Market Updates

• The ASX 200 rose just 8 points to 7304 as enthusiasm waned into the weekend, big sell off in the last hour or so. Banks and miners driving the gains as tech crumbled. The Big Bank Basket rose to $176.11 (1.5%) with CBA up 2.4% and ANZ rallying 0.7%. Insurers were better with QBE seeing some bargain hunting up 0.2% and IAG better by 0.9%. 
• Miners saw good solid gains after a rise in commodity prices. Gold miners were in demand with NCM up 3.7% DEG up 5.1% and NST rallying 5.6%. Iron ore giants BHP rose 1.8% and FMG up 1.0% with base metals also better, IGO up 1.2% and NIC up 2.3%. Energy stocks also finished a lacklustre week on a higher note, WPL up 0.6% and STO rising 0.6%. Tech stocks and high PE wannabes were mauled by a Nasdaq bear following large falls on Wall Street and a probe launched in the US into the BNPL sector. APT fell 7.6% and Z1P down 6.1%. XRO also under pressure down 4.7% as darlings like CXL fell hard by 5.6%. 
• Healthcare stocks fell led by CSL down 0.3% and below issue price.
• The All-Tech Index was 3.4% lower. Nasty. In the industrials we saw some book squaring in the consumer staples like WOW up 0.7% and COL up 0.3%. 
• In corporate news, TCL fell 1.0% after settling for a $2bn hit on its tunnel dispute. BNPL stocks whacked on US probe. Nothing on the economic front.  10-year yield rises to 1.60%.

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US markets pulled back overnight, with tech stocks on the nose, in a delayed reaction to the Fed and as the BoE surprised by hiking rates. Get up to speed with Henry's Breakfast Briefing. 

• ASX 200 SPI Futures up 10.
• US markets mixed. Nasdaq drops 2.5%. BNPL stocks under pressure.
• Big tech hit hard. Commodities better.
• Gold up 1.9% Oil up 1.5% 
• Iron ore up 4.6%

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• The ASX 200 fell 31 points 'CSL adjusted' today to 7296 (0.4%). CSL accounted for 34 negative points after falling 8.2% to issue price as huge capital raising weighs. SPI expiry bumps volume. Over $1bn worth of trade in CSL. Suspect instos selling to retail. Banks fell with the Big Bank Basket down to $193.93 (0.01%), QBE continues to fall down 2.3% with MFG finding some support in fund managers. Healthcare was weighed down by the CSL drop. FPH dropped 2.7%, RMD down 1.2% and RHC dropping 0.8%.
•  Industrials mixed but uninspiring. ALL up 0.5% and REITs finding support again, GMG up 1.6%. Tech stocks better following Nasdaq higher, WTC up 6.9% and APT finally finding some building blocks of support up 1.7%. The All-Tech Index up 1.6%. Miners enjoyed some gains, BHP fell 1.0% but FMG rose 0.9%, Gold miners were mixed NCM up 0.3% and NST up 0.8%. Energy stocks unloved, WPL down 1.3% and STO falling 1.5%. WSA now has cash on the table, IGO rose 1.4% in response with PAN doing well up 8.2%. 
• In more corporate news, MSB had some good news from US up 10.9%, IDT tumbled 39.6% after missing out on government mRNA to Moderna. 
• Plenty of economic news, the MYEFO out and a trillion-dollar debt looms, Frydenberg bullish on jobs, unemployment shot the lights out with a huge 366,000 jobs added and a headline rate of 4.6%. Philip Lowe was also talking in Wagga too talking taper finishing in May next year. 10 -year yields picking up to 1.58%.

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Dow up 383, rallying post the Fed announcement. Whilst the central bank announced an even faster taper than the market expected, and that it will raise rates more aggressively, the market took it in its stride. Get up to speed with Henry's Breakfast Briefing. 

• ASX SPI Futures up 37 Expiry Day today.
• US markets rally as Powell lays out three rate rises in 2022. Tapering to finish sooner.
• Nasdaq bounces hard.
• Commodities sold off but Fed may change that.
• Oil up slightly. Gold down slightly.
• UK cases hit 78k.

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• The ASX 200 fell 51 points to 7327 (0.7%) after negative leads from overseas, FOMC caution and local CV19 cases started to increase. Mammoth CSL capital raising probably not helping either as other healthcare stocks came under pressure. RHC down 1.5%, RMD off 2.7% and COH down 1.6%. 
• Industrials eased back with tech hard hit again. The All-Tech Index down 2.8% led lower by WTC off 0.7% and APT down 3.1% as once again Block US price gave no reasons to be cheerful. TLS fell 0.2% and REA down 3.7% and SEK 3.4% lower, REITs slipped with GMG down 2.2% and SGP. In miners iron ore miners were weaker as BHP fell 0.5%, gold miners eased NCM down 2.2% and energy stocks off as STO fell 0.8% and WPL dropped 0.7%. Banks were mixed as WBC received a first strike with NAB 0.5% better and the Big Bank Basket down modestly to $174.10.  
• In corporate news, WES look to have blocked WOW from the API ambitions. CTD are acquiring the Australian and NZ business of HLO for $100m in cash and $75m in shares. On the economic front consumer confidence slipped slightly by 1 point. 

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US markets lost ground overnight, commodities were weaker, and SPI Futures are pointing to a soft start. The silver lining? Henry's Breakfast Briefing. 

• ASX SPI Futures down 29 points.
• US markets fall but off lows. Tech stocks suffer as Nasdaq falls 1.14%
• Commodities ease. Oil down 0.9% Gold down 0.9%.
• Iron ore off 1.8%
• CSL placement and acquisition in focus.

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• The ASX 200 claws its way back into positive territory briefly but closed down 1 point to 7378. Early broad -based losses not helped by negative US leads and compounded by WOW news. Both WOW and COL down substantially with 14 index points knocked off on these two alone. WOW dropped 7.7%, COL down 2.7% as Covid came to town. WES fell in sympathy dropping 2.3% but MTS shrugged off pressures up 0.7%, EDV down 3.4%.
•  Industrials were mixed, CSL in a trading halt as it firms up a huge $5.6bn capital raise and acquisition. Instos digging deep to fund this international expansion. Tech patchy, APT dropped 4.1% as Block dropped in US, WTC perked up 3.6% and the All-Tech Index fell slightly. Banks and financials were better. The Big Bank Basket fell to $174.41 with CBA weighing, Insurers picked up as bond yields dropped (go figure) and MQG up 0.8% with MFG finding some buyers up 1.4%. Bond proxy stocks rallied hard TCL up 0.8% and REITs doing well. GMG up another 2.0%. Meanwhile iron ore miners pushed ahead with BHP up 0.6% and FMG up 1.3% with gold miners steady and energy stocks down slightly, WPL down 0.2% and STO off 1.1%. Lithium stocks continue to rally with PLS up 1.9% and AKE up 1.1%. 
• In corporate news, BGH bid 710c for VRT with the stock up 34.6%. MSB disappointed as per SOP with Novartis pulling the plug falling 17.4%. WOW down 7.7% on its CV19 issues, PNV rallied 15.4% on better US sales. Bond yields tumbled to 1.53%, so much for worries on interest rates and inflation. Safe heaven sucking in money. 
• Late breaking CSL announce huge deal to buy Vifor Pharma for  consideration of US$12.3bn / A$17.2bn funded via US$4.5bn / A$6.3bn  underwritten Placement US$6.0bn / A$8.4bn new debt and existing cash / undrawn facilities.

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US markets pulled back overnight amid monetary policy and Omicron worries. Dow down 320. SPI Futures down 41 points. The silver lining was iron ore, jumping more than 7%. Get up to speed with Henry’s Breakfast Briefing. 

• ASX SPI Futures down 41 points.
• US markets fall on caution ahead of Fed meeting.
• Dow down 0.89% Nasdaq off 1.39%.
• Gold rises slightly. Iron ore up 7.6%
• Commodities slightly weaker.

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US markets closed higher on Friday night, whilst SPI Futures were up 13 points at the Saturday morning close. Get up to speed with Henry’s morning update. 

• ASX SPI Futures up 13 points.
• US markets shrug off higher CPI look forward to Fed meeting this week.
• Nasdaq up 0.7% S&P500 0.95%
• Oil up. Gold up.
• Iron ore down and commodities mixed.

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