Market Updates

The ASX 200 fell 67 points to 8,661. Rumours continued to swirl around the Firmus IPO and repricing due to valuation question marks. The banking sector was weaker today, with CBA down 1.5% and NAB down 1.6%. The Big Bank Basket fell 1.5% Also, we saw MQG succumb to gravity, falling 0.8%. Insurers were better on the back of higher bond yields, with QBE up 1.4% and IAG also doing well, up 2.2%. The rest of the financials eased back, although we did see gains for ASX, up 3.8%.

Rates were a little mixed, with GMG up 0.7%, but VCX down 0.4%. Industrials somewhat on the nose today, with interest-rate-sensitive stocks falling: BXB down 0.8%. We also saw some big falls in mining contractors: MND falling 3.2%, and NWH down 4.0%. MGH tumbled 22.4% on the back of a pessimistic outcome for the Firmus IPO. Retail stock mixed, with JBH up 0.5%, but WES falling slightly. Both WOW and COL gained, along with TLS, as defensive plays. Meanwhile, tech stocks were a little mixed, with WTC up 0.5%, but TNE slipping slightly. CDA also fell 1.4%.

Resources were back on the nose today on US dollar and yield moves. BHP falling 2.0%, RIO down 2.9%, and rare earths and lithium stocks falling, with PLS down X% and MIN down X%. Gold miners eased off, with NST down 1.4% and WGX down 2.5%. In the oil and gas space, both WDS and STO were better as the oil price rose, and uranium stocks gave back yesterday's gains following U.S. falls.

In corporate news today, we saw RMS out with their quarterly and FMG reporting a 6% decrease in first-quarter iron ore shipments. We also had falls in stocks that had data centre exposure on the Firmus issue. Nothing significant today on the economic front.

10-year yields steady at 5.38%. US Futures drifting lower. 

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U.S. equities fell on Wednesday as pressure continued to build in the bond market, pushing Treasury yields to levels not seen in more than two decades.

The Dow Jones Industrial Average lost 341.41 points, or 0.66%, to close at 51,179.87, while the S&P 500 shed 0.22% to end at 7,801.77. The Nasdaq Composite slipped 0.22% to settle at 27,538.69. 

Investors were spooked by the benchmark 10-year Treasury note yield reaching its highest level since April 2002 at 5.365% on Wednesday. The 30-year bond yield also hit its highest level since May 2002 at 5.732%.

SPI down 53 - Firmus being repriced? Demand has gone Softus! Resources to suffer today.

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The ASX 200 slipped a modest 8 points today to 8,728 in quiet trade. Banking stocks were generally easier, with CBA down 1.3% and WBC down 1.2%, and the Big Bank Basket falling slightly to $260.96. Insurers had a better day again, with QBE up 1.3% and IAG also doing well, up 0.9%. REITs were better too, with SCG up 0.9% and VCX up 1.3%. Healthcare once again a positive sector, with CSL up 1.9% and FPH up 1.0%. Meanwhile, in industrials, retail stocks gained, with WES up 0.6% and JBH up 0.1%. Tech stocks had a small positive day today, with WTC rising 0.6% and TNE also up slightly. The All-Tech index up 0.1% today.

Resources were mixed, with the big iron ore miners easing back, FMG down 2.4%, but gold miners perked up slightly, with NST up 1.9% and EVN up 2.5%. We also saw gains in lithium and rare earth stocks, with PLS up 1.8% and LYC up 1.6%. Not much happening in the oil and gas space, with WDS up 0.8%, but uranium stocks were better after the deal in the U.S. with Constellation Energy, with PDN up 2.5% and NXG up 4.3%.

In corporate news today, ARF had a good day following a deal for the Edge Early Learning business with GoodStart to acquire the centres. TWE is cutting 7% of its workforce, and CYC had a good day on reports that 7 Chinese medical bodies had published a recommendation on its lung imaging technology. TLX is also rising today after it said its first U.S. patients have been dosed with Pixclara.

Nothing locally on the economic front, and we do get Fed minutes tonight in the U.S.

10-year yields steady at 5.40%. US Futures drifting lower. 

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The S&P 500 rose to a fresh all-time intraday high on Tuesday, boosted by gains in key technology names as well as declines in Treasury yields.

The broad market index climbed 0.58% for a record close of 7,818.93, while the Dow Jones Industrial Average gained 253.38 points, or 0.49%, to end at 51,521.28. The Nasdaq Composite added 0.45% and closed at a record 27,599.79. The tech-heavy index hit a new all-time high during the session as well.

The moves higher were bolstered by a rise in chipmakers. Marvell Technology popped 5.8%, and Advanced Micro Devices gained nearly 3%, as investors grew optimistic about the companies’ outlooks. Others such as Broadcom advanced 3.7%.

SPI down 1 - Gold up slightly - Yields ease.

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The ASX 200 rose 49 points to 8,736 (+0.6%) in a relatively quiet day. Broad-based gains today, with the Big Four banks pushing ahead slightly, NAB being the best of the bunch, and the Big Bank Basket hitting $263.66 (0.7%). MQG is continuing to push higher, and other financials are also doing better today, with the insurance sector up as QBE rose another 0.7% and IAG joined in, rising 1.3%.

 REITs also had a better day despite bond yields remaining elevated. SCG rose 2.7%, and VCX rose 3.2%. Healthcare is once again in the green, led by CSL, although COH slipped away again. Retail stocks were better, with WES up 0.5% and JBH up 0.6%, although once again we are seeing selling pressure in the tech space, with WTC down 2.5% and XRO down 1.4%. CDA took a breather today, falling 4.3%, and NXT is also under a little pressure, perhaps because of the Firmus book build.

Resources had a better day, and we saw signs of life in rare earths and lithium, with LYC up 2.1% and PLS also gaining 2.4%. BHP, RIO, and FMG also put on around 1.4% today. Gold miners were steady to mixed, with WGX up 0.6% and EVN down 0.9%. Oil and gas stocks were steady, and we saw a slight improvement in the coal space. Uranium stocks were also a little better, with PDN up 0.7%.

In corporate news, SKS was awarded a new $38m contract for a Melbourne data centre. DRO has poached RPL's company secretary, and GLS was in a trading halt pending the outcome of the entitlement offer. In economic news, we saw the Westpac-Melbourne Institute consumer sentiment dropping 4.7%, showing a very sharp pullback after the RBA's decision to lift rates. Concurrently, we also saw the ANZ-Roy Morgan consumer sentiment falling again for much the same reason.

Asian markets quiet with China closed for Golden Week. Japan up 0.7%, HK up 0.8%. China still closed.

10-year yields steady at 5.40%. US Futures drifting higher. Nasdaq up 25 and Dow up 60.

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The Nasdaq Composite sailed to a fresh all-time high as traders looked past rising U.S. Treasury yields and digested new economic data.

The Nasdaq Composite was up 1.05% and hit an intraday of 27,544.07. The tech-heavy index posted a record close of 27,477.31. The Dow Jones Industrial Average advanced 90.94 points, or 0.18%, to end at 51,267.90. The S&P 500 climbed 0.66% to 7,773.95.

SPI up 27 - Gold eases - Oil down 2% - Firmus in focus - US earnings season the catalyst.

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The ASX 200 pushed slightly higher, up only 4 points at 8,686 after hitting a high of 8,736 earlier in the day. Volumes were very light, given it was a holiday in most of Australia. The banking sector topped out early, with only modest moves. At the final countdown, CBA down 0.2%, and ANZ up 0.8%. MQG had a good day again, up 1.0%, but the rest of the financials were wishy-washy, with insurance slightly easier, led by QBE down 1.0%.

REITs again under some pressure as bond yields stayed stubbornly high, although GMG managed to rise 1.5%, but the rest were down around 1%. Meanwhile, industrials also slipped away today, with retail stocks under some pressure. WES down 1.0%, and JBH down 1.1%. TLS fell 0.4%, and both WOW and COL fell in a similar fashion. Healthcare stocks were better, led by CSL, which put on another 0.9% following a Swiss pharma acquisition, and PME also rose 1.8%. A mixed session in the tech space, with WTC down 2.1% and XRO down 2.3%, with CDA making gains again. In resources, BHP and RIO were slightly firmer, but the gold miners came off a little as bullion wavered after the non-farm payrolls numbers in the U.S. Lithium stocks tried hard to push ahead, whilst rare earths slipped, with LYC down 2.5%.

 In corporate news today, all eyes on the book build for Firmus (AIF), as media reports that the 7 billion IPO has been covered and early backers are being rewarded with half the IPO allocation. SXE had a good day on a Macquarie research report, and MGH is also doing well with its exposure to Firmus. We also saw news out from INA allowing the private equity bidder to conduct due diligence.

Asian markets quiet with China closed for Golden Week. South Korea closed today too. Japan up strongly.

10-year yields steady at 5.34% .US Futures drifting lower. Nasdaq down 34 and Dow down 83.

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Wall St rose Friday, though ended off best levels after non-farm payrolls missed expectations, slightly dialling back rate hike bets (bad news is good news). Dow Jones up 250 points. S&P 500 up 0.73%. Nasdaq up 1.19%. Russell 2000 up 0.94%. Mag7 up 1.61%. SOX up 2.40% (Micron one of the few losers). SaaS up 0.2%.

ASX set to rise on Monday. SPI futures up 26 points or 0.3%. CSL deal on new drug - EQT on track

For the week, the S&P 500 fell 0.27%, the Nasdaq up 0.45%, the Dow down 1.25%. Mag7 flat for the week. SOX up 3.69% for the week (now up 18% from its absolute low following the AI safety selloff). Bitcoin near flat overnight and for the week. AUD up 0.40% overnight to 69.56 US cents, down 0.94% for the week after the USD index rose 0.88%.

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The ASX 200 recovered some 60 pts to close at 8674 after yesterday's drubbing, ahead of a long weekend in some states in Australia. The ASX rose 10 pts this week. Banking sector recovered slightly after yesterday's drubbing, with CBA up 1.2%, NAB being the best of the bunch, up 1.6%. The Big Bank Basket rose to $261.64 (+1.1%). Insurers also seeing a little bit of buying, especially in QBE, which was up 4.2%. Other financials also slightly firmer, with MPL up 0.4% and ASX up 0.9%. The REIT sector still under pressure, with GMG down 2.6%, SCG down 1.6%, although CHC managed to put on 0.3%. We saw TCL recover, and retail stocks pushed slightly ahead: WES up 0.8%, WOW up 0.8%, and JBH flat.

In the tech space, we saw buying following a positive move in software stocks in the U.S., with WTC up 6.4% and TNE up 4.5%. MP1 was another big winner today, along with DTL after its big run yesterday. The All -Tech Index rose 2.4%

In the resource space, BHP and RIO both rose today, and we did see some buying emerge, although tentatively, in PLS and MIN. LYC recovered 1.7% after the bid yesterday for MEI, and the gold miners also put on a slight rise, with NST up 1.6% and RRL up 1.7%. Coal stocks recovered, with WHC up 3.8%, and the oil and gas space was better too, with WDS rising 1.2%, together with STO up over 2%.

In corporate news today, PPS jumped 9.1% after its CEO stepped down. SRL is planning to move to the US, and TWE is also doing better on a broker upgrade. LLC fell slightly on news of its Italian sale update, whilst AYA jumped on a 5-year contract in the US.

We await U.S. non-farm payrolls tonight.

Asian markets pushed higher with Japan down 1%, China closed for Golden Week.

10-year yields back to 5.34% .US Futures lower. Nasdaq up 96 and Dow up 160.

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Stocks posted modest gains on the first trading day of October, clawing back earlier declines as Treasury yields retreated from their highest levels in more than 20 years.

The S&P 500 added 0.19% to close at 7,666.45, and the Nasdaq Composite eked out a 0.04% gain to end at 26,871.60. The Dow Jones Industrial Average inched up 20.51 points, or 0.04%, to 50,926.56. 

The 10-year U.S. Treasury yield hit an intraday high of 5.344% to reach its highest level going back to 2002. The 30-year bond yield also scaled to levels not seen in 24 years.

Oil jumped 4% on US aircraft carrier news. SPI up 45 – Firmus details announced.

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