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Greetings and welcome to HotCopper’s ASX Today, I’m Jon Davidson and if you were feeling glum abut the way things went last week, if you’ve not opened your trading app yet, you can – we’re back.
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That’s in large part because the Dow Jones hit fresh records in the US on their Friday session and some of the tree rattling we saw in tech slowed down, if not reversed. That thinking is evident in the behaviour of the XTX on Monday; the IT sector led gainers up over +3%.
Helping matters is that gold’s back up over US$5,000/oz, and so we’re seeing another wave push forward (higher?) there. In its wake, silver and copper also travelling upward as if trapped in its orbit.
It wasn’t just metals, though – a fresh breath of life showed up on crypto markets with Bitcoin surging upward in the way it always has, but, with metals doing the same – and even Wall Street last week, or at least it felt that way – I had written whether Bitcoin traders were moving elsewhere.
But now that Bitcoin is going up along with everything else, including silver (though silver’s overall momentum has changed in nature in the last two weeks to be more moderate), that theory of mine is perhaps under some pressure.
At any rate, clear evidence we’re back to being risk-on. At least for now.
Looking at company news, Webjet bounced back +19% after the market got over fears a Spanish tax audit might be worse for the company than what it’s telling investors; some relief for Wisetech shareholders meanwhile as the mood in the room overseas improves, and, further towards evidence of bullish sentiment, both BHP and Commonwealth firmly in the green, up over 2.2% and 1% respectively.
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