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Greetings and welcome to HotCopper’s the ASX Today for Thursday of Week 33, I’m Jon Davidson and the market appeared unsure of what to do with itself on Thursday even after US inflation came in at 3.4% overnight, meaning less risk of an imminent Fed rate hike.
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The local market was trading down six tenths of a percent heading into mid-arvo trades at 9,155pts for the ASX200 or XJO if you prefer.
Not helping matters locally is that Commonwealth Bank fell -3% intraday on Thursday after releasing results yesterday, capped by an $11B profit; presumably profit takers are cementing wins. That means the XJO is now down eight tenths of a percent week on week but across the last month the ASX200 has added 3.5% – a positive metric now uncertain.
Gold prices remain at ten week highs hovering just above $4,400/oz but it’s now unclear whether that will hold with softer US inflation on the table, suggesting a higher degree of faith may be perceived in the USD.
Brent Crude also pulled back to $87 a barrel USD but remains well above the relief levels of last week when it looked like the US and Iran might actually agree on something.
To end out the week it’s unclear what catalyst could be needed to save the day but the trajectory of Australia’s own earnings season headlines are likely to inform the local market as much as Wall Street movements overnight; there’s no major data coming from the ABS until mid next week.
Notably, the bourse operator ASX Ltd jumped more than +10% on Thursday on higher earnings even after being taken to court, again, over its bungled long-running CHESS overhaul scandal. Treasury Wine Estates also added over +5% despite posting a massive loss; and Austal Ltd like Commonwealth also appeared to get hit by profit takers after a positive result earlier this week.
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