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  • The ASX 200 has finished down 33 points (-0.42%) to 7718, RBA meeting minutes passing quietly through the market while revealing a possible August rate hike. Energy was the only sector with significant gains as oil and coal stocks tracked their respective commodities higher. WDS up 3.1%, gaining strength throughout the session. KAR missing out, sold off from a positive open. Down 0.3%. WHC backed up its 6.3% rise yesterday with another 5.7% gain.

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  • Wall Street kicked off the second half of the year on a positive note, with equities mostly higher in light pre-holiday trading. The Dow gained 51 points (+0.13%). Up 320 points at best. Down 81 points at worst. Big Tech drove the bulk of the gains in the S&P 500 +0.27% and the NASDAQ +0.83%, with megacaps Tesla and Apple leading the way up 6.1% and 2.9%, respectively. Chip stocks came under some selling pressure, with AMD down 2.79% and Arm Holdings losing 2.93%, pulling the Philadelphia SE Semiconductor index to a one-week low. Treasury yields jumped to multiweek highs, 10Y yield jumped 7.9bps rising past 4.45%. Higher bond yields typically boost US bank profits, the S&P 500 Bank Index jumped to a more than one-month high. JP Morgan +1.6% rose to an all-time high after it hiked its dividend to $1.25 from $1.15 as well as commencing a $30bn share buyback. On the economic front, US Manufacturing PMI fell to 48.5, missing expectations, falling for a third consecutive month. Another encouraging sign of the Fed’s policy is cooling the economy.

    Among stocks, Nvidia (+0.62%) faces potential charges from French antitrust enforcers over alleged anticompetitive practices. Meta (+0.1%) received a warning from the EU about its subscription model for ad-free services on Instagram and Facebook, risking heavy fines. Boeing (+2.58%) agreed to buy back Spirit for $37.25 per share in a $4.7bn all-stock deal to address manufacturing defects. Chewy fell 6.61%, reversing early gains after influencer Keith Gill, known as "Roaring Kitty," disclosed a 6.6% stake in the company.

    European equities rose overnight following the French parliamentary elections. The STOXX 50 rose 0.73%, STOXX 600 up 0.32%, and the CAC 40 advanced 1.09%. The National Rally Party won the first round but with a smaller share than expected, reducing fears of an expansionary fiscal agenda. The FTSE 100 closed flat, with gains in financial companies offset by declines in BAE Systems -3.41% and Anglo American -2.38%. Germany’s DAX gained 0.30%, buoyed by a positive inflation result, with annual inflation falling to 2.2% in June, below forecasts of 2.3%.

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  • Wall St finished the week lower on Friday night as the presidential debate prompted new political uncertainty, outweighing easing inflation data. The S&P 500 fell 0.41% after touching a fresh intraday record high of 5.5k. The Dow Jones eased 45 points. The NASDAQ lost 0.71%, while the Russell 2000 found buyers, up 0.46%. For the quarter the NASDAQ gained 8.3%, the S&P 500 gained 3.9% while the Dow lost 1.7%. Tech outperforming once again.

    High ranking Democrats over the weekend dismissed calls that Biden should be replaced by a younger candidate following his shaky debate on Friday. Polls indicated Democrat voters who think he should not be running for president rose from 36% to 46%. In economics, the US PCE price index rose by a mere 0.08% in May, representing the smallest increase since late 2020. This deceleration increased chances for rate cuts later this year. Consumer spending rose by 0.3% in May after falling in April, supported by solid income growth. These developments suggest that inflation pressures might be easing without causing substantial harm to consumers. Despite the positive inflation results US bond yields gained 9.6bp (10Y) and 3.1bp (2Y), pressuring mega-cap stocks. Meta was the worst of the Magnificent Seven, down 3%. Nvidia near flat.

    ASX to fall. SPI futures down 35 points.

    In Europe, Marine Le Pen’s far-right National Rally (NR) Party won the first round of French elections yesterday. 34% of the vote vs Macron’s ~20%-23%. The outcome will now depend on whether centre-left and centre-right parties combine forces to oppose the NR. This historically has happened. If no party reaches 50% majority after the first round, voting will go to a second round later this week.

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  • The ASX200 has finished the day and financial year up 8 points (+0.1%) to 7768. Losing a 60-point gain from midday as tax loss selling crept in. US presidential debate not impacting our market. Technology was the best performing sector for the third day in a row. Following a small NASDAQ lead compared to a flat overnight performance from the S&P 500. Futures also helping. The biggest stock did best, WTC up 2% and up 10% for the week on no particular news. Simply traders buying the dip. Banks were next best, bouncing quickly from their two-day sell-off. Approval for ANZ’s acquisition of Suncorp bank boosting gains. ANZ itself lost 0.2% while SUN rallied 3.6%. Its best session since the conditional approval was made back in Feb. The other big banks were mixed. In Insurance, IAG jumped 7.2% after reaffirming guidance at the top end. Best performance in the index. GYG was the worst, falling 7.5% in its first full week of trade. Healthcare finished strongly. COH and RMD up 1.8% and 1.1%. Another case of buying the dip for PME, it gained 2.5% today and over 100% for the financial year. REITs had a small bounce after yesterdays sell off. Australian bond yields dropping to lend support. Majority of the gains coming from MGR. Up 3.3% after announcing it sold a large development stake in Sydney and reaffirmed earnings and dividend guidance.

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  • ASX to rise. SPI Futures up 26 points (+0.34%). Wall Street edged higher overnight following a choppy trading session amid mixed economic data ahead of tomorrow's PCE reading. The Dow Jones and S&P 500 ended flat, both up 0.09%, while the NASDAQ managed to eke out a small gain of 0.30%. Big night on the economic front, data showed US manufactured goods unexpectedly fell in may, while core durable goods orders eased 0.1%, vs expectations for a 0.2% rise. Bolstering bets the weaker economy may prompt the Fed to cut rates in September. US weekly job claims fell to 233k, missing expectations of 236k, and the final print of US GDP growth was revised higher in Q1 2024 to 1.4%. US treasury yields eased dropped after data showed a continued but moderated slowdown in economic activity. Benchmark 10Y yield fell back below 4.3% after reaching an over-two-week high of 4.35% earlier in the session. 2Y yield fell 4.2 basis points. Japan issued fresh warnings of currency intervention with Finance Minister Shunichi Suzuki reiterating that officials will take necessary actions, though didn’t mention on what yen level.

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  • The ASX 200 has finished the day down 23 points (-0.3%) to 7760, staging an impressive 106-point turnaround. The recent CPI induced spike in bond yields triggered an excuse for a morning sell-off. Tech was the best performing sector, supported by a solid lead from the NASDAQ. WTC rallied 4.1% from a morning low (94.41) to finish up 2.5%. RMD up 4.1% helped Healthcare (best in the top 100). The stock slowly finding its feet again and outweighing losses in CSL and COH (both near flat). REITs had an awful day, suffering a double hit of ex-dividends and rising bond yields. SGP, GPT and MGR the worst of the worst. Down 4.6%, 5.9% and 6%. Wiping off nearly a billion dollars in market cap from those three alone. GMG only down 0.9%. Continues to act closer to a tech stock than REIT. Banks also experienced a nervous CPI/bond yield sell-down. Mortgage stress related concerns winning out over expanding margin expectations. CBA, NAB, WBC and ANZ down between 0.6% and 0.8%. All off lowest levels similar to the index as a whole. Consumer discretionary stocks performed better than yesterday. BBN jumped 19% after confirming guidance.

    In commodities the iron ore giants finished mixed. A slow expansion in Chinese industrial profits not doing much to ignite the sector. BHP, RIO and FMG -0.4%, +0.5% and +0.2%. Lithium also had a mixed session. The short-sharp bounce from yesterday only following through for some. PLS up 0.9%. LTR and LRS down 0.5% and 2.7%. Uranium managed to rise from oversold levels, nothing convincing yet. BOE (+2%) outperformed PDN (+0.2%). Still consolidating from its recent capital raise announcement. It provided the market with a guidance update today.


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  • US equities closed broadly higher overnight following a choppy day of trade. The Dow edged up 16 points (+0.04%). Up 72 points at best. Down 203 points at worst. The S&P 500 rose 0.16% and is on pace to enter the second half of the year with a gain of ~15% YTD. The tech-heavy NASDAQ advanced 0.49%, locking in the gain before big tech got hit too hard in late trade after Micron Technology’s outlook missed expectations. US small caps Russell 2000 eased 0.12%, and Wall Street’s Fear Index, the VIX, fell 2.26%. US treasuries rose amid higher inflation data in other countries. 10Y yield +8.2bps, 2Y yield +0.9bps, and the 5Y $70bn note auction was well received. Pressure is mounting on the Japanese yen, sinking to a 38-year low against the USD as the wide interest rate differentials between the two economies favour the greenback. Markets are speculating that Japanese officials will intervene but will likely wait until after the PCE reading on Friday. A top currency official Masato Kanda warned on Monday that authorities were standing by, ready to intervene 24 hours a day if necessary.

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  • ASX 200 tumbled 56 points to 7783 (-0.7%), giving back some of yesterday’s gains following hotter-than-expected inflation data. Inflation rose 4.0% YonY in May, faster than April's 3.6% and above consensus of 3.8%. Aussie dollar jumped 0.6% to 66.86c, hitting a two-week high, and the 10Y yield and 2Y yields jumped 10bp and 18bp. Most sectors are in the red. Tech stocks outperformed their peers, taking cues from Wall Street overnight, despite a sharp rise in bond yields. All-Tech Index up 0.20%, and XRO gaining 1.1%. Energy stocks found buyers, as WTI futures rose above $81 per barrel despite rising US stockpiles. WDS +1.3%, and STX up 2.2%. Big banks took a hit today as higher for longer rates will continue to pressure bank NIMs. CBA NAB, ANZ and WBC down between -0.6% and -1.3%. Uranium stocks no good, while some lithium stocks kicked higher despite commodity weakness which saw the front-month China lithium carbonate futures fall 5% to $US12k a tonne on Tuesday. PLS +2.5%, and LTR up 3.3%. Gold miners and base metals were sold off. Iron ore behemoths no better, BHP, RIO, and FMG all lower. Rate-sensitive REITs and consumer-discretionary also down. On the corporate front, HVN was down 8.3% after Barrenjoey cut their valuation of the stock. BMN enters a trading halt as the company launches $76m cap raise. SGR flat on new CEO announcement. Asian markets higher, Hang Seng up 0.2%, TOPIX up 0.6%, Shanghai Composite up 0.1%, paring earlier losses though hovering around four-month lows. Dow Futures up 7 points. NASDAQ Futures up 43 points.

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  • Another floppy start.. US equities ended mixed overnight. The NASDAQ rallied 1.26%, buoyed by gains in chip stocks and Nvidia, up 6.8% bouncing back from a three-session sell-off. The S&P 500 rose 0.39%, snapping a three-day losing streak, while the Dow tumbled 299 points (-0.76%). Up 12 points at best. Down 414 points at worst. US Treasury yields finished near flat line. During trade, the yield curve inversion between the 2Y and 10Y notes deepened to more than 50bps for the first time this year before reversing after strong demand at the 2Y auction nudged that yield off its high. In economics, the US consumer confidence index eased in June amid worries about the economic outlook. The index fell to 100.4 from a downwardly revised 101.3 in May. In Fed speak, more hawkish commentary from Bowman stating it is not yet appropriate to cut rates, and she remains open to hiking rates should inflation progress stall. Bitcoin topped 62k, rebounding from heavy fund outflows the day prior, and the USD Index gained 0.14%.Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence.

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  • The ASX200 has finished the day up 105 points (1.36%), bouncing back strongly from yesterday’s sell-off. The Energy sector went from worst to best following the overnight oil price rise and bargain hunters circling in. WDS up 3.7%, its best session of the year and KAR up 2.3%. Real Estate was next as bond yields fell. GMG up 0.9% and SGP up 3%. Commodities finally took a break from selling. The big miners had the best recovery despite the iron ore price falling for a fourth straight session. BHP and RIO up 2.1%, FMG up 1.9%. Copper also did well. SFR and 29M up 2.7% and 4.7%. Lithium was mixed. Uranium modestly higher, excluding PDN which recovered 2.7% from its opening drop on resumption of trade. Finishing down 5.1%. JHX rose 4.6% as buyers slow reacted to yesterday’s guidance update. Best performer in the ASX 200. Big banks joined in the rally as Australian consumer confidence improved. NAB up a huge 2%. CBA, WBC and ANZ up 1.4%, 1.2% and 0.6%. Consumer Discretionary also doing well. ALL up 2%. CKF jumped 7.3% on impressive full year results. In Health Care, RMD recovered a small 1.2% after its battering yesterday. Better than CSL, worse than COH. Finally, Tech held on to a small gain. Focussing on the ASX for a change instead of the NASDAQ’s overnight drop. WTC finished flat.

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  • Wall Street ended mixed overnight, losing traction after Nvidia fell 6.7% extending a three-day rout raising speculation that the AI rally powering the bull market is taking a breather. The Dow kicked off the week rallying to a one-month high, though off best levels, up 261 points (+0.67%). Up 421 points at best. The S&P 500 and the NASDAQ fell 0.31% and 1.09% following a rotation out of tech stocks. PHLX Semiconductor Index also fell 3.02%, dragged down by Taiwan Semiconductor Manufacturing, Broadcom, Marvell Technology, and Qualcomm falling between 3.53% and 5.7%. US Treasury yields were largely unchanged, 10Y and 2Y yields easing a touch, ahead of key economic and Inflation data later this week. Quite on the Fed speak front, though Daly struck a bearish tone stating she doesn’t believe the Fed should cut rates before policymakers are confident inflation is headed toward the 2% target. Money markets pricing in a 61.1% chance of a rate cut in September according to CME FedWatch Tool.

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  • The ASX 200 has closed down 62 points (-0.8%) to 7734. The morning sell-off in Energy, Health Care, Consumer Discretionary and Commodities accelerated towards the close. Taking all but one of the major eleven sectors into the red with them. Energy finished worst off, oil, coal and uranium stocks down. WDS -2%, WHC -3.3% and BOE down 5.3%. PDN remains in trading halt. RMD finished close to its lows, -13.2%. CSL and COH holding up better. Down 0.3% and 0.4%. PME ploughed higher to another 52-week high, an unstoppable force currently. Up 0.47%. CTT lost around $400m in market cap, down 49% and 52% at worst. In commodities, there was nowhere to hide. Save for JHX (+1.3%) which reiterated guidance and a few mining contractors. IPL up 2.5% and ORI up 1.1%. Iron ore giants down, gold down, copper down, lithium down, rare earths down. All down. The defensives held up OK, ORG off 0.9% but AGL up 1.1%. WOW and COL only fell 0.6% and 0.1% on news the government may impose heavy fines to supermarket giants found guilty of unfairly squeezing suppliers on pricing. Tech fairly flat and the big banks gave in to selling pressure after midday. The big four down between 0.3% and 1%.

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  • The ASX200 has finished the day up 27 points (0.34%) and up 72 points for the week. Utilities and Energy were the best two performing sectors on the back of last night’s oil price rise. WDS up 1% and KAR up 3.6% on a broker upgrade. Utility stocks ORG and MCY saw big gains on a double hit of rising oil price and news of European sanctions on Russian natural gas. Up 3.3% and 4.1%. Telecom up again, TLS and REA gained 1.4% and 3.2%. TLS had its best week for some time. One of the least volatile stocks on the ASX, it added 4.6%. Health Care, Tech and REITS also in the green. COH recovered 3.2% of its 4.8% drop yesterday. Industrials and Consumer Discretionary were the only sectors to finish down. The big banks closed flat save for ANZ, off 0.9%. CBA is close to overtaking BHP as Australia's most valuable company. KMD had trading halting pending news of an earnings downgrade. It lost 7.7% on resumption. GYG closed down 3.3% on its second day of trading, was down 8% at worst.

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  • Wall Street ended mostly mixed overnight. The Dow Jones outperformed, advancing 300 points (+0.77%). Up 398 points at best. Down 56 points at worst. The S&P 500 briefly topped 5,500 points for the first time ever. A year-end target multiple brokers have forecasted before losing traction, falling 0.25%. The NASDAQ fell 0.79%, snapping a seven-session streak of record closing highs weighed down by losses in big tech. Nvidia -3.5% and Apple -2.2%. In economics, initial jobless claims came in at 238k, up from 235k expectations, and US housing starts fell 5.5% to an annualised 1.27m in May-24, the lowest level since July-20. Treasury yields rebounded, the 10Y yields rose above 4.27% before finishing at 4.261%. They touched a three-month low earlier in the week. The 2Y yield edged up 2.1bps. Nothing new or material in Fed speak, Fed’s Kashkari said rate outlooks depend on path of data.

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  • The ASX 200 has finished flat to 7769, slightly better than futures were suggesting. A quiet session that lacked direction, following a similarly quiet night in Europe while US markets were closed. Tech and Health Care the only sectors with significant moves. Health Care worst off after a 4.8% drop in COH (no new news). CSL and RMD fell in sympathy 0.8%. Tech stocks were sold off despite NASDAQ futures heading higher. WTC down another 0.5%, XRO down 0.2% and NXT off 1.6%. The other major sectors all traded in a narrow range. REITS finished on top thanks to solid gains in SCG, VCX, GPT and MGR. Big banks regained some ground from yesterday. The CBA best, up 0.6%.

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  • US markets closed overnight for Juneteenth National Independence Day. Australian shares to fall at the opening bell, with SPI Futures down 21 points. European equity markets closed firmly lower, weighed down by losses in real estate and technology stocks, while UK miners found buyers as the market digested inflation data. The STOXX 50 fell 0.61%, and the STOXX 600 eased 0.17% after the European Commission issued formal reprimands to France, Italy, and five other members over wider-than-allowed fiscal deficits. Paris’s CAC 40 ended its two-day winning streak falling 0.77%, amid uneasiness surrounding the country's political future. Frankfurt’s DAX booked a 0.35% loss in thin trading. London’s FTSE 100 outperformed its peers, reversing earlier losses to finish up 0.17%. UK inflation returned to its 2% target in May for the first time in nearly three years, however, core inflation remains too high, so it's likely BoE will wait longer to cut rates.

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  • The Australian market has finished the day down 8 points (-0.11%) to 7770. Energy was the standout performer on the back of another strong gain in the oil price (WTI was up 1.7% overnight). WDS and STO up 1.3% and 1.1%. BPT in contrast was hit hard, down 4.3% on multiple broker downgrades after the company announced low er production and higher CAPEX yesterday. Staples continued their strong run, up in every session this week. WOW and COL up 0.1% and 0.7%. TWE up 2.7%, positive China-Australia sentiment giving the stock a boost. Tech mirrored the NASDAQ, closing near flat. WTC’s short-term selling took a break, up 0.1% while XRO gained 0.8%. REITs and Healthcare closed near flat. The big banks closed down between 0.4% and 0.8% with NAB the exception. Up 0.5%. In commodities, the iron ore giants finished flat. FMG lost a 2.5% morning gain. Citi downgraded its 2025 iron ore price forecasts while lifting those for copper and aluminium. SFR finished down 1.7%, AWC down 0.6%. Uranium stocks were in the green after the Coalition announced plans to build seven nuclear reactors by 2050 if elected next year. PDN, BOE and DYL up 1.1%, 2.2% and 4.2%. Gold stocks responded well to the overnight commodity price rise and bond yield drop. Lithium down again.

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  • Wall Street ended higher overnight following softer-than-expected US retail sales data. The S&P 500 recorded its 31st record high of the year, gaining 0.25%. Boosted by Nvidia up 3.5%, surpassing Microsoft (-0.5%) to become the world's most valuable company. Market cap of $3.335T. The NASDAQ was near flat, while the Dow advanced 57 points (+0.15). Up 159 points at best. Down 50 points at worst. The Philadelphia SE Semiconductor index recorded another record high, boosted by gains in Qualcomm +2.2%, Arm Holdings +8.6%, and Micron +3.8% extending their recent rallies. US Retail sales rose 0.1% MonM in May, below the forecast of 0.2%, in another sign that consumer sentiment is cooling. Treasury yields have fallen in five of the last six sessions. 10Y yield down 6.6bps and 2Y yield off 4.9bps.


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