Despite a horrible lead from Friday night, the Aussie market rallied strongly all day to end in the green – snapping a three-session losing streak in the process.
A 1% jump in BHP Billiton (BHP) led the market higher, along with a strong 4.5% jump in Westfield, which may have been buoyed by strong earnings by US bellwether Simon Property Group.
Newcrest (NCM) also had a good day, jumping 4.5%, as the gold price hovered just below $US1100 an ounce, not falling any further after last week’s sharp selloff.
The big banks were flat to slightly higher, with Westpac (WBC) the best in show, putting on 0.4%, while Telstra (TLS) added 0.5%.
On the day, the ASX 200 put on 24 points (+0.4%) to settle at 5590.
The SPI futures are pointing to sharp fall on the open today, after U.S. markets and key commodities continued their recent slide on Friday night. American stocks capped a four-session losing streak with their biggest drop of the week.
Disappointing quarterly results and outlooks from several companies pulled the major stock indexes sharply lower.
New signs pointing to a slowing of China’s economy also added to jitters, bringing down the price of oil and other commodities.
While corporate profits have mostly exceeded Wall Street’s expectations so far this earnings season, traders have grown uneasy as many companies provided cautious outlooks or weak sales.
The S&P 500 ended down 22.5 points (-1.1%) to 2,079.7, while the Dow Jones 163.4 points (-0.9%) to 17569.
The Nasdaq lost 57.8 points (-1.1%) to 5,088.6.
In the commodity space, Brent oil slipped 1.2% whilst iron ore shed 0.6%.
Gold bucked the trend to add 0.8%.
The Aussie dollar sold off sharply and this morning is fetching 72.8 U.S. cents.
The SPI futures are pointing to a positive start for the Aussie market today, after U.S. markets extended gains to a fourth consecutive session overnight.
American stocks steadily drifted higher as traders took stock of disappointing June retail sales numbers and how the data factor into the Federal Reserve’s plans for a rate hike.
Sales at retailers fell 0.3% last month, while the prior two months’ results were cut.
Weaker economic growth may delay the first rate hikes as the Federal Reserve tries to find a balance between normalizing rates and accommodating an uneven recovery.
The S&P 500 added 9.4 points (+0.5%) to close at 2,109.
The Dow Jones gained 75.9 points (+0.4%) to close at 18,053.6.
The Nasdaq moved up 33.4 points (+0.7%) to finish at 5,104.9.
In the commodity space, gold shed 0.2%, iron ore slipped 0.5% and Brent crude added 0.9%.
The Aussie dollar firmed overnight and this morning is fetching 74.5 U.S. cents.
An hour out from the close it was looking like the Aussie market was going to book a positive start to the new trading week….then the selling began.
With 60 points wiped off the index in the final 60 minutes, the ASX 200 booked an 18 point (-0.3%) loss on the day.
Energy and materials plays were the poorest performers, whilst financials also weighed.
Santos (STO) was the worst of the oilers, losing 1.8%, whilst amongst the miners, Fortescue Metals (FMG) slumped 5%.
All of the big four lost ground, with ANZ Bank (ANZ) the worst in show, giving up 1.1%.
Having a better time of it, healthcare stocks were the best performers, supported by the gold sub-sector.
Cochlear (COH) was the big mover in the health space, jumping 6.4%, whilst Newcrest (NCM) put on 1.1%.
The Aussie market is poised to open sharply higher today, following some developments regarding Greece this morning.
Prime Minister Alexis Tsipras has submitted a proposal similar to the one presented by creditors last month, in a last-ditch effort to keep the country in the euro.
The package of reforms and spending cuts, including pension savings and tax increases, was sent to creditors overnight and will be presented to the Greek Parliament this evening.
The developments have seen the SPI move from down 20 points to up 60 points in very quick time.
It makes what happened overnight redundant for the most part, but here is a quick summary anyway; Dow Jones up 34 points (+0.2%), S&P 500 up four points (+0.2%), Nasdaq up 12 points (+0.3%).
Commodities were mainly stronger, with iron ore rebounding 10% after yesterday’s 10% plunge.
Spot gold firmed slightly and Brent crude added 2.6%.
This morning the Aussie dollar is fetching 74.6 U.S. cents.
The rollercoaster ride continued today, with the Aussie market recovering around 100 points from the session lows into the close.
Gains in the materials space, telcos and the gold sub-sector were balance against minor losses in consumer stocks, financials, I.T. and property trusts.
The big miners posted gains, despite a 10% fall in the iron ore price overnight.
Certainly a strong rally today in iron futures provided a boost, seeing BHP Billiton (BHP) add 1.8%, Rio Tinto (RIO) put on 1.7% and Fortescue Metals (FMG) surge 6.6%.
Other top performers included Western Areas (WSA), which put on 6.7%, whilst AWE Limited (AWE) added 5.6%.
On the day the ASX 200 put on one-and-a-half points, settling at 5471 – off a low of 5384.
The Aussie market is likely to endure another tough session today, after U.S. markets sold off sharply overnight.
American stocks lost ground, not helped as trading on the New York Stock Exchange was halted for three-and-a-half hours due to a technical issue.
Stock prices were trading sharply lower even before the trading suspension as traders grappled with a precipitous selloff in Chinese shares and nervousness over unresolved Greece debt crisis.
The main indexes saw steady selling pressure throughout the session, while implied volatility as measured by the CBOE Volatility index jumped 22%, to above 19.
Market reaction to the release of Federal Reserve minutes was largely muted.
The S&P 500 lost 34.7 points (-1.7%) to close at 2,046.7, its lowest closing level since March.
All 10 main sectors finished lower.
The Dow Jones dropped 261 points (-1.5%) to 17,515.4, its lowest closing level since February.
The Nasdaq declined 88 points (-1.8%) to close at 4,910.
In the commodity space, iron ore was the big story with ore with 62% content delivered to Qingdao tumbling 10%, to its lowest level in six years.
Elsewhere, gold added 0.6% on safe haven flows, whilst Brent oil put on 0.2%.
The Aussie dollar firmed slightly from yesterday’s lows and this morning is fetching 74.3 U.S. cents.
The Aussie market was smashed today, with the troubles in China coupling with the lingering uncertainty around Greece culminating in a 100+ point selloff.
There was nowhere to hide for the bulls, with the bulls digging their claws in and dragging every sector lower.
Materials lost 3%, with the big miners coming under pressure as iron ore prices continue to tumble; BHP Billiton (BHP) slumped 3%, Rio Tinto (RIO) shed 3.3% and Fortescue Metals (FMG) was belted 6.2%.
Industrials, energy and financials were also big losers.
Of the oilers, Santos (STO) was the worst, giving up 3.3%, whilst of the big four, National Australia Bank (NAB) was the hardest hit, losing 2.6%.
At the other end of the spectrum, a few health stocks were among the 14 winners in the ASX200, with ResMed (RMD) rising 2.6% and Mayne Pharma (MYX) up 2.4%.
On the day the ASX 200 lost 112 points (-2%) to settle at 5470.
The SPI futures are pointing to a soft start for the Aussie market, despite U.S. markets advancing overnight.
American stocks staged a dramatic finish after an early session sell-off, to end with modest gains following news reports that Greek Prime Minister Alexis Tsipras has proposed an interim financing until the end of July.
Greece asked for extra funds in exchange for some overhauls being demanded from Greece’s parliament, according to The Wall Street Journal.
The S&P 500 recovered from a 1% decline to end with a 12-point (+0.6%) gain, to 2,081.3.
The sharp fall early on had at one point pushed the index below its 200-day moving average, a key technical level last breached in October.
The Dow Jones fell more than 200 points at session lows, but recovered to finish up 93.4 points (+0.5%) higher at 17,776.
The Nasdaq also pared more brutal declines to close 5 points (+0.1%) higher at 4,997.5.
In the commodity space, iron ore continued to tumble sharply, this time slumping 5.1%.
Gold also fell sharply, shedding 1.2%, whilst Brent crude recovered slightly after the previous session’s sharp falls, adding 1.8%.
The Aussie dollar continued to head south and this morning is fetching 74.5 U.S. cents.
What a difference 24-hours can make.
Yesterday the market slumped on the Greek vote, today the market rallied more than 100 points, recording it’s best single session in five months.
The leaderboard was lit up with green ink, with every sector recording a gain; industrials, financials, telcos and consumer discretionary stocks led the charge, with each sector adding more than 2%.
They were supported by solid gains for property trusts, healthcare and consumer staples.
The big four all jumped a minimum of 1.6%, with Westpac (WBC) the clear standout, putting on close to 4%.
The big miners also advanced, despite iron ore prices slumping a further 5%+ overnight; BHP Billiton (BHP put on 0.9%, whilst rival Rio Tinto (RIO) gained 1.1% and Fortescue (FMG) jumped 4.1%.
The big winner on the day was Qantas (QAN), which added nearly 8%.
Other big winners included recently beaten down Myer Holdings (MYR), which tacked on 6.2%, and Aristocrat Leisure (ALL) which added 5.3%.
All told, the ASX 200 surged 106 points (+1.9%) to settle at 5581.