Market Updates

• The ASX 200 finished up 7 point at 7485 (0.1%) after an early spurt was derailed by Chinese CPI numbers combined with 10-year yields heading above 3%. Resources were the swing as BHP turned down losing 0.5% with FMG off 2.9% as iron ore in Asia slipped. Gold miners held up as NCM rose 2.1% and NST up 3.9%. Energy stocks mixed, WPL down 1.0% and STO better by 0.8% with some profit taking in coal stocks. YAL fell 5.6%. Lithium stocks were in demand early on Musk news, but gains became more selective as the session wore on. LKE up 7.0% on a deal with Ford, Macquarie upgraded the sector again, but PLS failed to be inspired down 3.8%, MIN lost 3.3% more on iron ore, IGO rose 2.3% on its agreed deal with WSA that rose 5.5%. Banks were firm as always ahead of results and the 10-year yields burst above 3%. The Big Bank Basket rose to $191.78 (1.2%). MQG slid 0.9% and QBE enjoyed the rising yields up 1.8%. 
• Industrials went sideways with some wins in COL and WOW as defensive inflation plays. Healthcare eased and tech slipped slightly with CPU up 0.7% and NXT down 2.5%. SQ2 down 2.3% and the All-Tech Index falling 0.6%.
•  In corporate news, BSL made an acquisition of Coil Coatings for US$500m.  PLS updated the market on its POSCO JV falling 3.8%. Nothing on the economic front but Chinese PPI and CPI surging squished the rally both here and in China. Asian markets weaker across the board. China down 2.4% and HK off 2.5%.

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US stocks finished the week mixed; tech stocks on the nose whilst the broader S&P 500 wobbled between gains and losses only to close a touch lower. The Fed dialled up the market's expectations for rate hikes and balance sheet tapering, whilst the war in Ukraine raged on and Russia was hit with more sanctions.SPI Futures up 27 points (+0.36%). Catch up on the latest, with Henry's Breakfast Briefing.

• ASX 200 SPI Futures up 27
• Dow up 138 points (0.4%).
• Nasdaq down 186 (1.3%) S&P 500 down 12 (0.3%).
• Base metals slightly firmer. Gold eases 40c .
• Oil up 2.2% Iron ore down 0.7%.
• Chinese CPI and PPI today.

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•  The ASX 200 finished the week up 35 points at 7478 (0.5%). Quiet trade with caution ahead of the weekend. Banks were slightly higher with CBA and ANZ showing gains, the Basket closed at $189.45 (0.2%). MQG bounced with a 0.8% gain, MFG fell back 1.6% and PTM had outflows to FUM and outflows to the share price falling 15.0%. Healthcare mixed, CSL down 0.3%, Industrials firmed, TLS up 1.3% and TCL up 1.0% with GMG better with a 0.2% gain. Miners were back in shopping baskets as BHP rose 1.7% as an independent report pronounced the WPL deal fair and reasonable. WPL down 1.5%. FMG rose 0.4% and gold miners firmed as bullion rose, NCM up 2.9% and EVN up 2.1%. Lithium stocks bounced as bargain hunters stepped in and UBS upgraded price forecasts. AKE up 2.2%. SYA up 6.8% and MIN up 2.2%. IGO fell 1.7% as the WSA talks continue. 
• Uranium stocks were glowing red hot as French elections this weekend and UK embraces nuclear power too. PDN up 13.1%, BOE up 8.4% and ERA finding buyers up 4.7%. Tech stocks were mixed, WTC down 1.6% and SQ2 fell 1.4%. The All-Tech Index flat. 
• In corporate news, not much really, SGR fell 2.8% on its licence review update and BHP/WPL merger ticked another box. 237-page merger explanatory memorandum released. Vote 19th May. 
• On the economic front, the RBA released its financial stability report and Asian market were a little weaker. 10 -year yields hit 3% then backed off to 2.96% 

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US stocks rebounded overnight while the yield curve steepened on the policy outlook. The Dow rallied hard after a slow start, but finished well off highs, up 87 points (+0.25%). SPI Futures are up 38 points (+0.51%) looking to end the week on a positive. Get up to speed ahead of the weekend with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures up 38
• Dow up 87 points (0.3%)
• Nasdaq up 8 points (0.1%) S&P 500 up 19 (0.4%)
• Base metals flat. Gold up 0.8% 
• Oil down 0.5%. Iron ore down 2.1%
• RBA Stability report today.

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• The ASX 200 finished down 47 to 7443 (0.6%) as the unwind continues after the Fed speak. Tech and resources on the nose today. The Big Bank Basket slipped to $189.16 (0.3%) and MQG off 1.5% with insurers falling too. QBE down 2.0% and IAG off 2.5%. MFG had a great day on an update in FUM numbers, rising 11.4%, GQG too had better FUM numbers and rose 9.7%. Industrials mainly escaping the sell off although REA down 2.2% and SEK off 2.4%. Tech falling again as Nasdaq slid, WTC down 6.6%, CPU down 1.6% and SQ2 off 4.3%. The All-Tech Index down 3.1%. Materials and resources slipped again with lithium depressed, PLS off 3.6%, LTR falling % and LYC down 6.7%. BHP fell 0.7% with FMG and RIO barely changed. IGO down 3.1% and S32 sliding 1.0%. Gold miners going nowhere but energy stocks down despite higher crude prices in Asian trade. WPL down 2.5% and STO off 1.4%. 
• In corporate news, another bid for VRT pending, ALG did a great deal with Main Event and rose 6.2%, BCI fell 6.3% on a Mardi project update and GOR fell 0.7% on a production update. In economic news, Trade balance for February fell to $7.46bn, below estimates of $11.65bn. Exports were flat which was in line with consensus. Asian markets weaker, 10-year yields ease back to 2.91%

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The hawkish Fed continued to sink tech stocks overnight, as officials weigh reducing the balance sheet by US$95B a month. The Dow slipped 0.42%, while the Nasdaq fell another 2.2%. SPI Futures down 21 points (-0.28%). Catch up on the latest with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures down 21.
• Dow falls 145 points (0.4%)
• Nasdaq down 315 points (2.22%) S&P down 44 (1.0)
• Base metals flat. Iron ore down 1.4%
• Gold loses lustre down 0.2% Oil down 5.2%
• Yield curve still focus. 

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• The ASX 200 recovered off lows to close down 38 points at 7490 (0.5%). The switch was back on as money flowed from resources and tech into banks and banks. The Big Bank Basket rose to $189.87 The big four were all bought on 10-year yields heading towards 3%. RBA rapidly becoming even more irrelevant. CBA up 1.3% and ANZ higher by 1.2% with QBE joining in the fun rising 1.4%. MFG slipped 6.0% as it went ex-bonus options, elsewhere in the industrials, GMG fell 1.7% on higher rates, ALL down 3.8% and SEK off 1.8%. Healthcare under a little pressure, CSL off 0.4% and SHL down 1.4%. In tech we saw sellers again as Nasdaq fell overnight, SQ2 down 6.9%, WTC down 1.0% and XRO off 2.9% with the All-Tech Index down 2.2%. Resources were the weak spot today. More CV19 cases in China and extended shutdowns sapping enthusiasm with Chinese PMI down to 43.9 from 50.1 in February. BHP off 1.0%, RIO down 1.2% and S32 down %. Lithium stocks were depressed as heat came out of the market, PLS off %, LYC fell 6.0% and LTR dropped 5.8%. Gold miners slid led by NCM down % and NST off %. Oil and gas stocks fell, STO down 1.0% and WPL down 0.6%. 
• In corporate news, another bid for VRT, PNV rose % on a good earnings update and WBT rallied another 6.2% on successful functional testing of its demo chip. 
• Nothing on the economic front. Asian markets weaker with Chinese PMI suffering from a nasty bout of omicron. 10 - year yield close to 3%.

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Stocks and bonds fell after Fed Brainard’s hawkish comments to shrink the balance sheet rapidly. The Dow slipped 0.8% and the Nasdaq fell 328 points (-2.26%). SPI Futures are down 48 points (-0.46%). Get up to speed with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures down 48
• Dow falls 281 points (0.8%)
• Nasdaq down 328 (2.3%) S&P down 58 (1.3%)
• Base metals mixed. Oil falls 0.8%
• Gold down 0.3%
• Iron ore up slightly. 10 year yields in US up to 2.55%

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Tech lead the gains in the US as Elon Musk bought a 9.2% stake in Twitter. The Nasdaq jumped 271 points (+1.9%). The RBA interest rate decision is today at 2:30 pm and will be eagerly waited on by the market. SPI Futures pointing to another day of gains up 50 points (+0.67%) Check out the latest news on Henry's Breakfast Briefing.

• ASX 200 SPI Futures up 50 (0.7%)
• Dow up 104 (0.3%) Nasdaq up 271 (1.9%)
• S&P 500 up 37 (0.8%)
• Musk buys 9.2% of Twitter.
• Base metals mixed. Nickel up 2.3%
• Oil up 3% Iron ore up 1.3%
• RBA meeting at 2.30pm. No change expected.

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• The ASX 200 kicked off the week in style rising 20 points to 7514 (0.3%). Off highs at close. Miners and material stocks led the way higher with BHP up 0.1%, FMG up 3.0% and lithium stocks in strong demand again. SYA up 32.0%, LTR up 9.0% and PLS up 5.5%. Gold stocks too slightly better despite falls in bullion, NCM up 0.9% and DEG up 6.9%. Energy stocks slightly firmer, STO up 0.3% and WPL better by 1.0%. Healthcare better with CSL leading the charge up 0.5% with RMD up 0.8%. Industrials uninspiring ALL down 3.0%, MGR up 2.8%, REA up 1.3% and tech firmer. XRO up 2.3% and WTC rallying 1.2%. The All-Tech Index up 0.9%. Banks eased back with the Big Bank Basket back to $186.82, MFG gained 9.7% on hopes for industry consolidation. Insurers unchanged.
• In corporate news, DGO up 15.3%, saw a bid from GOR with an all-share deal and PPT lobbed a bid for PDL up 18.1%, worth around $2.4bn. 1 for 7.5 PDL plus 167c in cash. On the economic front ANZ job ads for March up 0.4% and MI Inflation gauge for March up 0.8% in the month to be up 4.0% in annual terms. Asian market quiets as China has a holiday until Wednesday. Japan flat with HK up 1.5%. 10-year yields better at 2.84%.

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