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The ASX200 was up +0.7% heading into the final ten minutes of trade bringing the XJO index up to nearly 8,780pts as the materials sector bounded back after a harsh sell-off last week.
Copper prices jumped +0.7% overnight along with silver and therefore platinum; gold is also edging closer to US$4,200/oz. Brent Crude meanwhile remains elevated but fell (very) slightly to US$103/bbl.
The materials sector was up nearly +1.5% heading towards the end of the Monday session along with financials up more or less the same – which, obviously, was good news for the ASX.
On a one month basis the XMJ (mining sector) is down nearly -1.2%; over the last week it’s gained less than half a percent following a fairly brutal Week 41.
As for the XJO, the index has increased +1.10% over the last week but remains down -2% YoY. Of course, that number itself doesn’t mean much – the XMJ climbed +40% in FY26.
Looking around the traps at home, we get labour market data on Thursday, that’s it from the ABS. Looking to the States, we get US inflation data on Wednesday night Australia time.
But perhaps more important for the ASX this week is that Q3 earnings season kicks off on Wall Street this week with Citi and Goldman Sachs weighing in; analyst expectations are net positive as we head into the fourth year of a technical bull market.
War risks remain, but right now, it remains the case the ASX200 will likely respond to what Wall Street does night-by-night this week more than anything else; including of course its reaction to the US CPI readout.
Until tomorrow, have a great night and good luck for tomorrow.
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