Market Updates

• y ASX 200 rose 73 points to 6613 (1.1%) ahead of the RBA meeting tomorrow with the US markets closed tonight for Independence Day. Banks were the stand-out together with healthcare and industrials, The Big Bank Basket rose to $161.14  with CBA leading the charge up 0.8%. MQG also doing well up 1.8% with insurers a little flat despite bond yields rising. 10 -year yields at 3.53%. MFG under pressure today on another resignation down 9.9%. Healthcare also doing well with CSL up 2.1% and RMD in the winners circle up 2.8%. Industrials rose with WES finding some buyers up 2.5%, REH up 3.4% and TLS doing well still up 1.3%. REITs better despite bond yield rallies, GMG up 2.8% and SCG rising 2.3%. Tech stocks mildly positive with the All-Tech Index up 1.7%. WTC up 2.4% and XRO doing well up 2.3%, with second liners back in fashion if only for a day or so, DUB up 14.84% and 360 rallying 2.5%. Some of the worst of last year finding bargain hunters, KGN up 3.9%. Resources were better with the exception of BHP which fell 0.4%. RIO and FMG eked out small gains of around 0.4%, lithium stocks unchanged, gold miners up slightly with NCM up 2.3% and NST moving 3.7% higher. Oil and gas stocks better too, WDS up 2.7% and STO rallying 3.3%. 
• In corporate news, LNK knocked back the revised bid from Dye and Durham, SBM has recommenced discussions with Genesis and SLC announced a buyback. In economic news, Building approvals rose by 9.9% in May. Asian markets mixed, Japan up 0.8%, HK down 0.2% and China up 0.5% 

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• ASX 200 SPI futures up 96 points.
• Dow up 322 points (1.1%)
• Nasdaq up 99 points (0.9%)
• Iron ore falls. Gold eases. 
• Oil up 2.4%. Base metals fall slightly
• RBA in focus.

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A night for record-breaking in the US. Unfortunately, they weren’t good records. The worst first half for the S&P 500 since 1970, worst first half for the Dow since 1962 and the NASDAQ saw its worst first half ever.  But it’s not all bad news with history showing The S&P 500 has bounced back following all losses of 15% or more. As we kick off the new financial year today SPI Futures are up 12 points (+0.19%). 

Catch up on all the latest with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures up 12 points
• Dow down 254 points (0.8%)
• Nasdaq down 149 points (1.3%)
• S&P 500 down 33 points (0.9%)
• Oil falls 1.3%
• Base metals under pressure. Miners sag.
• Iron Ore flat. Gold down 0.6%
• Happy New Financial year.

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•  ASX 200 finished the year down in the dumps down 132 points to 6568 (2.0%). More undressing than window dressing. Late sell off as funds took out the trash. Sloppy across the board. Banks were hit again as the rally from the lows has been skewered, the Big Bank Basket fell 2.6% to $159.30 with CBA down 2.8% and NAB off 2.4%. MQG off 2.1%, with the ASX down 1.6%, MFG down 5.1% as wealth managers under pressure with performance fees in doubt. AEF off 5.9% with PTM falling 2.3%. Insurers muted, Healthcare too escaping most of the fall, CSL down 0.3% and SHL up 0.6%. Industrials hit again, WES down 1.8% with COL and WOW also under pressure with EDV giving away recent gains down 1.4%. Tech was relatively calm, for tech. WTC down 0.5%, XRO off 2.0% and the All-Tech Index off another 0.9%. Resources though a sad and sorry place, BHP dropped 3.5%, FMG down 4.7% and RIO off 3.3%. Gold miners still under the kosh. NCM down 2.8% and NST falling 2.7%. Base metals eased but not significant. Energy stock fell, WDS down 3.0% and STO fell 1.6% with coal stocks easing back too. 
• In corporate news, CSR fell 1.5% after announcing a buy back, PAR rose 10.3% after acceptance by local partner, LTR gave back some gains falling 5.80% on a presentation. In economic news, job vacancies were up 13.8% and CBA raised mortgage rates on fixed rate loans. Asian markets were mixed with China still pushing ahead on reopening hopes. 10-year yields steady at 3.68%

 
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Not a lot of action overnight, the Dow finished barely positive, up 82 points (+0.27%), while the S&P and NASDAQ were unchanged. SPI Futures are indicating a muted day of trade for the end of financial year, down a solitary point. 

Catch up on all there is to know for the day ahead with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures down 1 point.
• Dow closes up 82 points (0.3%) Narrow convictionless trade.
• Nasdaq down 4 points (0.03%
• S&P 500 down 3 points (o.07%)
• Base metals mixed. Nickel up 2.5%
• Oil down 1.5% on inventories in US. OPEC + to come.
• Iron ore down 0.1% Gold down 0.2%
• ASX 200 finishing down 8% for financial year.

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The ASX 200 closed down 63 points to 6700 (-0.9%). The market made a small recovery through the second half of the session but still finished in the red. Institutional portfolio rebalancing, as we approach the end of the quarter a feature. Financials, consumer staples and energy were the only sectors that finished in positive territory. Energy names outperformed ahead of an OPEC + meeting tonight. Major producers Saudi Arabia and the United Arab Emirates look unlikely to be able to boost output significantly which is good news for the oil price. Not so good for taming inflation. Woodside (WDS) up 0.4% and Santos (STO) down 0.5%. Property and technology names led the market lower. The property sector was held back by a lot of companies trading ex-distribution. Transurban (TCL) also ex-dividend, down 0.8%. Telstra (TLS) off 1% and Macquarie Telecom (MAQ) down 1.8% despite a guidance upgrade. Liontown (LTR) up 5.2% on the back of an offtake deal with Ford. Pilbara (PLS) was down 3.8% despite lifting production guidance and lithium price forecasts. Tyro (TYR) off 16.7% as the CEO stepped down. BWX (BWX) was downgraded to neutral from buy at Citi. BNPL names fell on soft US consumer data. Block (SQ2) down 6.2%, Zip Co (ZIP) down 4.2%. ZIP now down ~95% in the last year to a six-year low. Retail sales up 0.9% in May ahead of consensus and hitting another record level according to the ABS. The rise was driven by department stores and cafes. Jerome Powell is attending an economic policy panel discussion tonight. The US also has a GDP number out but as it is the third release, it is unlikely to move the needle. Dow futures are up 42 points.
 
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Big tech stocks took a tumble as US markets saw their second consecutive losing session overnight. The catalyst was weak economic data which fueled more fears of a recession. The Dow fell 491 points (-1.56%), giving up some early gains. SPI Futures are pointing to an 84 point loss today (-1.26%). 

Get up to speed with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures down 84 points (1.3%)
• Dow finishes volatile day down 491 points (1.6%)
• Nasdaq falls 343 points (3.0%)
• S&P 500 down 70 (2.0%)
• US consumer sentiment falls to levels not seen since Feb 2021.
• Base metals flat. Oil better again as China opens up slightly.
• Iron ore slightly higher.
• Retail sales today.

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ASX 200 up another 58 points to 6764 (+0.9%) as the grind higher continues. Late kick helps as US futures rally hard. Resources took up the baton today with iron ore producers pushing ahead. BHP up 4.3%, RIO up 3.0% and FMG doing well up 3.8%. Gold miners rallied after the sharp knee-jerk sell-off yesterday, NCM up 2.9% and NST up 6.1% on a KCGM PFS update. Lithium was mixed as PLS rose 3.0% but AKE off 0.5%. Base metals rallied S32 up 3.7% as coal prices continue to push higher, CRN up 2.9% and WHC in the coal space running hard up 2.7%. Oil and gas stocks better as crude rallies, WDS up 4.3% and STO better by 2.7%. Elsewhere things were mixed, Banks eased after a stunning run yesterday with the Basket down 0.4% to $163.50. MQG rose 0.6% on a $400m Capital Note raising, Insurers eased too. Healthcare stocks going nowhere fast, CSL the exception up 0.4%, the rest in a slow lane. COH down 0.3% and HLS down 2.1%. REITs better GMG the star up 0.7%, Industrials flat, WES down 2.3% and ALL off 0.9%. QAN down 2.2% again, JBH off 3.90%. Tech eased back with XRO down 0.7%, WTC off 0.8% and the index down 1.1%.
In corporate news, CKF had a good result with KFC big in Germany, rising 11.5%. BWX crashed 40.6% on an update and capital raise and EOS in a trading halt as it taps the market for fresh funds. On the economic front, consumer confidence rose 3.7% last week. TGR up 16.1% after a bid from a Canadian group. Asian markets a little softer with HK techs under pressure. 10-year yields steady.
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SPI futures are flat this morning as the market pumps the breaks a bit following a volatile session in the US. The Dow finished down 62 (-0.2%) points after being up 98 and down 149 during trade. 

Get up to speed with the latest news with Henry’s Breakfast Briefing. 

• ASX 200 SPI Futures unchanged
• Dow down 62 points (0.2%)
• Nasdaq down 83 points (0.7%) 
• S&P 500 down 12 points (0.3%)
• Base metals slightly higher. Oil up 1.7%
• Gold down slightly and iron ore up 0.9%
• No economic data.
• Bid for TGR.

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•  ASX 200 jumped on better US markets with the index closing up 127 points (1.9%) as buyers rushed in and window dressing for EOFY took hold. Banks were the major drivers with the Big Bank Basket gaining 3.5% to $164.16. CBA up 4.0% and NAB up 3.4% were the standouts. Insurers also rise with IAG up 0.9% and SUN up 3.6% on demerger talk of the banking business. MQG up 0.6% with NWL rallying 4.8%. Healthcare also in demand with CSL up 0.7% and RHC doing well up 3.0% on media reports of continued PE interest. REITs in demand, GMG up 1.0%. Industrials also in demand as bond yields remained steady at lower levels, ALL up 3.8% WES bouncing 0.8%, COL up 0.6%, TLS up 1.0% and SEK rising 4.1%. Tech stocks too in demand, XRO up 1.2%, WTC up 0.9% and the All-Tech Index up 2.5%. In resources we saw money rush back in to base metals and iron ore stocks, BHP up 3.0%, FMG up 3.5% and S32 up 1.3%. Lithium stocks continuing to find friends, PLS up 4.0% and MIN up 1.1%. CXO the stand-out in the sector, up 12.0%. Energy stocks also doing well, STO up 2.2% and WPL rising %. Coal back in demand on increasing coal pricing ex Newcastle. WHC up % and YAL rising 0.4%. Gold miners were the only losing sector today as EVN announced production issues and the sentiment spread across the sector, EVN fell 21.9% NCM down 5.6% and GOR off 4.2%. 
• In corporate news, IMU rose 45.45% on some very positive trial results, SYA up 12.0% on new lithium discoveries, CAR in a trading halt raising $1.2bn in an entitlement issue to buy US Trader Interactive and BWX doing a capital raise to pay down debt after covenants broken. MTS rose 4.1% on its results. Nothing on the economic front today but yields steady at 3.75%. Asian markets better across the board.