Market Updates

The Dow finished up 140 points on Friday as technology stocks were under pressure from rising yields as the 2-year and 10-year curve properly inverted. SPI Futures closed up 19 points (+0.25%). Catch up on the latest news with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures up 19 (0.25%)
• Dow rallies late up 140 (0.4%)
• Nasdaq up 41 (0.29%) S&P up 15 (0.34%)
• Iron ore allies 6% to $159.84 
• Gold down $300 (1.55%) Oil falls 0.3%
• Base metals mixed. 
• China closed Monday Tuesday. 

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News overnight that Biden ordered the release of up to 1 million barrels of oil a day for 6 months, saw oil prices fall sharply. US stocks fell in an end-of-month/quarter slump, for the first quarterly loss in two years. The Dow finished down 550 points (-1.56%). SPI Futures pointing to a 42 point loss, but we’re still on track for a positive quarter and month. Catch up on the latest news with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures down 42.
• Dow closes down 550 (1.56%)
• Nasdaq down 222 (1.54%) S&P 500 down 72 (1.57%)
• Metals flat. Gold up 0.8%
• Oil slumps 4.9% on Biden's plan to release 1m barrels a day from SPR
• NFP and RBA looms.

•  The ASX 200 fell 15 points to 7500 (0.2%) as early enthusiasm waned and we limped into month and quarter end. Big match out sell off of 30 points. Banks under a little pressure with the Big Bank Basket down to $189.96. Insurers flat, MQG down 1.8% and MFG down 2.2% on an update on staff retention options. Healthcare slipped slightly, CSL off 0.7% and FPH back on the nose down 2.6%. Industrials mixed as WES consummated its API buy falling 1.5% and TLS rose 1.5% as the Brady Bunch story took hold. Tech on the nose slightly after Nasdaq falls and tech off in HK, XRO down 4.6% and SQ2 off 4.7%. The All-Tech Index down 1.6%. In the resources, lithium and battery tech fired up as the US looks to secure strategic metal supplies in the future. INR a big winner up 20.0%, AGY doing well up 10.6% and NVX pushing ahead by 9.7%. Iron ore stocks were also in demand as Dalian futures picked up, BHP up 2.3% and FMG rising 4.3%. Base metal stocks also good, S32 up 0.8% and MIN up 4.4%. Energy stocks fell as media reports that Biden plans to release 1m barrels a day from the SPR to counter oil price rises ahead of the OPEC + meeting tonight. STO down 1.7%, WPL down 1.4% and COE down 3.3%
•  In corporate news, TAH announced its plan to demerge the lottery business, QAN talked net zero by 2050 and AIZ down % on its capital raising. PDN raising $200m at 72c to restart Langer Heinrich
•  On the economic front plenty happening post budget as we shift to the RBA meeting next week. Last one before the election. No pressure Phil. Asian markets weaker with HK tech down on US moves to delist and China off 0.5% on lower-than-expected PMIs and more CV19 restrictions. 10 -year yields at 2.78%. 

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The script flipped overnight as US stocks dropped on war concerns. The Dow fell 65 points (-0.19%) while the Nasdaq dropped 1.2%. SPI Futures are up 10 points (+0.13%) as the winning streak looks to slow down. Get up to speed with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures up 10
• Dow falls 65 (0.19%)
• Nasdaq down 177 (1.2%) S&P500 down 29 (0.6%)
• Commodities firm. Oil up 3%. 
• Gold up 1.4% Iron ore flat.
• TAH Demerger presentation.

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• The ASX 200 rose for a seventh session with the market now edging further into positive for the calendar year. Risk was back on, helped by targeted spending measures in the Federal Budget aimed at reducing the cost of living and peace talk progress in Europe. Most sectors closed in positive territory. The All-Tech index was up 3.3% with Block (SQ2) up 7.3% and Xero (XRO) up 5.3%. Healthcare stocks were bid higher with CSL (CSL) up 1.6% and Nanosonics (NAN) improving 3.4%. The big bank basket finished at. Financials did well with Macquarie (MQG) and Magellan (MFG) both rising more than 2%. Miners and energy stocks eased with base metals, oil and iron ore all weaker. Woodside (WPL) off 1.5% and BHP (BHP) down 0.8%. Gold stocks eased as bullion slipped with Newcrest (NCM) down 0.5 and Northern Star (NST) steady. On the corporate front, Telstra's (TLS), up 1.8%, CEO Andy Penn announced his resignation along with Carsales (CAR) MD, up 1.1%. Star Entertainment (SGR) up 0.9%, confirmed a class action days after the resignation of CEO Matt Bekier. Uniti (UWL) down 1.3%, was upgraded by Ord Minnett. Brokers were neutral on Sigma Healthcare (SIG) up 3.4%, following results that highlighted expectations for a return to profit in FY23. Fortescue (FMG) up 0.2%, clarified its $50bn hydrogen investment comments saying it was a ‘high-level assessment’ not an official investment decision. Eagers Automotive (APE) up 3.2%, said it was acquiring car dealership WFM motors for $205m.  Charter Hall Long WALE (CLW) up 1.2%, and HomeCo Daily Needs (HDN) off 0.7%, traded ex-dividend. 
• Nothing exciting on the economic front. Government handouts from the budget led to calls for more aggressive monetary policy from the RBA. Interbank futures now suggest seven rate hikes this year from the RBA. The US has revised GDP data tonight. Dow Futures down 62.

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US stocks firmed again overnight, the Dow finished up 338 points (+0.97%) rallying hard into the close and making it four on the trot as peace talks between Russia and Ukraine lift sentiment. While no cease-fire was secured, Russia has reportedly softened demands as part of negotiations. The Australian Federal Government is set to hand out cash to millions in the pre-election budget release with cost-of-living relief payments and fuel subsidies. SPI Futures are up 56 points (+0.75%) following strong leads from the US. Get up to speed with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures up 56 (0.75%)
• Dow up 338 (0.97%) Nasdaq up 265 (1.84%) 
• S&P 500 up 56 (1.23%)
• Gold fell 1.4% Oil down 2%
• Base metals slipped slightly.
• Budget in focus. Telstra Andy Penn steps down.

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•  The ASX 200 climbed another 52 points to 7464 (0.7%) to be only around 2% from its all-time high. The budget looms and banks shone again with the Big Bank Basket up to $190.63 (0.4%). CBA running 0.2% and WBC up 1.1% as bond yields continue higher, now 2.91% in the 10s. MQG doing well too gaining 1.4% and Insurers slightly higher. Healthcare bounced as the AUD fell below 75c, CSL up 1.4% and RMD up 4.1%. Industrials firmed, WES up 1.8%, TLS up 1.6% and ALL up 2.6%. REITs up again despite higher rates, Tech also in demand as SQ2 up 6.8% with its bitcoin exposure helping, XRO up 3.3% and WTC better by 3.7%. The All -Tech Index up 2.6%. Miners mixed, iron ore and energy stocks eased, BHP down 0.6% and STO off 0.3% with WPL down 1.1%. Gold miners fell a little but rare earths and lithium stocks once again very firm. PLS up 1.6%, LYC up 3.1% and SYA up 6.8%. 
• In corporate news, NEA soared 16.6% on an update on its ACV, UWL down 1.7% as an increased bid from Morrison’s at 500c saw off the Macquarie competition. TLX and LKE had positive announcements and Blackstone got approval to buy CWN from FIRB. Sigh of relief all around. Plenty happening in economic news ahead of the budget with retail sales beating expectations up by 1.8% to be 9.1% ahead of last year. Asian markets mixed and 10-year yields 2.91%. 

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US stocks rallied for the third straight session, with Dow finishing up 95 points (+0.27%). Oil prices retreated on the back of China’s covid resurgence, as OPEC+ said it has no plans to change its output levels. SPI Futures pointing to another modest day of gains up 38 points (+0.52%) this morning. Catch up on the latest news with Henry’s Breakfast Briefing.

• ASX SPI 200 Futures up 38.
• Dow up 97 (0.3%) Nasdaq up 186 (1.3%)
• S&P 500 up 32 (0.7%)
• Commodities flat. Oil down 7% on China shutdowns.
• Gold falls 0.7% Iron ore unchanged.
• Budget tonight Retail Sales at 11.30am

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• The ASX 200 quietly firm up 6 points to 7412 (0.1%). Banks and materials firing up again ahead of budget tomorrow night. The Big Bank Basket rose to $189.87 with NAB up 0.8% and MQG doing well up 1.1% as SUN rallied 1.2%. ASX up 0.4% despite delays to CHESS with GQG down 1.5%. Healthcare down as dollar earners under pressure, CSL down 1.1%, COH off 3.2% and FPH continuing lower by 3.5%. REITS slipped led by GMG down 2.9%. Industrials weaker across the board, TLS down 0.8%, REH off 2.3%, WES falling 1.3% and SEK down 3.9%. TECH down heavily with the All Tech Index off 2.5% as WTC fell 4.1%, XRO down 5.2% and SQ2 off 3.7%. Different story in commodity stocks, BHP up 2.3%, FMG up 0.8%, S32 better by 2.0% and rare earths in demand, LYC up 2.2% and ARU doing well up 15.3%. Some profit taking in lithium stocks with LTR down 4.7%. Energy stocks mixed as crude fell in Asian trade, OPEC plus meeting Thursday, WPL down 1.3% and STO unchanged. 
• In corporate news, SGR MD fell on his sword as the review of the casino continues rising 0.3%. Nothing on the economic front ahead of Budget tomorrow. In Asian trade, mixed session, HK up 1.3%, China down 0.8% and Japan down 0.4%. 10-year yields soaring again to 2.90% 

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The big news from the weekend was President Biden’s comments that Russian President Putin “cannot remain in power”. The comment was met with mixed responses from European officials, as the White House assured it is not seeking a regime change. SPI Futures are 33 points this morning, looking to start the week off with a win. 

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

• ASX 200 SPI Futures up 33
• Dow up 153 (0.44%)
• Nasdaq down 23 (0.16%) S&P 500 up 23 (0.51%)
• Oil firms 1.4% Gold falls 0.2%
• Iron ore up 0.8% Nickel 4.9%

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