Market Updates

US equities had their best week in nearly three months last week as a good start to Q3 earnings season and improving Covid trends helped overcome inflation and Fed tapering worries. SPI Futures up 31 points at the Saturday morning close. Get up to speed with Henry's Breakfast Briefing.  

• ASX SPI Futures up 31 points.
• US market firm on better corporate and economic numbers.
• Gold falls 1.7% Oil up 1%.
• Resources in focus on commodity price rises. 
• ALL launches $3.9bn UK bid and equity raising.

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• The ASX 200 moved 50 points higher to 7362 (0.7%) today as banks rallied after US results, and miners did well on higher commodity prices. The Big Bank Basket moved up slightly to $184.19%. MQG up 3.7% hitting an all time high, insurers though flat on news that ASIC would be pursuing IAG. Fund managers took a beating as Judith Neilson sold down her holding of PTM as the stock fell 6.9% and PDL down 11.5% on FUM. 
• Miners were in demand, BHP up 2.8%, FMG up 2.0% though RIO fell 0.9% on production downgrades due to personnel issues. OZL also had a great day up 5.2% with gold miners mixed, NCM down 0.2% but CHN up 2.2%. 
• In the industrials, travel stocks advanced as NSW abandoned quarantine for fully vaccinated travellers, QAN up 2.0% on some excess land sales too. WEB rose 4.0% and FLT up 3.8%. Healthcare better with CSL up 0.2% and RHC riding the reopening wave up 0.8%. Tech stocks better as bond yields steady at 1.63%, APT up 1.7% and XRO doing well up 0.9%. The All-Tech Index up 1.1%. 
• In corporate news, TWE poured some sour grapes on the bulls at its AGM falling 5.4% and the Boom in a Room Conference produced some winners not least of which STM rose 22.9% on its show and tell. 
• Nothing on the economic front. Goldman Sachs results tonight. European markets opening firm.

US markets rallied overnight, with the S&P posting its biggest gain since March and Nasdaq since May. The S&P is now just ~2.3% off record level from early September. Get up to speed with Henry's Breakfast Briefing. 

• ASX SPI 200 up 46 points.
• US markets rally hard. Dow now only 2% from all time highs.
• Commodities push higher. BHP rallies 3.8% in US.
• Oil up 1%.

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• The ASX 200 kicks 39 points higher to 7311 (0.5%) as resource stocks rally hard but a late sell off hurts. Good AGM and business updates fuel a rally. 10-year yields fall back to 1.63% and jobs number comes in as expected. 
• The big miners were all the rage as BHP rallied 0.6% FMG up 2.3% and S32 bought a copper mine in Chile hitting highs up 4.9%. Base metals were also in demand but once again lithium was the highlight with LTR and CXO seriously higher on heavy buying. Gold miners also doing well as bullion rose overnight and held gains in Asia. Higher inflation and lower interest rates, a good combo for gold miners. NCM up 2.4% and NST up 3.3% with PRU up 9.4% on a Yaoure update. 
• Industrials firmed with bond proxies in demand, TCL up 0.2% and REITs finding favour. Healthcare also in the rudest of health led by CSL up 1.0% and RHC rising 1.0%. Tech better, APT up 4.5% on Square dances and the All Tech Index rising 3.1%. Banks were weaker, the big bank basket down slightly to $183.34 %. Insurers and other financials missed out as it was all about risk and growth. 
• In corporate news, NWL went substantially higher 15.6% on FUA rising $4bn in the last quarter, WHC disappointed slightly off 2.1% and led other coal stocks lower, RBL burst down 12.5% as mask sales collapsed. 
• On the economic front, unemployment jumped to 4.6% from 4.5%. Better than expected and Fitch upgraded the local outlook to cloudy with meatballs. Or stable.

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Dow ends flat, S&P 500 and Nasdaq snap three-session losing streak after Fed minutes point to tapering plans. SPI Futures up 50. Get up to speed with Henry's Breakfast Briefing.

• ASX 200 SPI up 50 points.
• US markets mixed. Tech stock push higher as 10-year yeilds drop.
• Energy off slightly. Gold bounces 2% Iron ore falls 4%.
• Inflation and jobs number this morning .

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• The ASX 200 meanders around closing down 8points at 7273 (0.1%) as banks slip slightly and miners under some pressure. 
• The Big Bank Basket took its cue from BOQ which fell 4.3% on its results, CBA held its AGM and talked up tough love on lending, falling 1.6% in the process. The Basket fell to $184.94 down 1%. Insurers firmed, MQG unchanged, MFG continued its descent into darkness, down another 1.8%. Industrials were mixed, tech better led by APT up 0.8% on Square dances in the US. 
• The All-Tech Index was up 0.8% with XRO doing well. Resource stocks were mixed, uranium and lithium players were highly sought after with PDN up 18.4 % and CXO doing well up 13.1%. Gold miners had their moments, PDI recovered from the crash yesterday up 14.7%, NCM firmed 0.9% and DEG had some good drill results though rise petered out at close. Iron ore a little on the nose and coal off, BHP down 1.0% and FMG seeing traders take profits, down 5.3%. Oil and gas better with COE up 1.8% and WPL up 0.6%. Healthcare did ok, CSL the standout up 0.5%. 
• In corporate news, SGR rose 6.5% after some more IR spin on money laundering issues, ADT in a trading halt, raising a truck load of money and SFR selling out completely. In economic news, IMF downgraded Australian GDP and Treasurer Frydenberg followed suit.
  
  

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The Dow clocked a third losing session in a row last night, although SPI Futures are pointing to a positive start. Get up to speed with Henry's Breakfast Briefing.

• ASX 200 SPI Futures up 14 points
• US markets drift lower on usual issues ahead of reporting season
• Iron ore down 6% in Asia yesterday
• Oil stays above US$80 for WTI

 
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• The ASX 200 falls 19 points to 7281 (0.3%) after banks ease and nerves continue over Chinese property companies. The Big Bank Basket slipped to $186.87 -0.2% after WBC fell 1.7% on a hit to its balance sheet. CBA AGM tomorrow. Insurers eased back to led by QBE, but MQG managed to stay positive. MFG continued to slip lower, down 1.1%. Industrials drifted lower too with bond proxy stocks slightly weaker, TCL down % and REA off %. In healthcare, CSL rose 1.8% after a positive outlook statement at the AGM, RMD continued lower down 0.9%, and ANN slid 4.6% on a broker downgrade. 
• Miners tried to hold the line but gave up to register slight losses, BHP down 0.3%, FMG off 1.4% and coal stocks slipping back after good gains in recent days, despite coal futures heading higher again in China. Gold miners flat lined and oil and gas stocks sold down slightly on profit taking despite higher oil prices. 
• Travel stocks eased back to with QAN down 1.1%, FLT off 1.3% and WEB falling 2.4%. Tech stocks eased as yields rose, APT down 2.7% and All Tech Index down 1.5%. 
• In corporate news, DDH announced a takeover for SWK in an all-scrip affair, ERA updated the market on uranium production and fell 3.7%. PDI had a shocker today as it replied to some media speculation, not even out yet, on issues with its mining leases in Guinea. The stock fell hard down 27.7%.
•  In economic news, business confidence rebounded sharply, and consumer confidence edged higher despite lockdowns. 10 -year yields continue to trundle higher and all eyes on the Chinese property companies still.

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US markets gave up early gains and dived into the close to finish on the session low. It's not all bad news, however, with commodity prices strong; WTI above US$80 a barrel, iron ore up nearly 10%, coal up 8%, aluminium at a 13-year high. 

• ASX 200 SPI Futures down 27.
• Energy prices up as coal surges on Chinese floods.
• Focus on resource stocks as iron ore up 9.5%

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The ASX200 falls 156 points to 7248 (2.10%) as Evergrande woes boil over in Asia. Dow futures down 350 points. Singapore iron ore prices touched US$90 briefly with China closed today. The big miners under extreme pressure, BHP off 4.2%, FMG down 3.7% and RIO falling 3.6%. Other resources followed suit as BSL tumbled 5.0%, S32 down 2.1% and LYC down 11.8%. Uranium. Lithium and other hot pockets saw a big sell off as profit taking and nerves kicked in. PDN down 16.50% and BOE off 17.4%. 

The Big Bank Basket was hit to $180.59 with MQG down 3.6% and QBE dipping 2.9%. Healthcare was a little more resilient with CSL down only 0.6% and RMD losing 2.6%. Industrials under pressure with SYD down 1.5% after traffic numbers, REH off 3.6% and TCL in a trading halt as the company looks to shore up capital raise to buy WestConnex.

 Energy stocks fall and oil eases back in Asian trade. Tech under pressure too, APT down 2.2% and the All-Tech Index down 2.5%. In corporate news, Brookfield bid $9.6bn for AST with the stock rising 19.2%. 

All eyes on Evergrande and central banks this week.

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