Market Updates

The ASX 200 fell 59 points (-0.7%) in quiet pre-Fed trade. Banks eased back with NAB and WBC giving up recent gains with the Big Bank Basket down to $283.10 (-0.4%). Wealth managers also slid, MQG down 1.1% and HUB off 1.3% with SOLDA rising for a second day. Insurers also under pressure, QBE down 0.6% and SUN off 1.5%. REITs fell too led by SCG down 2.2% and GMG off 0.9%. Industrials mixed, WES fell 1.9% and LNW dropping 2.4% as FLT fell 2.7% and CTD announced further delays in the accounts. SUL rallied back 2.7% after the CEO/HR news yesterday. Tech slightly better, WTC up 1.5%. Resources eased back, the big three iron ore miners lost ground, BHP off 1.1% and FMG down 1.3%. Gold miners saw profit taking, NST down 2.1% and NEM off 1.1% with lithium stocks mixed, MIN off 1.7% and PLS up 4.2%. Uranium stocks also under pressure following gains yesterday. PDN fell only 1.5% on its $300m capital raise. WHC gained 5.2% and YAL up 2.4% with WDS also better.

In corporate news, DRO announced it has won two fresh contracts with the US Defence Department. PYC fell 30.0% as the MD stepped down and BHP announced it was cutting 750 jobs in QLD on the coal outlook. 

In economic news, consumer sentiment data released by UBS here today indicated that spending intentions over the next 12 months had surged to the highest level since 2019.  UK CPI jumps to 3.8% as forecast.

Asian markets better, Japan down 0.3%, China up 0.5% and HK up 1.6%

10-year yields steady at 4.21%.

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Wall Street recorded another quiet session. Down slightly as nerves kicked in ahead of the Fed rate decision tomorrow – widely expected to cut by 25bps. S&P 500 down 0.13%, Nasdaq fell 0.07%. Dow dropped at open, found a little strength from noon onwards. Closed mid-range, down 126 points. Mixed sector performance. Utilities worse performer, down 1.8%, followed by Materials and REITS. Energy was the best performer, following oil upwards as Ukraine hit more Russian supplies. Cyclicals the only other notable performer, a further Tesla gain of 2.8% boosting the sector, after Musk disclosed he bought 1Bn more in company stock earlier in the week.

ASX to fall. SPI futures down 29 points (-0.33%).

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The ASX 200 rose 25 points in quiet trade to 8878 (0.3%) ahead of the Fed. Banks were mixed again, CBA down 0.3% and NAB and WBC up again. The Big Bank Basket flat at $284.23 (-0.1%). Wealth managers bounced slightly, MQG up 1.0% and NWL rising 1.5%. First day of trade for SOLDA the new look SOL/BKW entity. REITS slipped slightly, SCG down 0.5% and VCX off 0.8%. Industrials were mixed, retail better except SUL as its CEO was sacked, down 4.3%. CPU rallied 2.3% and REH rose 2.8%. Tech rose again, although WTC down 1.6% and XRO resumed the downtrend, off 0.6%. A long way down from the recent cap raise price. The All-Tech Index rose 0.7%. Resources remain the place to be. Iron ore miners rose, RIO up 1.9% with gold miners finding support, GMD up 0.7% and NEM up 0.9%. Lithium also in demand, MIN up 1.1% and LTR up 3.0%. Uranium stocks were roaring ahead, DYL up 9.2% and NXG rising 8.7%. PDN in a trading halt as it seeks to raise $300m in a placement and SPP. Oil stocks rose slightly in the second liners. Coal stocks also in demand, NHC rose 5.1% on good results, WHC up 1.9%.

In corporate news, CSL fell another 1.3% as it announced a potential acquisition, SIG rallied 0.3% on Richard Murray’s appointment as CFO.

Nothing on the economic front locally. 

Asian markets better, Japan hitting new records up 0.5%, China down 0.4% and HK unchanged.

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Wall Street recorded a positive, quiet session, with the S&P 500 and the Nasdaq reaching intraday highs. Markets in wait and see until the Federal Reserve’s next policy meeting on September 17th. S&P 500 up 0.5%, Nasdaq up 0.9%. Dow rose throughout the first hour, then fell below its opening but recovered by the finish. Closed mid-range, up 49 points. Mixed sector performance. Growth sectors like Tech and Cyclicals led the gains, both rising 1.0% or more, boosted by Tesla and Alphabet rallies. Healthcare, Materials and Staples all showed weakness.

ASX to rise. SPI futures up 43 points (+0.49%). CSL makes a move - Gold up 1%. Uranium in focus.

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The ASX 200 fought back from earlier steeper losses to close down only 12 points at 8853 (0.1%). Banks held firm with ANZ copping a massive $240m fine from ASIC for dodgy conduct over the years. The Big Bank Basket fairly flat at $284.41 (). Wealth managers eased back, HUB fell 2.8% with NWL down 3.1% and SOL falling 5.2% on its last day of trade before merger. REITs generally firm with SGP up 0.6% and BWP up 2.2%. Healthcare remains in ICU with CSL falling another 1.6% and RMD down 1.4%. Industrials showed a tinge of green, SGH up 1.1% and ALL bouncing 2.2% after losses last week. In tech stocks, WTC rose 2.9% after Richard White disclosed a sale of a small parcel! XRO continued to trend lower again, down 0.6% with the All-Tech Index up 0.1%. In resources, Chinese data came in weaker than expected, BHP fell 0.6% with gold miners seeing some profit taking after a huge run in the last few weeks. EVN down 5.3% and NST falling 1.9%. GOR issued a production downgrade and fell 0.3%. Lithium stocks perked up, MIN up 3.2% and PLS being squeezed higher again, up 9.1%. VUL had a great run as shorts covered too, up 11.7%. Mixed in uranium with PDN up 1.8% and BOE flying up 7.9%. Oil and gas stocks showing limited gains, STO up 0.9%. 

In corporate news, EHL raced ahead on bid speculation. BUB has a new Chair. 

Nothing on the economic front locally. Chinese data came in weaker than expected prompting hopers of more stimulus. Asian markets pushed higher, Japan up 0.9%, China up 0.2% and HK unchanged.

10-year yields at 4.27%.

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Wall St closed mixed Friday as traders digested the week’s economic news. Gains limited by concerns of the market being overstretched and getting ahead of itself on the rate cut front. Focus on next week’s Fed meeting and Powell’s commentary. S&P 500 flat, closing on the low. Nasdaq up 0.44%. Dow down 274 points. Nasdaq outperformed this week. Up 2% vs the S&P 500 up 1.6%. Discretionary Stocks, Utilities and Tech up overnight, everything else down. Nasdaq boosted by Microsoft. Up 1.8% on its OpenAI deal and avoiding an EU anti-trust fine. Apple also bouncing back 1.8%. Tesla up another 7.4% on management shrugging off declining sales and Musk’s political distractions. Bond yields rose after dropping for the last two sessions on labour and producer price data. US2Y up 1.8bp. 10Y up 4.2bp.

On the economic front, consumer sentiment fell for a second consecutive month. Survey cited risks to business conditions, labour market and inflation. Short-term consumer inflation expectations remained unchanged. Long-term they rose. USD slightly up overnight. Slightly down for the week as Forex traders increased the number of rate cuts expected this year. Damage to our Strategy ETFs being done by the USD/AUD exchange rate. AUD up 1.4% this week alone vs the USD. Economists only expecting a 25bp cut from the Fed next week despite the labour market cooling faster than anticipated and signs of tariff induced inflation being (to date) lower than expected.

SPI down 59 - ANZ Fined $240m - GOR Production downgrade.

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The ASX 200 has finished the day down 25 points or 0.3% in a very quiet session. Close to what futures indicated as selling in Health Care increased and Banks failed to bounce. CSL continues to disappoint. Textbook case of bad results setting a new downtrend. PME managed to rally and finish up 0.6%. TLX back down 4.4% after looking encouraging yesterday. NEU worst, down 7.5% off lows. 4DX best. Up 18.9% as volatility returns. Big Four banks mixed but all down. CBA escaped most damage down 0.5%. ANZ worst down 1.6%. SOL down 3.3%. Stock market stocks mixed with GDG the standout again. Tech stayed flat from midday. WTC quiet. XRO and NXT stayed up. 360 down a touch.

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Want to invest with Marcus Today? The Managed Strategy Portfolio is designed for investors seeking exposure to our strategy while we do the hard work for you.

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