Markets

After a shaky start to the new week, the Aussie market has managed a strong finish to the session, closing near/at the best levels of the day and currently sits at the highest level in a month.

The ASX 200 is trading higher at lunch despite a plunge in business confidence to record lows and predictions that the unemployment rate will rise to 10% next quarter.

US sharemarkets were mixed on Monday as investors weighed the coronavirus outlook ahead of expected disappointing quarterly earnings results due this week.

The Aussie market has bookended the holiday shortened week with gains as the ASX 200 rallied 180pts or 3.46% on broad based improvements.

The Aussie market has taken some confidence from a rally on Wall Street with broad based gains at lunch ahead of the Easter long weekend. The ASX 200 is hovering just above the 5,300 point mark after the first few hours of trade with some of the larger moves coming through from retailers & travel stocks.

US sharemarkets rose on Wednesday after US President Trump said Americans might be getting to the top of the “curve” in relation to the virus outbreak. Shares were also boosted by prospects for more fiscal stimulus. Democrats in US Congress said they would back the Trump administration’s request for US$250 billion more in coronavirus aid for small businesses.

The Aussie market continued to swing in choppy trade which saw the ASX 200 trade in a 200 point range between its best and worst levels, eventually closing 45 points or 0.86% lower at 5,206.9 after a big drop in the close. The volatility wasn’t restricted to our market as the Dow Jones gave up a 938 point gain at its best levels to close weaker. Investors globally are trying to deal with the ongoing uncertainty of the coronavirus pandemic.

Banks are dragging the ASX lower at lunch as the big lenders reflect on dividend payments in the light of APRA’s recent recommendations.

US sharemarkets edged lower on Tuesday as investors continued to assess developments in the coronavirus outbreak. New York Governor Andrew Cuomo said he believed the number of virus hospitalisations was reaching a plateau. Boeing (-4.8%) led the Dow Jones index lower. Exxon Mobil (+1.9%) said that it would cut planned capital spending this year by 30% as the coronavirus pandemic reduces energy demand. Despite rising 937 points earlier in the session, the Dow Jones index closed lower by 26 points or 0.1%. The S&P500 index fell by 0.2% and the Nasdaq index fell by 26 points or 0.3%.

The ASX 200 was unable to build on Monday’s improvements as the index faded from a strong open to close 34.5 points or 0.65% lower at 5252.

A swift retreat for banks late morning turned gains to losses for the lenders, in turn weighing on the ASX 200.

US sharemarkets surged on Monday in response to data showing a drop in virus-related deaths in New York City – regarded as the US hot spot for virus cases. All 30 components of the Dow Jones rose. The S&P 500 banking index rose by 8.2% with technology up 8.8% and utilities up 7.9%. The Dow Jones index rose by 1627 points or 7.7%, ending just off session highs. The S&P500 index gained 7.0% and the NASDAQ rose by 540 points or 7.3%.

It’s been an impressive couple of hours of trade considering the US market fell by close to 2% on Friday and data on the American labour market continued to disappoint. We’re also coming off the back of the best weekly performance for our market since December 2011. The ASX 200 rose by 4.65% last week.

The ASX 200 advanced in early trade on Monday with investors encouraged by the moderation in the domestic infection rate in relation to the COVID-19 virus.

US sharemarkets fell on Friday. The only sector to gain was consumer staples, up 0.5%. Energy fell 1.3% despite a higher oil price. Shares in Tesla rose 5.6% after the electric car maker reported deliveries ahead of schedule.

The ASX 200 wasn’t able to capitalise on a solid start with the benchmark index fading throughout the day to a 87 point or 1.7% loss. Losses were felt across most sectors with financials & healthcare weighing most. Energy stocks managed a slight improvement but failed to hold onto more significant gains earlier in the day on the back of a near 25% surge in oil prices.

Aussie shares have see-sawed as the ASX 200 trades mostly flat at lunch. The benchmark index has swung between gains & losses as investors continue to weigh up the potential impact of COVID-19. Energy stocks have been the standout with a sharp rise in oil prices overnight.