Market Updates

The Dow posted further losses overnight, giving up early gains to close down 154 points (-0.5%), while the S&P 500 and Nasdaq finished flat. Caution ahead of Powell’s speech on Friday creeping into market sentiment. SPI Futures are up 15 points (+0.22%), looking to make back some of the losses from the start of the week. 

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• ASX 200 SPI Futures rise 15 points.
• Dow drops 154 points (0.5%)
• Nasdaq unchanged. 
• S&P 500 down 9 (0.2%)
• Base metals mixed. Gold up 0.7%
• Oil rises 3.9% IO up 0.5%
• Results in focus.

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•  ASX 200 drops another 85 points to 6962 (1.2%) as rates rise and risks grow. Banks bore the brunt of the sell off with the Big Bank Basket down to $170.77. CBA down 2.0% and NAB sliding 2.0% as yields pushed towards 3.6%. MQG fell 3.4%, insurers down too, QBE off 1.6% and SUN going down 2.2%. Fund managers down too PDL off 1.7%. Healthcare in ICU as CSL dropped 2.0%, RMD down 2.7% and COH off 2.5%. Industrials in trouble too with staples under pressure following the EDV result, falling 12.3% and COL off 3.4% with BXB dropping 3.5%, REH off 3.4% and REITS sliding led by GMG, down 2.3%. Telcos eased, tech fell with REA down % and WTC and XRO continuing lower. The All-Tech Index only modestly lower by 0.9% as ALU sprang to life and saved the day up 19.8%. Resources did their best to hold up but eventually succumbed. BHP remain steadfast, pregnant with a huge dividend. RIO dropped 0.5%, FMG off 0.3% and S32 off 1.4%. Base metals and lithium holding on Chinese stimulus hopes, oil and gas stocks better as Saudi talks production cuts. WDS up 1.9% and STO up 2.3%. Coal stocks remain well bid. WHC up 2.8%. 
• In corporate news, results, results, results, ALU the best of the bunch up 19.8%, ANN bounced 8.6% as the gloves came off, MND doing well too despite staffing issues up 5.9%. KGN fell hard on stuffing up inventory issues down 6.6%, PLS better on good numbers up 3.2% but SSM fell hard on results, off 17.2%, EDV down 12.3% with CCP off 6.1% on customer remediation. In Asia, we saw Japan sag 1.2% on PMI numbers and China eases as stimulus attempts fail to fire. HK down 0.8%. 10-year yields continue to push higher at 3.59%. 

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An ugly night in the US as the Dow fell 643 points (-1.9%), never trading in positive territory. The Nasdaq was the worst performer, down 2.6%, as chatter about the Fed’s pushback against the dovish-pivot is getting attention. SPI Futures are down 43 points (-0.62%), continuing the rough start to the week.

• ASX 200 SPI Futures down 43 points
• Dow down 643 points (1.9%) 800 point trading range.
• Nasdaq down 2.6%
• S&P 500 down 2.1%
• VIX up 15.5%
• Oil down 0.3% Gold down 0.8%
• Base metals flat. IO up 0.2% on Chinese stimulus.
• Results in focus
• 10 - year yields rising. 

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US markets finished the week on a soft note last week, the Dow closed down 292 points (-0.86%)., never touching positive territory. Inflation concerns were back in focus following hotter-than-expected business inflation data from Germany. SPI Futures are down 29 points (-0.41%) as another big week of results looms. 

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• ASX 200 SPI Futures down 29 points.
• Dow falls 292 points (0.9%)
• Nasdaq down 260 (2.0%)
• S&P500 down 55 (1.3%)
• Metal prices fall slightly. Gold down 0.5% on stronger USD
• Oil up 0.1% IO down 0.5%
• US 10-year yields close to 3% again
• Jackson Hole in focus.
• Results here will be key.

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•  ASX 200 closes flat after a quiet day at index level but a flurry of results provide plenty of fun beneath the surface. Banks slid slightly with the Big Bank Basket down to $176.15 (1.2%). CBA down 1.0%, ANZ off 2.0% and other financials unchanged. MQG flat, insurers flat too. Healthcare suffering with CSL down 1.5% and FPH dropping 5.2% on results. RHC up 1.6% and COH up 2.2% on its results. Industrials firmed to finish the week, WES up 0.7%, TLS doing well up 0.5% as TPG fell hard on disappointing results, down 12.5%. Tech slightly higher although XRO falling 2.0% on negative broker moves. The All-Tech Index down 0.3%. REITS struggled led lower by GMG down 2.6%. Resources were better finishing the week in style as IO stocks rallied, BHP up 1.0%, FMG up 0.4% and RIO up 1.5%. Base metals stocks also doing well with S32 up 1.7% as coal stocks fired up yet again, WHC 6.2% TER up 7.8% and NHC rising 4.0%. Lithium stocks still a little becalmed and some profit taking creeping in, LTR down 1.5% but majors better, AKE up 1.5%. Oil and gas stocks doing well as crude rises, WDS up 4.2%, STO up 6.4% and KAR doing very well up 7.3%. Gold miners better as NCM rose 3.6% on better than expected results. 
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• In corporate news, plenty going on as we hit the half-way point on results. TPG cratered on mobile wars, AX1 had a great day on better numbers, up 11.0%. ING down 9.4% with LFS off 1.6% as Fahour set to leave in a year. Nothing significant on the economic front. Asian markets mixed but little changed. 10-year yields up to 3.39%, creeping higher. 

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• ASX 200 SPI Futures up 23 points.
• Dow up 19 (0.1%) in quiet directionless trade.
• Nasdaq up 27 points (0.2%)
• S&P 500 up 10 (0.2%)
• Base metals ease slightly. Gold off 0.3%
• Oil up 3.1% IO up 0.1%
• Results in focus. COH. FPH. TPG.

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•  ASX 200 fell 15 points to 7113 (0.2%) in a day dominated by Super Thursday results. Resources are stumbling lower as gold miners slid, NCM off 2.9% and NST down 4.1%. Base metals and lithium shares under a little pressure, MIN off 1.0%, PLS down 1.9% and LYC falling 3.1%. Oil stocks firmed on higher crude prices, coal stocks again in demand, WHC up 2.2% and NHC better by 3.7%. Industrials slipped slightly, TCL disappointed with results falling 3.4%, WES eased 0.8%, REITs down led by SCG down 1.0%. Healthcare mixed as CSL rallied 2.3% with the rest of the sector suffering from the sniffles. Tech down and out for now, WTC down 1.9%, XRO off 7.1% and SQ2 falling 6.0%. The All–Tech Index fell 2.2%. Banks were mixed as CBA rallied 1.4% and NAB up 0.3% with ANZ and WBC easing lower. The Big Bank Basket pretty unchanged at 178.33 Insurers eased and MQG slid 0.9% with ASX off 4.0%. MFG continues lower by 0.9% with PNI down 2.6%. 
•  In corporate news, plenty happening, TWE rose 4.0% following its numbers, BXB 3.6% better on broker upgrades, IRE moving higher in results, CDA and BKL both tanked on disappointing numbers, XRO fell 7.1% and TLX down 8.7%. KLL returned to trade with a large capital raise and debt restructure, down 38.0%. In economic news, the jobs headline was 3.4% unemployment. Everyone that wants a go gets a go. Scottie has many goes. Asian market weaker, Japan down 0.9%, China down 1% and HK down 0.7%. 10-year yields rise to 3.32% 

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Stocks slipped following the Fed minutes as the tech selloff resumed. The Dow finished down 172 points (-0.5%), while the Nasdaq was the worst performer down 1.3%. SPI Futures are pointing to a 13-point (-0.2%) loss. 

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• ASX 200 SPI Futures down 13 - Results in focus
• Dow falls 172 post FOMC minutes.
• Nasdaq down 164 points (1.3%)
• S&P 500 down 31 points (0.7%)
• Base metals slip slightly. Iron ore down 1.9% Oil up 1.4%
• Gold falls 0.7% - Jobs number at 11.30am.

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A reasonably quiet night in the US, the Dow finished up 240 points (+0.7%), as the path of least resistance recently has been to the upside. SPI Futures are up 11 points (+0.2% ) with results continuing to roll on through.

• ASX 200 SPI Futures up 12 points
• US markets mixed in volatile session.
• Dow closes up 240 points (0.7%)
• S&P 500 up 8 points (0.2%)
• Nasdaq down 26 (0.2%)
• Base metals flat. Gold down 0.5%
• Oil falls 3% IO down 0.2%
• Results in focus again. BAP, CTD, FBU

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• s ASX 200 rallied another 41 points to 7105 (0.6%) as BHP release a cracker result and a record dividend of US1.75c. BHP accounted for 24 index points with a gain of 4.1% on the results. FMG joined in up 1.6% but RIO stuck in the slow lane. Base metals slipped and lithium came off the boil, MIN down 0.4%, BSL down 2.6% and CXO down 7.7% with PLS down 1.9%. Oil and gas stocks slipped on crude falls. WDS fell 1.8%, STO down 0.3% and BPT falling another 3.3% with Macquarie downgrading. Gold miners under pressure despite AUD bullion rising on a falling AUD. NCM down 0.7% and NST off 1.0%. Banks and defensives were in demand as yields fell to 3.22%. The Big Bank Basket rose to 178.64% (0.5%) with CBA the stand-out, up 1%. MQG rose 1.0% and insurers were mixed after CGF dropped 10.1% on disappointing results. Healthcare stocks rallied led by CSL up 1.1% and RMD up 1.5% with RHC rallying 2.0%. Staples were better, WES up 0.3%, EDV up 2.3% and WOW higher by 1.1%. ‘Old Skool’ platforms fell, SEK off 5.1%, REA down 1.5% and CAR down 2.7% after results yesterday. Tech slipped with the index down 0.5% and WTC off 0.3%.  TPW soared 29.8% as shorts ran for cover on better than expected numbers. ZIP dropped 7.1% and ELD fell 4.0% on foot and mouth concerns. 
• In corporate news, BHP was the highlight. CGF fell 10.1% on results, TGR rose 5.1% on a takeover at 523c in cash, 4DS crashed 68.1% as the technology stumbled with numerous problems. 360 up 5.5% as it heads for profit, SWM fell 3.9% despite CEO saying ad concerns are overblown. SGM down 3.3% looking at ways to cut costs as scrap metal prices sag.
•  In economic news, ANZ Consumer confidence rose slightly, and RBA minutes were released with no surprises. Asian markets: mixed, Japan flat, China unchanged on rate cut and HK down 0.4%. 10-year yields at 3.22%. 

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