Market Updates

US stocks slipped overnight, the Dow posted its biggest loss in more than two weeks, giving up early gains to finish down 193 points (-0.32%). SPI Futures are pointing to a 21-point loss today after a good start to the week yesterday. 

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• ASX 200 SPI Futures down 21
• Dow falls 216 (0.7%) as Apples freezes hiring
• Nasdaq down 92 points (0.8%)
• S&P 500 down 32 points (0.8%)
• Oil up 5%. Base metals rally hard.
• Nickel up 6.2% Lead up 9%
• Iron ore up 2.1% Gold up 0.4%
• BHP Production report
• JBH sales update

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•  ASX 200 kicks 82 points to 6666 (1.2%) as bank rally after Citi results and iron ore steadies in Asia, giving BHP a 2.4% lift. Late kick helps too, with 25 points on match out. The Miners were better across the board with RIO up 2.1% and FMG up 3.4%. Base metals doing well, S32 up 2.1% and IGO up 4.4% and lithium stocks doing well, LTR up 8.4%, INR better by 5.8% and PLS rallying 2.5%. Oil and gas better again as crude rises after Biden fails to get much from MBS. STO up 2.4% and WDS up another 2.2%. Coal stocks again pushed up as thermal coal doing well, WHC released a business update, very positive up 5.2% and NHC up 2.9%. Banks were in demand despite ANZ tapping shareholders for $3.5bn to buy SUN’s banking business kicking them up a notch. ANZ is paying $5bn for the unit, the Big Bank Basket rallied to $166.24 (1.8%) with only three legs firing. CBA up 1.0% and NAB up 1.9%. MQG doing well as US banks rally, up 3.2%. SUN up 6.1% on the ANZ news, insurers slightly better. Healthcare was weaker as money flowed into growth and risk, CSL down 0.9%, FPH down 1.9%. Industrials were mostly flat, tech better WTC kicked again up 7.2% and XRO up 2.0%. The All-Tech Index rose 2.5%. 
• In corporate news, NXL fell 13.0% on its update sinking toward an ignominious end perhaps, PPS rose 10.6% on a business update and TYR rose 7.7% as its #122 CV19 update dropped. Nothing on the economic front. Asian markets firmed with Japan closed for Marine Day and both China and HK doing well as property developers being helped with bank loans. 10-year yields 3.42%. 

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US stocks rallied on Friday night, with better-than-expected retail sales and a jump in bank stocks acting as a catalyst for markets. The Dow gained 658 points, closing on highs. SPI Futures are pointing to a 57-point gain. 

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• ASX 200 SPI Futures up 57
• Dow up 658 points (2.2%) Citi drives bulls.
• S&P 500 up 73 (1.9%)
• Nasdaq up 201 points (1.8%)
• Base metals slightly better.
• Iron ore falls 1.8% Gold down 0.1%
• Oil up 2.1%
• ANZ to buy SUN's banking business for $5bn. Raising $3.5bn in entitlement issue.

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• ASX 200 falls 45 points to 6606 (-0.7%) after a solid rally off lows. Resources took the big hit. Banks had a decent rally off early lows. Resources saw commodities flop and took the sector with it. BHP down 3.5%, FMG off 6.2% and RIO down 2.9%. Gold miners also fell, NCM down 2.8%, NST off 2.5%. Base metal stocks hit, IGO down 7.1%, POS off 2.4% and S32 falling 3.7%. Lithium stocks down but escaping somewhat, AKE down 1.4%, PLS off 2.9% and LYC off 0.7% in the REE space. Oil and gas stocks were flat as oil briefly fell below US$95 for Brent. Coal stocks eased back slightly, WHC down 2.3%, NHC off 1.7% and SMR dropping 1.6%. In the banks, the Big Bank Basket fell to $163.26 (-0.01%). CBA up 0.1% with ANZ under pressure over its MYOB business buy, down 1.3%. MQG fell 1.8% in sympathy with US banks. Insurers eased, QBE down 0.6%. Healthcare better led by CSL up 1.0%, RMD up 1.9%, COH up 1.7%. Industrials flat, WOW and COL higher but REA fell 1.2%, SEK down 2.7% and CAR off 4.3%.WES 0.9% better. Tech dominated by a good update from WTC up 3.4%, the All-Tech Index fell 0.8%. 
• In corporate news, JIN fell 15.00% on a disappointing update. PDL saw FUM drop again and the stock fell 7.8%. PTX up 15.62% on news on orphan drug designation for PTX 100. Asian markets mixed, 10-year yields steady at 3.40%. 

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US stocks rallied into the close from early lows as rate-hike concerns and weak results from Morgan Stanley and JPMorgan hurt the market. The Dow finished down 143 points (-0.46%). SPI Futures are pointing to a 52 point loss (-0.79%) with iron ore and base metals all moving lower. 

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• ASX 200 SPI Futures down 52 points.
• Dow closes down only 143 points (0.46%) after a 600point plus fall early.
• Nasdaq up 4 points (0.03%)
• S&P 500 falls 11 points (0.3%)
• Base metals smashed. Nickel down 8.7% Copper off 2.5%
• Oil falls 0.5% Gold down 1.7%
• Iron ore falls 4.8%
• US Bank reports disappoint. Chinese GDP today.

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•  ASX 200 rallied 29 points to 6651 (0.4%) despite US CPI and a strong jobs number locally. Resources firm., Banks weak ahead of US reports tonight. The Big Bank Basket fell to $163.39 (1.3%).  CBA off 1.5%, MQG falling 0.2% and insurers under pressure, SUN down 0.2% and QBE unchanged Industrials firm with CSL up 0.8%, RHC up 1.1% in the healthcare space, TLS rallied 0.8% on its acquisition finalised. ‘Old Skool’ platform stocks better, SEK up 2.7%, REA up 2.1% and CAR doing well up 1.4%. Tech stocks better too, WTC up 2.5% and XRO going to hero up 2.0%, maybe some valuation upgrades given ANZ moves on MYOB. All Tech Index up 2.2%. Resources were better led by coal stocks, WHC up 6.5%, TER up 9.6% and SMR up 4.3% as coal prices remain elevated. Rumours that China will abandon its coal ban. BHP and FMG doing well as iron ore rise, Base metal stocks also in demand, IGO up 2.4%, MIN up 5.7% and IGO doing well up 2.4%. Lithium stocks marched ahead, PLS up 3.8% on a positive BMX result, AKE up 2.7% and oil and gas stocks better with WDS up 1.6% and STO rallying 1.5%. 
• In corporate news, DTL rose 9.9% on a positive upgrade, CHN up 8.4% on director buying, LKE returns and falls 10.4% on short seller attack. 
• In economic news, jobs data showed a remarkably strong economy with 3.5% unemployment. Lowest in 41 years. Asian markets, generally better, with Japan up 0.7%, China up 0.3% and HK down 0.2% 

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US stocks hit a roadblock as inflation came in hotter than expected at 9.1%, although recovered into the close. The Dow still finished down 209 points (-0.67%). SPI Futures indicating a muted day of trade, down four points. 

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• ASX 200 SPI Futures down 4 points.
• Dow falls 209 points (0.7%) Choppy and low volume.
• Nasdaq down 17 points (0.2%)
• S&P 500 down 17 points (0.5%)
• US CPI hits 9.1% highest in 41 years.
• Base metals flat. Iron ore up 1.9%
• Gold rises 0.6%
• Oil falt. Biden in Mid East.
• US Banks kicks off reporting season tomorrow. 

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•  ASX 200 closed up 15 to 6605 (0.2%) as a late afternoon charge helped. A mixed quiet session as we await the US CPI release tonight. Banks firmed slightly with the Big Bank Basket up to $165.67 (0.7%). CBA the star up 1.1% with MQG doing well up 2.2%. MFG slightly higher too up 2.9%. Insurers flat with IAG down 1.1%. Industrials higher with TLS up 1.0%, WES up 1.2%. GMG rose 2.4% with REITS flat behind it. Tech stocks slightly better with WTC up 1.3% and XRO up 1.3% as ANZ indicates interest in MYOB. QAN rallying on the fall in oil price up 4.3% and TCL better again up 1.0%. Resources were mixed, BHP fell 1.4% with RIO off 1.4%, lithium stocks better as VUL ran 7.1%, PLS up 5.4 % and IGO up 1.1%. Oil and gas stocks eased as crude prices fell, STO down 1.3% and WDS off 2.9%. Coal stocks once again doing well, WHC up 4.5% and NHC up 3.1%.
•  In corporate news, CHN up 3.7% on identifying new Ni-Cu-PGE targets at Thor. KMD issued an update rising 0.5% as winter has been good. In economic news, the RBNZ went hard again by 50bps to 2.5%. Asian markets better across the board with 10-year yields easing to 3.37%. 

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US stock fell overnight as recession fears continue ahead of the CPI number tonight. The Dow finished down 192 points (-0.62%). SPI Futures are predicting a flat open. 

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• ASX 200 SPI Futures unchanged.
• Dow falls 193 in late fall (0.6%)
• Nasdaq down 108 points (1.0%)
• S&P 500 drops 36 points (0.9%)
• Base metals ease. Copper down 2.9%
• Gold down 0.5% Iron ore down heavily 3.1% 
• Oil tumbles on recession fears down 7.1%
• RBNZ in focus at Midday.

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• ASX 200 gave up early gains to close up 4 points at 6606 (+0.1%). Resources were once again on the nose after more shutdowns in China affecting stimulus hopes with recession fears trumping all. Iron ore miners led falls, BHP down 1.4%, MIN off 2.6% and base metal stocks weaker with lithium depressed. INR down 7.5%, PLS off 2.2% and AKE down 4.8%. Coal and energy stocks firmed with WHC up 1.8% and WDS rising 0.5%. In the banking sector the Big Bank Basket rose to $164.56 (+1.1%) with CBA up 1.2%, elsewhere insurers flat, MFG continue to slip another 0.8%. Healthcare better led by CSL up 1.6% and RMD gaining 2.1%. Elsewhere industrials were mixed, WES better by 0.8%, COL up 1.9% and WOW up 2.0% but TLS down 0.8% and REA off 0.2%. Tech stocks slipping TNE down 2.4%, MP1 down 4.1%. The All-Tech Index fell 1.1%. 
• In corporate news, APE rose 3.3% on a positive business update. CXO fell 7.1% after a resource upgrade. RHC eased 1.6% as media reports that KKR may walk and LNK down 3.5% for a similar reason. In economic news, consumer confidence fell again. Asian markets weak, lowest levels for two years. 10-year yields at 3.39%. 

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