Market Updates

US markets pulled back overnight amid rising Covid concerns in China and ahead of the CPI number later this week. SPI Futures are up 18 points. 

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• ASX 200 SPI Futures up 18
• Dow down 164 (0.5%)
• Nasdaq down 263 (2.3%) Twitter falls 11.3% on Musk pulling out. 
• S&P 500 down 45 (1.2%)
• Base metals ease. Gold down 0.5%
• Iron ore down 1.9% Oil steady.
• CPI and US Results in focus.

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• 1. ASX 200 fell 76 points to 6602 (1.1%) on next to no volumes. Closed on day low. US futures turned negative with big week ahead and profit taking hitting last week’s winners. Banks fell with the Big Bank Basket down to $162.85 (0.2%). MQG slipped 1.7%, ASX off 1.8% and MFG rose 0.8%. Insurers held up as bond yields rose to 3.53%. Healthcare mixed, CSL up 0.2% with FPH and RMD snoozing, Industrials slipped, WES down 0.7%, TCL off 0.8% and GMG led REITs lower falling 1.6%. ‘Old skool’ platforms, REA down 4.2%, SEK off 4.7% and CAR crashing 2.8%. Tech stocks back in the seller’s sights today with second liners smacked again, DUB down 18.0%, PBH down 9.5% and CDA falling 6.2%. DMP dropped 6.3% on a broker downgrade. Resources were weak, BHP fell 3.1%, FMG off 2.6% with gold miners falling as NCM dropped 2.5%. Base metals and lithium stocks pushed lower S32 down 2.7% and PLS off 2.6%. Oil and gas was a bright spot, WDS up 0.2% though STO fell 0.4%. 
• In corporate news, EML lost a CEO falling 24.6%, LNK up 0.3% after knocking back Dye and Durham offer rejected. CGC fell hard, halted and came back with a business update and bounced at the close down 8.0%. GAL had some good assays rising 5.9%. 
• In economic news, building approvals fell 1.5%. Asian markets mixed with HK tech down heavily but Tokyo up 1.2% on election result. 10-year yields 3.53% 

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US stocks closed the week mixed but the major indices posted gains overall. SPI Futures closed up 20 points on Saturday morning. 

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• ASX 200 SPI Futures up 20 points
• Dow down 46 points (0.2%)
• Nasdaq up 14 points (0.1%)
• S&P 500 unchaanged.
• US jobs numbers 372k better than expected. 
• Base metals ease slightly. Oil up 2.3%
• Gold up 0.1% Iron ore down 0.4%
• Quiet day in store. 

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•  ASX 200 rose 30 points to 6678 (+0.5%) in lacklustre trade to end its best week since March. It was another day of bifurcation with resources turning green and banks seeing red. The Big Bank Basket slipped back to $163.35 (-0.4%). Insurers flat. MFG down 3% again on leaky FUM, GQG down 4.1% on its FUM. MQG flat with PNI up 1.7% after good results yesterday. Healthcare doing nada, RHC up 0.9% on speculation on takeover, CSL up 0.1% and industrials flat too. TLS down 0.8%, WOW down 0.3% and ALL up 0.3%. REITs dominated by a fall of 1.2% in GMG and tech becalmed. XRO up 1.6% and WTC rising 0.3%. Resources rallied hard but failed to hold early gains, zero to hero and back, BHP up 0.7%, FMG up 0.6% and RIO up 0.3% all doing well. Gold miners flat, base metals better, IGO up 3.2% and OZL rising 1.7%. Lithium stocks back in favour with PLS up 6.8% and LTR roaring ahead by 7.4%. Oil and gas perked up with crude rises, STO up 2.3% and WDS rallying 1.7%. 
• In corporate news, SBM up 9.6% on a production update and guidance. MFG fell on FUM as did GQG. AWC up 5.2% on Dutch designs on Portland smelter. Nothing significant on the economic front ahead of NFP tonight in the US. Asia markets were rocked by Abe shooting. 10-year yields heading higher again.

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US stocks rallied as fed hawks downplayed recession fears. The S&P 500 (+1.5 %) and NASDAQ (+2.28%) posted their longest winning streaks since March, while the Dow finished up 1.12%. Looking to finish off the week on a positive note SPI Futures are up 49 points (+0.75%). 

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• ASX 200 SPI Futures up 49 points (0.8%)
• Dow up 347 points (1.1%)
• Nasdaq up 259 points (2.3%)
• S&P 500 up 58 (1.5%)
• Base metals rebound strongly. Miners up overseas.
• Gold up 0.2% Oil up 4%
• Iron ore up 1.7%
• US Results kick off next week.

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A volatile session in the US saw the Dow close right in the middle of its trading range for the session overnight, up 70 points (+0.23%). Markets liked the note of certainty that came from the Fed’s meeting minutes, discussing the coming 50-75bps rate hike. SPI Futures are up 35 points (+0.54%) this morning. 

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• ASX 200 SPI Futures up 35 points (0.5%)
• Dow up 70 points (0.2%)
• Nasdaq up 40 points (0.4%)
• S&P500 up 14 (0.4%)
• Gold falls 1.6% Oil down 2%
• Iron ore down 1%. Base metals mixed. Nickel falls 3.7%
• Mining stocks finding some support.

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•  ASX 200 fell 35 points to 6594 (0.5%) as commodity stocks remain under serious pressure on crude falls. Iron ore stocks led the falls with BHP down 5.6% (34 index points alone) and FMG off 4.9%. Gold miners slid on bullion falls, NCM down 6.6% RRL down 6.9% and EVN off 4.0%. Base metals also in the firing line, IGO collapsed 4.9%, S32 off 8.3% and AKE down 4.0%. Energy stocks also on the nose, WDS down 6.9%, STO falling 6.2% and KAR down 11.0%. Coal stocks ease with WHC down 3.7%. The pile on continues. The banks though kept their end up as they passed on rate increases. The Big Bank Basket rose to $162.40 (1.0%). CBA up 0.8%, NAB up 1.8% and MQG doing well up 0.6%. Insurers remain unloves as flood waters rise and Albo visits the scene. No hose for him either. Healthcare doing ok, CSL up 2.6% and FPH rising 3.4%, industrials gained, WES up 1.6%, ALL up 2.3% and REH up 3.2%. ‘Old Skool’ platform stocks pushed up with REA up 2.4% and SEK up 1.9%. Unloved and shorted stocks that were belted due to tax year selling have been the stand out stars. MP1 up 14.0%, 360 up 13.9% and DMP +6.5% doing better as it now charges a 6% surcharge on deliveries. Tech stocks better in line with Nasdaq, WTC up 3.7%, XRO bouncing 6.7%. The All -Tech Index rose 3.2%.
•  In corporate news, BUB returned from a trading halt after a cap raise falling 3.1%. EML rose 10.5% after signing a deal in Spain and QAN is facing a strike after its $5000 incentive fails to fly with engineers. Asian markets drift lower with Japan down 1.1%, HK down 1.6% and China off 1.2%. 10-year yields fell hard down to 3.39% 

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US markets were a little mixed overnight. The Dow finished down 129 points, with tech outperforming, leading the NASDAQ to a 194-point gain. The big story from the night though, was the oil price as WTI crude fell below US$100 a barrel. SPI Futures are down 64 points as the energy sector looks to be topping out fast.

• ASX 200 SPI Futures down 64 points (1%)
• Dow down 126 points in volatile trade (0.4%)
• S&P 500 up 6 points (0.2%)
• Nasdaq up 194 points (1.8%)
• Recession fears driving USD higher and yields lower.
• Commodities fall. 
• Oil falls 10%  Gold down 2.1%
• Iron ore slightly better up 3.2%

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• ASX 200 rallies 17 points to 6629 (+0.3%) on very light volumes. School holidays and end-of-year marketing reports taking their toll. RBA decision kept many players on the sidelines as Lowe moved 50bps as widely expected. Rally petered out at the close. Resources doing ok despite some concerns in iron ore, BHP rose 0.3%, FMG up 1.5% and RIO unchanged despite news on Simantou. Gold miners doing well today as consolidation begins, GMD the latest to swoop on DCN up 3.3%. Base metals and lithium flat. Energy stocks better with crude rising again, STO up 0.4% and WDS up 3.8%. Coal stocks modestly higher. Banks switched around from losses to gains and back to losses on RBA move, CBA down 0.2% on reports it may need to write off $2bn on BNPL investment. The Big Bank Basket fell to $160.75 with NAB down 0.3% with MQG up 0.9%. Insurers flat as floods prevail in NSW. Healthcare better with CSL up 1.5% and industrials firm, COL up 0.4%, EDV up 0.7% and WES rising 0.6%. ’Old Skool’ tech doing ok, REA up 3.8%, CAR up 1.4% and SEK up 3.5%. Tech better led by CPU up 0.2% and WTC rising 5.2%.
•  In corporate news, RRL up 10.7% on record gold production, ALG up 8.5% going ex div and ex return of capital. BUB tapped the market for $63m at 52c, RSG up 15.6% on an operational update. In economic news, RBA moved up rates by 50bps, Chinese PMI better again. Mixed markets in Asia with Japan up 0.5%, HK flat but China down 0.9%. 10-year yields steady at 3.54%.

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US markets are closed for July 4th Independence Day holiday. SPI Futures are up a single point this morning, muted ahead of the RBA interest rate decision today at 2:30 pm. 

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• ASX 200 SPI Futures up 1
• US markets closed for Independence Day
• European markets slightly positive. Dow futures showing small loss.
• Oil higher at US$113.50 up 1.7%
• Iron ore hit again down 4.6%
• RBA decision in focus. 50 bps the consensus taking us to 1.35% on official rates.

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