Market Updates

US stocks fell overnight the Dow finished down 0.75% with the NASDAQ and S&P 500 also finishing lower. The narrative was unchanged, Chinese economy, inflation, and stagflation concerns all weighing on markets. The ASX 200 is set for a slight loss to finish the week, SPI Futures are down nine points. 

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• ASX 200 SPI Futures down 9
• Dow Jones down 237 points (0.8%)
• Nasdaq down 30 points (0.3%) S&P500 down 23 (0.6%)
• Base metals very strong. Oil up 2.4%
• Gold up 1.4% Iron ore up 0.8% 

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•  The ASX 200 fell 118 points to 7065 (1.7%) after big falls on US markets. Well off lows and stable at these levels waiting for US markets to find some stability. Banks fell with the Big Bank Basket down to $183.39 (1.7%). CBA down 1.0% and MQG falling 2.1%. Insurers eased back too with QBE down 1.7% and IAG off 1.7%. MFG fell another 3.9%. Industrials were weak with pockets of strength. Consumer stocks under pressure after the US retailers fessed up to margin pressures, SUL down 6.0%, JBH down 6.6% and WES down 7.8%. COL and WOW got bashed too for the same reason. WOW off 5.6% seems a little overdone. Telcos eased, healthcare was better as RHC rose 0.2% on KKR news confirming the bid is still live at $88. CSL up 0.3% but COH down 1.3%. Tech stocks under pressure again. XRO fell 3.1%, WTC down 1.6% and CPU off 3.2% with the All-Tech Index down 2.7%. Resources were hit too, iron ore fell, and BHP dropped 1.7%, FMG down 1.9% and RIO off 1.9%. Lithium stocks eased back, PLS down 2.5% and LTR falling 6.1%. Oil and gas stocks fell, WPL down 2.8% and STO falling 0.6%. JHX under serious pressure on US housing news down 5.5%. 
• In corporate news, ALL produced a cracker result and should see upgrades tomorrow and $500m buy back also helping with the stock rising 6.7%. RIO released revised funding arrangements for Turquoise Hill. NUF fell hard after results, down 8.6%. CXL got more government funding, now $65m in three days, up 6.3%. Have to love an election. WEB rose 1.4% on the better than expected numbers and mild increase in costs. 
• On the economic front, the LNP will be happy to see unemployment at its lowest since 1974 at 3.9%. Asian markets under pressure with HK the target down 2.2%. 10-year yields slipped slightly on jobs data. 

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US stocks fell sharply overnight with the Dow (-3.57%) and S&P (-4.04%) posting their worst single-session declines in approximately two years. Results from major US retailers and Fed speak on interest rates and inflation were the catalysts for the sell-off. SPI Futures are down 126 points (-1.76%). Catch up with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures down 126
• Dow Jones down 1165 points (3.6%)
• Nasdaq down 566 (4.7%)
• S&P 500 down 165 points (4.0%)
• VIX up 18.6% to 31.
• Base metals ease slightly. Gold off 0.2%
• Oil falls 2.5% Iron ore down 1.3%
• Jobs data here at 11.30am. 3.8% headline rate.

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US stocks rallied overnight the Dow Jones, NASDAQ and S&P 500 all finished in positive territory following strong retail sales. SPI Futures pointing to another day of gains up 70 points (+0.98%). Catch up on the latest with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures up 70 points
• Dow up 431 points (1.3%)
• Nasdaq up 322 (2.8%) S&P 500 up 81 points (2.0%)
• Base metals stronger. Iron ore down 0.7%
• Gold up 0.3%. Oil down 2%
• Twiggy back in charge at FMG

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•  The ASX 200 closed up 20 points to 7113 (0.3%) in cautious trade after RBA minutes sapped some buying. News that Shanghai is beginning to reopen was good for Asian markets and resources with BHP leading iron ore stocks higher up by 0.6%. FMG rallied 2.3% and lithium stocks back in demand with AKE up 5.5% and PLS rising 5.0%. Base metals were also good with S32 up 1.6% and IGO making a move 2.7% higher. Energy stocks in demand as oil prices remain elevated, STO up 2.0% and WPL up 2.0% with KAR up 3.7%. Banks were firm again as bond yields rose to 3.44%. The Big Bank Basket was up 1.1% at $186.67. CBA up 1.7% and NAB doing well up 0.5%. MQG bounced too today up 0.5% with insurers solid. Healthcare was in the casualty ward today with CSL down 1.2% leading RHC down 1.5% and RMD off 2.6%. Industrials were mixed and uninspiring, GMG fell 4.1% after some broker downgrades, ALL slipped 1.4%, SEK down 4.3% and REA off 4.5%. Defensives did ok with WOW and COL up. Tech was mixed with CPU up 1.6% and XRO off 1.6% with WTC down 1.7% with the All Tech Index down 1.4%. 
• In corporate news, BXB slid 7.6% after CVC walked off into the sunset due to market volatility, OFX rose another 8.9% on a profit update, CRR ran 19.2% on some promising spodumeme shows. IHL rallied 11.0% on positive FDA meeting. 
• In economic news, the lection continues to sap consumer confidence and RBA minutes showed the board toyed with a bigger 40bps rise in rates. Asian markets firmed with Japan up 0.4% and HK soaring 2.3% with China up 1.2%. Signs that the tech crackdown is over from Beijing. 

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US stocks extended losses in a late sell-off, the S&P 500 (-0.4%) and NASDAQ (-1.2%) both finishing in negative territory. SPI Futures are up 23 points this morning, following a disappointing session yesterday that saw the ASX finish well below what the Futures had expected. 

• ASX 200 SPI futures up 23 points
• Dow up 27 (0.1%)
• Nasdaq down 142 (1.2%)
• S&P 500 down 16 points (0.4%).
• Base metals firmed. Nickel down 3.2%. 
• Iron ore up 1.2% Gold up 0.1%
• Oil up again with Brent Crude up 2.4%
• RBA Minutes today.

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•  The ASX 200 jumped out of the blocks but closed a long way from the highs as China data showed the extent of the slowdown. The ASX 200 closed up 18 points at 7093 (0.3%). Failed to hold 7100. Banks and industrials were the strength with the Big Bank Basket up to $184.61 (1.0%). MQG ex dividend today of 350c and falling 345c. Insurers pushed ahead despite bond yields slipping back to 3.35% in the 10-years. Healthcare eased back with CSL down 1.1% and industrials slightly better, COL up 1.4%, QAN up 1.7% and TCL better by 1.2%. Both SEK and REA doing well in tech with the All -Tech Index up 2.0% as CPU rise 0.7% with SQ2 doing well too up 3.8%. Iron ore miners started out firm but falls in China as economic data hurt sentiment saw losses with BHP down 1.2%, FMG off 2.2% and RIO falling 1.1%. Base metals and lithium stocks slightly better, but again well off the highs. Gold miners were better despite bullion falls, NST up 1.3% and NCM rallying 0.8%. 
• In corporate news, BXB up 11.2% on a bid from CVC with the usual caveats, IFM also saw a bid from its major shareholder up 28.5% and ASM rose 9.3% on a strategic placement deal well above market. STP fell heavily after a business update showed problems beyond just sales. 
• Nothing locally on the economic front. 10-year yields eased a little and Asian markets, Japan up 0.6% China down 0.8% and HK down 0.4%. 

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A good session on Friday in the US saw the Dow never trade in negative territory, finishing up 466 points (+1.47%). SPI Futures are up 54 (+0.77%) looking to continue from a strong session on Friday. 

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

• ASX 200 SPI Futures up 54 points.
• Dow up 466 points (1.5%)
• Nasdaq up 434 points (3.8%)
• S&P 500 up 94 (2.4%).
• Gold down $12.8 (0.7% )
• Brent Crude up 3.8%
• Base metals flat but miners up.
• Iron ore up 0.6%.

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•  The ASX 200 up 134 points to 7075 (1.9%), gaining all of the losses from Thursday. Still down 1.8% for the week. Gains across the board as momentum and confidence built. 7000 seems to be the line in the sand for now. Resource stocks led the charge with BHP up 2.0%, FMG gaining 2.0% and RIO up 2.1%. Oil and gas stocks better as oil rose in Asia and Europe, STO up 3.2% and WPL rising 2.7%. Base metal and lithium stocks lagged a little with IGO down 3.5% and S32 struggling. PLS up 0.8% and AKE up 3.7%. Gold miners missed out as bullion fell but suspect Monday could bring bargain hunters in. GOR fell 2.3%, NCM down 0.5% and NST off 0.4%. Banks positive with the exception of CBA which drifted lower. The Big Bank Basket rose to $182.81 (0.5%) with a good solid bounce in insurers and MQG up 4.5%.
•  Industrials solid with CSL up 3.3% and some of the oversold large caps being sought, ALL up 3.4%, WOW up 1.2% and WES up 2.5%. TWE up % as investors hit the bottle after a tough week. REITs better as 10-year yields slipping slightly, GMG up 4.0% and DXS up 2.6%. 
• Tech stocks had a great day but its about time, the All-Tech Index rose 5.1% making up nearly for the collapse yesterday, SQ2 up 15.0% as bitcoin rallied, WTC up 7.3% and XRO bouncing 9.4% on broker upgrades. 
• In corporate news, PPG fell 17.9% on a trading upgrade, AVH down 8.7% on its quarterly report whilst PNV up another 14.0% on more buying from one director. Nothing on the economic front today. Asian markets, Japan up 2.5% China up 0.4% and HK up 2%.

 
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The Dow finished down 104 points at the close, well-off lows of -606, as Jerome Powell was confirmed for a second term as Fed Chair. SPI Futures are pointing to a five-point loss to end the week. 

• ASX 200 SPI Futures down 5 points.
• Dow down 104 points (0.3%)
• Nasdaq up 7 points (0.1%)
• S&P 500 down 5 points (0.1%)
• Powell reaffirmed as Fed chair - talks 50 bps rises.
• Base metals lower slightly. Iron ore down 3%.
• Gold down 1.6% Oil steady.
• Bit coin down 1.3% in volatile session.

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

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