Market Updates

S&P up for a sixth session in a row and NASDAQ at another fresh record. SPI Futures up 20 points. Get up to speed with Henry's Breakfast Briefing. 

• ASX SPI Futures up 20 points.
• US markets better with more records. BoE keeps rates on hold.
• LNK sees offer from Carlyle.
• Oil slips on OPEC Plus.
• Gold up 1.7%
• Square falls 5% after results.

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• The ASX 200 rose 35 points to 7428 (0.48%) as it digested the Fed taper lite with banks leading the market higher. The Big Bank Basket rose to $189.12 1%. WBC still down and out with MQG showing how it’s done rising 1.3%. Insurers rose slightly too with QBE up 1.3% and IAG up 2.5%. 
• Industrials firm TLS up 0.8%, REA up 2.2% and WES up 0.7%. Miners were mixed, BHP up 0.3% but FMG down 1.4% and RIO dropping 1.5%. Energy shares weaker and gold miners eked out some gains. Lithium stocks seemed to take a breather today with the uranium stocks taking up the baton. 
• The tech sector was better as APT rose 2.4% and XRO rose 0.4%. In corporate news, DMP were sliced and stuffed after its AGM meeting saw warnings of cost pressures and falling sales in Japan, Down 18.4%. PDN rose 12.6% after talking up the reopening of its Namibian uranium plans, others followed suit. DHG mostly unchanged after its update. NHF rose 5.8% on good sales numbers, APT rose after its Square deal jumped another hurdle. Plenty on the economic scorecard but not market moving, bond markets were becalmed as players licked their wounds, 10-year yields steady around 1.83%.

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The Fed played it straight overnight, announcing tapering but not doing anything to upset the apple cart. US markets rallied from weakness prior to the announcement to close higher for a fourth consecutive session. Get up to speed with Henry's morning update. 

• ASX 200 SPI Futures up 37
• US markets records across the board.
• Fed starts taper but still dovish.
• Iron ore up 3.3% Coal heads higher in China
• Gold and oil fall.

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• ASX SPI up 71 points.
• US markets hit records again on solid earnings reports.
• Iron ore sinks 6.6%. Oil unchanged.
• Gold down 0.4% and AUD up to 75.43c

• The ASX 200 tried to rally off lows following RBA abandoning yield curve controls, but failed with the ASX 200 down 47 points to 7324 (0.6%). Banks were the soft point today after the very disappointing WBC results yesterday and broker downgrades. The stock fell another 2.7% bringing the two-day loss to 10%. The Big Bank Basket dropped to $184.93 down 1%. Other financials also under pressure as volatility continued in the bond market. IAG updated the market on perils on the sea and fell 7.0%. MQG down 1.5% and new kid on the block (NKOTB) GQG capped off a disappointing debut falling another 4.4%. 
• Miners were the other weak points, coal stocks in a hole, WHC down 9.5% and CRN off 4.8%, iron ore miners also falling BHP down 2.3% and FMG down 2.6% after announcing plans to embrace a large hydrogen investment in South America. Energy stocks and gold miners drifted lower too. 
• Industrials were relatively firm, GMG shooting the lights out with an upgrade rising 5.6%. ALL rose 1.6% after rights are no longer traded, IEL rose 3.0% as NSW hastened its reopening. In corporate news, NWL bid for PPS up 14.5%, TLX gained 8.1% on TGA approvals. In economic news, the RBA abandoned its yield curve controls as the financial equivalent of the Maginot Line. But stopped short of pulling the rug on stimulus. Full speed ahead and damn the torpedoes.

•  The ASX 200 closes up strongly by 47 points to 7371 (0.6%) after some stumbles due to WBC results. Banks were underwhelming as WBC disappointed on most numbers and buy back below forecast, the stock fell 7.6% to a six-month low as CBA stood loud and proud as the best. CBA rose 1.5% with the Big Bank Basket down to $186.67. 0.3  %. The bond market yields came off dramatically ahead of the RBA backflip, insurers better with QBE up 2.5% and IAG up 0.8%. MQG returned from its capital raising and rose modestly by 0.4%. 
• Industrials and bond sensitive plays pushed ahead as the 10-year yield fell to 1.9% taking some of the sting out. TCL rose 1.6% as traffic returns REITS better as shoppers return and rates drop, GPT up 0.8%. Consumer stocks also back in favour led by WES +1.8% and DMP rising 3.5%. Tech mixed as APT fell 1.0% but others improved. The All-Tech Index rose 1.8%. Miners steadied despite falls in iron ore on Friday, BHP fell 0.5% FMG up 2.9% and RIO doing better up 0.8%. 
• Energy stocks also in demand with STO up 1.7% and KAR up 1.9%. Gold miners eased but base metals better and lithium continues to trundle higher. All eyes on Glasgow helping in clean and green themes.
•  In corporate news, AST agreed a bid from Brookfield, PRT agreed a bid from SWM and STP rose 79.8% in listing its comfy undies business and JDO joined the boards for the first bank in 30 years to join the ASX up 7.6%. On the economic front it is all about the RBA tomorrow. 

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• The ASX 200 took a tumble today as the bond market crumbled after the RBA went missing again and let rates soar. 
• The ASX 200 fell 107 points to 7324 (1.4%) finishing the week down 2.1%. Short-dated yields hit 0.68% and 10-year yields went through 2% closing at 2.04%. Big moves and potential a big change. Tuesday will be interesting around the RBA board room table before the Bet with Mates session begins. The banks got whacked, MQG raising $1.5bn too not helping, the Big Bank Basket fell to $187.20 (2.1%) and the insurers dropped too led by QBE down 2.2% and IAG off 2.8%. REITS hit hard too, GMG off 2.0%, SCG down 3.2% and MGR down 3.8%.
•  Industrials also under pressure with WOW down 1.8%, TCL off 1.8% and WES down 2.2%. Tech stocks falling too, APT down 0.4% dragging the All-Tech Index down 1.3%. Miners were surprisingly only modestly lower, BHP dropped 1.2% and FMG only 0.6% off. Gold miners eased back and energy stocks lower but lithium and battery tech still in demand ahead of COP26 and Biden’s environmental plans.
•  In corporate news, MQG in a trading halt pending a $1.5bn capital raise to accompany strong results, too many opportunities it seems to pass up. HT1 rose 31.3% on ATO settlement, VUL returned after attack and dropped heavily by 16.5% and PBH continued to track lower by 4.4%. RMD produced some good results and innovative ways to beat supply chains issues and rose 4.2%. On the economic front, it was all about the RBA and the bond yields, retail sales came in better than expected but no one was watching. Asian markets mixed again.

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