Market Updates

The ASX 200 recovered some 60 pts to close at 8674 after yesterday's drubbing, ahead of a long weekend in some states in Australia. The ASX rose 10 pts this week. Banking sector recovered slightly after yesterday's drubbing, with CBA up 1.2%, NAB being the best of the bunch, up 1.6%. The Big Bank Basket rose to $261.64 (+1.1%). Insurers also seeing a little bit of buying, especially in QBE, which was up 4.2%. Other financials also slightly firmer, with MPL up 0.4% and ASX up 0.9%. The REIT sector still under pressure, with GMG down 2.6%, SCG down 1.6%, although CHC managed to put on 0.3%. We saw TCL recover, and retail stocks pushed slightly ahead: WES up 0.8%, WOW up 0.8%, and JBH flat.

In the tech space, we saw buying following a positive move in software stocks in the U.S., with WTC up 6.4% and TNE up 4.5%. MP1 was another big winner today, along with DTL after its big run yesterday. The All -Tech Index rose 2.4%

In the resource space, BHP and RIO both rose today, and we did see some buying emerge, although tentatively, in PLS and MIN. LYC recovered 1.7% after the bid yesterday for MEI, and the gold miners also put on a slight rise, with NST up 1.6% and RRL up 1.7%. Coal stocks recovered, with WHC up 3.8%, and the oil and gas space was better too, with WDS rising 1.2%, together with STO up over 2%.

In corporate news today, PPS jumped 9.1% after its CEO stepped down. SRL is planning to move to the US, and TWE is also doing better on a broker upgrade. LLC fell slightly on news of its Italian sale update, whilst AYA jumped on a 5-year contract in the US.

We await U.S. non-farm payrolls tonight.

Asian markets pushed higher with Japan down 1%, China closed for Golden Week.

10-year yields back to 5.34% .US Futures lower. Nasdaq up 96 and Dow up 160.

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Stocks posted modest gains on the first trading day of October, clawing back earlier declines as Treasury yields retreated from their highest levels in more than 20 years.

The S&P 500 added 0.19% to close at 7,666.45, and the Nasdaq Composite eked out a 0.04% gain to end at 26,871.60. The Dow Jones Industrial Average inched up 20.51 points, or 0.04%, to 50,926.56. 

The 10-year U.S. Treasury yield hit an intraday high of 5.344% to reach its highest level going back to 2002. The 30-year bond yield also scaled to levels not seen in 24 years.

Oil jumped 4% on US aircraft carrier news. SPI up 45 – Firmus details announced.

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The ASX 200 plunged 175 points to 8,614 (2%) in a very miserable start to the new quarter.  Across-the-board losses, with the banks leading the way down. CBA fell 0.9%,  WBC fell 3.3%, and ANZ fell 2.9%. The Big Bank Basket fell to $258.69. Insurers also gave up any hope of gains on the back of higher bond yields, with QBE down 2.2% and SUN denying takeover speculation, falling the hardest, down 7.4%. MQG managed to hold up pretty well, all things considered, down only 0.1%. We also saw selling across the board in the REITs, which had a good day yesterday, but not to be repeated today, with SCG down 2.6% and GMG down 2.2%. Healthcare tumblers in the doldrums, with CSL down 3.3%, having risen 55% in September. COH resumed the fall, as did RMD. Industrials slid too, with TCL falling 1.7% after buying a further holding in its toll road network from a Canadian pension fund. WES dropped 1.2%, and retail stocks generally were weaker, with REA giving back some of yesterday's gains and both WOW and COL falling over 2.6%.Tech stocks also eased with WTC down 3.5% and the All-Tech index off 1%.

In resources, things could have got worse, with BHP managing to hold the line, nearly down only 0.9%, but RIO and FMG both falling hard. Lithium stocks, too, came under renewed pressure, with PLS down 5.4%, LYC dropped 8.6% after a scrip bid was announced for MEI. MIN also dropped 4.6%, together with S32. The gold sector eased back despite bullion going higher in Aussie dollar terms. We had NST down 4.1% and EVN down 2.0%, and the oil and gas space saw losses in WDS down 3.1% and STO down 2.7%.

Coal and uranium stocks both under pressure, with WHC down 4.5% and PDN down 4.1%, together with KAR, which gave up some of yesterday's gains, falling 4.1%.

In corporate news, DTL roared ahead after a trading update, and LYC dropped X% after announcing a scrip bid for Brazilian rare earths developer MEI. Nothing particularly important locally on the economic front, although we did get balance of payment numbers today.

Asian markets pushed higher with Japan up 3.4%, HK 0.4% and China up 0.3%

10-year yields higher at 5.40% on CPI. US Futures lower. Nasdaq up 381 and Dow up 150.

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The S&P 500 slid on Wednesday, the final day of September, even after new U.S. economic data showed inflation slowed last month.

The broad-market index dropped 0.25%, giving up its gains from earlier in the trading day and closing at 7,651.54. The S&P 500 was up as much as nearly 0.7% at one point during the session. The Nasdaq Composite advanced 0.24% to end at 26,861.06. The Dow Jones Industrial Average fell 0.86%, or 443.87 points, to 50,906.05. 

The personal consumption expenditures price index for August increased at an annual rate of 3.4%, down from 3.7% the month prior. Economists surveyed by Dow Jones had been looking for inflation to remain steady at 3.7%. Even more encouraging was core PCE, excluding food and energy, which rose 3% year on year, down from 3.3% the month before and also lower than economists had forecast.

SPI down 48 - TCL buys out Canadian Pension Fund - MEI to be acquired by LYC

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The ASX 200 kicked 80 points to 8789, or 0.9%, after a relatively benign CPI number came in at 4%. Most sectors of the market rallied, with the exception of the banking sector, which still is under a cloud due to economic headwinds from higher inflation and higher interest rates. The Big Bank Basket closed relatively unchanged. We did see insurers, though, kick slightly higher, with SUN up 4.8%, and other financials also doing okay. ASX up 1.9%, and SOL up 1.8%. We also saw the REIT sector put in a good day today, with GMG up 3.9%, GPT up 2.9%, and SGP up 4.8%, on the hopes that the last rate rise was the last rate rise.

Industrials were firm across the board, with retail doing especially well. WES up 3.0%, and JBH up 4.7%. TLS also had a good day, up 1.3%, together with REA after the Irish acquisition yesterday, gaining 5.9%. WOW and COL also rising slightly. In the healthcare sector, CSL continued to push higher, up 1.1%, although the technology sector did take a bit of a break today, with WTC off 1.2% and XRO falling 1.9%. The All-Tech Index was up 0.8%, but it was all about interest-rate-sensitive stocks rallying hard.

The resource sector, too, was modestly higher, with BHP up 0.3%, RIO up 1.6%, and the gold sector doing okay, although nothing stellar. NST continued to run higher on rumors of an increased offer from Goldfields, but we continue to see pressure on lithium stocks as the price in China languishes after a miserable September. PLS dropped 0.3%, and MIN dropped 0.2%. Meanwhile, in the oil and gas space, WDS rose slightly, as did STO, and we saw a little bit of selling in the uranium sector.

In corporate news, LLC had a good day, jumping more than 11.3% on an update on the sale of its stake in Keaton Retirement Living. A blast from the past: CTT had a very good day today, up 30.6% on news from Italy on a potential VAT win.

Economic news dominated today, with the CPI coming in at 4%, slightly below forecasts. Economists around the country were quick to pronounce on whether the RBA would be raising rates in November or whether the RBA would be on hold going forward. Lucy Ellis from Westpac said a November rate rise is now a base case.

Asian markets pushed higher with Japan up 1.9%, HK flat and China up slightly

10-year yields lower at 5.34% on CPI. US Futures lower. Nasdaq down 10 and Dow up 202.

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The Dow Jones Industrial Average pulled back 131.59 points, or 0.26%, to close at 51,349.92. The S&P 500 edged down 0.16% to end at 7,670.84, while the Nasdaq Composite slipped 0.09% to 26,797.54. Though all three indexes ended the session off their lows, they also posted back-to-back losing sessions.

Bank stocks slid. JPMorgan Chase, Morgan Stanley and Bank of America declined. The State Street Financial Select Sector SPDR ETF (XLF) also closed lower.

The 30-year Treasury bond yield climbed to a high above 5.6% to reach a level not seen since June 2002. The benchmark 10-year Treasury note yield topped 5.29% at its session high.

SPI down 5 - CPI today - Gold up - Oil down - NST in focus.

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The ASX 200 rose 30pts to 8709 (0.3%) after the RBA raised rates by 25 basis points, which has been well and truly priced into the market. After an initial dip, the market pushed a little higher. The banking sector was a little weaker, with CBA down 0.8%. The Big Bank Basket fell to $262.85 (-0.3%). Although the insurance sector was mixed, other financials again were mixed as well, with MQG pushing up another 0.9% and a recovery in the likes of PNI and NGI.

Industrials were mostly firm, with WES rising 1.0%, ALL rising 0.8%, and even JBH rising 1.3%. Tech stocks had a slightly better day, with WTC pushing up 3.1% and XRO also up 0.6%, whilst TLS eased slightly and the REITs came under pressure as GMG cancelled a data centre in Lane Cove.

A far better day for the resource sector today, with BHP up 1.4% and Rio up 0.8%, and signs of life in the lithium market with PLS up 0.8% too. Gold miners steadied and pushed slightly ahead, with RMS up 3.5% and GMD up 0.8%. Meanwhile, in the energy sector, the oil and gas majors WDS and STO lost around 1%, and uranium stocks came under a smidge of pressure.

In corporate news today, CDA shot the lights out with demand for its drone components doubling profits, ensuring a 24.0% rise. REA also announced a $409m acquisition in Ireland. It rose 0.2%. MP1 rallied 9.4% as it announced a new deal and PRN also had a good day.

In economic news, the RBA raised rates again. Household spending was unchanged in August according to the ABS and Employers grow more cautious on hiring.

Asian markets drifted lower with Japan down 1.0%, HK down 0.3% and China up 0.3% .

10-year yields at 5.37%. US Futures lower. Nasdaq down 139 and Dow off 94.

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The ASX 200 rose just 15 points to 8,680 (0.2%) today in listless trade ahead of the RBA and a big week for US Fed chiefs. The banking sector was firm, with CBA up 0.5% and MQG also having a good day, up 2.3%, with the insurers better on higher bond yields. Financials generally were slightly firmer, although PNI fell 2.0% after news from one of its funds on private credit exposure. A slight upward bias to the industrial space, with TLS up 0.6%, WOW up 1.0%, and COL up 0.8%. Tech was mixed, as WTC rose 1.7%, with TNE down 0.4%. Utilities were also in demand on defensive buying, with ORG up 1.0% and APA up 1.3%.

The healthcare sector was once again firm, with CSL continuing to push ever higher and COH also doing well, up 2.0%. REITs were also slightly firmer despite yields increasing, with SGP up 1.7% and SCG up 0.9%.

In the resource space, we saw BHP, RIO and FMG all under pressure on fears of lower iron ore prices, and gold miners also falling on the back of higher yields and inflation concerns. EVN fell 3.0%, and NEM fell 2.4%. We also saw selling in the rare earths space, with LYC down X%, while lithium stocks drifted lower.

In the energy space, WDS rose slightly, as did STO, up 0.2%, but KAR had a nasty day on the back of production guidance being cut due to electrical issues at Baúna. Uranium stocks also slipped slightly, with PDN down 2.0%.

In corporate news, NST rejected a takeover offer from Gold Fields, with a mixture of scrip and cash proving not generous enough. We also saw three ASX-listed private credit funds suspended on valuation concerns.

Nothing locally on the economic front as we await the decision from the RBA, which looks like a laydown for another 25-basis-point rise tomorrow afternoon.

Asian markets drifted lower with Japan down 0.2%, HK up 0.6% and China down 2.4%.

10-year yields at 5.4%. US Futures lower. Nasdaq down 260 and Dow off 190.

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Wall St finished higher on Friday and closed near the day's highs. The Dow was up 484 points (up 0.94%), the S&P 500 was up 39 points (up 0.51%) and the NASDAQ was up 129 points (up 0.48%). The Russell 2000 was up 0.07%. The indexes were briefly in the red early after University of Michigan Consumer Sentiment fell to a four-month low of 48.1. Most of the gains came after the New York Times reported that Iran had given the US terms for reopening the Strait of Hormuz. Iran quickly denied it. Semis, tech hardware, airlines, banks, builders and autos did best. Energy, cable, food, cybersecurity, software and REITs lagged. For the week the Nasdaq was up 2.06%, the S&P 500 was up 1.21% and the Russell 2000 was down 0.80%. The VIX was unchanged.

SPI up 3 - Gold slightly better - Oil eases - RBA in focus tomorrow.

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