Market Updates

• 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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• The ASX down 36 points to 7140 (0.5%). The market went into pause mode today after initial drops as we await the FOMC this week. Slightly complicated by Australia Day holidays. Mining stocks were on the nose as iron ore stocks fell, BHP down 0.2%, FMG fell 2.0% after a UK takeover and RIO down 0.7%. 
• Lithium stocks were once again depressed, PLS off 2.5%, MIN down 3.5% and IGO falling 1.0% but second liners under more pressure with LTR falling 6.8%. Gold miners fell in sympathy as bullion remains firm in AUD terms, RRL dived 14.3% on an incident with the mine and a lowering of production guidance. Energy stocks waned too STO down 0.1% and WPL down 0.2%. CVN fell another 8.8% after Buffalo -10 was a duster. Industrials were mixed as some defensives managed to eke out some gains, GMG up 3.5%, COL better by 1.2% and DMP up 2.5%. Healthcare flopped CSL down 0.7% and Banks and financials eased back with the Big Bank Basket down to $174.18 (0.3%). MQG down 0.4% and insurers eased back. Tech once again weaker as SQ2 fell 3.6% and CPU down 2.4%.
•  In company news, ADH plunged 21.5% on an earnings update, UWL rose 9.3% on potential acquirers coming forward, ASM up 2.1% as a Korean consortium completes its DD. On the economic front, Australia’s private sector shrank for the first time in four months, Asian markets were mixed and holding with the 10-year yields up to 1.93%.

US markets gave up solid early gains overnight, diving sharply into the close. The Dow was up more than 460 points but closed down 313, whilst the range was more than 800 points - not signs of a healthy market. No need to panic though, with Henry in your corner with his Breakfast Briefing. 

• ASX SPI Futures down 49 points.
• US markets fall hard again. 
• Dow down 450 points (1.3%) Nasdaq down 2.7%
• Oil slips slightly. Gold off $10. Commodities hold up relatively well.
• Iron ore up 2.8% FOMC this week.

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• The ASX 200 collapsed today as both resources and banks suffered heavy losses. The ASX 200 fell 167 points to 7176 (2.3%) below support and the bottom of the recent trading channel. Largest loss in a year.  Banks were struck down hard with the Big Bank Basket down to $174.78 (-1.3%) led by CBA off 1.3%, WBC down 0.6% and MQG down 3.8%. Insurers whacked with QBE down 2.2% and SUN off 1.9%. Big falls too in wealth managers and platforms, MFG down 3.9% and NWL falling 6.0%. Healthcare also on the nose as nowhere to hide, CSL down 2.5% and now well and truly under water, SHL down 3.1% and RMD falling 1.7%.
•  Industrials were walloped, WES down 2.3%, TLS down 1.5% and REA hit 3.6%. REITs fell too despite 10-year yields down at 1.90%. Tech smashed with CPU down 2.3%, BRN off 11.6% and MP1 down 4.4%. SQ2 fell 2.3% with the All-Tech Index down 3.0%. Resources though which have held up for so long capitulated after the BHP vote with the stock falling 4.8%, RIO saw Novax retribution and fell 4.1%, FMG down 2.1% and lithium shares depressed. PLS off 6.1% and MIN off 3.1%. Rare earths also in trouble, LYC down 7.5% and base metals off to despite price rises on the LME. Oil was weaker in Asian trade dragging down WPL by2.4 % and STO by 2.6%.
•  In company news, WHC warned of the effects on production of La Nina falling 6.10%, NXL disappointed yet again, when will investors learn, and dropped 22.8%. In economic news, ANZ jumped on the RBA ‘will shake things up’ band wagon after such good unemployment numbers yesterday. Nothing on the economic front, Asian markets flop Japan down 1.9%, HK down 0.8% and China off a similar amount. 10-year yields fall to 1.9%

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• ASX 200 SPI Futures down 66 points.
• US markets gave up good gains as tech sell continues.
• Dow down 0.9%. Nasdaq down 1.3%.
• Netflix falls 18% after hours on results.
• Peloton down 24%.
• Commodities firm. Oil steady. Gold steady.
• Iron ore up 2.7% BHP vote says yes.

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• The ASX rose 10 points to 7342 (0.14%) as resources rallied hard and banks and industrials flopped. Good recovery BHP vote tonight. The Big Bank Basket fell again to $177.00 (1%) with NAB down 1.3%, CBA off 0.7% and MQG also under pressure down 0.6%. MFG managed some gains but was a rare patch of green. Insurers fell with MPL down 3.2%, SUN off 1.5% and ASX falling 2.0%. 
• Industrials slid slightly with bond proxies under some pressure, GMG down 0.3%, SCG off 1.3%. TLS fell 1.0%, other defensives slid with WOW down 0.9%, ALL off 0.9% and TCL falling 0.8%. In the best of times, miners leapt, BHP up 3.1% ahead of the vote tonight, FMG up 4.7% and lithium and gold miners rallied hard. NST up 11.2% on production report, PLS up 2.2%, MIN up 2.8% and IGO doing well up 4.1%. Energy stocks were also hot to trot on continued oil price rises despite Joe Biden trying valiantly to talk oil prices down. WPL up 1.5% and STO up 0.8% on production numbers. Junior gold explorers also in the buyer’s sights, CMM up 6.3%, RMS up 5.8% and DEG up 7.5%. Tech stocks under a little pressure, SQ2 made its debut today falling 0.4%, WTC down 0.1% and XRO sliding 0.3%.  The All-Tech Index down 0.9%. 
• In corporate news, VRT got a new bid up 7.6%, production reports a plenty. GPT saw some leadership changes down 1.5%. 
• On the economic front, unemployment fell again making life a little more uncomfortable for the RBA next month. 4.2% unemployment is the equal fourth lowest since 1978. And we have emergency rate settings. That will change. In Asia, China pledged more stimulus for the economy, Japan up 1.3%, HK up 2.3% and China up 1.1% 

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• ASX 200 SPI Futures up 10 points.
• US markets volatily. Dow down 1% Nasdaq down 1.15% now in correction officially.
• Commodities very firm. Oil up 1%. Gold up 1.7%. IO up 2.3%.
• Base metals better. Nickel the stand out up 4.9%.
• SQ2 begin trade today. APT no more. BHP Vote.

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• ASX 200 SPI Futures down 66
• Dow falls 1.5% Nasdaq sold off heavily down 2.6%
• Goldman Sachs drops 7% on a profit miss and rising costs.
• US 10-year yields rise again.
• MS buys Activision for $69bn.
• Oil at seven year highs. Iron ore up 2.7%.
• Gold down slightly. Base metals mixed.

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The ASX fell 76 points to close at 7333 (1.0%) after trying valiantly to rally at lunch, giving up the ghost as the US futures markets turned south. Banks weighed heavily with CBA down 1.5% NAB off 1.2% and MQG falling 3.7% in sympathy with Goldman Sachs. The Big Bank Basket fell to $178.20. Insurers were relatively unchanged despite 10-year yields hitting 2%. Fund managers also on the nose with MFG down 0.9%, PNI down 4.1% and ASX off 2.1%. Healthcare in casualty as CSL fell below the SPP price down 1.2%, RHC down 1.8%, RMD off 4.4% and FPH down 3.1%. 

Industrials also falling although less aggressively. WES fell 1.0%, TLS down 1.6%, TCL off 1.5% and RWC down 4.0%. Tech falling again as Nasdaq fell hard, APT down 2.2%, XRO down 2.4% and the All-Tech Index off 1.7%. MP1 was a casualty today of a business update crashing 16.2%. Miners staggered as lithium ran out of puff, PLS down 3.9%, AKE down 6.9% on a broker, iron ore miners were off with FMG falling 1.5% and BHP hanging in ahead of the crucial vote. Energy stocks rallying hard as the oil price continues to hold firm. STO up 1.8% and WPL up 0.9%. 

In corporate news, BRN announced a US patent rising 14.5%, HUB up 2.1% on a FUM update. In economic news, the Westpac-Melbourne Institute Index of Consumer Sentiment fell by 2.0% to 102.2 in January from 104.3 in December. Asian markets weaker with Japan down 2.4%, HK managed to stay flat and China off 0.6%.

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