing well up 1.6%. Industrials firmed with WES rising 2.3%, TCL up 0.9% and ‘old skool’ platform stocks REA up 7.5% and SEK up 5.9%. REITs firmed with GMG leading the charge up 3.2%. Tech in demand as some of the bombed out stocks rallied hard like PBH up 9.1% and HUB up 9.7%, TLX rallied 11.7%. Resources better but not stunning, BHP up 1.1% and FMG up 2.4% as MIN rose 3.4% with S32 finding friends on manganese interest, up 3.7%. Lithium stocks eased back as PLS unchanged and CXO fell 3.4% on drilling news. Energy stocks ahead with OPEC looming, WDS up 0.7% and STO up 1.9%. Coal stocks flat. Gold miners were mixed, DEG in a trading halt with a $130m cap raise, GOR up 1.5% and NCM up 1.0%.

In corporate news, LNK rose 6.7% on media speculation that Dye and Durham were looking at fresh proposals, STX fell 3.9% on a South Erregulla update, and FMG announced more green deals. BHP held an Iron ore briefing day in WA.
Nothing on the economic front except for our Kiwi cousins raising rates by 50bps. China still closed but HK back online, and playing catch up. 10-year yields continue to slide to 3.65%


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• ASX 200 SPI Futures up 107 points.
• Dow kicks again another 825 points (2.8%) Closing on highs.
• S&P500 up 111 points (3.0%)
• Nasdaq up 361 (3.3%) Musk bids for Twitter. For real this time.
• 10 year US yields fall 2bps.
• Oil rallies 3.2% Gold up 3.1%
• Metals significantly higher. Iron ore flat as China closed.
• TYR in sights of Big Four Bank.

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ASX 200 up a massive 242 points to 6699.3 (3.8%) on rallying US markets and a surprise 25bps rise from the RBA. The market kicked higher after the less than expected rise, AUD fell and 10-year yields tumbled to 3.70% Green across the screen with few exceptions. Financials fired higher with the Big Bank Basket up to $169.99 (4.4%). MQG rallied 4.5%, insurers rose with QBE up 4.3% and fund managers also joined in the fun. MFG up 5.2% and GQG up 7.3%. Healthcare blossomed, CSL up 1.5%, SHL up 2.9% and COH up 3.8%. Industrials fired, COL up 1.4%, EDV up 3.9% and TCL rallying 3.0%. REITs in demand on lower bond yields, GMG up 5.7% and SGP up 4.3%.

Tech went nuts with the All-Tech Index up 4.8%, XRO up % and CPU up %. Resources also firing on all cylinders, BHP up %, RIO up % and base metals all good. IGO up 6.3%, PLS and other lithium stocks also doing well, PLS up 12.3%, LTR up 9.3% and CXO up 11.8%. Gold miners did well too as bullion rose and the AUD fell. NCM up 6.3% and NST up 7.4%. Oil and gas better on crude rises.

Corporate news took a back seat today, SYA rose 13.3% as it launched its PFS for NAL. PAR soared 19.8% on good news on its Phase 2 trials and EMV up 16.8% on ethics permission.
On the economic front it was all about the RBA. 25bps and the falling yields and AUD. Meanwhile in Asia, Japan kicked higher as the USD fell with the Topix up 3% and the Nikkei up 2.8%. China still closed.

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• ASX 200 SPI Futures up 102
• Dow Jones up 765 (2.6%)
• Nasdaq up 240 (2.3%) Tesla falls 8.6%
• S&P 500 up 91 points (2.6%)
• Oil up 3.8% Gold up 2.3%
• Commodities mixed nickel bounces 0.8%
• Iron ore unchanged. China closed for Golden Week.
• AUD rallies back above 65c. US 10 year yields drop to 3.64% UK government U turn.
• RBA meeting beckons at 2.30pm

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ASX 200 finished down 17 points to 6457 (0.3%) in a topsy turvy day of thin volatile trading. NSW holidays kept most players sidelined as the market waited for RBA decision tomorrow (50bps expected). Banks eased along with industrials, the Big Bank Basket closed down at $162.71 (0.1%). MQG dropped hard again with insurers also suffering as QBE fell 2.0%. Fund managers continued to sell off, MFG down 2.6% and GQG off 3.3%. Healthcare slipped slightly with CSL down 0.6% on media reports of potential Moderna CV19 and flu jab hopes. RHC fell 1.3%, SHL down 0.3% and defensives slipping. COL down 0.8%, WOW off 1.3% and EDV falling 1.6%. TLS gave back 0.3% with tech stocks falling WTC down 1.2% and XRO sliding another 2.7%. The All-Tech Index dropped 1.3%. REITs better but resources were the strength, BHP up 0.2%, FMG rising 0.7% but RIO down by 0.3%. Base metals and lithium stocks eased, oil and gas better, WDS up 1.2% and STO up 1.1%. In corporate news, BUB applied for permanent FDA approvals in the US, up 1%. MSB rose 7.7% on some rare positive drug news on SR-aGVHD. Nothing on the economic front today. Asian markets partially closed for Chinese Golden Week. Japan up 0.3%. 10-year yields 3.89% .

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• ASX 200 SPI Futures up 5.
• Dow closes down 500 points (1.7%) lows of 510 down.
• S&P500 down 55 points (1.5%).
• Nasdaq down 162 points (1.5%).
• European markets better. STOCXX 600 up 1.3%.
• VIX falls slightly. Oil down 1%.
• Gold slightly higher. Commodities mixed. Nickel loses 8.7%.
• RBA meeting tomorrow. NSW Public holiday today.

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

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ASX 200 fell another 81 points to 6475 (-1.2%) as September quarter ends in negativity. For the week, the index is down 100 points and for the quarter a mere 93 points. Some rebalancing taking place and nerves ahead of a long weekend in NSW and a week-long holiday in China. Banks well and truly in the doghouse today with the Big Bank Basket down to $162.95 (-2.4%). MQG continuing under pressure down 4.2% with insurers flat. Defensives in healthcare and industrials sold off, CSL down 0.6%, COH off 6.6% and PME being hit hard on profit taking down 5.6%. REITS eased, tech whacked WTC down 5.6% and XRO falling 4.3%. The All-Tech Index down big time following Nasdaq, off 3.1%. Industrials like TCL eased, BXB down 2.2% and TLS fell 0.8%. Resources though were a bright spot especially in the heavily sold off gold miners. NCM up 2.7% NST up 4.5% and SBM up 6.5%. BHP better too up 0.9% with RIO up 2.7%. Base metals and lithium stocks eased.
 
In corporate news, CXO revealed a $100m placement, TGR recommended takeover scheme, Nick Falloon exits NEC and RBA meeting next week. TPG response to ACCC views.

Nothing on the economic front but China data showed the economy is still failing to fire. Asian markets weaker slightly but Japan down over 2% . 10-year yields at 3.89%. Dow Futures down eight points.

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What goes up, must come down. The Dow Jones reversed yesterday's gains with a 458 point drop overnight (-1.5%), while the Nasdaq dropped 2.8%. SPI Futures are only down 22 points this morning, hoping to escape some of the damage. 

• ASX 200 SPI Futures down 23 points.
• Dow reverses gains from Wednesday falling 458 points (1.5%) off low of down 686.
• Nasdaq drop 314 points (2.8%) Tesla and Apple hot hard.
• S&P 500 down 79 points (2.1) VIX back up 5.5%
• Commodities better. Nickel up 5.3% on LME moves against Russian exports.
• Oil flat. Gold flat. US yields better. 30 year mortgage rate hits 7% , first time since 2008.
• Iron ore unchanged.
• NSW Public Holiday Monday and quarter end.

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