Market Updates

The ASX 200 eased back 34 points today to 8658 (0.4%) in a quiet session, with US and UK markets closed last night. The banking sector was modestly lower, with NAB falling 0.8% and some more profit taking in MQG down1.6%. The Big Bank Basket $274.56 (-0.3%). Financials generally were under pressure as ASX revealed a further blowout in capex, and the shares fell hard, down 13.2%. Elsewhere, industrials were generally weaker across the board: TLS fell 0.9%, REA down 0.7%, and in the health care sector, CSL continued to push lower. REITs also eased back with an update from GMG, disappointing slightly. WES rose slightly, but generally the markets were on hold ahead of more news coming out of the Gulf.
Tech stocks were barely changed with XRO down 0.1%, WTC off 2.6% and the All-Tech Index off 0.4%.
Resources were mixed. Iron ore miners pushed higher, and S32 had a good day, up 4.8%, with a little interest in lithium stocks, but gold miners eased back as bullion prices fell on a lack of progress in the peace negotiations. NEM off 2.2% Coal stocks gave up some of the gains from yesterday and STO fell 0.9% despite encouraging news from an investor day. Uranium stocks were also easier, with PDN down 3.4%.
In corporate news, KGN ran hard on a positive trading update, and MIN also had a good day. In other news, IFM has rejected the independent valuation of ALX, with directors urging shareholders to reject the takeover bid.
In economic news, the ANZ-Roy Morgan Consumer Confidence index remained near its historic low last week, slipping 0.3 points to 66.1, as households remained under pressure from weak financial conditions and elevated inflation expectations.
Asian markets were mixed with Japan down 0.2%, Hong Kong up 0.3%, China up 0.2%, and the Kospi up again to a new record. US futures were better, with the Dow up 327 and the Nasdaq up 255. 
European futures are opening slightly lower. Brent crude up around 2%.
 The US and UK reopen today.
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Marcus Today – Daily Market Insights
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A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
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This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

The ASX 200 kicked off the week up 35 points to 8692 (0.4%) as optimism on a peace deal washed through. Some scepticism remains, so it was a cautious start to the week. US markets are closed tonight. Banks held firm as NAB rose 1.1% and CBA dropped 0.7%. The Big Bank Basket was steady around $275.42. Insurers slid as yields fell, QBE off 2.1% and MQG lost 1.1%. Other financials were mixed, ASX down 1.2% with HUB up 2.4%. REITs were mixed too, GMG down 0.8% but CHC doing well on an upgrade, up 6.7%. Industrials were mixed, with defensives out of favour. TLS fell 0.9% and REA off 0.3%. WOW and COL steady. Retail rose as bond yields slid, WES up 1.5% and JBH up 1.3%. Tech found its feet, WTC up 0.8% and XRO rising 1.0%, with the All-Tech Index down 0.5%.
In resources, RIO and FMG were all up around 1.6% or better. BHP rose 0.6%. Gold miners bounced hard, NST up 5.7% and EVN up 4.2%, with copper stocks also trading higher, SFR up 2.2%. Lithium and rare earths were mildly positive, LYC up 0.7% and MIN rising 2.7%. Oil and gas stocks eased back, WDS down 4.2%, and coal stocks had a great day after issues at one mine in China.
In corporate news, QAN announced the London-Sydney non-stop route would be delayed by a year. It rallied 5.8% on oil falls. CHC rallied on another earnings upgrade. BPT fell 1.3% after selling a 60% stake in its Otway Basin project.
In economic news, nothing today.
Asian markets were better, with Japan up 3.1%, Hong Kong up 0.9%, China up 0.8%, and the Kospi up modestly. US futures were better, with the Dow up 404 and the Nasdaq up 420.  Oil down 5.5% The US and UK are closed today.
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Wall St ended a positive week on a steady note, with the S&P 500 finishing up 0.37% to close at 7,473, capping off an eighth straight weekly gain - the longest weekly winning streak since 2023. The index sits just 0.3% below its all-time high. The Dow Jones added 294 points (+0.58%) to close at a record high. The Nasdaq was up 0.19%. The Russell 2000 added 0.91%.
Hawkish comments from Fed Governor Waller and a jump in longer-term inflation expectations saw the market dip in the afternoon with the Dow Jones up 545 at best. Waller said his current position is to hold rates steady in the near term and remove the easing bias from the policy statement - he was careful to say that doesn't mean the Fed should be thinking about rate increases any time soon.
Kevin Warsh was sworn in as the new Fed chair with President Trump saying Warsh will curtail the Fed's practice of forward guidance.
On the data front, the final May University of Michigan consumer sentiment reading came in at 44.8, down from 48.2 - a fresh record low. One-year inflation expectations were marked up to 4.8% and longer-run expectations moved up to 3.9%.
SPI down 58 - Peace hopes rise - Oil down over 5% this morning - AUD rises - CHC Guides higher.
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The ASX 200 rallied another 35 points to 8657 (0.4%) ahead of a US long weekend. Up 27 pts for the week. Banks pushed ahead, led by CBA up 0.9 %, and the Big Bank Basket to $275.57 (0.8%). Insurers slid as yields fell, NWL off 1.0% and GQG falling 2.2% as tech boomed. Industrials were mixed, TLS fell 1.5% as a broker downgraded the stock, REA continued lower, off 4.1%, as did CAR off 2.8%, with tech stocks also continuing to be pressured. XRO down 0.9% and WTC falling 1.4%, with the All-Tech Index up 0.4% Utilities were also weaker, ORG off 1.8% and APA falling 0.3%.
Resources were generally better, BHP rose 1.1% and RIO up another 1.7%, with S32 doing well, up 5.1% and lithium stocks rising, PLS up 2.9% as gold miners found some bargain hunters. NEM up 0.8% and EVN gaining 3.1%. NST continued to suffer, down 0.6%. Oil and gas mixed. In corporate news, uranium stocks were better, PDN up 5.9% and DYL rising on broker upgrades.
In corporate news, ARU entered a trading halt to raise another $350m at 26c. GYG jumped 9.6% as it announced plans to close the US business. APX jumped 9.4% on a trading update. TUA steady as the M1 deal was pronounced DOA. MYX won a small settlement against Cosette for the failed bid.
In economic news, the Japanese CPI came in below expectations.
Asian markets were better, with Japan up 2.8%, Hong Kong up 1.2%, China up 0.6%, and the Kospi up modestly. US futures were better, with the Dow up 155 and the Nasdaq up 150. European futures are opening around 0.5% lower. Oil up 2.0%. The US and UK are closed Monday.
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Principles – How We Think About Investing
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Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.