- 9 minutes 56 secondsEnd of Day Report – Monday 26 October: ASX 200 recovers 15 - Resources back in favour - Banks drift lower - CGF knocks back Japanese.
The ASX 200 fought back from early losses to close up 15points at 8,810 (0.2%) Banks, which were the source of weakness early, rallied, with CBA down 0.5% and the other three down around 0.7%. Insurers eased, with QBE down 1.2% and IAG down 0.3%. In other financials, CGF knocked back the bid from the Japanese, falling 0.6%. REITs were better, led by GMG up 2.6% and VCX up 1.7%. Elsewhere, safe havens came under a little pressure, with WOW down 2.1% and COL down 1.5%, together with TLS. Retail stocks were mixed, with JBH up 0.2%, but WES down 1.6%. Healthcare stocks were generally better, with the exception of CSL down 0.8% and COH down 3.4% on its AGM news. Tech stocks were brighter today, with WTC up 1.5% and XRO up 1.2%. The All Tech index rose 0.6% today. NXT fell slightly after it announced its chair would be retiring and Craig Scroggie would forego any bonuses next year. MP1 also rallied a little, too.
Resources were a happier place after the pasting of the last few days. BHP rallied 1.0%, as did FMG, up 2.2%. The lithium space had a strong recovery, with PLS soaring 8.4% and LTR also doing well, with LYC up 5.2% too. Gold miners bounced hard, led by GGP up 7.0% and RRL up 4.5%. In the oil and gas space, WDS rose 0.7%, and STO rose 1.3%, and uranium stocks also firmed today.
In corporate news today, COH reaffirmed guidance. We had an update from MYX. CGF rejected the Dai-ichi Life takeover. WOR teamed up with Samsung E&A to build major infrastructure projects in the US. APE also having a good day after a deal to buy the remaining 20% of its BYD EV JV.
Nothing on the economic front as we await the inflation data later this week.
Asian markets: Japan down 0.4%, HK up 0.4% and China down 0.5%.
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Wall St fell Friday as oil kept climbing and breadth turned notably negative (having initially held up during the Thursday night tech rout). Dow Jones down 653 points. S&P 500 down 0.52%. Nasdaq down 0.21%. Russell 2000 down 0.29%. Mag7 down 0.54%. SOX up 0.44%. SaaS up 1.7%.
ASX set to fall today. SPI Futures down 43 points or 0.5%.
For the week, the S&P 500 fell 0.47% and the Nasdaq dropped 0.71% as Meta reignited AI debt concerns and Middle East dysfunction continued. Mag7 down 1.70%. The SOX fell 3.21%, most of the damage done on Thursday night. The ASX 200 was near flat for the week, with a big rotation as banks rose 5.01%, resources fell 7.15% and the gold sector was smashed 10.08%. Asia was weak – Hong Kong fell 4.52% for the week, Japan down 2.46%, KOSPI down 2.08%. Europe not much better.
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ASX closed up 2 points or 0.02% on Friday. 7 of 11 sectors higher. Materials sank 3.85% as gold, copper, silver and lithium prices fell after the overnight Wall Street tech sell-off. BHP closed down 3.6%, FMG down 2.1%, PLS down 8.1%. Discretionary and financials performed best, up 2.57% and 2.21%, as investors found defensive ground and retail bargains. The Big Four closed up between 0.9% and 4.3%, with CBA best. WES up 3.8%, NCK bounced 5.2% after falling 15.3% yesterday.
Gold miners struggled as the bullion fell. EVN down 4.5%, NST down 2.5%, GMD down 7.8%. MIN fell 4.3% despite strong lithium sales. Tech fell 0.92% as Meta’s $US825bn capex plan reignited doubts over AI capex spending, with NXT down 3.0% [?], 11.5% for the week. Healthcare held up, RMD up 3.2%, COH up 4.4%. Energy trod water, down 0.40%, even as oil rose overnight on Houthi drone strikes on Saudi energy infrastructure.
ZIP sank 29.5% after US fraudsters targeted the buy now, pay later lender, which raised questions over its risk controls. TPW flew 33.4%. NEM fell 4.9% despite reporting a 35% rise in quarterly profit on the high gold prices and a copper recovery at Cadia. RIO fell 2.7% after committing $1.9bn to its Kangwinan bauxite project in Queensland, which adds 20m tonnes of yearly capacity to its Weipa operations.
Kospi down 0.73%, Hang Seng up 0.72%, TOPIX down 1.31%, SSE down 1.86%, Taiex flat. US futures: Dow down 0.29%, S&P 500 down 0.14%, Nasdaq flat. AUD 70.10c. AU 2-year yield down 6.0bp to 4.89%, 10-year down 8.7bp to 5.16%. Money markets priced a two in three chance of an RBA hike on Cup Day.
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US stock indices closed lower on Thursday amid a sell-off in technology stocks. The S&P 500 fell 1.2%, and the Nasdaq lost 2.9%, while the Dow closed flat. Tech stocks were under pressure as corporate earnings failed to impress, renewing concerns over the AI trade, while the rotation away from semiconductor stocks continued. Meta sank 7% despite reporting higher earnings and revenue, as its credit risk reached a record high. Meta plans to ramp up capital spending reignited fears that tech firms will take on more debt to finance AI infrastructure. Other hyperscalers also declined, with Alphabet (-3.2%), Microsoft (-2.2%) and Amazon (-4.6%) falling ahead of their earnings reports next week. Tesla dropped 3.1% after scaling back its spending plans, with capital investment in the previous quarter coming in below expectations. Lam Research tumbled 11.8% after issuing a disappointing outlook. Among chipmakers, Nvidia lost 4.4%, Micron shed 6.3%, AMD plunged 8.1%, and Intel fell 8%.
Oil rises - Gold drops - Yields fall - SPI down 20 - TPW and MIN early.
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The ASX 200 closed down 38 points at 8793, well off the lows, as the banks continued to offer stability, whilst mining stocks were generally easier, with comments from FMG on Chinese iron ore negotiations hurting the big boys and falling 4.5%. BHP lost 2.4%. Gold miners were also slipping after a slightly positive start, but bullion prices eased in Asia. The oil and gas sector was also easier, with WDS down 3.5% and STO down 1.3%. The banks held steady, with ANZ up 1.2% and the Big Bank Basket up to $272.55. MQG eased back, whereas the insurers pushed ahead slightly, with QBE up 1.4% and SUN up 2.5%. REITs were also better today, led by GMG up 1.2% and VCX up 0.9%. It was the industrials' chance to shine today, with a positive update from BXB rising 3.2%, QAN rising 1.2%, and SGH rising 1.9%. TLS also had a good day today, along with REA in the corner, up 1.9%. Technology stocks were somewhat mixed, and we saw a bounce back in NXT today, rising X% after the drubbing yesterday on that significant earnings downgrade. WTC continued its rally up 3.1%. Those XRO slipped away again. CDA saw some profit-taking down 8.1%. A solid rally, too, in MAQ and MP1, helping the sector, with the All-Tech index rising 0.9%.
In Corporate news today, NCK was down 15.3% following an earnings downgrade at the AGM. CSL will defend its class action over its earnings forecast disclosure. STO trimmed its output guidance on Alaskan oil delays. FPH was also hit with a cyberattack, whilst BXB said guidance remains intact despite repair costs. MFG also under pressure after AGM.
Nothing substantial locally in economic news. Asian markets dropped, Japan down 2%, HK down 2.9% and China off 1.3% again.
US futures falling DJ down 0.4% Nasdaq down 1.4% 10-year yields relatively stable at 5.25%.
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The Nasdaq Composite added 1.05% to end at 26,702.86, and the S&P 500 rose 0.58% to 7,757.17. The Dow Jones Industrial Average climbed 360.21 points, or 0.69%, to close at 52,856.09.
Shares of Elon Musk’s SpaceX surged 7% after the company said its revenue grew 161% in the third quarter. Musk also said that SpaceX and Tesla, his auto manufacturer, have formed special committees to discuss a merger. Tesla, which is due to report earnings later, saw shares rise more than 3%.
US mortgage rates fall for 1st time in 11 weeks.
SPI up 5 - Tesla and Meta beat expectations after hours.
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A big hit for Nextdc today, down more than 40% after a power delay at its Melbourne data centre slashed its earnings guidance. The ASX 200 still edged higher as the banks bounced. The RBA’s Hauser warned inflation is running well above forecast, and markets now see a November rate hike as more likely than not.
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ASX set to fall. SPI futures down 77 points or 0.87%.
Wall St mostly higher as the AI trade bounced. The Dow fell 0.07%, the S&P 500 up 0.41% and the Nasdaq rose 1.11%.
Stocks ended off the best levels. Breadth was negative, with the equal-weight S&P 500 lagging by ~70bp. Discretionary (up 2.73%) and Technology (up 1.19%) were the only sectors to outperform. Utilities (down 1.97%), Real Estate (down 1.17%) and Financials (down 0.79%) were the worst. The VIX fell 7.75%.
Treasuries were weaker, near the worst levels, with a big move at the short end. The 2-year rose 7.0bp to 4.78%, the 10-year 7.1bp to 5.15% and the 30-year 5.4bp to 5.48%. The Australian 10-year rose 4.3bp to 5.29% and the Australian 2-year 3.4bp to 4.93%.
The Technology rebound sapped haven demand and traders rebuilt bets on Fed hikes next year, still pricing a December hike. China cut its Treasury holdings to an 18-year low in August. The Fed is in blackout ahead of the 28 October FOMC. Wells Fargo called it "one of the weakest starts to EPS season in history".
In Europe, markets were sold off - the STOXX 600 fell 0.80%, the FTSE 100 down 1.08%, the DAX down 1.18% and the CAC off 1.11%. French banks and bonds led the losses after a weekend of violent civil unrest, with the French 10-year up 14bp. UK banks fell on budget tax fears. The Euro 10-year rose 3.8bp to 3.47% and the UK 10-year 6.1bp to 5.44%.
The US dollar index rose 0.20% to 101.99. The AUD rose 0.47% to 69.77c. Bitcoin rose 0.39% to $82,000.
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The ASX 200 continued its run higher, up another 39 points to 8846, although slightly off the top. The news was dominated by M&A announcements in CWY, CGF, FPR, amongst others. The banks once again proving resilient, with CBA up 0.7% and the big bank basket rising to $269.99 (0.8%). MQG eased back slightly, but insurers were better, and other financials took their cue from a bid for CGF from Japanese insurer TAL. It rose 19.3%. AMP up 3.8%. REITs were somewhat mixed, with GMG down 0.4% and CHC rising 4.5%. Industrials, too, were mixed, with some losses in healthcare stocks like RHC down X% and RMD down 0.8%. BXB rose slightly, and retail flatlined today. Technology stocks came under pressure again, with XRO down 2.4% and MP1 also falling hard again. The All-Tech Index fell 0.8%.
Meanwhile, resources were mixed, with the iron ore miners firming as BHP rose 0.7%, and oil and gas stocks were also better as the Brent crude price hovered around $110. WDS up 2.7%. There was also action in the coal sector. NHC announced a scrip bid for a privately listed coal company. Gold miners eased back slightly, as did lithium stocks again, but LYC made some gains today.
In corporate news, NXT is in a trading halt as issues surrounding power supply to a Melbourne data centre come to the fore. ALD fell 2.5% despite reporting a doubling of its refining margin. M&A activity in CWY, CGF, and INA. MSB fell hard after missing forecasts for Ryonsil sales, and BEN fell 4.0% after higher cash earnings but lower margins saw sellers return.
In economic news, the Chinese economy grew 4.5% in September. The RBA's Chris Kent spoke at a conference, saying monetary policy is still working.
Asian markets mixed with the Nikkei down 0.9%, HK up 0.5% and China unchanged. Korea under pressure again.
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