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Dow Jones S&P-500 Nasdaq
- 0.75% - 0.80% - 1.10%
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Wellnex Life Impact Minerals
(ASX: WNX) (ASX: IPT)
0.830 AUD 0.012 AUD
0.0% 0.0%
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The Update: Major benchmarks saw a decline, following challenges overnight including continued pullback in oil prices, a weak Chinese stock market amid growth and stimulus scepticism, chipmaker selloff after poor guidance from chip-manufacturer ASML, and ongoing geopolitical concerns.
The Impact: Negative factors above saw the US trading day become a large rotation from Semis and AI plays to value sectors including REITs and Financials.
The rally followed a strong session on Wall St the prior day, namely in Technology stocks. Of the laggards, Tyro Payments shares slumped 11.1 per cent to 80¢ following news that the federal government is planning to crack down on card surcharges. Shares of Smartpay Holdings shares sunk 17.7 per cent to 70¢ on the same news.
IDP Education also fell 7.4 per cent to $13.69 following a disappointing AGM forecast.
Europe’s energy ministers are meeting to discuss imports of Russian natural gas that still flow to the region even as the war in Ukraine rages for a third winter. Source: Bloomberg
(1) Base metals were largely unchanged from morning levels, with copper and nickel settling down well over a percent in reaction to China stimulus concerns, while aluminium also dropped about a percent…
(2) Gold and silver built on morning gains as a mid-morning uptick in the VIX following ASML's weak guidance and resulting midday pullback in tech and broader market outweighed the dollar index's reversal of earlier losses. Silver gained about 1.5%, while gold was up slightly over half a point…
(3) WTI crude oil maintained morning losses to settle down around 4% after seeing pressure overnight following Israel government's statements that it would limit retaliatory strikes on Iran to the country's military assets.
(4) Seaborne iron ore prices fell on the day, with physical trading liquidity remaining largely unchanged.
(5) Hard Coking Coal up $1/t on the day at $209/t
(6) Daily Australian alumina remained steady on the day at $645/t
Gas power emerges as latest battle front in energy wars
The opposition has opened a second front in the fight over energy policy by pledging to include gas in the capacity investment scheme, the federal government’s flagship policy spurring investment in clean power generation and storage needed for the transition.
On top of its pledge to build seven nuclear power plants, the Coalition says the government’s decision to limit generation to renewable power was a triumph of ideology over reality in that it would result in higher prices and greater instability of supply. Source: AFR
China's recent stimulus package has sparked a rally in commodity prices and the stock market, as the nation faces slowing growth and property sector turmoil. The package aims to revive the economy through fiscal spending, tax cuts, and monetary easing. While industrial metals like iron ore have surged, ABSI this week notes that questions remain about the sustainability of this recovery, given deep structural issues in China's real estate market and consumer confidence.
Source: Market Index
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