Market Updates

• The ASX 200 rallied up 34 points to 7006 (0.5%) post RBA announcement as it seems the central bank is in no hurry to raise rates. QE is dead. The meeting saw inflation revised higher but still too early to conclude whether it is nothing more than short term supply chain issues. The board is prepared to be patient. Enough to bring the buyers back. Although enthusiasm faded at close. Banks found support with the Big Bank Basket rising to $168.50. MQG also doing well and insurers enjoying a good day out at the beach. QBE up 2.3% and SUN up 1.6%. Money managers were also in demand, GQG rose 4.4% and MFG up 4.6%. Industrials firm but unspectacular, CSL up 0.5% RMD rising 2.3% and ALL up 1.4%. Consumer stocks modestly higher with tech the standout as SQ2 went hard up 6.1 as Block rallied in US. Z1P tried hard to hold double digit gains but succumbed eventually rising %. XRO up % and the All-Tech Index up 2.2%. Miners were in the doldrums as index rebalancing continued and BHP sagged 3.1% after holding up so well in the rout, money is now moving out of havens into growth tech. RIO down 2.4% and FMG off 0.7%. Lithium stocks stirring but need a push, PLS up 1.9% and MIN up 3.6%. Energy stocks better but still a little unloved all thing considered. Gold miners mixed. 
• In corporate news, Kerry Stokes will be happy at BLD will be paying a large $3bn distribution from its ill-fated US adventure. The market seems happy with its failure and sale of assets. ABB warned on rising costs but appears to have convinced the market that all is still well only off 1.4%. 
• Plenty happening on the economic front. RBA is playing a long game and doesn’t want to spook the horses, PM is talking LNP achievements in short speech and house prices continue to rise but peak looks in for the moment. 10-year yields down to 1.89%.

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The ASX is poised for a positive open, SPI Futures are up 42 (+0.61%). US markets rallied overnight, the DOW Jones up 406 (+1.17%), S&P 500 up 84 (+1.89%) and the NASDAQ up 469 (+3.41%). RBA interest rate decision later, expecting an end of quantitative easing. Get up to speed on all the latest news with Henry's Breakfast Briefing. 

• ASX 200 SPI Futures up 42 points.
• Dow up 1.17%. Nasdaq booms back up 3.4%. VIX drops 9.7%.
• Tech in focus. Block up 10.8%
• Oil climbs 1.3%. Commodities mixed.
• RBA meeting beckons at 2.30pm.

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• The ASX 200 had a volatile session closing down 17 points to 6972 after erasing early falls but nervous ahead of RBA meeting tomorrow. Last day for quarterlies saw analysts busy, ANN earnings warning on cost pressures and margin contraction. The stock tumbled 14.3% but off early lows. Banks were soggy falling to $167.70 (2.2%) in the Big Bank Basket. MQG suffering falling 1.8% and REITs finding favour with GMG rising 1.1%. Tech was also in demand as SQ2 rose 8.1% on a good move in Block in US. XRO recovered 2.8% after being oversold. WTC also in demand up 4.9% and the All-Tech Index up 3.0%. Healthcare better with CSL rising 1.1%, RMD up 2.1% on broker upgrades. Industrials mostly positive, ALL up 1.5%, REH up 3.8% and DMP rose 3.9%.
• Miners mixed though despite iron ore gains, BHP lost 1.2% and RIO off 1.9%. FMG bucked the trend rising 2.2%.  Gold miners mixed but energy stocks doing very well, STO up 1.6% and WPL up 0.9%.
•  In corporate news, it was ANN that dominated with a warning for the sector perhaps, ARB gave a positive update rising 7.9% and today is the last day of the BHP DLC. RBA tomorrow. Asian markets closed for Lunar New Year. 10-year yields ease to 1.91%

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SPI Futures down 16 (-0.23%) this morning as the RBA is set to scrap quantitative easing and revise inflation in tomorrow's interest rate decision. US markets saw a bump on Friday night the S&P 500 up 105 (+2.43). Catch up on all the latest with Henry's Breakfast Briefing. 

• ASX 200 down 16 points.
• US market finish week in another volatile session.
• Dow up 565 points (1.65%) Nasdaq up 3.13%
• Iron ore up 6.6% Gold down 0.47% Oil up 0.77%
• VGI to merge with RF1. 
• RBA meeting tomorrow.

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•  The ASX 200 closed up 150 points (2.2%) after a strong start and then a flop before gathering and pushing up to 6988 as bargain hunters emerged with book squaring too. We finished the week down 2.6%.  Across the board gains with iron ore miners the standout. BHP up 2.7%, RIO up 4.1% and GRR up 4.0%. CIA had a good day rising 8.8% on broker upgrades. Resources back in favour in lithium stocks too as bargain hunters scooped up stocks ahead of the weekend. PLS up 2.0%, VUL up 4.4% and MCR doing well up 0.9% on a broker piece. Energy stock managed to eke out a rise too given oil was slightly weaker, gold miners sloppy, in AUD terms gold was unchanged but damage done yesterday. RSG rose 7.3%, NCM slid 6.4% on its quarterly production issues. 
• Industrials firmed led by CSL up 3.2% in the healthcare sector. RMD flat after some positive numbers for Q4 today. SHL and RHC up with industrials like TLS and SEK doing well. Consumer stocks saw gains, WOW up 3.5% and COL rising 5.0%. Banks too in demand with the Big Bank Basket at $171.42 (1.9%). MQG gained 4.0% and ASX is relishing the extra volatility and volumes for equities and derivatives. The stock up 2.9%. Tech rose although SQ2 fell into a hole of 1.0% as Apple iPhones look set to double as merchant payment platforms. Is there anything that an iPhone cannot do. The All-Tech Index rose 2.4%. In company news today, more quarterlies, block trade in MYR thought to be Solly buying more and NCM having some production issues. 
• In economic news, PPI rose 1.3%, to be up 3.7% over the year. Asian markets slightly better with Japan up 2.0%, China flat and HK down 0.8% and 10-year yields slip to 1.95%.

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A tech stock sell-off in the US as the Dow closes down seven points. SPI Futures pointing towards a positive open up 101 points. Catch up on the latest news with Henry's Breakfast Briefing.

• ASX 200 SPI Futures up 101.
• US markets volatile again. Dow closes down 0.02% 
• Nasdaq down 1.4%. Apple beats forecasts after hours.
• Oil down 0.7%. Gold off 2% as USD rises.
• Commodities slightly weaker. RMD results Q4.

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•  The ASX 200 fell 123 points to 6838 (-1.8%) as the correction becomes official. After a promising start the market got whacked from the twin forces of rising 10-year yields above 2% and the US futures turning down on the Fed press conference fall out. The taper tantrum is alive and well. From a 60 rally to a 160 fall today, it was once again vicious as sellers ambushed the market with the Big Bank Basket falling modestly to $168.26 (-0.9%) and other financials also under pressure. MQG off 3.1% and NWL down 4.2%. Healthcare was put into ICU today as CSL tumbled 3.5%. The SPP closes 7th February and has a discount to VWAP option which is now looking interesting. SHL fell 2.1% and RMD off 3.9%. 
• Industrials across the board felt the brunt of the selling, WES down 3.7%, TCL down 4.0% as bond yields rose above 2%, TLS down 1.3% and REITs in a hole, GMG off 3.7%. Even boring consumer staples struggled, COL down 3.1% and WOW falling 2.1%. Tech under serious pressure as WTC fell 9.9% and SQ2 continued to fall down another 5.4% with the Index down 5.1%. In resources, iron ore majors held up, BHP up 1.4% and RIO up 2.1% but gold miners not so lucky getting smashed with EVN down 11.3% and NST off 8.2%. Looks a little overdone considering the bullion move. It is sell first ask questions later. Quarterlies didn’t help matters. Lithium stocks remain depressed, PLS down 2.8% and MIN off 5.6%. 
• Energy stocks a rare patch of green with STO up 3.6% and WPL better by 2.5% despite a Myanmar withdrawal and a $300m write off. 
• In corporate news, PMV updated the market on its success in ‘Smiggling’ the world  up 2.1% and KGN revealed it was having a tough time making money. Again down 12.3%. GMA got a boost from renewing its CBA contract for mortgage insurance, rising 13.8%. That might come in handy if rates rise. HPG became LoPages after a quarterly update sent the shares down 16.0% and PLT lived up to its name on a positive quarterly up 8.3%. On the economic front, NZ inflation growing at fastest rates in 31 years. Asian markets down heavily. 10 year yields up to 2.02% 

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ASX SPI Futures down 26.
US markets volatile on FOMC meeting and Powell press conference.
Dow down 0.4% Nasdaq unchanged.
Commodities gain. Oil hits US$90.
Gold eases back 1.2%. Iron ore up 0.2%
Quarterlies and updates dominate.

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• The ASX 200 crumbled 178 points to 6962 ahead of the Australia Day holiday and anticipating more volatility in US markets as FOMC kicks off. CPI kicked higher on fuel and housing and left a giant hole in market sentiment. Banks were hit hard with the Big Bank Basket melting to $169.78 (-2.5%) and other financials also in the doghouse. QBE down 4.5%, IAG off 2.5% and MQG down 2.3%. Platform stocks also under pressure with NWL down 2.8% and HUB off 2.0%. Healthcare too was under pressure led lower by CSL down 1.6% and SHL falling 2.5%. 
• Industrials sold off heavily across the board, TCL down 1.6%, REA down 2.6%, XRO kicked 3.5% lower and WOW off 1.7%. REITs also under some pressure, GMG falling 2.4% and CHC whacked 6.2%. Tech stocks inevitably hit with SQ2 down 4.2% and XRO heading down 3.5%. In miners, it was once again the lithium players that were depressed. It has been a huge run and inevitable some of the more leverage punters would be forced to liquidate whatever they had. PLS down 6.3% AKE off 7.7% and MIN falling 7.5% all stand outs for the wrong reasons. Iron ore miners held up a little better but BHP still down 1.3% and RIO down 0.8% despite a win with the Oyu Tolgoi project in Mongolia. Energy stocks eased with STO down 4.8% and WPL dropping heavily off 4.0%.
•  In company news, CDA surprised the market with a very positive update rising 16.9%, FMG production report showed a bigger discount to 62% fines and the stock fell 5.0%. A2M saw a 7.1% rise after some takeover rumours swirled and WAF dropped 16.9% on Burkina Faso updates following a military coup. 
• On the economic front it was all about the CPI and fuel and housing price rises. With the headline at 3.5% the RBA will be challenged on the pace of rate normalisation here. Market very skittish on this. The AUD slipping to 71.42c. Asian markets weak as Lunar New Year beckons, Japan down 2.0%, HK off 1.2% and China down 0.8%. 10-year yields up to 1.95%.

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US markets staged an emphatic recovery overnight, with the Dow down more than 1100 points at one stage, only to close 99 points higher. Didn’t help the SPI Futures all that much however, down 92 points heading into today’s session. Get up to speed with Henry’s Breakfast Briefing.

• ASX 200 SPI Futures down 92 points.
• Dow stages 1200 point rally off lows closing up 99 points.
• Nasdaq up 86 points. VIX up 4.1%
• Commodities ease back. Nickel down 6.8%
• Gold up 0.5% Oil off 1.8% IO down 2.7%

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