Market Updates

• 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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US markets stronger with the Dow up 240 and the S&P and NASDAQ both hitting record highs. It's not all good news however, with Apple and Amazon missing numbers and down sharply after the bell. SPI Futures up 18 points (+0.24%). 

• ASX SPI Futures up 18.
• US markets higher ahead of Amazon and Apple. FB changes its name to Meta.
• Iron ore under pressure down 6%
• Other commodities rebound slightly.
• MQG results and raising $1.5bn.

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• The ASX 200 just flopped today on lower commodity prices falling 18 points to 7430. To be fair it could have been worse given moves in China on coal and iron ore. Seems most of the damage has been done already, BHP fell 1.7%, FMG up 0.1% on its production report, S32 fell 4.0% on a fall in base metals and ORE dropped 5.9% on its quarterly. Energy stocks predictably eased as crude came off the boil, STO down 1.9% and WPL off 2.5%. Gold miners rose slightly with NCM up 0.8% and EVN up 1.1%. 
• Industrials slipped slightly but AGMs and business updates were the focus. WOW continued lower on broker comments down 1.0%, ALL fell 1.3% and REITs under pressure as bond yields continued to affect valuations. Meanwhile in the banks, solid as a rock. ANZ results beat forecasts and even with a sub -par mortgage business managed a 72c dividend and a 0.7% rise. Success was infectious and spread like the ‘rona, CBA up 0.7% and MQG down 0.7% ahead of numbers tomorrow. 
• Healthcare mixed and tech biased with APT down 2.4%. In other corporate news, BLD rose 4.6% after its AGM comments on US business and capital management. Quarterlies fell thick and fast and nothing thicker than PBH which dropped 18.3% on its update showing gaining market share in the US is an expensive business. BBT rose 15.6% on its quarterly. 
• On the economic front, the RBA declined to step into the short-dated bond market to keep a lid on prices, leading some speculation about the Melbourne Cup meeting next week.2-year and 5-year yields rocketed higher. The game is afoot.

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US markets pulled back overnight amid a slowdown in earnings momentum. SPI Futures down 40 points and commodities hammered – particularly base metals. Could be a tough day at the office but don’t panic, Henry has you covered with his Breakfast Briefing.  

• ASX200 SPI falls 40 points
• US markets suffer late sell off - Dow off 266 Visa 100 points of that.
• Commodities hit hard. BHP down 2%
• Oil falls 2.4%

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• The ASX 200 flip flopped again closing up 5.3 at 7449 (0.07%) after CPI numbers sent 10-year yields higher still to 1.82%. Huge day in short dated bond yields as rate rise fears grow. Banks were winners on the back of this ahead of results season. The Big Bank Basket rose to $189.74 (1%). MQG up 0.6% with CBA the standout up 1.0%. Insurers also did well with other defensives in demand, healthcare up with CSL leading the charge up 1.0%% and RMD up 1.1%%. 
• Consumer stocks eased after WOW warned of a change in spending habits falling 3.2% dragging down the sector, EDV off 1.8%, WES off 0.1% and CDA dropping hard in the industrials on its quarterly report falling 18.8%. Once again quarterlies and business update flew thick and fast, A2M were creamed falling 12.0% after its move into Chocolate. In the mining space it was all change, uranium on the nose, lithium came off the boil as JCap raised some question marks on VUL and its German Zero Carbon project and despite a record BMX Auction from PLS the stock dropped 2.2%. 
• Iron ore miners on the red side of the ledger with BHP down 1.4% but some buyers appeared in the coal hole and magnesium stocks continued to explode higher. In economic news, WOW warned of food inflation, CPI came in as expected but short dated yields rallied as rates now look to be raised sooner rather than later.
  
  

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Dow up 16 points (+0.04%) to another fresh record, despite a late-session fade. SPI Futures up four points (+0.05%). Big night for earnings in the US with Alphabet, Microsoft, Twitter, Visa, all dropping numbers. Catch up on all the action with Henry’s morning update. 

• ASX SPI Futures up 4
• US markets slightly positive- results focus.
• Big tech results after hours.
• Commodities ease. Oil firms and iron ore up.
• CPI 11.30am

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• The ASX 200 flops back to a 2-point gain after a strong early session, the index closing at 7443. No real reason for the sluggish performance. Eyes were fixed on AGMs, business updates and news from CWN which was found guilty but now needs to prove its innocence. CWN rallied 8.7% on the news from the latest RC on being able to keep its licence for now. Seems governments need the revenue post CV19. 
• Banks were mixed with CBA down 0.3% and the basket slightly higher at $188.20. 
• Industrials were mixed, WOW and COL dropped, WES rose but maybe that was the lithium talking, technology better but dominated by APT up 3.3% following a move higher by Square. In resources, early enthusiasm in the majors slid away with S32 down 2.1%, AWC off 2.3% and FMG down 1%. Gold miners eased and energy stocks ran out of fizz, little changed. Coal stocks waned on moves from China on prices. 
• In corporate news, GQG joined the boards today as this years’ biggest float down 2.5%. DDR charged ahead with a splendid business update rising 14.1%. PLS announced a downstream JV with POSCO and MIN fell 7% on falling iron ore prices and serious discounting of its product.

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US markets hit record highs whilst Tesla surges. SPI Futures up 14 points (+0.19%) after the ASX 200 added 26 points yesterday. Get up to speed with Henry's Breakfast Briefing. 

• ASX SPI Futures up 14
• US markets hit records as Tesla hits US$1 trillion valuation on Hertz deal.
• Commodities push ahead.
• BHP RIO up 1.3% in US.
• CWN D-Day in Victoria.

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• The ASX 200 rises 26 points to 7441 (0.3%) After slight wobble mid-morning. Mixed session with an upside bias as commodity stocks pushed higher and banks rallied slightly. The Big Bank Basket up to $188.34 (0.35%) with MQG up 0.7% over the $200 level. Insurers pushed higher, QBE up 0.9%.  Industrials firmed with consumer stocks in focus, WOW up 1.5% WES up 0.8% and TWE up 1.7%. 
• Technology mixed as APT followed Square lower by 2.8% though XRO rose 1.5% and WTC up 0.7% with the All-Tech Index down 0.6%. Resources firmed, BHP up 0.7%, FMG rising 1.0% and gold miners also doing well, NCM up 1.4% and DEG up 3.2%. Oil and gas took heart from rising oil prices and the ORG deal to sell 10% of its LNG business. WPL up 3.9% and STO up 3.8%. 
• In corporate news, TLS pulled off a great deal buying Digicell with government money in the main. The stock rose 2.7% on the news, MIN resumed production at Wodgina rising 9.0% and lithium stocks generally were back in demand on stronger underlying commodity prices. ORG rose 3.9% after its LNG sale, PDN up 4.3% on positive commentary for uranium outlook. SIQ dropped 10.6% after private equity adjusted price down and board disengaged. 10-year yields unchanged at 1.78% 

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