Market Updates

Bit of a shabby night in the US, the Dow fell 308 points (-0.96%), with expectations that the Fed’s ‘soft pivot’ is a while off. Oil had its worst day since mid-July, falling 4.8% and putting pressure on the energy sector.

SPI Futures are down 58 points (-0.84%).

Tune in to Marcus Padley’s Breakfast Briefing Podcast to get in the know for the day ahead.
 
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The Dow Jones settled overnight – compared to the 1008-point loss we saw on Friday night – to finish down 184-points (-0.57%). Tech stocks are still taking the brunt of the sell-off, the Nasdaq closed down 1.02%.

SPI Futures looking for a bounce off yesterdays 2% fall, up 18 points (+0.26%).

Catch up on all the latest with Marcus Padley on today’s Breakfast Briefing.

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Jackson Hole turned out to be a very big event, with Jerome Powell’s hawkish comments sending US markets into freefall. The Dow dropped 1008 (-3.03%) points on Friday night, the Nasdaq fell 3.94%, and the S&P 500 ended 3.37% lower.

SPI Futures are down 104 (-1.48%), following US leads. 

Get up to speed with Marcus Padley, in the Breakfast Briefing podcast.

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Henry is heading off on holiday today, so I (Marcus Padley) will fill in for him in the Breakfast Briefing podcasts. Wall Street behaved itself overnight ahead of Jackson Hole and Jerome Powell’s speech tonight.

The Dow finished up 323 points (+1%), while the Nasdaq saw some nice gains, up 1.7%. Locally we’re still focusing on results, quiet day today, but picking up again next week as we round out results season.

SPI Futures are up nine points (+0.1%) today, looking like we’ll end the week down around 0.9%.

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•  ASX 200 up another 50 points to 7048 (0.7%) as banks and resources rally pre-Jackson Hole. Resources continue to find friends on Chinese stimulus moves. Iron ore stocks wilted from highs with BHP up 0.7%, FMG up 0.1% and RIO lagging slightly although still up 0.2%. Base metals also doing well despite nickel falling overnight, S32 good results up 1.0% and IGO up 1.8%. Lithium stocks took a slight breather, PLS down 1.7% as uranium took centre stage on Japanese moves to embrace more nuclear power. PDN rose 11.6%, BOE up 5.2% and BMN up 15.4%. Oil and gas stocks continue to find buyers as STO rose 1.3% and WDS up 2.0%. WHC results today saw early losses as buyers stepped back in and erased the fall closing only down 1.4%. Even gold miners put in a better day, NCM up 3.0% and DEG up 5.3%. Banks were better as bond yields rose, CBA up 0.6% and WBC the stars, the Big Bank Basket rose 0.7% to $172.57. IFL pushed 11.4% ahead as MLC integration looks to be working out. MQG saw a rebound too up % with insurers a little left out. Healthcare better as CSL bouncing back 0.4%. SHL up 2.2% saw upgrades from brokers, RHC up 0.8% as BlackRock becomes a substantial shareholder at 5.1%. Industrials were firm with the exception of the staples which again came under pressure as WOW fell 3.2% on results. Plenty of ex dividends today as well. Tech was firm but unremarkable with the All- Tech Index up 0.5%. 
• In corporate news, Super Thursday today, QAN announced a $400m buyback and Joyce gave $50 vouchers to say sorry, up 7%. NEC streaming 9.0% higher on better numbers, IEL doing well on its pivot up 7.5% and KAR better on a full year of Bauna, up 8.4%. Nothing much on the economic front. In Asia, markets pushing higher although HK suffering from storm disruptions Japan up 0.7% China up 0.4% and HK up 1.7%. 10-year yields higher again at 3.67%. 

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US markets found some positive footing overnight, the Dow finished up 60 points (+0.2%). However, the markets are still showing caution ahead of Jackson Hole tonight. SPI Futures are up 31 points (+0.45%), slowly making up for the losses from earlier in the weak. 

Get in the know with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures up 31 (0.5%)
• Dow rose 60 points (0.2%)
• S&P 500 up 12 points (0.3%)
• Nasdaq up 50 points (0.4%)
• Oil up again 1% Gold unchanged.
• Base metals mixed nickel down 1.8%
• Iron ore up 0.2% 
• Results to dominate on Super Thursday.

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•  ASX 200 rallied 36 points to 6998 (0.5%) after two days of losses, Banks rebounded with the Big Bank Basket back to $171.40 (0.4%). ANZ the standout, up 1.6%. MQG rallied slightly but still lots a little underwhelming. Insurers better with ASX slipping 1.4%. Healthcare flat as CSL fell 0.4%, RMD down 1.2% and SHL doing well on results up 6.2%. Industrials a little lacklustre, TLS ex dividend, GMG slid 2.0%, WOW and staples eased with EDV finding some support after the rout yesterday. TCL down 0.4% and BXB drifting 1.1% lower. In resources, iron ore strength as BHP continue to hold up well, up 1.1%, FMG up 0.4% but RIO down 0.5%, S32 up 2.7% and lithium stocks bubbling away. MIN up 3.0% and PLS forgoing ahead 6.1% despite broker downgrades. Oil and gas stocks doing well with WDS up 3.4% and STO up another 2.1%. Coal stocks continue to play well, WHC up 1.9%. In the tech sector, WTC shot the lights out with results up 12.8% dragging the index up 1.5%. 
• In corporate news, results in abundance, ILU up 9.8% on good numbers, EML fell 10.6% on fraud issues., NWL rose 7.0% on its numbers, DMP saw a 7.6% gain as Don charmed the market on cheese falls. HSN fell hard on disappointing numbers, off 13.3%, COL dropped 4.6% as staples coming under inflation pressures. WGN down 19.3% hard as profits not set in concrete. Super Thursday beckons for results tomorrow. Nothing on the economic front. Asian market soft on Chinese woes. Japan down 0.5% China down 1.2% and HK down 1.3%. 10-year yields flat around 3.60% 

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