Good Afternoon and welcome to HotCopper’s the ASX Today for Tuesday of Week 21, I’m Jon Davidson and it’s a happier-looking day for the XJO when compared to Monday as it appears yesterday’s bloodbath might have been a little too far in the negative direction.
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A strong sell-off on Wall Street at the end of last week informed another shocker day for the market on Monday but despite Wall Street trading flat more or less overnight, the ASX has picked itself up to the tune of 1.2% heading into mid-arvo with the 200 index back to 8,600points.
A better news story, but zooming out on the world stage, not much else has really changed. We heard from Trump overnight that an attack on Iran would be paused though it’s debatable that will last for long; Brent Crude prices stay above $110 a barrel USD and gold is still rangebound in the upper $4,500 range per ounce.
More of the same, really. NVIDIA earnings later this week in the States will likely be the biggest catalyst to watch when trying to gauge overall sentiment, and as for the local share market, it’s unclear what it will take to get things going again outside of an end of the war in Iran which markets are increasingly discounting.
The US 10Y bond yield remains at 4.6% and the Asian stock markets broadly were red today, making Australia an outlier, though I put it to you yesterday was an overreaction, so we’re about on par if you ignore Monday.
Looking at news around the traps,
If you want proof there’s a lacklustre mood on the bourse today, Mineral Resources recommenced operations at its Bald Hill lithium mine but the stock was only up half a percent in mid-arvo trades, suggesting a lack of excitement defining investor behaviour.
Elsewhere BHP declined over a percent further to $58 a share coming off its recent record highs above $60 as the market regauges what lies ahead for the ASX; copper prices have also pulled back more than -4% over the last week, which is now the metal BHP wants to be associated with.
Commonwealth Bank however was up over 2% also in mid-arvo trades as investors take a second look at the Big Yellow after last week’s scalping, but it hasn’t been enough to greatly lift the stock’s YTD performance basically where it was on Jan 1 with gains only 2.3% higher.
That’s the ASX Today, I’m Jon Davidson, have a great night and we’ll see you tomorrow.
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