Market Updates

In the best session since May 2020, the Dow Jones finished up 932 points. The Fed raised rates by 50 bps overnight and a less hawkish outlook than expected rallied markets. SPI Futures pointing a modest gain, up 31 points this morning. Catch up on all the latest with Henry's Breakfast Briefing.

• ASX 200 SPI Futures up 31 points.
• Dow rallies 932 points (2.8%) most since March 2020.
• Nasdaq up 401 points (3.2%) S&P 500 up 125 (3%)
• Base metals slightly better. Copper up 1.2%
• Iron ore down 0.5% Oil jumps on EU oil ban, up 5%.
• NAB results in line or slightly better in places.

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• The ASX 200 gives back early gains to close down 12 at 7305 (0.2%) as resources came under pressure. Miners suffering as market remains cautious ahead of Fed verdict tonight. Banks got a boost from ANZ results which could have been a lot worse, the bank rose 0.4% with CBA up % and NAB up %. NAB results tomorrow and the Big Bank Basket closed at $186.87 (0.7%). MQG rallied 0.6% with insurers slightly better. Industrials mixed, REITs once again under pressure as bond yields move higher again. GMG unravelling down 2.4% with SCG down 1.1% and MGR down 3.0%. TCL continuing 1.4% higher as the ‘tarmac tech’ stock, TLS better by 0.3% and CSL up 0.7% in healthcare. RMD still under pressure down 1.6% and FPH down 0.4%. Travel stocks eased with FLT down 6.7% and WEB down 2.5%. Tech stocks holding up in the leaders but in second liners once again sellers have the upperhand. CPU up 1.8% after a dismal day yesterday, the All-Tech Index down 1.3%. In the miners, LME prices weighed on the sector with China still on its holidays, BHP dropped 0.6%, FMG down another 2.4% and S32 off 2.7%. Lithium stocks depressed again, PLS down 0.8% and AVZ off 19.2% on a mining licence agreement in the DRC. Oil and gas stocks better, ALD up 1.9% and STO rallying 1.1%. 
• In corporate news, plenty of updates and guidance as the Macquarie Australia Conference continues. FLT fell 6.7% on its update, the media companies firmed on the outlook and ANZ results were slightly ‘less worse’ than expected. 
• On the economic front, retails sales came in better than economist had forecast at 1.6%. Asian markets weaker with Japan and China still closed. 10-year yields at 3.52%

 
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It was a session that lacked conviction in the US, as everyone awaits the FOMC meeting tonight. SPI Futures are up 43 points, looking to reverse some of the losses from the start of the week. ANZ results came out this morning. Catch up on all the attest with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures up 43 points.
• Dow up 67 points (0.2%)
• Nasdaq up 28 points (0.22%)
• S&P 500 up 20 points (0.5%)
• Base metals down as LME plays catch up after Bank Holiday.
• Oil falls 2.4% Gold up 0.4%
• ANZ Results in focus.

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• The ASX 200 dropped 31 points to 7329 (-0.4%). Pre RBA we were drifting slightly lower but RBA waking up finally pushed equities lower. Knee jerk lower with AUD up around 1% and 10-year yields pushing to 3.34%. Banks mixed on the news with the Big Bank Basket down to $185.53 (0.5%). CBA the biggest faller down 0.7% with NAB off 0.7% as we await ANZ on Wednesday. MQG rose 0.1% as CEO was upbeat on economy at 24th Conference and insurers unchanged. Fund managers better as MFG rose 5.0% on media speculation on ex CIO’s future role. GQG also doing well up 4.3%. 
• Industrials were mixed as CSL rose 0.9%, TCL kicked another 1.0% and WOW rose 0.4% on a Q3 update. REITs eased back again on higher rates, GMG off 1.5% and tech stocks mixed. XRO up 2.0%, SQ2 up 4.6% and BNPL ZIP up 5.0% with CPU suffering a 3.6% fall on an update at Macquarie Conference. The All-Tech Index rose 0.7%. Miners were soggy again, China still closed for iron ore, BHP fell 0.7%, FMG off 4.8% and gold miners under pressure with NCM down 0.8% and lithium stocks finding a base. Oil and gas stocks becalmed, coal doing well though with SMR up 7.6% and CRN up 3.5%. 
• In corporate news, plenty of companies reaffirming guidance as MacBank Conference. EML up 2.6% with BAP down 4.9% despite guidance, STX up 4.6% on a flow test at Walyering, ING down 4.3% on an update and WOW modestly higher on Q3 results. On the economic front, RBA moved to raise rates by 25bps. More aggressive and sooner than expected, RBA Chief Lowe fronted media to clarify the decision. Asian markets mostly closed still. 10-year yields rally to 3.34%. 

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The Dow Jones finished up 84 points, rallying hard into the close. SPI Futures are down 25 points this morning, as we await the RBA's interest rate decision this afternoon at 2:30 pm. Catch up on all the latest news with Henry's Breakfast Briefing.

• ASX 200 SPI Futures down 25
• Dow rises 84 points (0.3%)
• Nasdaq up 201 points (1.6%) S&P up 23 0.6%)
• London closed - Oil better by 0.4%. 
• Gold hit 2.5%
• RBA meeting in focus.

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• The ASX 200 kicked off a crucial week down 88 points at 7347 (-1.2%). A late rally helped lift it off the lows.  Nowhere to run, nowhere to hide as the market followed the SPI futures into heavy losses. Industrials and tech took a hit with CSL down 1.0%, SHL down 1.9% and RHC off 1.3%. GMG took a tumble in the REITs falling 7.2%, SCG down 2.7% ahead of RBA meeting. Consumer stocks eased back, TLS down 7.2%, WES off 1.0% and WOW down 0.6%. Tech slumped with XRO down 6.6% and WTC falling 7.3%. The All Tech Index falling 4.0%. The banks were modestly weaker as we await the Killing Season, ANZ first unchanged, CBA fell 0.9% and NAB down 1.0% with MQG in negative territory down 1.8%. Insurers also fell with QBE down 2.4%. The Big Bank Basket fell to $186.47 (0.65%) Resource stocks showed pockets of resistance with RIO up 0.7% and FMG better by 0.1%, BHP fell 0.1% though with lithium and base metal stocks under pressure. PLS down 6.7%, IGO off 5.6% and MIN down 2.6%. Gold miners slid too, NCM down 0.9% and NST off 2.1%. 
• In corporate news, QAN announced a new 12 plane order to be able to fly non-stop to London in 2025. PPC rose 5.0% after an earnings update and ABB was poleaxed by an update falling 28.1% with IMU not far behind after termination of its supply agreement. In economic news, the local PMI improved 2.8 points to 58.5 in April, 10-year yields rose to 3.25%. Asian markets closed.

• ASX SPI Futures down 94 points.
• Dow falls 939 points (2.8%)
• Nasdaq down 537 points (4.2%) Amazon falls 14%
• S&P 500 down 156 points (3.6%). VIX up 11.4%
• Base metals mixed. Iron ore down 2.9%.
• Oil up 1.6% and Gold up 1.1%

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 US markets saw a nice rally overnight and SPI Futures are up 50 points.

 Get up to speed with Ben's Breakfast Briefing.

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US markets steadied overnight and SPI Futures are up 52 points.

Get up to speed with Chris' Breakfast Briefing.

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An ugly session overnight in the US is expected to flow into our session. Growth names tipped to underperform value. Key inflation data will be closely watched and is expected to add more pressure on the RBA to act on policy.
   
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