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What a week. As US markets continue to go crazy after the American earnings season (read: NVIDIA), the ASX has done the same.
On Friday 1 March, we saw the ASX200 hit fresh all time highs twice in one session. The S&P500 has done the same this year, hitting all-time-highs more than a dozen times YTD.
Clearly, the world has gotten sick of waiting for the economy to get better – but it mightn’t have to for much longer. US core PCE inflation hit 2.8% – well within the Fed’s target band range.
The ASX200 took a few moments to realise the significance of this on Friday, but after some late morning doldrums, rightly took off.
No interest rate decision from the RBA next week, they’ve decided to stop meeting so often. We do get a lot of economic data, though, both at home and abroad.
One to watch: iron ore prices continue to tumble as the big miners finish off the big winners of the week on Friday. We’re seeing some clear divergence – doomsayers are likely taking note.
Have a great long weekend, West Australian readers.
Here’s the headlines that mattered this week:
Australian Economy
*CPI remains unchanged month on month at 3.4%
*Retail sales rebound from December, up 1.1% but 0.4% lower than expectations
*Albanese told press this week South East Asia is Australia’s economic future
Australian Equities
*The ASX200 closed Week 9 of 2024 at a new all time high of 7,745pts
*ASX200 hit two all-time-highs on Friday 1 March 2024 as US rally contagion persists
Commodities News
*Singaporean iron ore futures continue to tumble, hitting US$115/tn late week
*After weeks above US$100/lb; NYMEX uranium prices have fallen to $US95/lb
Overseas News
*Core US PCE inflation at 2.8% YoY, safely in Fed target band range
*South Africa says there are 25 countries on the waitlist to join BRICS
*Warren Buffet has said the days of Berkshire making massive gains are over
The Week Ahead
Monday March 4
*Australian company gross profits for Q4 CY23
*Australian private house approvals for January 2024
Tuesday March 5
*Australian net exports contribution to GDP for Q4 CY23
Wednesday March 6
*Australian GDP growth rate for Q4 CY23
*US mortgage applications for start of March 2024
*US JOLTs job openings; JOLTs job quits for January 2024
Thursday March 7
*Australia balance of trade for January 2024
*Australian home loans MoM for January 2024
*Chinese balance of trade for January-February 2024
*European Central Bank (ECB) interest rate decision
*US initial jobless claims
