Market Updates

ASX 200 kicks 93 points higher to 6555 (1.4%) after a surge in US markets. Some selling into the close though.A slightly better CPI monthly number. First time we have had a monthly number. Very 21stcentury. Every sector was better. Banks doing well with the Big Bank Basket up to $166.88 (0.8%). MQG rallied 0.9% as a market leverage play. Insurers rallied hard too as yields fell, QBE up 1.8% and SUN better by 1.6%. ASX up 2.4% though IRE dropped like a stone following a guidance downgrade, down 17.3%. Healthcare better, CGS the standout on Alzheimer breakthroughs in US, up 16%. CSL up 1.6% and COH rising 2.6%. Even RHC rallied 1.8%. Industrials too doing well, WES up 2.0%, TLS up 1.6% and REITs back in favour. GMG up 0.8% and SCG rallying 2.0%. Tech better, the All-Tech Index up 1.3%, WTC up 2.7% and ‘old skool’ platform stocks also back in demand, SEK up 2.2% and REA better by 2.5%. Resources were a good place to be. Gold miners one of the big winners with NCM up 2.6%,  GMD up 15.2% and NST up 4.5%. DEG also had a decent day up 7.2% and SBM rose 3.0% as consolidation in the Leonora region look to be kicking in again. RED in a trading halt raising money. BHP rose 2.5%, RIO up 1.0% and base metals doing well, IGO up 2.1% with lithium back, PLS up 1.5% and MIN rallying 3.4%. Energy of any sort better again. Coal and oil stocks rising as sabotage and US inventories help sentiment. STO up 2.3% and WHC running another 4.6%.

In corporate news, IRE stumbled falling 17.3%, PMV rose 14.6% after it announced a special dividend and buy back with good numbers from Smiggle. AJL dropped 25.8% as it raised money at 11c. ATL takeover was cleared with some caveats and WOW appointed a new Big W chief.

In economic news, CPI for the month came in slightly less than expected but given petrol prices are rising again, this could be short lived. Asian markets better with Japan up 1%, China up 0.5% and HK up 1.1%

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A great night in the US, with the Dow Jones climbing549 points (+1.9%), rallying on the back of action from the Bank of England. SPI Futures are up 98 points (+1.5%).

• ASX SPI Futures up 98 points. 
• Dow up 549 points (1.88%) Off high of  +677 points
• Nasdaq up 222 (2.05%)
• S&P 500 up 72 points (1.97%)
• VIX index down 7.04%
• Commodities mixed. Oil up 6.3%. Gold up 2.3% on USD weakness.
• BoE intervenes. USD falls AUD back to 65c.
• Bon yields tumble. US 10's hit 4% then back to 3.7%
• Monthly CPI at 11.30am - First monthly for Australia.

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•  ASX 200 falls another 34 points to 6462 (0.5%) as AUD gets hit in Asian woes. Early strength gives way to Asian selling pressure and AUD under siege. Banks in the firing line today with the Big Bank Basket down to $165.51 (0.8%). MQG continuing to slip slide away, down 2.5%, QBE down 2.2% on Hurricane woes perhaps. ASX up 1.6% despite scathing RBA report. Healthcare eased, CSL down 0.8% and RHC sliding away again down 0.8%. REITs weak and industrials also in the doghouse, WES down 2.0%, WOW off 0.4% and TWE off 1.0%. TLS rallied 2.7% on Optus woes, and Tech eased back with the index falling 1% as CPU dropped 0.6% and XRO fell 3.2%. In resources some early strength took a beating as BHP rose 0.1%, RIO down 0.4% and FMG under pressure off 2.1%. Base metals too falling S32 down 1.1% and MIN off 3.7%. Lithium stocks were a little depressed, CXO down 7.6% PLS falling 2.8% and AKE down 3.1%. Oil and gas eased STO off 1.3% after PNG LNG deal failed to stir brokers excitement though coal stocks enjoyed another day in the sun after Macquarie upgraded price forecasts. 
• In corporate news, BUB has signed a deal for a Chinese JV, UP 5.1%, TLX has hit a wall in Europe with withdrawal of Illuccix application, falling 15.4%. 
• In economic news, retail sales remain strong local, but in Asia market tumbling on the rampant USD. Japan down 2.5%, HK down 2% and China down %. 10-year yields pushing ever higher to 4.09%

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The Dow Jones was all over the place last night in a volatile session, closing down 126 points (-0.4%). The S&P 500 fell again last night, now to its lowest level since November. SPI Futures are indicating a 35-point loss this morning, wiping off the gains we saw yesterday.

• ASX SPI Futures down 35 points.
• US markets mixed as early gains evaporate 
• Dow down 126 points at the close (0.4%) Dow down 21% from high.
• NASDAQ up 27 points (0.3%) Down 33% from its all time high.
• S&P 500 down 8 points (0.2%) - Down 24% from record in January.
• Fed chiefs talking mixed messages. Yields push back towards 4% in 10 years.
• Commodities mixed. Oil up 2.4% in Brent. Nord Stream sabotage in Europe.
• Copper down 0.2% Nickel down 2.7%
• BHP and RIO better in ADRs
• September quarter end beckons

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 ASX 200 rebounded 27 points to 6487 (0.4%) in quiet trade. Resources were the stand outs today after the rout yesterday as BHP gained 2.8%, RIO up 3.0% and FMG better by 5.5%. Lower AUD doing its job with exporters to benefit. Gold miners missed out but lithium and coal stocks rebounding strongly, PLS up 6.1% AKE up 3.6%, WHC rallying 6.8% with other coal stocks in demand. TER up 8.5% and BCB doing well, up 7.6%. Energy stocks also doing well, STO up 1.0% and WDS bouncing 1.6%. Elsewhere banks slid as 10-year bonds cruised through 4%. The Big Bank Basket fell to $166.89 (0.2%). CBA down 0.2% and MQG falling 0.9%. Insurers steady as yields rose. Healthcare reversed yesterday’s gains, CSL falling 0.1%, RHC down 3.5% and FPH down 4.8%. REITs down and defensives giving back a little TLS down 1.1% and REA off 2.5%. Tech stocks modestly lower. The All-Tech Index unchanged.

In corporate news, POS down 8.3% on an update and CXO dropped 5.6% on a Finniss lithium project update on production later this year. SM1 fell 4.4% after underwhelming on results and TLG rallied 19.4% on an offtake agreement. Nothing on the economic front. Asian markets slightly better with European markets heading for a stronger open. Asian markets mixed. 10-year yields up to 4.06%.

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The Dow Jones fell a further 330 points (1.1%) overnight, but despite that, SPI Futures are up 17 points (+0.3%) this morning, as it looks like we might have overdone the sell-off yesterday.

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ASX 200 closed at a three-month low at 6469 down 105 points (1.6%) despite a solid rally off morning lows. Banks and defensive industrials held up better today as resources were hammered. Commodities on the nose in China not helping sentiment. BHP fell 5.2% wiping 30 points off the index alone. RIO dropped 5.6% and FMG down 4.9% with lithium stocks depressed, PLS off 9.1% and MIN down 7.9%. Base metals under pressure with S32 falling 7.0% and LYC dipping 6.0%. Oil and energy stocks under pressure too on recession fears, STO down 7.3% and WDS off 5.0% with coal stocks easing. WHC down 14.0% and NHC off 14.7%. Gold miners remain in the naughty corner with NCM falling 5.9% and NST down 7.1%. Banks held up a little with the Big Bank Basket at $167.18. CBA and NAB unchanged whilst financials drifted a little lower, MQG down 1.2% and QBE down 1.7%. Healthcare a little better, CSL up 2.4%, SHL up 0.9% on new directors, RHC fell 2.4% on news KKR are no longer at the gate. Not a big surprise really. Industrials were mixed but holding the line, TCL up 0.9%. ALL up 0.8% and COL. WOW and WES all solid. Tech also surprisingly solid, WTC up 1.4% and XRO better by 3.2% with the All-Tech Index up 0.8%.

In corporate news, it was deal off Monday, RHC is no longer and LNK has pulled the plug again on the Dye and Durham deal. LNK fell 7.9% and RHC off 2.4%. CGC lost a CEO and fell 14.2%, SYR encountered issues in Mozambique, down 18.3%. Nothing locally on the economic front but currency wars continue as pound gets pounded. Near parity with USD. Asian markets mixed, Japan down 2.6% with HK and China near unchanged. 10- year yields 3.95%.

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The Dow Jones fell 486 points (-1.6%) on Friday night as the conversation moved away from central-bank aggression and interest rates and firmly to the risk of recession.

SPI Futures are down 82 points, following a 126-point fall on Friday.

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The Dow Jones fell 313 points (-1.0%) as caution crept in ahead of the FOMC meeting tonight.

SPI Futures are down 77 points (-1.1%), as we prepare for the US decision tonight and the public holiday tomorrow.

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