Markets

The Australian sharemarket fell slightly for the third time this week, following US-China tensions and the RBA flagging a slower economic recovery in 2021.

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Sellers have pushed the sharemarket lower on Friday after the RBA predicted that the economy will take longer to recover from the COVID-19 pandemic compared to earlier forecasts.

US lawmakers pledged to keep working toward a virus relief package and US President Trump said he could act unilaterally on some measures. Sentiment was also boosted by Labor Department numbers which showed the first fall in jobless claims in three weeks.

The Australian sharemarket bounced by 0.7%; just enough to recoup Wednesday’s decline of 0.6%. A massive 5% lift in BHP shares helped most, while retailers like Nick Scali, Harvey Norman and JB Hi-Fi also advanced.

The Australian sharemarket is off to a solid start on Thursday, improving by 0.7% and recouping all of Wednesday’s declines. BHP is the main contributor while furniture retailer, Nick Scali is up almost 20% after flagging better results.

Talks between the White House and Democrats in Congress on a new coronavirus relief package are apparently making progress, although the sides remain far apart. Shares in Walt Disney rose by 8.8% after recording a surprise quarterly profit.

The Aussie market fell by 0.6% on Wednesday, with losses from banks, healthcare stocks, and industrials keeping equities negative. Record coronavirus cases in Victoria, geopolitical tensions, and Queensland border closures kept stocks negative.

The Aussie sharemarket is down by 1%, wiping out more than half Tuesday’s gains. A further spike in coronavirus cases in Victoria, Queensland closing its borders with NSW & the ACT and US-China tensions are weighing.

Investors closely monitored efforts in Washington to negotiate a new virus relief package. Brent crude oil prices rose to the highest level since March 6, supporting shares of Exxon Mobil (+2.9%) and Chevron (+2%). American International Group shares tumbled 7.5% after posting a US$7.9 billion loss.

It was the best day for the ASX 200 in a fortnight with a gain of 1.9% or 111 points to 6,037. Improvements were across the board with 90% of the top 200 stocks closing in positive territory. The tech sector was a standout with big moves for energy, healthcare, and financials.

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The Aussie market has jumped out of the blocks to a 2% gain for the ASX 200 at midday. Improvements have been broad based with the tech sector a clear standout. Retail stocks are mostly higher as some retailers announce temporary store closures due to Victoria’s stage 4 lockdown.

Shares in Microsoft rose 5.6% after saying it would push ahead with talks to buy the US operations of Chinese-owned TikTok. Shares in ADT surged 56.6% on news that Alphabet’s Google was buying a nearly 7% stake in the home security firm for $450 million. The Dow Jones index finished higher by 236 points or 0.9%. The S&P500 index rose by 0.7%. And the Nasdaq index climbed 157.5 points or 1.5%. to fresh record highs.

The Aussie market stabilised from early declines with the ASX 200 closing mostly flat for the day. Investors sold off banking, retailing & travel stocks as Victoria introduced stricter Covid-19 measures to battle the spread of the virus.

Aussie shares have recouped this morning’s 1 percent decline, with the ASX 200 up by 0.06 percent to 5,931.2 at lunch. Earlier in the day, the local market hit a five-week low.

The share price for Apple rose by 10.5%, Facebook shares rose 8.2%, shares in Amazon rose 3.7% but Alphabet (Google) shares lost 3.3%. The Dow Jones index finished higher by 115 points or 0.4%. The S&P500 index rose by 0.8%. And the Nasdaq index climbed 157.5 points or 1.5%. Over the week the Dow fell 0.15%; the S&P 500 gained 1.7% and the Nasdaq rose by 3.7%. Over the month: Dow rose 2.4%; S&P rose 5.5%; and Nasdaq rose 6.8%.