Market Updates

The ASX 200 dropped 86 points to 8926 (-1.0%) as inflation came in hotter than expected and snuffed out any rate cut hopes for next week. The banks bore the brunt, CBA down 2.1% and WBC falling 3.1% with the Big Bank Basket falling to $289.08 (-2.1%). Insurers fell, QBE down 1.6% and SUN off 2.0%. Other interest rate stocks fell, TCL down 1.9% and REITs under pressure, GMG down 1.4% and SGP off 3.9%. Industrials eased back, WES dropped 1.7% and ALL off 1.6% with WOW up 2.4% as COL fell 1.9%. CSL continued to decline down 4.0% and XRO falling 2.0% with the All-Tech Index off 1.4%. In resources, iron ore rallied, BHP up 1.3% and FMG up 1.0% and the gold sector doing much better, EVN up 2.4% and NST up 2.4%. Rare earths still under some pressure, ARU off 20.0% as the capital raise weighed, lithium stocks trying to push higher, PLS up 1.6% and the uranium sector soaring on a Cameco deal in the US and BOE jumped 19.8% on quarterly numbers, PDN up 11.3% and oil and gas flat.

In corporate news, NCK gained 12.7% on strong Q1 ANZ sales. WOW up 2.4% on quarterly sales, SDR rose 2.5% on a trading update. On the economic front, underlying inflation came in stronger than expected at 3%. Rate cuts are off for 2025. Trimmed mean of 1% QoQ. Well above the forecast 0.6%.

Asian markets generally firm, Nikkei 225 up 1.9%, HK up 0.1% and China up 0.4%. 

10-year yields 4.23%. US Futures mixed. 

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US stocks finished higher overnight. The Nasdaq rose 0.8% and the SP500 0.2%. US stocks remain in record highs on average volume of 20bn shares. Employment figures released were encouraging, and NVDA made a big 5% move up after announcing a deal to build seven AI supercomputers for the US energy department. CEO Huang also said they had US$500bn in bookings for its AI chips – and that’s even without access to the Chinese market. It's possible NVDA becomes the first public company to hit US$5 trillion in value. 

SPI futures are up 11 points. ASX set to open higher. WOW quarterly and CPI 

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The ASX 200 fell 43 points to 9012 (0.5%) as resources were sold off heavily. Two blue chip casualties today too in CSL on a downgrade and delays to its demerger plans and WTC on ASIC raid on offices. Both falling heavily, CSL off 15.9% and WTC down 15.9% too. The All-Tech Index fell 1.1%. Gold miners under serious [pressure again today with NEM down 4.1% and NST falling 3.1% as bullion fell below US$4000. The Iron ore majors fared better with small losses, but rare earths dropped in a brutal sell down, LYC fell 13.9% and ILU down 5.2% with lithium stocks back on the chopping board as LTR dropped 12.8% and PLS fell 6.1%. Oil and gas stocks eased, WDS down 1.7% and uranium stocks fell, PDN down 4.4% and DYL off 2.5%. Banks though and other defensives were in demand. CBA up 1.4% and NAB rising 2.5% with the Big Bank Basket back up to $295.24 (+1.4%). Insurers gained too. QBE up1.5 % and SUN up 2.2%. Broker AUB got a NBIO from Swedish private equity, up 5.9% and SDF rose in sympathy. Industrials firmed, WES pushing ahead again, up 2.8% TLS up1.0 % and COL gaining 1.6%. In healthcare CSL weighed and tech stocks fell, WTC being responsible. 

In corporate news, media speculation on Bain Capital bidding for all or some of DMP saw the stock rocket before denial and profit taking killed it, still up 7.2%. FLT fell 0.9% as it sold its Cross Hotels business. 

On the economic front, Trump was in Japan meeting new PM Takaichi as the Fed kicks off its meeting tonight.

Asian markets mixed ahead of framework trade deal, Japan down 0.8%, with HK and China mildly positive.

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US stocks hit all time highs again overnight. The Nasdaq was up 1.8% and the SP500 1.2%. Company earnings are coming in strong, the Fed is in a rate cutting cycle and optimism around the trade spat is keeping the market buoyant. The VIX is now falling well back from the high it hit earlier in the month and the gold price retreated again (-2%). Bitcoin also seems to be stabilising after its recent drawdown.

The ASX is set to open lower. The SPI is down 39 points.

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The ASX 200 rose 37 points to 9056 (0.4%) after flirting with a new record high. Banks came off the early boil somewhat, CBA up 0.8% and the Big Bank Basket up to $291.17 (+0.7%). Financials generally were firm, ZIP up 3.0% and XYZ 1.8% higher. REITS too were a little better, GMG up 0.9% and SCG up 0.2%. Industrials generally were solid, ALL up 1.8% and QAN took off, up 3.4% with BXB also doing well, up 1.2%. COL and WOW slightly better and tech mixed, WTC down 0.6% and XRO up 0.9% as the All-Tech Index rose 0.4%. 

In resources, it was a mixed picture, iron ore majors firmed, BHP up 0.7%, gold miners were mixed on quarterly results, NEM continued to see profit taking post the quarterly, down 3.1% and RMS fell 5.7% on quarterly. Rare earths remain under pressure as the US and China edge closer to a trade deal. LYC down 2.4% and ILU off 6.9%. Oil and gas stocks slightly higher, STO up 1.4% with uranium mixed. 

In corporate news, NXL dropped 16.8% on the CEO resigning, PNV bounced 3.9% as the chair fell on his sword and VEA fell 4.3% on cigarette sales drop. AUB jumped 12.1% on takeover rumours from Swedish PE. 

On the economic front, Chinese industrial companies saw their earnings surge the most in nearly two years. 

Asian markets firmed on trade hopes. Japan up 2.1% China up 1.1% and HK up 1.0%.

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Wall St had a strong session on Friday. Inflation numbers coming in slightly lower than expected and company earnings continuing to beat. The market jumping hurdles of the Government shutdown, trade tensions, regional bank jitters, overvaluation concerns and oil sanctions. S&P 500 up 0.79%, closing near the high on average volume. Dow up 473 points. Nasdaq best up 1.15%. Headline CPI hit 3% vs 3.1% expected. The highest level since January. Energy prices the largest contributor. Transportation services had the biggest decline. Shelter flat. Core inflation slightly fell from 3.1% to 3%. No change was expected. Technology the best performer thanks to Big Chips. Alphabet/Anthropic news boosting sentiment (more below). S&P 500 up 1.9% for the week. Nasdaq up 2.3%. ASX 200 up 0.26%.

ASX set to open 26 points higher.  US - China trade talks in focus.

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The ASX 200 drifted 14 points lower to 9019 (0.2%) in cautious trade ahead of the latest US CPI tonight. For the week, we are up around 24 points. Not that exciting, but plenty happening beneath the surface as usual. Banks eased back today with CBA down 0.8% and the Big Bank Basket down to $289.13 (). Other financials also drifted lower, NWL down 2.2% and HUB off 2.1 %. ZIP fell 1.0% and insurers flat too. REITS held firm generally as did industrials. BXB up 0.1% and SGH rising 0.8%. Some buying in tech stocks, WTC up 3.0% and XRO still struggling, up 0.2%. The All-Tech Index up 0.6%. In resources, BHP and RIO rose slightly, FMG down 1.5% and gold miners were generally easier again, NEM quarterly probably not helping, off 4.4%. Lithium had a day out following better than expected quarterly from PLS up 9.1% and LTR up 10.4%. Looks like some more short covering kicking in too. Oil and gas mixed, WDS up 1.0% and STO down 1.2%. Uranium firmed ever so slightly, PDN up 0.1% and DYL off 4%.

In corporate news, CTD released a positive update but still suspended due to past issues. WHC fell 0.4% on its quarterly and CCL gained 1.0% on ACCC approvals with NCK seeing its chair retiring. MGX cratered 26.6% following the recent seismic event on Koolan Island which has now brought forward the closure of the mine. CRN confirmed a roof fall but denied a collapse.

On the economic front, Japanese CPI rose, Trump terminated talks with Canada after an ad and China revealed its cunning plan to revitalise its economy.  

Asian markets better Japan up 1.4% China up 1.0% and HK up 0.7%.

10-year yields rise to 4.14%.

European markets opening around 0.1% higher. US CPI in focus.

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Want to invest with Marcus Today? Our MT20 portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you.

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Want to invest with Marcus Today? Our MT20 portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you.

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US shares were down overnight with the Nasdaq (-0.93%) the worst of the major indices. Both the SP500 (-0.53%) and Dow (-334 points) were lower. The Trump administration floated the idea of placing restrictions on software exports to China. The VIX rose (+4%) on higher volume of 24 billion shares traded. Bitcoin was weak again, suggesting risk sentiment continues to moderate.  The market is also waiting for the delayed release of US inflation numbers. Seven of the 11 major sectors were down. 

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