Market Updates

• 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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• The ASX fell 9 points to 7409 (0.1%) in cautious trade, flip flopping around from positive to negative as banks fell in the PM session. The Big Bank Basket fell to $180.36 (0.2%) with CBA leading the falls as a broker downgrade, the stock off 0.4% with NAB also down 0.1%. MQG joined in the slight sell off falling 0.4% and insurers also slid, MPL down 2.3% and IAG down 1.6%. Healthcare too under a little pressure as CSL slipped 1.6% towards the SPP price, COH down 1.6% and FPH off 1.3%. 
• Industrials mixed, WES down 0.4%, ALL down 1.1% and TLS better by 0.2% with REITs unchanged. Tech was slightly better despite APT falling 0.7%. The All-Tech Index up 0.6%. In the miners, BHP rose 1.2% ahead of the crucial vote, whilst energy and base metal stock went sideways. Lithium remained in demand following a quarterly report from AKE and RIO had their quarterly today. 
• In other corporate news, JBH showed its category killing power with a decent trading update moving 6.9% higher and DTL also doing well up 14.5% on a strong 1HFY22. The RBL burst today after a nasty business update with margins under pressure and sales of masks down, the stock tumbled 22.4% and IKE rallied 17.7% on its trading update although as usual volume was light. 
• On the economic front, consumer confidence not unexpectedly fell hard on omicron woes in early January and international arrivals and departures rose to levels not seen since March 2020. In Asia, Japan down 0.1%, Hong Kong down 0.1% and China up 1.1%. 10-year yields at 1.95%.

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ASX 200 SPI Futures up 22 points.
European markets firm.
US markets closed for MLK Day.
Nickel up 3.3%. Oil up 0.5%.
Gold slightly higher. Iron ore down 2.2%

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