Market Updates

Our market is set to start the week on a strong note with SPI Futures up 103 points (+1.59%) following strong leads from the US on Friday night. The Dow finished up 823 points (+2.68%). Get up to speed on the latest with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures up 103 (1.6%)
• Dow up 823 points (2.7%)
• Nasdaq up 375 points (3.3%)
• S&P 500 up 116 points (3.1%)
• Base metals fall hard Tim down 16.6% Mining stocks rally.
• Oil up 0.7% Gold down 0.7%
• Iron ore up slightly.
• SUN looking at floating off bank. 

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• ASX 200 finished the week up 50 points to 6579 (0.8%) as US futures rose and industrials firmed. Positive week for the ASX up 104 points (1.6%). The banks were mixed today as the bond yields collapsed, with the 10-year dropping to 3.69% as recession fears continue. CBA rose 0.5% but the other three big banks slipped with the Big Bank Basket exactly unchanged at $158.57. MQG rallied another 1.1% and MFG up 7.4% on the finalisation of the sale of Guzman and Gomez. Insurers flat on yield moves. Industrials better with bond proxies strong, TCL up 0.9%, REITs doing well led by GMG up 3.3% and healthcare also in favour still CSL up 1.4% and RMD firing up 2.7%. RHC remain well below the bid price only up 0.6%. Consumer stocks also in demand, COL up 1.1%, WES up 1.8% and WOW better by 1.3%. Old skool platform stocks improving REA up 8.2% and DHG rallying 7.2%. Tech was soaring, especially bombed out second liners firing up. DUB up 25.7% and 360 up 24.9% with BNPL doing very well, ZIP up 21.6%. WTC rallied 8.4% and the All-Tech Index rallying another 6.3%. Resources were interesting again. Weakness abounds but the lithium stocks soared higher after a week to forget. VUL rallied 26.8% on very good news from a new strategic partner. PLS rose 8.8% and LTR up 10.8% as book squaring and confidence returned. BHP dropped 1.2% with other iron ore players under pressure together with base metals, S32 down 1.5%. Oil and gas also on the nose with WDS down 1.7% and BPT falling 2.5%. Gold miners mixed. 
• In corporate news, CWN is no more, done and dusted, BFG fell 19.4% on an update, HFR soared 24.3% on news from Spain on construction approvals and BET up 20.0% on announcing a 10% share buy-back. Asian markets firm with HK up 1.6% and Japan up 1.2% despite higher CPI numbers. 10-year yields 3.69%. 

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• ASX 200 SPI Futures down 8 points to 6416
• Dow up 194 points (0.6%)
• Nasdaq up 179 points (1.6%)
• S&P500 up 36 (1.0%)
• Powell finishes testimony. US 10 year yields fall back to 3.08%
• Oil falls 1.5%. Gold down 0.5%
• Base metals under pressure. Copper at 16-month low.
• Iron ore up 1.8%.
• US Banks pass stress test.

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ASX 200 rose 20 points to 6528 (0.3%) in a quiet and cautious day. Once again, the market bifurcated with resources under pressure and banks and industrials rising as 10-year bond yields fell hard on recession fears. The Big Bank Basket rose again to $158.57 (0.4%). MQG rallied 0.8% with insurers up too, QBE better by 2.0% and IAG up 2.8%. ASX rose 2.3% with GQG down 4.5%. REITs also better with yields falling, GMG up 4.9%, SCG up 2.3% and TCL up 2.6%. Healthcare rising too with CSL up 2.2% and SHL 2.6% better as RMD rose 2.1% and RMD rallying 2.1%. Industrials also in favour with consumer stocks higher, COL up 2.3%, WES up 0.9% and WOW up 1.8%. Rises too for old skool platform stocks with REA up 2.2% and SEK up 3.5% with TLS firming 0.3%. Tech better too with the All-Tech Index up 1.6%. XRO up 1.9% and WTC rising 3.1%. In resources, soggy again today as iron ore stocks fell, BHP down 1.3% and FMG off 2.1%. Lithium stocks under pressure despite a solid pricing result for PLS down 0.5%. Base metal stocks also on the nose as recession fears trump inflation. Oil and gas stocks weakening as crude prices slipping, WDS down 2.6% and STO off 2.0%. In corporate news, RMS ran into trouble down 8.7% on a production update. COE down % as the placement weighed. HUM fell 8.9% with another board update. In economic news, PMIs mixed but household wealth rose to a record in March. Asian markets saw gains on tech hopes in China with HK strong up 1.2%. 10-year yields falling back to 3.83% 
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• ASX 200 SPI Futures down 47 points (0.15%)
• Nasdaq down 16 points (0.15%)
• S&P 500 down 5 points (0.13%) VIX down 4.1%
• Base metals ease. Nickel down 5.9% 
• Iron ore down another 1.5% Gold unchanged.
• Oil falls again down 2.5%.
• Fed chief Powell the focus with semi-annual testimony 

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• ASX 200 falls 15 points to 6509 (0.2%) after a strong start peters out. Base metals and lithium shares walloped today with PLS down 2.8% and CXO down 15.4% with S32 off 1.7% and LYC down 4.3%. Iron ore miners held up with BHP up 0.2% and FMG up 0.2% with gold miners flat. Oil and gas better but oil prices falling in Asia so expect some falls in coming days. STO up 1.2%, WDS up 2.0% and coal stocks recovered after shock QLD coal tax. SMR up 11.5% with WHC slipping 1.7% lower. Banks were flat with the Big Bank Basket down to $157.92 (0.3). WBC the worst of the bunch down 0.9% with insurers off too, QBE down 0.3% and SUN falling 1.6%. MQG down too with a 1.0% loss. Healthcare mostly weaker except CSL rising 0.7%. Industrials lost ground as WES fell 0.7%, ALL off 3.4% and TCL falling 1.4%, REITS slipped lower again with GMG off 1.6%. Tech stock eased back 0.8% with CPU falling 3.0% as bond yields continue to moderate. XRO fell 0.7% with the All -Tech Index down slightly by 0.8%. 
• In corporate news, HUM rattled by total board chaos falling 3.8%, SBM dropped hard by 18.4% on a Simberi operation review. CWN finally got its P’s with the Sydney Casino. 
• In economic news, Westpac leading index for May down 0.06% to 98.05 vs prior 0.15% drop with 10 years at 4.0% Asian markets flat with HK down 1.8% the worst.

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• ASX 200 SPI Futures up 48 points
• Dow up 641 points (2.2%)
• Nasdaq up 271 points (2.5%)
• S&P 500 up 90 points (2.5%)
• Oil up 0.5%. Gold unchanged.
• Base metal steady. Iron ore slightly better.
• US Banks very firm. Could see our banks do well today.

Catch-up on the market with Marcus Today's Breakfast Briefing. 

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• The ASX 200 closed up 90 points (+1.4%) to 6524, the market rallied through the day although finished off highs. The market was little changed by Philip Lowes's RBA speech and minutes from the June meeting. The RBA said the pace of interest rate rise will depend on inflation and the jobs market. The market also enjoyed the RBA downplaying the chances of a 75bp rate rise at the July meeting. The review of the RBA’s yield curve control policy was about as exciting as it sounds. The board said while the measures were successful, they also caused some reputational damage to the Bank. Energy and miners were the most improved sectors. BHP Group (BHP) and Rio Tinto (RIO) up 1.7% and 2.3% respectively, recovering some of yesterday’s weakness. Coal stocks were the standout performers as more European countries revive coal-fired power sectors. Whitehaven (WHC) up 5.3% and New Hope (NHC) up 2.2%. News coal miners in QLD will have to pay new royalties took some of the shine off the sector. Property and healthcare names were the worst performers. CSL Limited (CSL) down 1.2% and Cochlear (COH) off 1.6%. The big four banks were all positive. On the corporate front, Westpac (WBC) to launch a $750m capital notes offer. Stockland (SGP) sees a second-half dividend of 14.6c, in line with guidance. GrainCorp (GNC) up 5.0%, reaffirmed full-year guidance. Humm (HUM) up 5.0% on speculation it may have to raise equity after profit fall. Bega (BGA) falling another 1.8% on another broker downgrade. Australian Agricultural Co. (AAC) CEO steps down. Weekly consumer confidence was up 1.6% to 81.7 after a 7.6% fall the week before. A reading of 100 is considered neutral. Dow Futures up 391 points. US markets returning after a long weekend.

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US markets were closed overnight for the Juneteenth Holiday. Our leads are coming from Europe today, with bank stocks leading European markets higher. SPI Futures are up 47 points (+0.74%). Catch up on the latest with Henry's Breakfast Briefing Podcast.

• ASX 200 SPI Futures up 47
• US Markets closed.  European markets up around 1-1.5%
• Dow Futures up 277 
• Nasdaq futures up 116
• Oil up 0.9% Gold unchanged.
• Copper hits 9-month low.
• Iron ore down 11% on Dalian Futures Monday on Chinese growth fears.
• RBA Minutes today. Phil Lowe speaking at Conference.

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•  ASX 200 fell 41 points to 6433 (0.6%) as resources saw a big sell off. Iron ore prices in China fell heavily leaving BHP down 5.3%, RIO off 5.1% and FMG falling 8.6%. Gold miners too joined in with NCM falling 4.6%, NST down 6.1% and EVN off 6.2%. Base metal and lithium stocks eased, PLS down 2.9%, LTR down 1.9% and IGO off 2.6%. Oil and gas stocks under heavy pressure, STO down 6.0%, WDS unwinding 4.9% and coal stocks not so merry, SMR fell 9.6% and WHC off 9.2%. Industrials were better, healthcare rallying across the board, CSL up 2.8%, RHC up 0.9% and RMD rallying 1.7%. REITs rallied as 10-year yields fell back to earth with a thud, GMG up 3.4% and GPT up 4.2%. Consumer stocks also doing well, WES rallying 3.0%, ALL up 2.2% and TCL up 2.2% on its distribution announcement. Tech stocks better, XRO up 3.0% and WTC up 0.8% with the All-Tech Index up 0.7%. Banks were a stalwart with the Big Bank Basket up to $154.19 (0.4%). ANZ the standout up 1.1%. Insurers better, QBE up 0.2%, IAG up 1.7% and ASX up 0.4%. 
• In corporate news, PBH rallied hard in news of a new strategic shareholder in SIG up 18.6%. IFM got another bid up 7.4%, VCX reaffirmed guidance rising 6.3% and LKE fell 13.7% unwinding last week’s rally on a new Executive Chair. Nothing on the economic front, Asian markets flat with Japan down 1.1%. 10-year yields fell to 4.05% 

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