Market Updates

US stocks tumbled overnight, with the Dow (-444pts), S&P 500 (-0.95%), and NASDAQ (-1.37%) after Trump announced plans to introduce reciprocal tariffs reigniting fears of a global trade war. Trump did not specify which countries would be targeted, but markets worried about the potential inflationary effects of new tariffs. On the economic front, the US consumer sentiment index dropped to 67.8, marking a second straight month of declines, while one-year inflation expectations jumped to 4.3%. Non-farm payrolls showed 143K jobs were added, below expectations, though the unemployment rate ticked down to 4%. Wage growth accelerated to 0.5%, reinforcing speculation that the Federal Reserve will hold off on rate cuts for longer. US treasury yields rose on jobs data. 2Y yield up 7.1bps and 10Y yield up 4.8bps. USD Index rose 0.35%, and Bitcoin lost 0.94%.

Donald Trump said on Sunday that he will be announcing on Monday 25% tariffs on all steel and aluminum imports into the US. 

SPI down 64 - JBH, CAR, ANN results out.

COMMODITIES

• Chile's Codelco targets 2025 copper output jump to 1.39m tons, document shows.
• Copper production from Chile rose nearly 5% last year.
• Trump considering allowing Nippon Steel's deal for US Steel, CBS reports.
• Oil set for third straight weekly decline amid tariff concerns.
• Gold poised for sixth week of gains on safe-haven demand.
• Copper prices hit three-month high, on track for biggest weekly gain since September.

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 A quiet cautious session as the ASX 200 gave back 9 points to 8411. Down 21 points for the week after a torrid start. Banks were solid ahead of CBA results next week. The Big Bank Basket rose to $268.42 +0.2%) MQG slipped slightly with GQG down 1.3% with insurers steady. REITs better on lower 10-year yields, GMG up 0.6% and CHC up 0.5%. Industrials were mixed, and REA kicked 2.8% on broker upgrades. WES slid 1.1% with retail firm, PMV up 1.2% and SUL up 2.6%. Travel stocks also in demand, WEB up 2.6% and CTD rising 3.3%. DMP rose 21.3% like a cheesy crust as store closures were announced in Japan. Finally. Healthcare on the nose as RMD continues to stagger around after quarterly, down another 2.6%. CSL off 1.1% and PME falling 1.5%. Resources were generally weaker, though iron ore miners rose, BHP up 0.6% and FMG up 1.9%. Gold miners saw some profit taking, NST down 2.4% and WGX off 2.0%. Rare earths LYC up 6.1% on Chinese fears, and lithium stocks walloped as CATL rumoured to be reopening a lepidolite mine. PLS down 4.3% and LTR off 4.4%. Energy stocks fell, STO down 0.9% and WHC down 3.9% with uranium under pressure. In corporate news, MMS fell 10.4% on a broker downgrade, and NCK rose 10.5% on better-than-expected results. SIG guided up and rose 3.2%. Nothing locally on the economic front. Asian markets mixed, Japan down 0.6% and HK up 1.5% and China up 1.7%. 10-year yields slightly higher at 4.36%.

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Wall Street closed mixed overnight, with the S&P 500 and NASDAQ up 0.36% and 0.51%, supported by upbeat earnings reports. The Dow lost 126 points (-0.28%). Up 93 points at best. Down 328 points at worst. Small caps lower too, Russell 2000 off 0.39% and the VIX eased a further 3.34%. 

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The ASX 200 continues to march ever higher gaining 104 points to 8521 with a cooee of the record close. Banks led, everything else follows. CBA is up %, and ANZ is playing some catch-up football is up %, with the Big Bank Basket up to a new record of $267.97 (2.5%). MQG bounced 0.9% but still some question marks given the banks green and clean push in recent years. Insurers gained, QBE up 0.7% and SUN up 1.6%. GQG continue to push higher up 3.6% and MFG up 2.0% on FUM news. REITs pushed up, GMG up 1.5% and VCX up 0.9% as yields fell. 10-year yields falling to 4.30%. Healthcare mixed, CSL bounced 0.9% with RMD still finding it tough going. Industrials firmed, WES up 3.2% on a broker upgrade with Bunnings the driver. ALL up 1.6% with BXB up 2.1% and REA gaining 1.2% despite the CEO announcing his retirement. NWS results cheered, up 5.8%. Retail mildly positive, MYR fell 5.6% as the in-specie distribution came to pass. In resources, iron ore majors were slightly firmer, gold miners striong as bullion hit new records, NEM up 2.1% ahead of results. WGX bouncing 3.7% with SPR doing well up 4.3%. Some firmness in the lithium market, but energy stocks under a little pressure. STO down 0.6%. Uranium stocks weaker along with coal. In corporate news, NWS released good results, PEXA disappointed with an update, BPT fell 5.0% on a tightening of guidance. In economic news, the seasonally adjusted balance on goods decreased $1,707bn in December. Asian markets better. 10-year yield down to 4.32%.

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US stocks rose overnight, brushing off underwhelming earnings from Alphabet. The S&P 500 rose 0.39%, with about 350 companies in the index ending in the green. The NASDAQ edged 0.20% higher, buoyed by gains in Nvidia (+5.4%), helping offset Alphabet's 7.3% tumble after the company posted downbeat cloud revenue growth. The Dow Jones ended near session highs, up 317 points (+0.71%). Up 331 points at best. Down 203 points at worst. Small caps outperformed its peers, with the Russell 2000 advancing 1.11% and the VIX, also known as Wall Streets fear gauge, eased 5.48%. US treasuries fell to multi-week lows, pressured by weak services data and uncertainty surrounding the prospect of trade wars. The 10Y yield dropped to its lowest level since mid-December, down 8.8bps, and the 2Y yield dropped 2.9bps.

SPI up 59 - REA CEO Retires- NWS Results - Gold hits Record

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The ASX 200 finished up 43 points at 8417 (0.5%). Resources were the stars today, BHP up 1.5% with FMG rallying another 2.0% and even lithium stocks better, MIN up 1.8% and PLS up 1.8%. Gold miners took a little while to warm up, but NEM ended up 1.2% and DEG up 2.5% with WGX bouncing back 3.4%. Uranium stocks glowing again, PDN up 2.8% and DYL up 1.9% with oil and gas stocks better too. Coal stocks got a boost from tariffs on US coal perhaps. Banks were solid but uninspiring, The Big Bank Basket rose to $261.41 (0.5%). MQG got walloped down 3.6% with XYZ down too, perhaps on Paypal numbers. GQG continue to push higher, up 1.5%. IFL got yet another bid, this time from Brookfield at 460c. Insurers eased and REITs pushed up on falling bond yields. GMG up 0.6% and SCG up 1.1%. Industrials firmed across the board. WES up 0.3% with ALL finding support up % and SGH doing well. REA had a good day up % and CAR rose 2.0%. Tech better, WTC up 1.9% and XRO up 1.6% with the All-Tech Index up 1.2%. In corporate news, AMC results better than expectations and the stock rose 2.9%. PNI hit record highs on results, BWP rose too on higher profits and dividends. In economic news, the government has sold $15 billion of Treasury bonds maturing in March 2036 in a heavily oversubscribed deal. Asian markets a little mixed as China returns from New Year.

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The Nasdaq Composite and S&P 500 moved higher on Tuesday due to a strong gain in Palantir , as Wall Street sought stable footing following the latest developments on the global trade front.

The tech-heavy index jumped 1.35% to 19,654.02, while the S&P 500 rose 0.72% to 6,037.88. The Dow Jones Industrial Average climbed 134.13 points, or 0.3%, to 44,556.04.

The Chinese government slapped tariffs of up to 15% on U.S. imports of coal and liquefied natural gas and 10% higher duties on crude oil, farm equipment and selected cars, effective Feb. 10.

SPI up 53 - Alphabet falls 6% after hours. AMD down 5% - AMC Results - Gold hits records.

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The ASX 200 finishes down 5 at 8374 (0.1%) as nerves and some investor apathy kicked in. China imposing a 15% tariff on US Coal and LNG hurting sentiment late. After a strong start banks faded with the Big Bank Basket closed modestly lower at $260.06(-0.25%). CBA down 0.3% with WBC down 0.2%. MQG kicked 0.4% higher and other financials improved, GQG up 2.4% and XYZ bouncing 1.0% on Bitcoin and tech sentiment. Insurers mixed, QBE down 0.2% and SUN down. REITs slid a little, GMG down 1.2% and SGP off 1.6% with 10-year yields higher at 4.41%. Industrials drifted lower, BXB off 1.6% with ALL down 1.3% and WOW and COL easing. Tech better with WTC up 3.6% and the All-Tech Index up 1.3%. Resources were generally firm, iron ore stocks gained, RIO bouncing 1.6% on Canadian news. Gold miners were in demand, NEM up 0.9% with GMD rallying 2.5% and EVN up 1.6%. LYC slipped back 3.8% and lithium stocks bounced slightly, PLS up 2.7% and MIN up 2.4%. Oil and gas stocks drifted down, uranium stocks mixed, PDN up 1.3%. In corporate news, SEK pulled out of XF1 bid after vote failed to get up, PDI rallied 13.2% on a strategic placement and PME up again on a $53m order. On the economic front, consumer confidence came in better than expected at a near 3-year high. 

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The Dow Jones Industrial Average on Monday staged a major comeback, recovering steep losses from earlier in the session after President Donald Trump said tariffs against Mexico would be paused for one month.

The Dow ended the day down 122.75 points, or 0.28%, to close at 44,421.91. At its lows of the day, the Dow was down 665.6 points, or 1.5%. The S&P 500 slid 0.76% to 5,994.57, and the Nasdaq Composite slumped 1.2% to 19,391.96.

Canada and Mexico given 30-day reprieve. ASX SPI up 76. AMC Results - Xref deal falls over.

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 ASX 200 kicks off February with a Trump Tariff induced loss of 153 points to 8379 (-1.8%). No sign of any rally as US futures point to further loses. Across the board falls with the Big Bank Basket down to $260.71 (-1.6%). CBA off 1.5% with MQG falling 1.6% and insurers weaker, QBE down 2.3% and SUN off 3.2%. REITs also under pressure, GMG off 1.6% and SCG down 1.6%. Healthcare eased with FPH warning on falling margins, RMD down 3.1% on its quarterly update. CSL down 1.8%. Industrials also eased back, WES down 1.9% and ALL falling 2.0% after a great run. REA off 2.2% and tech sank, WTC down 2.9% and US faced 360 dropping 5.1%. HSN rose 2.2% on a trading update, the All-Tech Index down 2.1%. Retail slid, JBH down 0.3% but SUL worse falling 2.2% and CTT off 19.0% on US concerns. In resources, iron ore miners on the nose, FMG down 4.4% and RIO off 2.1% on aluminium issues. Gold miners were firm relatively, oil and gas were flat despite rising crude prices. Uranium found some sellers. In corporate news, MFG sell-off continues following the recent management changes; RSG CEO resigned with the stock falling 9.6% on the news. WGX fell 12.4% on a production update and FPH warned on Mexican implications. In economic news, retail trade came in with a 0.1% fall, better than expected. Asian markets are still playing second fiddle to New Year holidays. Japan off 2.85% with car makers getting smacked on tariff news. HK down 1.1%. 10-year yields 4.38%.

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