Market Updates

• ASX 200 SPI Futures up 77
• Dow up 435 (1.3%)
• Nasdaq up 322 points (2.7%)
• S&P 500 up 76 points (1.8%)
• Gold up 1.2% 
• Oil up 1.1% as OPEC agrees to more supply.
• Iron ore up 5.1% on Chinese reopening. 
• LME closed for Jubilee celebrations.
• Housing finance at 11.30am

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 ASX 200 fell 58 points to 7176 (-0.8%) as negative sentiment flooded all sectors today. Banks slid with the Big Bank Basket down to $185.64 (-1%). CBA off 1.2% and other financials sliding too, MQG down 2.7% and insurers off with QBE falling 1.1%. MFG fell 3.1% and ASX off 1.0% despite announcing a new CEO. Healthcare on the nose too as CSL dropped 1.8%, SHL down 2.4% and RHC off 1.3%. Industrials fell, WES falling 0.6% on its investor day, TCL off 1.1% as yields rose, REITS fell hard as GMG dropped 1.8%. Telcos gave back some recent defensive gains with TLS down 1.0% and TUA down 2.6%. Tech fell with the All-Tech Index down 2.5%, WTC off 2.0%, XRO down 3.0% and CPU slipping 1.0%. BNPL stocks again on sale, SQ2 down 5.0% and ZIP off 4.8%. Over in resources, oil and gas stocks rallied despite crude slipping 2% in Asian trade ahead of OPEC plus. STO up 1.3% and WDS up 5.2% after its block trade cleared the overhang. Iron ore stocks slipped, FMG down 0.7%, RIO down 1.7% BHP off 0.1% and base metals drifted lower. Lithium stocks seemed to find a level, PLS and AKE modestly lower after the rout yesterday. Gold miners steady. In corporate news, not much out today with some economic news on balance of payments increasing to $10.495bn in April. Asian markets weaker, 10-year yields up to 3.50%

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US stocks posted their second losing session in a row, the Dow finished down 177 points (-0.54%). Economic data came in hotter across the board indicating the economy is still running hot. SPI Futures are pointing to a 55 point loss today. Catch up on the latest with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures down 55 points 
• Dow down 177 points (0.5%0
• Nasdaq down 87 (0.7%)
• S&P500 down 31 (0.8%)
• Oil up 0.6% ahead of OPEC Plus. Gold unchanged.
• Iron ore up 1.4%.

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ASX 200 rose 23 points to 7234 (+0.3%) as banks bounced back and lithium stocks got poleaxed by a perfect storm of research and Chinese moves in Africa. PLS fell 22.0%, MIN down 8.1% and LTR down 19.1%. Base metal stocks also fell in sympathy with IGO down 11.7%, LYC off 6.4%. Iron ore miners held up better with BHP up 2.3% and FMG rising 3.2%. Gold miners slid with NCM down 2.7% and NST off 2.6%. Oil stocks were mixed with STO unchanged and WDS better by 1.4%. The Big Bank Basket rallied hard to $187.61 (+1.7%). CBA better by 2.3% with MQG up 1.3% and ASX rising 0.8%. Healthcare mixed led by CSL up 0.6% and RMD down 1.6% with FPH off 1.4% too. Industrials better, TLS rallying hard up 3.1%, REITs slipped as 10-year bond rates rose to 3.43%. Tech off 1.1% with XRO down 2.2% and SQ2 down 4.3%. On the corporate front, ORG confessed that it was short of coal for its biggest power station and dropped 13.7% after removing guidance. On the economic front, GDP rose 0.8% in the March quarter better than expected and Asian markets mixed with the 10-year yield stronger at 3.43%.

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The Dow finished down 223 points in a late fade as Biden and Powell met to discuss inflation. The headline from the meeting was that Biden will not interfere with the Fed’s decisions on inflation. 

SPI Futures are down 26 points with first-quarter GDP out today. 

Get up to speed with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures down 26 points.
• Dow down 223 points (0.7%)
• S&P 500 down 26 (0.6%)
• Nasdaq down 50 (0.4%)
• Gold flat. Oil falls 2% after rally fades.
• US consumer sentiment falls. Biden talks turkey with Powell.
• Base metals ease. Iron ore unchanged.
• GDP beckons at 11.30am

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• The ASX 200 slid 75 points lower to 7211 (-1.0%) as banks wobbled despite bond yields rising. A 20 point sell-off on close not helping. The Big Bank Basket fell to $184.53 (-2%) as the AFR Banking Summit brought out the bears. NAB down 1.9%, CBA off 2.1% and insurers also falling on negative industry comments, SUN down 6.4% and QBE off 2.3%. Financial also suffering as MQG fell 1.1% and MFG down 2.9%. Industrials too in the naughty corner today with consumer stocks slipping slowly, WES down 1.0%, WOW off 0.8% and QAN down 1.8% as oil continues to surge higher. Healthcare also on A&E today with CSL down 0.8% and SHL falling 1.2%. Tech slipped, the All-Tech Index down 2.0% with XRO and WTC lower, BNPL once again slid with ZIP down 6.2% and SZL off 3.5%. In resources, some green on the screen, RIO and FMG better with base metals and lithium stocks holding firm but oil and gas stocks slipped a little, WOR down 2.8% and WDS off 1.6%. 
• In corporate news, KLL rose 13.6% on a Beyondie update, WGN up 11.8% on a contract win in Sydney. 
• On the economic front, plenty for analysts to digest with consumer confidence, Balance of Payments (BOP) and Chinese PMIs to keep us on our toes. Asian markets mixed ahead of US reopening Japan down 0.5% China up 0.8% and HK up 0.9%. 10 -year yields soaring to 3.35% on Chinese reopening.

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US markets were closed overnight for the Memorial Day Holiday. The Australian market is set to ease slightly today with the Futures indicating a 12 point loss. Catch up on all the latest with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures down 12 points.
• US markets closed.
• European markets lightly better.
• German inflation hits 7.9%. 
• EU agree oil embargo on Russian crude. Oil up 2%
• Base metals firm. Nickel up 3.7%
• Chinese PMIs due today.

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• ASX 200 starts the week off in style with a 104-point gain to 7287 (+1.5%). After a strong open, we kicked again into the close with commodity stocks leading the charge. BHP up 2.8%, FMG up 1.3% as China looks at some reopening as case numbers fall. Gold miners up with NCM up 1.1% and NST up 2.6%. Base metal stocks also firm S32 up 3.6% and lithium stocks pushing ahead as battery tech also joins in the fun. MIN up 2.3%, NMT up 4.2% and LTR up 5.3%. Coal stocks mixed with YAL down 7.6% on news of a cheeky bid below market. Oil and gas stocks relatively flat despite oil price gains. Industrials were firm, QAN up 2.8%, TLS up 0.5% and WOW rallying 2.2%. REITs better too, GMG up 2.7% and VCX up 1.1%. Healthcare better as CSL got a flu shot boost from free shots in NSW up 1.9%, SHL up 1.7% and RMD rallying 2.5%. In the tech sector it was game on for BNPL stocks as SQ2 rose 10.9%, ZIP recovered 14.0% and SZL rose 10.6%. WTC and XRO also showing good gains as money rushed back into the tech sector. The All-Tech Index rose 4.0%. Banks were solid as usual, the Big Bank Basket up to $188.40 (0.5%). MQG had a good day up 2.8% and other market geared stocks also doing well, MFG up 8.5% and ASX up 1.4%. 
• In corporate news, AGL fell 1.69% after the demerger plans were scuppered and the chair and CEO have resigned. YAL had its AGM and commented on its Chinese shareholder’s plans. BUB soared 40.2% on news that Biden had called and placed an order. AXE rose 13.9% on good news on biochips. 
• Nothing on the economic front, Asia markets were firm on Chinese stimulus hopes. Japan up 1.9%, HK up 1.9% and China up 0.2%. 10-year yields steady at 3.25%.

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The Dow rallied again closing on its high up 576 points and never trading in negative territory. SPI Futures are up 83 points, with the debate now whether this is a bear market bottom or a meaningful bottom. Catch up on the latest with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures up 83
• Dow up 576 points (1.8%)
• Nasdaq up 390 (3.3%)
• S&P 500 up 100 (2.5%)
• Base metals better Nickel up 4.5%
• Oil up 1.7% Gold up 0.3%
• Iron ore up 0.7%
• AGL pulls demerger. GOR raises bid for DGO.

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• ASX 200 rallied another 77 points to 7182 (+1.1%) as the upward bias continues. Up 37 points for the week. Banks and resources once again the key with the Big Bank Basket up to $188.08 (0.9%). CBA up 1.1% and MQG rallying 2.9%. Insurers too also in the green with QBE up1.4 % and SUN rising 1.1%. Industrials slightly better, ALL up 2.7% and WES rising 1.6%. REITS too better SCG up 2.5%. Telco rallied slightly with TLS up 0.5% and TPG better by 1.4%. Iron ore stocks doing well, BHP up 2.5% and RIO up 2.4% with FMG under a little pressure down 1.7%. Base metals and lithium better, PLS up 3.6%, IGO up % and S32 up 1.3%. Oil and gas stocks also in demand with WDS up 3.6% and STO up 1.1% with KAR doing well up 4.8%. Tech stocks better as expected, PBH a stand-out up 16.4% whilst APX were smashed as the Canadians walked away after just a day falling 20.9%. The All-Tech Index up 1.1%. 
• In corporate news, IFM rose 6.5% on another bid, GAL continued higher as it found Rhodium in the assays, up another 20.5%. VGI up 9.7% on its AGM address and business update.
•  On the economic front retail sales cheered the bulls with the AUD pushing to 71.40c. Asian markets were better with HK tech doing well as Alibaba and Baidu rallied on better numbers. 10 year yields up to 3.25%.

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